<SEC-DOCUMENT>0001104659-19-017491.txt : 20190327
<SEC-HEADER>0001104659-19-017491.hdr.sgml : 20190327
<ACCEPTANCE-DATETIME>20190326183730
ACCESSION NUMBER:		0001104659-19-017491
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		191
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190327
DATE AS OF CHANGE:		20190326

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:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		19706275

	BUSINESS ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB
		BUSINESS PHONE:		54-11-4968-4000

	MAIL ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELECOM ARGENTINA STET FRANCE TELECOM SA
		DATE OF NAME CHANGE:	19950809
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>a19-2958_120f.htm
<DESCRIPTION>20-F
<TEXT>


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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><a href="#TableOfContents" title="Click to go to Table of Contents"><font size="2" style="font-size:10.0pt;">Table of Contents</font></a></font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As filed with the Securities and Exchange Commission on March 26, 2019</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">WASHINGTON, D.C. 20549</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade align="center" style="color:black;"></div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;20-F</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Mark One)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">o</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION   STATEMENT PURSUANT TO SECTION&nbsp;12(b)&nbsp;OR 12(g)&nbsp;OF THE SECURITIES   EXCHANGE ACT OF 1934</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">OR</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">x</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">ANNUAL   REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE   ACT OF 1934<br>   For the fiscal year ended&nbsp;December 31, 2018</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">OR</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">o</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TRANSITION   REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE   ACT OF 1934<br>   For the transition period from   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   to   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">OR</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Wingdings" style="font-size:12.0pt;font-weight:bold;">o</font></b></p>    </td>
<td width="95%" valign="top" style="padding:0in .7pt 0in .7pt;width:95.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SHELL   COMPANY REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES   EXCHANGE ACT OF 1934</font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of event requiring this shell company report . . . . . . . . . . . . . . . . . . .</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commission file number:&nbsp;1-13464</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of Registrant as Specified in its charter)</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Republic of Argentina</font></b></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Jurisdiction of incorporation or organization)</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Alicia Moreau de Justo 50</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(C1107AAB) - Buenos Aires</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Argentina</font></b></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive Offices)</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Gabriel   Blasi</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Tel:   54-11- 4968-4019, E-mail: GBlasi@teco.com.ar,</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Alicia   Moreau de Justo 50, 10th Floor, (C1107AAB), Buenos Aires, Argentina)</font></b></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name, Telephone, E-mail and/or Facsimile number and Address of   Company Contact Person)</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities registered or to be registered pursuant to Section 12(b) of the Act:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="49%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title&nbsp;of&nbsp;Each&nbsp;Class</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name&nbsp;of&nbsp;Each&nbsp;Exchange&nbsp;On&nbsp;Which&nbsp;Registered</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">American Depositary Shares,<br>   representing Class&nbsp;B Ordinary Shares</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="bottom" style="padding:0in 0in 0in 0in;width:49.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York Stock Exchange</font></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Class&nbsp;B Ordinary Shares,<br>   nominal value P$1.00 per share</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="bottom" style="padding:0in 0in 0in 0in;width:49.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York Stock Exchange*</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities registered or to be registered pursuant to Section&nbsp;12(g)&nbsp;of the Act: </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">None</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman"><a href="#TableOfContents" title="Click to go to Table of Contents"><font size="2" style="font-size:10.0pt;">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d)&nbsp;of the Act: </font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">None</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the close of the period covered by the annual report.</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A&nbsp;Ordinary&nbsp;Shares,&nbsp;nominal&nbsp;value&nbsp;P$1.00&nbsp;each</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">683,856,600</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;B Ordinary   Shares, nominal value P$1.00 each</font></p>    </td>
<td width="50%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">627,953,887</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;C Ordinary   Shares, nominal value P$1.00 each</font></p>    </td>
<td width="50%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">210,866</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;D Ordinary   Shares, nominal value P$1.00 each</font></p>    </td>
<td width="50%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405 of the Securities Act.</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Yes&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;"> No</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934.</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Yes&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;"> No</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2)&nbsp;has been subject to such filing requirements for the past 90 days.</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;"> Yes&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> No</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;"> Yes&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> No</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; and &#147;emerging growth company&#148; in Rule 12b-2 of the Exchange Act. (Check one):</font></p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Large   accelerated filer </font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accelerated filer </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-accelerated   filer </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emerging growth   company&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#134; provided pursuant to Section 13(a) of the Exchange Act. </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#134;The term &#147;new or revised financial accounting standard&#148; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">US GAAP </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">International Financial Reporting Standards as issued<br>   by the International Accounting Standards Board </font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If &#147;Other&#148; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Item 17&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Item 18</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2 of the Exchange Act).</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Yes&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;"> No</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d)&nbsp;of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> Yes&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> No</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PRESENTATIONOFFINANCIALINFORMATI_083352" title="Click to goto ">PRESENTATION   OF FINANCIAL INFORMATION</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#FORWARDLOOKINGSTATEMENTS_083925" title="Click to goto ">FORWARD-LOOKING   STATEMENTS</a></font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#GLOSSARYOFTERMS_084325" title="Click to goto ">GLOSSARY OF   TERMS</a></font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PARTI_085724" title="Click to goto ">PART&nbsp;I</a></font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM1_IDENTITYOFDIRECTORSSENIORM_085727">ITEM 1.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM1_IDENTITYOFDIRECTORSSENIORM_085727">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT   AND ADVISERS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM2_OFFERSTATISTICSANDEXPECTED_085731">ITEM 2.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM2_OFFERSTATISTICSANDEXPECTED_085731">OFFER STATISTICS AND EXPECTED TIMETABLE</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM3_KEYINFORMATION_085733">ITEM 3.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM3_KEYINFORMATION_085733">KEY INFORMATION</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM4_INFORMATIONONTHECOMPANY_102400">ITEM 4.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM4_INFORMATIONONTHECOMPANY_102400">INFORMATION ON THE COMPANY</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM4A_UNRESOLVEDSTAFFCOMMENTS_124357">ITEM 4A.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM4A_UNRESOLVEDSTAFFCOMMENTS_124357">UNRESOLVED STAFF COMMENTS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">91</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM5_OPERATINGANDFINANCIALREVIE_124803">ITEM 5.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM5_OPERATINGANDFINANCIALREVIE_124803">OPERATING AND FINANCIAL REVIEW AND   PROSPECTS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM6_DIRECTORSSENIORMANAGEMENTA_113624">ITEM 6.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM6_DIRECTORSSENIORMANAGEMENTA_113624">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">137</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM7_MAJORSHAREHOLDERSANDRELATE_114254">ITEM 7.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM7_MAJORSHAREHOLDERSANDRELATE_114254">MAJOR SHAREHOLDERS AND RELATED PARTY   TRANSACTIONS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">152</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM8_FINANCIALINFORMATION_114024">ITEM 8.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM8_FINANCIALINFORMATION_114024">FINANCIAL INFORMATION</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">159</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM9_THEOFFERANDLISTING_122415">ITEM 9.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM9_THEOFFERANDLISTING_122415">THE OFFER AND LISTING</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">173</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM10_ADDITIONALINFORMATION_123032">ITEM 10.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM10_ADDITIONALINFORMATION_123032">ADDITIONAL INFORMATION</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">177</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM11_QUANTITATIVEANDQUALITATIV_115520">ITEM 11.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM11_QUANTITATIVEANDQUALITATIV_115520">QUANTITATIVE AND QUALITATIVE DISCLOSURES   ABOUT MARKET RISK</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">194</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM12_DESCRIPTIONOFSECURITIESOT_115953">ITEM 12.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM12_DESCRIPTIONOFSECURITIESOT_115953">DESCRIPTION OF SECURITIES OTHER THAN   EQUITY SECURITIES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">196</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PARTII_010455" title="Click to goto ">PART&nbsp;II</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM13_DEFAULTSDIVIDENDARREARAGE_120120">ITEM 13.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM13_DEFAULTSDIVIDENDARREARAGE_120120">DEFAULTS, DIVIDEND ARREARAGES AND   DELINQUENCIES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">197</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM14_MATERIALMODIFICATIONSTOTH_120122">ITEM 14.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM14_MATERIALMODIFICATIONSTOTH_120122">MATERIAL MODIFICATIONS TO THE RIGHTS OF   SECURITY HOLDERS AND USE OF PROCEEDS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">197</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM15_CONTROLSANDPROCEDURES_120124">ITEM 15.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM15_CONTROLSANDPROCEDURES_120124">CONTROLS AND PROCEDURES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">197</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16A_AUDITCOMMITTEEFINANCIALE_120144">ITEM 16A.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16A_AUDITCOMMITTEEFINANCIALE_120144">AUDIT COMMITTEE FINANCIAL EXPERT</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">197</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16B_CODEOFETHICS_120209">ITEM 16B.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16B_CODEOFETHICS_120209">CODE OF ETHICS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">198</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16C_PRINCIPALACCOUNTANTFEESA_120213">ITEM 16C.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16C_PRINCIPALACCOUNTANTFEESA_120213">PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">198</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16D_EXEMPTIONSFROMTHELISTING_120627">ITEM 16D.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16D_EXEMPTIONSFROMTHELISTING_120627">EXEMPTIONS FROM THE LISTING STANDARDS FOR   AUDIT COMMITTEES</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16E_PURCHASESOFEQUITYSECURIT_120630">ITEM 16E.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16E_PURCHASESOFEQUITYSECURIT_120630">PURCHASES OF EQUITY SECURITIES BY THE   COMPANY AND AFFILIATED PURCHASERS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16F_CHANGEINREGISTRANTSCERTI_120632">ITEM 16F.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16F_CHANGEINREGISTRANTSCERTI_120632">CHANGE IN REGISTRANT&#146;S CERTIFYING   ACCOUNTANT</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16G_CORPORATEGOVERNANCE_120634">ITEM 16G.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16G_CORPORATEGOVERNANCE_120634">CORPORATE GOVERNANCE</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16H_MINESAFETYDISCLOSURE_120753">ITEM 16H.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM16H_MINESAFETYDISCLOSURE_120753">MINE SAFETY DISCLOSURE</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">201</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PARTIII_121116" title="Click to goto ">PART&nbsp;III</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM17_FINANCIALSTATEMENTS_121117">ITEM 17.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM17_FINANCIALSTATEMENTS_121117">FINANCIAL STATEMENTS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">202</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM18_FINANCIALSTATEMENTS_121120">ITEM 18.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM18_FINANCIALSTATEMENTS_121120">FINANCIAL STATEMENTS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">202</font></p>    </td>   </tr>
<tr>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM19_EXHIBITS_121127">ITEM 19.</a></font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ITEM19_EXHIBITS_121127">EXHIBITS</a></font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">202</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PRESENTATION OF FINANCIAL INFORMATION</font></b><a name="PRESENTATIONOFFINANCIALINFORMATI_083352"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina S.A. is a company incorporated under the laws of Argentina. As used in this Annual Report on Form&nbsp;20-F (the &#147;Form&nbsp;20-F&#148; or &#147;Annual Report&#148;), the terms &#147;the Company,&#148; &#147;Telecom,&#148; &#147;we,&#148; &#147;us,&#148; and &#147;our&#148; refer to Telecom Argentina S.A. and its consolidated subsidiaries as of December&nbsp;31, 2018. Unless otherwise stated, references to the financial results of &#147;Telecom&#148; are to the consolidated financial results of Telecom Argentina and its consolidated subsidiaries. Telecom is engaged in the provision of fixed and mobile telecommunications services, cable television services and broadband services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;Telecom Argentina&#148; refers to Telecom Argentina S.A., excluding its subsidiaries. Telecom Argentina is engaged in the provision of telecommunication services in Argentina. The term &#147;Cablevisi&#243;n&#148; refers to Cablevisi&#243;n S.A., together with its consolidated subsidiaries, dissolved without liquidation as a result of the Merger. The term &#147;Merger&#148; refers to the merger between Telecom and Cablevisi&#243;n with Telecom as surviving entity, effective as of January&nbsp;1, 2018. Telecom&#146;s most significant subsidiaries as of December&nbsp;31, 2018 were N&#250;cleo (N&#250;cleo S.A.E., a subsidiary engaged in the provision of mobile telecommunication services in Paraguay), PEM S.A. (investments), CV Berazategui S.A. (closed-circuit television services), Cable Imagen S.R.L. (closed-circuit television services), Televisi&#243;n Dirigida S.A. (cable television services in Paraguay), Adesol S.A. (holding company in Uruguay), Ultima Milla S.A. (services for telecommunications), AVC Continente Audiovisual S.A. (broadcasting services),&nbsp;Inter Radios S.A.U. (broadcasting services) and Telecom Argentina USA Inc. (telecommunication services in the United States).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Consolidated Financial Statements as of December&nbsp;31, 2018 and 2017 and for the years ended December&nbsp;31, 2018, 2017 and 2016, and the notes thereto (the &#147;Consolidated Financial Statements&#148;) are set forth on pages&nbsp;F-1 through F-106 of this Annual Report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Consolidated Financial Statements are prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;) as issued by the International Accounting Standards Board (&#147;IASB&#148;) and have been approved by resolution of the Board of Directors&#146; meeting held on March&nbsp;7, 2019 and have been audited by an independent registered public accounting firm.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Due to the high level of inflation prevailing in Argentina during the last three years, management analyzed the parameters established by IAS 29 &#147;Financial reporting in hyperinflationary economies&#148; - paragraph 3, which describe the conditions to consider an economy as hyperinflationary, and concluded that, with respect to Argentina, such conditions have been met for accounting periods ending after July&nbsp;1, 2018. Therefore, w</font>e have restated our Consolidated Financial Statements and the financial information for all the periods reported in this Annual Report based on certain price indexes to take into account the effect of inflation in Argentina. The Consolidated Financial Statements and the financial information included in this Annual Report for all the periods reported are presented on the basis of constant Argentine pesos as of December&nbsp;31, 2018 (&#147;current currency&#148;). See &#147;&#151;Risk factors&#151;Risk Related to Argentina&#151;Inflation could accelerate, causing adverse effects on the economy and negatively impacting Telecom&#146;s margins&#148;, &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Economic and Political Developments in Argentina&#148; and Note 1.e) to our Consolidated Financial Statements.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina and its subsidiaries maintain their accounting records and prepare their financial statements in Argentine Pesos, which is their functional currency, except for N&#250;cleo and its subsidiaries and TVD (Guaran&#237;es), Telecom Argentina USA (U.S. dollars) and Adesol (Uruguayan pesos). Our Consolidated Financial Statements include the results of these subsidiaries translated into Argentine Pesos. Assets and liabilities are translated at year-end exchange rates and income and expenses accounts at average exchange rates for each year presented, as restated in terms of the current currency by applying an average index to take into account the effect of inflation in Argentina.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain financial information contained in this Annual Report has been presented in U.S. dollars. This Annual Report contains translations of various Argentine Peso amounts into U.S. dollars at specified rates solely for convenience of the reader. You should not construe these translations as representations by us that the Argentine Peso amounts actually represent these U.S. dollar amounts or could be converted into U.S. dollars at the rates indicated. Except as otherwise specified, all references to &#147;US$,&#148; &#147;U.S. dollars&#148; or &#147;dollars&#148; are to United States dollars, references to &#147;</font>EUR,&#148; &#147;euro&#148; or &#147;&#128;&#148; are to the lawful currency of the member states of the European Union and references to &#147;P$,&#148; &#147;Argentine Pesos,&#148; &#147;$&#148; or &#147;pesos&#148; are to Argentine Pesos. Unless otherwise indicated, we have translated the Argentine Peso amounts using a rate of P$37.70 = US$1.00, the U.S. dollar ask rate published by the Banco de la Naci&#243;n Argentina (Argentine National Bank) on December&nbsp;31, 2018. On March&nbsp;19, 2019, the exchange rate was P$40.50 = US$1.00. As a result of fluctuations in the Argentine peso/U.S. dollar exchange rate, the exchange rate at such date may not be indicative of current or future exchange rates. Consequently, these translations should not be construed as a representation that the peso amounts represent, or have been or could be converted into, U.S. dollars at that or any other rate. See &#147;Item 3&#151;Key Information&#151;Exchange Rates&#148;, and &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Devaluation of the peso may adversely affect our results of operations, our capital expenditure program and the ability to service our liabilities and transfer funds abroad.&#148;</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purposes of this Annual Report, &#147;billion&#148; means a thousand million.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain amounts and ratios contained in this Annual Report (including percentage amounts) have been rounded up or down to facilitate the summation of the tables in which they are presented. The effect of this rounding is not material. These rounded amounts are also included within the text of this Annual Report.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Securities and Exchange Commission maintains an internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the Securities and Exchange Commission. </font>Telecom Argentina&#146;s telephone number is 54-11-4968-4000, and its principal executive offices are located in Alicia Moreau de Justo 50, (C1107AAB) Buenos Aires, Argentina. Our internet address is www.telecom.com.ar. The contents of our website and other websites referred to herein are not part of this Annual Report.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Annual Report contains certain terms that may be unfamiliar to some readers. You can find a Glossary of these terms on page&nbsp;5 of this Annual Report.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s Consolidated Financial Statements and the selected financial data included in this Annual Report have been prepared on a consolidated basis, as restated in terms of the current currency to take into account the effect of inflation in Argentina.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our financial statement data as of and for the years ended December&nbsp;31, 2017 and 2016 are not comparable with our financial statement data as of and for the year ended December&nbsp;31, 2018 because of the Merger, which was consummated on January&nbsp;1, 2018 (the &#147;Merger Effective Date&#148;). Effective as of the Merger Effective Date, Cablevisi&#243;n merged into Telecom Argentina. The Merger is part of a global process of convergence in the provision of fixed and mobile telecommunications services, video and internet distribution known as &#147;quadruple play.&#148; We have accounted for the Merger as a business combination using the acquisition method of accounting under IFRS 3 to account for assets and liabilities of Telecom as of January&nbsp;1, 2018. The Merger constituted a &#147;reverse acquisition,&#148; pursuant to which Cablevisi&#243;n (the legal absorbed entity) was considered the accounting acquirer and Telecom Argentina (the surviving entity) was considered the accounting acquiree (See Item 5 &#147;Operating and Financial Review and Prospects&#148;). </font>Accordingly, the financial statements of Telecom for periods prior to the Merger Effective Date reflect the historical financial information of Cablevisi&#243;n, as restated in terms of the current currency to take into account the effect of inflation in Argentina. The information as of and for the year ended December&nbsp;31, 2018 incorporates, based on the figures corresponding to Cablevisi&#243;n, the effect of applying the acquisition method to Telecom Argentina to its fair value in accordance with IFRS 3 and the operations of Telecom Argentina as from January&nbsp;1, 2018. Such figures are presented in this Annual Report restated in terms of the current currency to take into account the effect of inflation in Argentina.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:26.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The factors that were considered in determining that Cablevisi&#243;n should be treated as the accounting acquirer in the Merger were:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.8pt;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></u><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>the relative voting rights in the surviving entity (55% for the former shareholders of Cablevisi&#243;n and 45% for the former shareholders of Telecom);</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.8pt;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></u><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>the composition of the board of directors in the surviving entity and other committees (audit, supervisory and executive);</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></u><font size="1" style="font-size:8.5pt;">&#160; </font>the relative fair value assigned to Cablevisi&#243;n and Telecom; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.8pt;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font></u><font size="1" style="font-size:8.5pt;">&#160; </font>the composition of the key senior management of the surviving entity.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For more information, see Notes 1.c), 4.a) and 27.a) to our Consolidated Financial Statements.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORWARD-LOOKING STATEMENTS</font></b><a name="FORWARDLOOKINGSTATEMENTS_083925"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Private Securities Litigation Reform Act of 1995 provides a &#147;safe harbor&#148; for forward-looking statements. Certain information included in this Annual Report contains information that is forward-looking, including, but not limited to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our expectations for our future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the synergies expected from the Merger;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the implementation of our business strategy;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay and Uruguay;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our outlook for new and enhanced technologies;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the effects of operating in a competitive environment;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>industry conditions;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the outcome of certain legal proceedings;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>regulatory and legal developments; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>other factors identified or discussed under &#147;Item 3&#151;Key Information&#151;Risk Factors.&#148;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Annual Report contains certain forward-looking statements and information relating to Telecom that are based on current expectations, estimates and projections of our Management and information currently available to Telecom. These statements include, but are not limited to, statements made in &#147;Item 3&#151;Key Information&#151;Risk Factors,&#148; &#147;Item 5&#151;Operating and Financial Review and Prospects&#148; under the captions &#147;Critical Accounting Policies&#148; and &#147;Trend Information,&#148; &#147;Item 8&#151;Financial Information&#151;Legal Proceedings&#148; and other statements about Telecom&#146;s strategies, plans, objectives, expectations, intentions, capital expenditures, and assumptions and other statements contained in this Annual Report that are not historical facts. When used in this document, the words &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;project,&#148; &#147;will,&#148; &#147;may&#148; and &#147;should&#148; and other similar expressions are generally intended to identify forward-looking statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These statements reflect the current views of the management of the Company with respect to future events. They are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Many factors could cause actual results, performance or achievements of Telecom to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. These factors include, among others:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our ability to successfully implement our business strategy and to achieve synergies resulting from the Merger;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our ability to introduce new products and services that enable business growth;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>uncertainties relating to political and economic conditions in Argentina, Paraguay and Uruguay;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>inflation, the devaluation of the peso, the Guaran&#237; and the Uruguayan peso and exchange rate risks in Argentina, Paraguay and Uruguay;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>restrictions on the ability to exchange Argentine or Uruguayan pesos or Paraguayan guaran&#237;es into foreign currencies and transfer funds abroad;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the manner in which the Argentine government regulates Law No.&nbsp;27,078, the Argentina Digital Law or &#147;LAD,&#148; as amended by Decree No.&nbsp;267/15, as well as the impact of the new Telecommunications Law, which has not yet been submitted to Congress;</p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_084043_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the creditworthiness of our actual or potential customers;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>nationalization, expropriation and/or increased government intervention in companies;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>technological changes;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the impact of legal or regulatory matters, changes in the interpretation of current or future regulations or reform and changes in the legal or regulatory environment in which we operate;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the effects of increased competition;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reliance on content produced by third parties;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>increasing cost of our supplies;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>inability to finance on reasonable terms capital expenditures required to remain competitive;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>fluctuations, whether seasonal or in response to adverse macro-economic developments, in the demand for advertising; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our capacity to compete and develop our business in the future.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company&#146;s management. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this Annual Report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied by such forward-looking statements. Readers are encouraged to consult the Company&#146;s filings made on Form&nbsp;6-K, which are periodically filed with or furnished to the United States Securities and Exchange Commission.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM   ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GLOSSARY OF TERMS</font></b><a name="GLOSSARYOFTERMS_084325"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following explanations are not provided as or intended to be technical definitions, but only to assist the general reader to understand certain terms used in this Annual Report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2G (second-generation mobile system)</font></i><i>:</i> Second-generation protocols using digital encoding and includes GSM, D-AMPS (TDMA) and CDMA. These protocols support high bit rate voice and limited data communications.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3G (third-generation mobile system)</font></i><i>:</i> Third-generation mobile service, designed to provide high speed data, always-on data access, and greater voice capacity. 3G networks allow the transfer of both voice data services (telephony, messaging) and non-voice data (such as downloading Internet information, exchanging email, and instant messaging). The high data speeds, measured in Mbps, are significantly higher than 2G, and 3G networks technology enable full motion video, high-speed Internet access and video-conferencing. 3G technology standards include UMTS, based on WCDMA technology (quite often the two terms are used interchangeably), and CDMA2000.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">4G (fourth-generation mobile system):</font></i> Fourth-generation mobile service using the LTE technology (Long Term Evolution technology).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Access</font></i> (or <i>Accesses</i><i>):</i> Connection provided by Telecom Argentina to Internet services.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ADS:</font></i> American Depositary Shares issued by JP Morgan, listed on the New York Stock Exchange, each representing rights to five (5)&nbsp;Class&nbsp;B Shares under a Deposit Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ADSL (Asymmetric Digital Subscriber Line):</font></i> A type of digital subscriber line technology (DSL); a data communications technology that enables faster data transmission over copper lines than a conventional voiceband modem can provide.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">AFIP (Administraci&#243;n Federal de Ingresos P&#250;blicos):</font></i> The Argentine federal tax authority.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">AFJP (Administradoras de Fondos de Jubilaciones y Pensiones):</font></i> Private entities that were in charge of managing the funds of the Private Pension and Retirement System established by Law No.&nbsp;24,241, until its nationalization in November&nbsp;2008 pursuant to Law No.&nbsp;26,425.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">AFTIC (Autoridad Federal de Tecnolog&#237;as de la Informaci&#243;n y de las Comunicaciones):</font></i> The decentralized and autonomous agency in the scope of the PEN appointed as the Regulatory Authority in the LAD. AFTIC was replaced by the ENACOM.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">AMBA (Area Metropolitana Buenos Aires):</font></i> An area comprising the Autonomous city of Buenos Aires and the greater Buenos Aires area. Telephone calls within the area are considered local.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Analog:</font></i> A mode of transmission or switching that is not digital, e.g., the representation of voice, video or other not in digital form.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ANSES:</font></i> The Argentine administrator of social security pension and retirement benefits.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ANSES &#151;FGS</font></i>: The Fondo de Garant&#237;a y Sustentabilidad <i>del Sistema Integrado Previsional Argentino</i> managed by ANSES.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Antitrust Authority:</font></i> The Argenting enforcing authority of the antitrust statutes comprising Argentine Law 25,156, as amended, modified or supplemented from time to time, and its related decrees, resolutions and statutes, which currently is the Argentine <i>Secretar&#237;a de Comercio Interior</i> with the technical assistance of the CNDC.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Argentine GAAP:</font></i> Generally Accepted Accounting Principles in Argentina, which we used before the adoption of IFRS.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARBU (Average Revenue Billed per User):</font></i> The average monthly revenue billed per user of our fixed telephony services, calculated by dividing total monthly basic charges and traffic revenue by weighted-average number of fixed telephony lines in service during the relevant measurement period.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="PB_5_084405_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARPU (Average Revenue per User):</font></i> The average monthly revenue per user of our mobile telephony, broadband and cable television services, calculated by dividing total revenue (including revenue earned from cable and broadband subscription fees, mobile telephony subscription fees, cable premium services, pay-per-view fees and additional outlets but excluding mainly handset, out collect (wholesale) roaming, cell site rental and activation fee revenue) by weighted-average number of subscribers of each service during the relevant measurement period.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Auction Terms and Conditions:</font></i> Terms and Conditions approved by SC Resolution No.&nbsp;38/14 for the awarding of frequency bands.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Backbone:</font></i> Main connection network (mainly by fiber optics) that connect local areas.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">BADLAR</font></i><i>: </i>Buenos Aires Deposits of Large Amount Rate.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Basic Telephone Services: </font></i>The supply of fixed telecommunications links that form part of the public telephone network, or are connected to such network, and the provision of local and long-distance telephone service (domestic and international).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">BCBA (Bolsa de Comercio de Buenos Aires): </font></i>The Buenos Aires Stock Exchange is a qualified entity according to article 32 of Law No.&nbsp;26,831, which acts by delegation of&#160; <i>BYMA (Bolsas y Mercados Argentinos).</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">BCRA (Banco Central de la Rep&#250;blica Argentina): </font></i>The Central Bank of Argentina.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Broadband: </font></i>Services characterized by a transmission speed of 2 Mbps or more. These services include interactive services such as video telephone/video conferencing (both point-to-point and multipoint); video monitoring; interconnection of local networks; file transfer; high-speed fax; e-mail for moving images or mixed documents; Broadband videotext; video on demand and retrieval of sound programs or fixed and moving images.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Broadcasting:</font></i> Simultaneous transmission of information to all Nodes and terminal equipment of a network.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">BYMA (Bolsas y Mercados Argentinos S.A.): </font></i>The stock market formed by a spin-off of certain assets of the MERVAL relating to its stock market operations and capital contributions on the Buenos Aires Stock Exchange. Effective April&nbsp;17, 2017, the listing of all securities listed on MERVAL were automatically transferred to BYMA, as successor of MERVAL&#146;s activities.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cablevisi&#243;n:</font></i> Cablevisi&#243;n S.A., together with its consilidated subsidiaries, disolved without liquidation as a result of the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Carrier: </font></i>Company that makes available the physical telecommunication network.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CDMA (Code Division Multiple Accesses):</font></i> A digital wireless technology used in radio communication for transmission between a mobile handset and a radio base station. It enables the simultaneous transmission and reception of several messages, each of which has a coded identity to distinguish it from the other messages.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cell:</font></i> Geographical portion of the territory covered by a base transceiver station.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cellular:</font></i> A technique used in mobile radio technology to use the same spectrum of frequencies in one network multiple times. Low power radio transmitters are used to cover a &#147;Cell&#148; (i.e., a limited area) so that the frequencies in use can be reused without interference for other parts of the network.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Channel:</font></i> The portion of a communications system that connects a source to one or more destinations. Also called circuit, line, link or path.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Churn</font></i>: The termination of a mobile telephony, cable television or broadband services customer&#146;s account. The churn rate is determined by calculating the total number of disconnected customers of each of our mobile telephony, cable television and broadband services over a given period as a percentage of the initial number of customers for such services as of the beginning of the applicable measurement period. Because most of our mobile telephony services are provided under the Personal trademark, historical average monthly churn rates for mobile telephony services customers, included in this Annual Report for comparative purposes, reflect Telecom&#146;s operations prior to the consummation of the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="PB_6_084457_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CNC (Comisi&#243;n Nacional de Comunicaciones): </font></i>The Argentine National Communications Commission, which was replaced by the AFTIC, which was replaced by the ENACOM (in December&nbsp;2015).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CNDC (Comisi&#243;n Nacional de Defensa de la Competencia): </font></i>Argentine Antitrust Commission.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CNV (Comisi&#243;n Nacional de Valores):</font></i> The Argentine National Securities Commission.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CONATEL:</font></i> National Communications Commission of Paraguay.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Convergence Products:</font></i> The purpose of the Merger is to enable Telecom to efficiently offer, in line with the trend both at a national and international level, technological convergence products between media and telecommunications services, in a separate or independent basis, to provide voice, data, sound and image services, both fixed and wireless, in a single product or groups of products for the benefit of consumers of such multiple individual services.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">COSO: </font></i>Committee of Sponsoring Organizations of the Treadway Commission.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CPP (Calling Party Pays):</font></i> The system whereby the party placing a call to a mobile handset rather than the mobile subscriber pays for the air time charges for the call.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">CVH:</font></i> Cablevisi&#243;n Holding S.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">D-AMPS (Digital-Advanced Mobile Phone Service):</font></i> It is a digital version of AMPS (Advanced Mobile Phone Service), the original Analog standard for mobile telephone service in the United States.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Decree No.&nbsp;267/15:</font></i> Decree that modifies some aspects of the LAD and Audiovisual Communication Services Law published in the Official Gazette on January&nbsp;4, 2016. This Decree was subsequently amended by Decree No.&nbsp;1,340/16 issued by PEN and published in the Official Gazette on January&nbsp;2, 2017.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Digital:</font></i> A mode of representing a physical variable such as speech using digits 0 and 1 only. The digits are transmitted in binary form as a series of pulses. Digital networks are rapidly replacing the older Analog ones. Digital networks allow for higher capacity and higher flexibility through the use of computer-related technology for the transmission and manipulation of telephone calls. Digital systems offer lower noise interference and can incorporate encryption as a protection from external interference.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">DWDM (Dense Wavelength Division Multiplexing):</font></i> Technology for multiplying and transmitting different wavelengths along a single optical fiber contemporaneously.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ENACOM (Ente Nacional de Comunicaciones):</font></i> Argentine Communications Body within the scope of the <i>Ministerio de Modernizaci&#243;n</i>, acting as Regulatory Authority as of the date of this Annual Report. ENACOM absorbed the functions of AFTIC.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ENTel (Empresa Nacional de Telecomunicaciones): </font></i>National Telecommunications Company which operated the telecommunications system in Argentina prior to the Transfer Date.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Env&#237;os: </font></i>Personal Env&#237;os S.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fiber Optic:</font></i> Thin glass, silica or plastic wires, building the infrastructure base for data transmission. A Fiber Optic cable contains several individual fibers, and each of them is capable of driving a signal (light impulse) at unlimited bandwidth. Fiber Optics are usually employed for long-distance communication: it can transfer &#147;heavy&#148; data loads, and the signal reaches the recipient, protected from possible disturbances along the way. The driving capacity of Fiber Optics is higher than the traditional copper cable ones.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fintech: </font></i>Fintech Telecom LLC.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">FTT&nbsp;(Fiber to the &#133;): </font></i>It is the term used to indicate any network architecture that uses fiber optic cables in partial or total substitution of traditional copper cables used in telecommunications access networks. The various technological solutions differ in the point of the distribution network where the fiber connection is made, with respect to the end-user&#146;s location.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">7<a name="PB_7_085148_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">FTTC (Fiber to the Curb or Fiber to the Cabinet):</font></i> In the case of FTTC the fiber connection reaches the equipment (distribution cabinet) located on the pavement, from where copper connections are run to the customer.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">FTTH (Fiber to the Home):</font></i> In the case of FTTH the fiber connection terminates inside the customer premises.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">GCL: </font></i>General Corporations Law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">GDP: </font></i>Gross Domestic Product.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">GPON: </font></i>Gigabit-capable Passive Optical Network. A flexible optical fiber access network capable of supporting the bandwidth requirements of business and residential services. GPON systems are characterized, in general, by an optical line termination (&#147;OLT&#148;) system and an optical network unit (ONU) or optical network termination (&#147;ONT&#148;) with a passive optical distribution network interconnecting them. There is, in general, a one-to-many relationship between the OLT and the ONU/ONTs, respectively.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">GPRS (General Packet Radio Service): </font></i>An enhanced second-generation mobile technology used to transmit data over mobile networks. GPRS transmits and receives packets of data in bursts instead of using continuous open radio channels, and it is used to add faster data transmission speed to GSM networks. GPRS is packet-based rather than circuit-based technology.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">GSM (Global System for Mobile Communications):</font></i> A standard for digital mobile technology used worldwide, which works on 900 MHz and 1,800 MHz band.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IASB: </font></i>International Accounting Standards Board.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ICT (Information and Communication Technology):</font></i>&nbsp;Broad area concerned with information technology, telecommunications networking and services and other aspects of managing and processing information, especially in large organizations.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ICT services (Information and Communication Technology services):</font></i>&nbsp;Services to transport and distribute signals or data, such as voice, text, video and images, provided or requested by third-party users, through telecommunications networks. Each service is subject to its specific regulatory framework.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IFC:</font></i> International Finance Corporation</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IFRS</font></i>: International Financial Reporting Standards as issued by the International Accounting Standards Board.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IGJ (Inspecci&#243;n General de Justicia): </font></i>General Board of Corporations<i>.</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">INDEC (Instituto Nacional de Estad&#237;sticas y Censos): </font></i>The Argentine National Statistics and Census Institute.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IP (Internet Protocol): </font></i>A set of communications protocols for exchanging data over the Internet.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ISP (Internet Service Provider):&nbsp;</font></i>A vendor who provides access to the Internet and World Wide Web.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">IT: </font></i>Information Technology.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">LAD (Ley Argentina Digital): </font></i>Law No.&nbsp;27,078, Argentina&#146;s Digital Law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Law No.&nbsp;25,561 (Ley de Emergencia Econ&#243;mica y Reforma del R&#233;gimen Cambiario): </font></i>See &#147;Public Emergency Law.&#148;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Law No.&nbsp;26,831 </font></i>(<i>Ley de Mercado de Capitales</i>): Argentine Capital Markets Law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">List of Conditions:</font></i> The Privatization Regulations, including the <i>Pliego de Bases y Condiciones</i>, was approved by Decree No.&nbsp;62/90, as amended. Pursuant to the List of Conditions, Telecom Argentina was required to comply with rate regulations and meet certain minimum annual standards regarding the expansion of its telephone system and improvements in the quality of its service to maintain and extend the exclusivity of its non-expiring license to provide fixed-line public telecommunications services and Basic Telephone Services in the Northern Region of Argentina. After the market was opened to competition, the outstanding obligations that continue in force were the rate regulations and those related to the quality of service; the obligations related to the expansion of the network are no longer required.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="PB_8_085228_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 3.3pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Merger:</font></i> Merger between Telecom Argentina and Cablevisi&#243;n, effective as of January&nbsp;1, 2018.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">MERVAL (Mercado de Valores de Buenos Aires S.A</font></i>.)<i>: </i>Securities Market of Buenos Aires S.A. On April&nbsp;17, 2017, BYMA, a stock market authorized by CNV who succeeded to the MERVAL, started the automatic transfer of all the species listed in the MERVAL to BYMA. BYMA was created as a result of the spin-off (<i>escisi&#243;n</i>) of some of the assets of the MERVAL and the capital contribution by the BCBA of its participation in Caja de Valores S.A., the clearing house for securities traded in that market.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">M2M: </font></i>Machine to Machine, information exchange between two remote machines.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">MBOU: </font></i>Mb per user per month.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">MMS (Mobile Multimedia Services):</font></i> Represent an evolution of the SMS and the Enhanced Messaging Service (&#147;EMS&#148;) using various mono-medial elements (text, design, photos, video-clips and audio), which are synchronized and combined allowing them to be packed together and sent to GSM-GPRS platforms.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mobile service:</font></i> A mobile telephone service provided by means of a network of interconnected low-powered base stations, each of which covers one small geographic cell within the total cellular system service area.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Modem: </font></i>Modulator/Demodulator. A device that modulates digital data to allow their transmission on Analog channels, generally consisting of telephone lines.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Multimedia: </font></i>A service involving two or more communications media (e.g., voice, video, text,&nbsp;etc.) and hybrid products created through their interaction.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">NDF (Non Deliverable Forward) Agreement</font></i><i>:</i> A generic term for a set of derivatives that covers national currency transactions including foreign exchange forward swaps, cross currency swaps and coupon swaps in nonconvertible or highly restricted currencies. The common characteristics of these contracts are that they involve no exchange of principal, are fixed at a predetermined price and are typically settled in U.S. dollars (or sometimes in Euros) at the prevailing spot exchange rate taken from an agreed source, time, and future date.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Network:</font></i> An interconnected collection of elements. In a telephone network, these consist of switches connected to each other and to customer equipment. The transmission equipment may be based on fiber optic or metallic cable or point-to-point radio connectors.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Node:</font></i> Topological network junction, commonly a switching center or station.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Nortel:</font></i> Nortel Inversora S.A., the direct parent company of Telecom Argentina S.A. until November&nbsp;30, 2017, when it was absorbed by Telecom Argentina pursuant to the Reorganization.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Northern Region:</font></i> the Argentine government&#146;s privatization program as set forth in the State Reform Law approved in August&nbsp;1989 and subsequent decrees, the &#147;Privatization Regulations&#148; provided for the division of the Argentine telecommunications network operated by ENTel into two regions, the northern region (the &#147;Northern Region&#148;) and the southern region (the &#147;Southern Region&#148;) of Argentina. Additionally, these two regions are set forth in Decree No.&nbsp;1,461/93, which ratified the Resolution No.&nbsp;575/93 which approved the list of conditions for the public offer for the provision of mobile telecommunication services.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">OTT (Over the Top): </font></i>Over the Top applications or services are those services that bypass traditional network distribution approaches and run over, or on top of, internet networks. OTT refers, in general, to content from a third-party that is delivered to an end-user over the internet that is not provided directly by end-user Internet Service Provider.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Outsourcing:</font></i> Hiring outsiders to perform various telecommunications services, which may include planning, construction, or hosting of a network or specific equipment belonging to a company.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Packs: </font></i>Packages integrated by SMS and minutes that can be purchased or added to those plans that recharge credit.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">PCS (Personal Communications Service):</font></i> A mobile communications service with systems that operate in a manner similar to cellular systems.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="PB_9_085257_7091"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">PEN (Poder Ejecutivo Nacional):</font></i> The executive branch of the Argentine government.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Penetration:</font></i> The measurement of the take-up of services. As of any date, the penetration is calculated by dividing the number of subscribers by the population to which the service is available and expressed as a percentage.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Personal: </font></i>Telecom Personal S.A. Until November&nbsp;30, 2017, Telecom Argentina owned 100% of Personal. Commencing December&nbsp;1, 2017, pursuant to the Reorganization, mobile services provided by Personal have been provided by Telecom Argentina.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pesification:</font></i> Modification of the exchange rate by the Argentine government pursuant to the Public Emergency Law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Platform:&nbsp;</font></i>The total input, including hardware, software, operating equipment and procedures, for producing (production platform) or managing (Management platform) a particular service (service platform).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Presubscription of Long-Distance Service:</font></i> The selection by the customer of international and domestic long-distance telecommunications services from a long-distance telephone service operator.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Price Cap:</font></i> Rate regulation mechanism applied to determine rate discounts based on a formula made up by the U.S. Consumer Price Index and an efficiency factor. The mentioned factor was established initially in the List of Conditions and afterwards in different regulations by the SC.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Privatization Regulations:</font></i> The Argentine government&#146;s privatization program as set forth in the State Reform Law approved in August&nbsp;1989 and subsequent decrees.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Public Emergency Law:</font></i> The Public Emergency and Foreign Exchange System Reform Law No.&nbsp;25,561 adopted by the Argentine government on January&nbsp;6, 2002, as amended by Law No.&nbsp;25,790, Law No.&nbsp;25,820, Law No.&nbsp;25,972, Law No.&nbsp;26,077, Law No.&nbsp;26,204, Law No.&nbsp;26,339, Law No.&nbsp;26,456, Law No.&nbsp;26,563, Law No.&nbsp;26,729, Law No.&nbsp;26,896 and Law No.&nbsp;27,200, which was in effect until December&nbsp;31, 2017. Among others, the Public Emergency Law granted the PEN the power to set the exchange rate between the peso and foreign currencies and to issue regulations related to the foreign exchange market and to renegotiate public service agreements. The Public Emergency Law ceased to be effective on December&nbsp;31, 2017.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pulse:</font></i> Unit on which the rate structure of the regulated fixed line services is based.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Quadruple play:</font></i> Means the integration of fixed and mobile telecommunication services as well as pay television and Internet services.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">RECPAM (Resultado por exposici&#243;n a los cambios en el poder adquisitivo de la moneda): </font></i>Restatement Adjustment Gain (Loss).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Regulatory Bodies:</font></i> Collectively or individually, the ENACOM, the AFTIC, the SC and the CNC.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reorganization:</font></i> Corporate reorganization pursuant to which Telecom Argentina absorbed Sofora, Nortel and Telecom Personal.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Roaming:</font></i> A function that enables mobile subscribers to use the service on networks of operators other than the one with which they signed their initial contract. The roaming service is active when a mobile device is used in a foreign country (included in the GSM network).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Satellite:</font></i> Satellites are used, among other things, for links with countries that cannot be reached by cable to provide an alternative to cable and to form closed user networks.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SBT (Servicio B&#225;sico Telef&#243;nico):</font></i> Basic Telephone Service.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SC (Secretar&#237;a de Comunicaciones):</font></i> The Argentine Secretary of Communications, which was replaced by the AFTIC and subsequently by the ENACOM.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SCMA</font></i> (<i>Servicio de Comunicaciones M&#243;viles Avanzadas):</i> Mobile Advanced Communications Service.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SEC:</font></i> The Securities and Exchange Commission of the United States of America.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">10<a name="PB_10_085324_455"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Service Provider: </font></i>The party that provides end users and content providers with a range of services, including a proprietary, exclusive or third-party service center.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SMS (Short Message Service): </font></i>Short text messages that can be received and sent through GSM-network connected mobile phones. The maximum text length is 160 alpha-numerical characters.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sofora:</font></i> Sofora Telecomunicaciones S.A., the indirect parent company of Telecom Argentina S.A. through its participation in Nortel until November&nbsp;30, 2017, when it was absorbed by Telecom Argentina pursuant to the Reorganization.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Southern Region:</font></i> See &#147;<i>Northern Region</i>.&#148;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SRMC (Servicios de Radiocomunicaciones M&#243;viles Celular):</font></i> Cellular Mobile Radiocommunications Service.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">STM (Servicio Telef&#243;nico M&#243;vil):</font></i> Mobile Telephone Service.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SU Fund</font></i>: Universal Service Fiduciary Fund.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">TDMA (Time Division Multiple Accesses): </font></i>A technology for digital transmission of radio signals between, for example, a mobile handset and a radio base station. TDMA breaks signals into sequential pieces of defined length, places each piece into an information conduit at specific intervals and then reconstructs the pieces at the end of the conduit.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telecom Argentina USA:</font></i> Telecom Argentina USA,&nbsp;Inc.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telecom Italia:</font></i> Telecom Italia S.p.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telef&#243;nica:</font></i> Telef&#243;nica de Argentina S.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telintar:</font></i> Telecomunicaciones Internacionales de Argentina Telintar S.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Terms and Conditions: </font></i>See<i> &#147;Auction Terms and Conditions.</i>&#148;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">TLRD (Terminaci&#243;n Llamada Red Destino):</font></i> Termination charges from third parties&#146; mobile networks.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Transfer Date:</font></i> November&nbsp;8, 1990, the date on which Telecom Argentina commenced operations upon the transfer from the Argentine government of the telecommunications system in the Northern Region of Argentina that was previously owned and operated by ENTel.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Tuves Paraguay:</font></i> Tuves Paraguay S.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">UMTS (Universal Mobile Telecommunications System): </font></i>Third-generation mobile communication standard.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Universal Service:</font></i> The availability of Basic Telephone Service, or access to the public telephone network via different alternatives, at an affordable price to all persons within a country or specified area.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Value Added Services (VAS):</font></i> Services that provide a higher level of functionality than the basic transmission services offered by a telecommunications network such as video streaming, &#147;Personal Video&#148;, &#147;Nube Personal&#148; (Cloud services), M2M (Machine to Machine communication), social networks, &#147;Personal Messenger&#148;, content and entertainment (SMS subscriptions and content, games, music,&nbsp;etc.), MMS and voice mail.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">VLG Argentina:</font></i> VLG S.A.U., an &#160;Argentine corporation that is a shareholder of Telecom Argentina and controlled by CVH. (formerly known as VLG Argentina, LLC).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">W de Argentina Inversiones/WAI: </font></i>W de Argentina Inversiones S.A., a former shareholder of Telecom Argentina.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Wi-Max (Worldwide Interoperability for Microwave Access): </font></i>A technology that allows mobile access to Broadband telecommunications networks. It is defined by the Wi-Max Forum, a global consortium formed by major companies in the field of fixed and mobile telecommunications, which has the purpose to develop, test and promote the interoperability of systems.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GLOSSARY OF TERMS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">11<a name="PB_11_085621_4180"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;I</font></b><a name="PARTI_085724"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 1.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b><a name="ITEM1_IDENTITYOFDIRECTORSSENIORM_085727"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>OFFER STATISTICS AND EXPECTED TIMETABLE</b><a name="ITEM2_OFFERSTATISTICSANDEXPECTED_085731"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 3.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>KEY INFORMATION</b><a name="ITEM3_KEYINFORMATION_085733"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Selected Financial Data</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selected consolidated income statement data for the years ended December&nbsp;31, 2018, 2017 and 2016 and the selected consolidated financial position data as of December&nbsp;31, 2018 and 2017 have been prepared in accordance with IFRS as issued by the IASB and have been derived from our Consolidated Financial Statements included elsewhere in this Annual Report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Consolidated Financial Statements and the financial information included elsewhere in this Annual Report have been restated in terms of the current currency in accordance with IFRS.</font> The Consolidated Financial Statements and the financial information included in this Annual Report for all the periods reported are presented on the basis of constant Argentine pesos as of December&nbsp;31, 2018. Due to the high level of inflation prevailing in Argentina in the last few years, the Company&#146;s Management analyzed the conditions established by IAS 29 paragraph 3 to consider an economy as hyperinflationary. Based on the analysis made in 2018, the Company&#146;s Management considers that there is evidence to consider Argentina&#146;s economy as &#147;hyperinflationary&#148; under IAS 29 for accounting periods ending after July&nbsp;1, 2018. See &#147;Presentation of Financial Information,&#148;&#160; &#147;&#151;Risk factors&#151;Risk Related to Argentina&#151;Inflation could accelerate, causing adverse effects on the economy and negatively impacting Telecom&#146;s margins&#148;, &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Economic and Political Developments in Argentina&#148; and Note 1.e) to the Consolidated Financial Statements.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s Consolidated Financial Statements and the selected financial data included in this Annual Report have been prepared on a consolidated basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our financial statement data as of and for the years ended December&nbsp;31, 2017 and 2016 are not comparable with our financial statement data as of and for the year ended December 31, 2018 because of the Merger, which was consummated on January&nbsp;1, 2018.</font> Effective as of the Merger Effective Date, Cablevisi&#243;n merged into Telecom Argentina. We have accounted for the Merger as a business combination using the acquisition method of accounting under IFRS 3 &#147;Business Combination&#148; (&#147;IFRS 3&#148;) to account for assets and liabilities of Telecom as of January&nbsp;1, 2018. The Merger constituted a &#147;reverse acquisition,&#148; pursuant to which Cablevisi&#243;n (the legal absorbed entity) was considered the accounting acquirer and Telecom Argentina (the surviving entity) was considered the accounting acquire (See Item 5 &#147;Operating and Financial Review and Prospects&#148;). Accordingly, the financial statements of Telecom for periods prior to the Merger Effective Date reflect the historical financial information of Cablevisi&#243;n, as restated in terms of the current currency to take into account the effect of inflation in Argentina. The information as of and for the year ended December&nbsp;31, 2018 incorporates, based on the figures corresponding to Cablevisi&#243;n, the effect of applying the acquisition method to Telecom Argentina to its fair value in accordance with IFRS 3 and the operations of Telecom Argentina as from January&nbsp;1, 2018. Such figures are presented in this Annual Report restated in terms of the current currency to take into account the effect of inflation in Argentina.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1pt;text-align:justify;text-indent:26.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The factors that were considered in determining that Cablevisi&#243;n should be treated as the accounting acquirer in the Merger were:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.75pt;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></u><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>the relative voting rights in the surviving entity (55% for the former shareholders of Cablevisi&#243;n and 45% for the former shareholders of Telecom);</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.8pt;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></u><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>the composition of the board of directors in the surviving entity and other committees (audit, supervisory and executive);</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.8pt;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></u><font size="1" style="font-size:8.5pt;">&#160; </font>the relative fair value assigned to Cablevisi&#243;n and Telecom; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.8pt;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font></u><font size="1" style="font-size:8.5pt;">&#160; </font>the composition of the key senior management of the surviving entity.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For more information, see Note 1.c), 4.a) and 27.a) to our Consolidated Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, the financial and operating data for periods prior to the Merger Effective Date reflect the information of Cablevisi&#243;n.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION &#151; SELECTED   FINANCIAL DATA</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">12<a name="PB_12_085925_4141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should read the information below in conjunction with our Consolidated Financial Statements and the notes thereto, as well as &#147;Presentation of Financial Information&#148; and &#147;Item 5&#151;Operating and Financial Review and Prospects.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The summary financial data as of and for each of the two years ended December&nbsp;31, 2015 and 2014 have not been presented as these cannot be provided on a restated basis without unreasonable effort or expense. </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION &#151; SELECTED   FINANCIAL DATA</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">13<a name="PB_13_090115_8627"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONSOLIDATED SELECTED INCOME STATEMENT AND FINANCIAL POSITION DATA</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017&nbsp;(8)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016&nbsp;(8)</font></b></p>    </td>
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<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="41%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million,&nbsp;except&nbsp;per&nbsp;share&nbsp;and<br>   per&nbsp;ADS&nbsp;data&nbsp;in&nbsp;P$)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INCOME   STATEMENT DATA</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total revenues</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">168,046</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66,649</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60,405</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating costs   (without depreciation, amortization and impairment of PP&amp;E)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(111,678</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(42,536</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(40,206</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating costs   &#151; depreciation,amortization and impairment of PP&amp;E and intangible assets</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(35,111</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9,804</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7,883</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating   income</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,257</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,309</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,316</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other, net (1)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18,559</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,066</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,245</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax   benefit (expense)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,838</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,516</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,015</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net   income</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,536</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,859</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,546</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other   Comprehensive (Loss) Income, net of tax</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,317</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(713</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,567</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   Comprehensive Income</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,853</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,146</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,979</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Total   Comprehensive Income attributable to Telecom Argentina</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,425</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,090</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,922</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Total   Comprehensive Income attributable to Non-controlling Interest</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">428</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of shares   outstanding at year-end (in millions of shares) (2)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,154</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.120</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.120</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income per   share (basic and diluted) (3)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.46</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.21</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.83</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income per   ADS (4)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.30</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends per   share (5)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.38</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23,083</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,025</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends per   ADS (6)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66.90</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FINANCIAL   POSITION DATA</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current assets</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,487</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,626</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PP&amp;E and   Intangible assets</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">210,346</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,336</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goodwill</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120,449</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31,954</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other   non-current assets</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,456</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,154</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   assets</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">371,738</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">94,070</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current   liabilities</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,445</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,621</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-current   liabilities</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">89,380</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,421</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   liabilities</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">142,825</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39,042</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   equity</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">228,913</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55,028</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Equity   attributable to Telecom Argentina</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">225,686</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54,182</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Equity   attributable to Non-controlling Interest</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,227</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">846</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Capital   Stock (7)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,169</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,200</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Other, net includes Earnings from associates, Debt financial expenses and Other financial results, net.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Number of ordinary shares outstanding at year-end (excludes treasury shares). For the years ended December&nbsp;31, 2017 and 2016, the Company has divided the net income attributable to the shareholders of the Controlling Company of each period based on 1,184,528,406 ordinary shares, which arise as a result of multiply 120,000 ordinary shares of Cablevisi&#243;n outstanding for such years by the exchange ratio established in the pre-merger commitment (1 ordinary share of Cablevisi&#243;n for each 9,871.07005 new shares of Telecom Argentina).</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Calculated based on the weighted average number of ordinary shares outstanding during each period (2,153,688,011 ordinary shares for the year 2018, 1,184,528,406 ordinary shares for the years 2017 and 2016). For the years ended December&nbsp;31, 2017 and 2016, the Company has divided the net income attributable to the shareholders of the Controlling Company of each period based on 1,184,528,406 ordinary shares, which arise as a result of multiply 120,000 ordinary shares of Cablevisi&#243;n outstanding for such years) by the exchange ratio established in the pre-merger commitment (1 ordinary share of Cablevisi&#243;n for each 9,871.07005 new shares of Telecom Argentina).</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Calculated based on the equivalent in ADSs to the weighted average number of ordinary shares outstanding during each period (430,737,602 ADSs for the year 2018, 236,905,681 ADSs for the years 2017 and 2016).</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Dividends per share translated into U.S. dollars amounts to US$0.35; US$1,237.69 and US$819.70 as of December&nbsp;31, 2018, 2017 and 2016 respectively. The translation into US Dollar was made using the ask rate published by the Banco de la Naci&#243;n Argentina (National Bank of Argentina) prevailing as of the date when dividends were available to Telecom Argentina&#146; shareholders.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Dividends per ADS translated into U.S. dollars amounts to US$1.77 as of December&nbsp;31, 2018. The translation into US Dollar was made using the ask rate published by the Banco de la Naci&#243;n Argentina (National Bank of Argentina) prevailing as of the date when dividends were available to Telecom Argentina&#146; shareholders.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Ordinary shares of P$1 of nominal value each.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Comparatives figures as of December&nbsp;31, 2017 and 2016 arise from the consolidated financial statements of Telecom as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.08%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION &#151; SELECTED   FINANCIAL DATA</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">14<a name="PB_14_091253_7906"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OTHER&nbsp;SELECTED&nbsp;DATA</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of fixed   telephony services lines (thousands)(1)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,544</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.7</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARBU   (in P$/month) (national + international) (5)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">270.8</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.7</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.3</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet access   (thousands)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,110</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,318</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,166</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARPU   Internet (in P$/month) (6)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">762.0</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">890.1</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">738.8</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal Mobile   telephony services lines (thousands)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,316</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARPU   Personal (in P$/month) (7)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">213.9</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">MBOU   Personal (in Mb per user/month) (2)</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,771.2</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IDEN telephony   services lines (thousands)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">314.3</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">716.6</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARPU   IDEN (in P$/month) (8)</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">329.8</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">348.9</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo&#146;s   customers (thousands)(3)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,387</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARPU   N&#250;cleo (in P$/month) (9)</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">206.3</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">MBOU   N&#250;cleo (in Mb per user/month) (2)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,927.7</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">n/a</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cable TV subscribers   (thousands)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,454</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,503</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,528</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ARPU   Cable TV (in P$/month) (10)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">854.3</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">835.4</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">759.7</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Headcount (4)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,343</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,384</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,236</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes lines customers, own usage, public telephony and Integrated Services Digital Network (&#147;ISDN&#148;) channels.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Correspond to customers with consumption higher than 10Mb.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Including Wi-Max Internet customers.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Including temporary employees, if any.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes 51.5, 9.2 and 10.6 related to the effect of inflation adjustment under IAS29 as of December&nbsp;31, 2018, 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes 138.7, 346.4 and 367.2 related to the effect of inflation adjustment under IAS29 as of December&nbsp;31, 2018, 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes 39.9 related to the effect of inflation adjustment under IAS29 as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes 62.7 and 135.8 related to the effect of inflation adjustment under IAS29 as of December&nbsp;31, 2018 and 2017, respectively.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes 39.2 related to the effect of inflation adjustment under IAS29 as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(10)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes 158.1, 325.1 and 377.6 related to the effect of inflation adjustment under IAS29 as of December&nbsp;31, 2018, 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exchange Rates</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following tables show, for the periods indicated, certain information regarding the exchange rates for U.S. dollars, expressed in nominal pesos per dollar (ask price published by Banco de la Naci&#243;n Argentina). See &#147;Item 10&#151;Additional Information&#151;Foreign Investment and Exchange Controls in Argentina.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Average(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">End&nbsp;of&nbsp;Period</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year Ended   December&nbsp;31, 2016</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.99</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.89</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year Ended   December&nbsp;31, 2017</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.73</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.65</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year Ended   December&nbsp;31, 2018</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29.26</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37.70</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month Ended   October&nbsp;31, 2018</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37.06</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35.95</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month Ended   November&nbsp;30, 2018</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36.48</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37.72</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month Ended December&nbsp;31,   2018</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37.83</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37.70</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month Ended   January&nbsp;31, 2019</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37.39</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37.35</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month Ended   February&nbsp;28, 2019</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38.40</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39.15</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;2019   (through March&nbsp;19, 2019)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40.87</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40.50</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">(1)</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="1" style="font-size:8.0pt;font-style:italic;">Yearly data reflect average of month-end rates.Monthly data reflect average of day-end rates.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sources</font></i>: <i>Banco de la Naci&#243;n Argentina</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Capitalization and Indebtedness</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION &#151;   SELECTED FINANCIAL DATA</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">15<a name="PB_15_095402_3736"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Reasons for the Offer and Use of Proceeds</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Risk Factors</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">This section is intended to be a summary of more detailed discussions contained elsewhere in this Annual Report. The risks described below are not the only ones that we face. Additional risks that we do not presently consider material, or of which we are not currently aware, may also affect us. Our business, results of operations, financial condition and cash flows could be materially and adversely affected if any of these risks materialize and, as a result, the market price of our shares and our ADSs could decline. </font></i><i>You should carefully consider these risks with respect to an investment in Telecom Argentina.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Risks Relating to Argentina</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Overview</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A substantial majority of our property, operations and customers are located in Argentina, and a portion of our assets and liabilities are denominated in foreign currencies. Accordingly, our financial condition, results of operations and cash flows depend to a significant extent on economic and political conditions prevailing in Argentina and on the exchange rates between the Argentine peso and foreign currencies. In the recent past, Argentina has experienced severe recessions, political crises, periods of high inflation and significant currency devaluation. Argentina experienced economic growth in the last decade, although the Argentine economy has been volatile since year 2011. For example, Argentina&#180;s economy grew in 2017, but contracted in 2018. Uncertainty remains as to how several factors would impact the Argentine economy, including among others, inflation rates, exchange rates, commodity prices, level of BCRA reserves, public debt, tax pressures and healthy trade and fiscal balances.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Devaluation of the Argentine peso may adversely affect our results of operations, our capital expenditure program and the ability to service our liabilities and transfer funds abroad.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since we generate a substantial portion of our revenues in Argentine pesos (functional currency of Telecom Argentina), any devaluation may negatively affect the U.S. dollar value of our earnings while increasing, in peso terms, our expenses and capital expenditures denominated in foreign currency. The Argentine Peso has been subject to significant devaluation against the U.S. dollar in the past and may be subject to fluctuations in the future. A depreciation of the Argentine Peso against major foreign currencies may also have an adverse impact on our capital expenditure program and increase the Argentine peso amount of our trade liabilities and financial debt denominated in foreign currencies. As of December&nbsp;31, 2018, approximately 63% of our liabilities were denominated in foreign currencies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom seeks to manage the risk of devaluation of the Argentine peso by entering from time to time into certain NDF agreements to partially or completely hedge its exposure to foreign currency fluctuations caused by its liabilities denominated in foreign currencies (mainly U.S. dollars). The Company also has financial assets denominated in U.S. dollars , as well as international operations that generate profits in foreign currencies, that help reduce the exposure to liabilities denominated in foreign currencies. See &#147;Item 11&#151;Quantitative and Qualitative Disclosures About Market Risk&#148; and &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Liquidity and Capital Resources&#151;Debt Obligations and Debt Service Requirements.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beginning on December&nbsp;17, 2015, the current administration lifted most of the restrictions to access the foreign exchange markets (&#147;FX Markets&#148;) and the multiple exchange rate system was unified into a floating rate regime. This measure allowed almost a total unification of the multiple exchange rate system applicable at that time over the commercial and financial transactions in Argentina. See &#147;Item 10&#151;Additional Information&#151;Foreign Investment and Exchange Controls in Argentina.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION -   RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">16<a name="PB_16_095434_9621"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2018, the Argentine Peso experienced a rapid devaluation against major foreign currencies, particularly against the U.S.&nbsp;dollar. According to the exchange rate information published by the Banco de la Naci&#243;n Argentina, the Argentine peso depreciated by 102.2% against the U.S. dollar during the year ended December&nbsp;31, 2018 (compared to 17.4% and 21.9% in the years ended December&nbsp;31, 2017 and 2016, respectively). As a result of the Argentine Peso&#146;s increased volatility, the Argentine government announced several measures to restore market confidence and stabilize its value. Measures implemented by the BCRA include, among others, an increase of short term interest rates and selling foreign currency reserves. The Argentine government in turn announced that it would accelerate the proposed reduction of the fiscal deficit. Further, on May&nbsp;8, 2018, the current administration announced that the Argentine government would initiate negotiations with the International Monetary Fund (the &#147;IMF&#148;) with a view to entering into a stand-by credit facility that would give Argentina access to financing by the IMF. On June&nbsp;20, 2018, the executive board of the IMF approved the terms of the stand-by arrangement (the &#147;SBA&#148;), consisting of a stand-by credit facility for U.S.$50.0 billion, subject to adjustments and compliance with certain political and fiscal performance guidelines by the Argentine government.&#160; On October&nbsp;26, 2018, a first review of the SBA concluded with the enlargement of the arrangement for US$5.7 billion. We cannot predict whether the Argentine government will be able to comply with all terms of the SBA. The ability of the Argentine government to stabilize the foreign exchange market, restore economic growth and meet the terms of the SBA, is subject to uncertainty. The continued depreciation of the Argentine Peso and the failure to meet the terms of the SBA could have a material adverse effect on Argentina&#146;s economy and, consequently, our cash flows, financial condition and results of operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.7in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since October&nbsp;2018, the BCRA established an exchange rate band. The band in which the BCRA would not intervene was initially defined between $34 and $44, which will be adjusted upwards on a monthly basis. The BCRA will allow the free floating of the currency within this band. These measures implemented by the BCRA have been complemented with, among others, an increase of short term interest rates and a strict control of the money supply. The intention of the BCRA is to avoid excessive fluctuations of the exchange rate. The success of these measures is subject to uncertainty and the continued depreciation of the Argentine Peso could have a material adverse effect on our financial condition and results of operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Given the economic and political conditions in Argentina, we cannot predict whether, and to what extent, the value of the Argentine peso may depreciate or appreciate against the U.S. dollar, the euro or other foreign currencies. We cannot predict how these conditions will affect the consumption of services provided by Telecom Argentina or our ability to meet our liabilities denominated in currencies other than the Argentine peso. Moreover, we cannot predict whether the Argentine government will further modify its monetary, fiscal and exchange rate policy. If any of these changes takes place we cannot anticipate the impact these could have on the value of the Argentine peso and, accordingly, on our financial condition, results of operations and cash flows, and on our ability to transfer funds abroad in order to comply with commercial or financial obligations or dividend payments to shareholders located abroad.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Inflation could accelerate, causing adverse effects on the economy and negatively impacting Telecom&#146;s margins and/or ratios.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the past, Argentina has experienced periods of high inflation. Inflation has increased since 2005 and has remained relatively high since then. There can be no assurance that inflation rates will not be higher in the future.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;2014, a new consumer price index, the National Urban Consumer Price Index (<i>Indice de Precios al Consumidor Nacional Urbano</i>, or &#147;IPCNu&#148;) was published with the aim of improving the accuracy of measurements of the evolution of prices in the Argentine economy. The IPCNu integrates a set of price indexes which allows for the monitoring of the change in several prices in the economy (wholesale, commodities and construction costs, among others) by considering the price information from all the provinces in Argentina. The IPCNu increased by 11.9% over the period from January&nbsp;to October&nbsp;2015 (according to last available data); and by 23.9% in 2014. </font>In the past, there has been a substantial disparity between the inflation indexes published by the INDEC and the higher inflation indexes estimated by private consulting firms. The INDEC estimated that the Argentine wholesale price index increased by 13.1% in 2012, 14.8% in 2013, 28.3% in 2014 and 10.6% in the period of January&nbsp;to October&nbsp;2015 (according to the last available data because INDEC has not disclosed figures for November&nbsp;and December&nbsp;2015). The INDEC resumed publication of the wholesale price index for full year since 2016, the Argentine Wholesale Price Index increased by 18.8% in 2017, and 73.5% in 2018 on a year-over-year comparison.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;8, 2016, the current administration issued Decree No.&nbsp;55/2016 declaring a state of administrative emergency with respect to the national statistical system and the INDEC until December&nbsp;31, 2016 (which was not extended). During this state of emergency, the INDEC had suspended publication of certain statistical data (regarding prices, poverty, unemployment and GDP) until it completed a reorganization of its technical and administrative structure capable of producing sufficient and reliable statistical information.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION - RISK   FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a consequence of the aforementioned events, the full year 2015 inflation measure for IPCNu index was not disclosed, and according to last available data (from October&nbsp;2015) the IPCNu registered an increase of 11.9% over the January&nbsp;to October&nbsp;2015 period. As alternative guidance to IPCNu, the authorities suggested that other measures should be observed, such as those published by the statistical entity of the Autonomous City of Buenos Aires (IPC CABA) and the San Luis Province that registered an annual increase of 26.9% and 31.6% in 2015, respectively. In turn, the publication of a CPI index for Buenos Aires City and Greater Buenos Aires Area resumed in June&nbsp;2016 disclosing May&nbsp;2016 monthly inflation figures, while data for the months in the period January&nbsp;to April&nbsp;2016 are unavailable. Taking this into account, CPI variation from May&nbsp;to December&nbsp;2016 was 16.9% and, as alternative guidance, the indexes published by the Province of San Luis and the Autonomous City of Buenos Aires from January&nbsp;to April&nbsp;2016 represented an increase of 13.9% and 19.2%, respectively. </font>Since July&nbsp;2017, the INDEC resumed the regular publication of a national consumer price index (&#147;National CPI&#148;) on a monthly basis. The National CPI index has registered an increase of 24.7% on a year-over-year comparison for 2017. The National CPI variation during 2018 was of 47.6% compared to 2017. The efforts made by the current administration to reduce inflation rate have not achieved the desired results.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Argentine government continued implementing measures to monitor and control prices for the most relevant goods and services. Despite such measures, the Argentine economy continues to experience high levels of inflation. If the value of the Argentine peso cannot be stabilized through fiscal and monetary policies, an increase in inflation rates could be expected.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since the majority of our revenues are denominated in pesos, any further increase in the rate of inflation not accompanied by a parallel increase in our prices would decrease our revenues in real terms and adversely affect our results of operations.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further, higher inflation leads to a reduction in the purchasing power, thus increasing the risk of a lower level of service consumption from our fixed and mobile </font>telephony, cable television and broadband customers in Argentina.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">As of July&nbsp;1, 2018, the peso qualifies as a currency of a hyperinflationary economy, and we are required to apply inflationary adjustments to our financial statements, which could adversely affect our financial statements, results of operations and financial condition and those of our Argentine subsidiaries&#146;.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:15.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the International Accounting Standards (&#147;IAS&#148;) 29 (Financial Reporting in Hyperinflationary Economies), the financial statements of entities whose functional currency is that of a hyperinflationary economy must be restated for the effects of changes in a suitable general price index. IAS 29 does not prescribe when hyperinflation arises, but includes several characteristics of hyperinflation. The International Accounting Standards Board (&#147;IASB&#148;) does not identify specific hyperinflationary jurisdictions. However, in June&nbsp;2018, the International Practices Task Force of the Centre for Quality (&#147;IPTF&#148;), which monitors &#147;highly inflationary countries&#148; categorized Argentina as a country with projected three-year cumulative inflation rate greater than 100%. Additionally, some of the other qualitative factors of IAS 29 were present, providing prima facie evidence that the Argentine economy is hyperinflationary for purposes of IAS 29. Therefore, Argentine companies using International Financial Reporting Standard as adopted by the IASB (&#147;IFRS&#148;) are required to apply IAS 29 to their financial statements for periods ending on and after July&nbsp;1, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:15.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjustments to reflect inflation, such as those required by IAS 29, were prohibited by law No.&nbsp;23,928 (the &#147;Law 23,928&#148;). Additionally, Decree No.&nbsp;664/03, issued by the Argentine government (the &#147;Decree&#148;), instructed regulatory authorities, such as Public Registries of Commerce, the Superintendence of Corporations of the City of Buenos Aires and the Argentine Securities Commission (<i>Comisi&#243;n Nacional de Valores</i>) (&#147;CNV&#148;), to accept only financial statements that comply with the prohibition set forth by the Law 23,928. However, on December&nbsp;4, 2018, Law 27,468 abrogated Decree No.&nbsp;664/03 and amended Law 23,928 indicating that the prohibition of indexation no longer applies to the financial statements. Some regulatory authorities, such as the Argentine Securities Commission, have required that financial statements for periods ended on and after December&nbsp;31, 2018 to be submitted to them should be restated&#160; for inflation, following the guidelines in IAS 29. However, for purposes of the determination of the indexation for tax purposes, Law 27,468 substituted the WPI (as defined below) for the CPI, and modified the standards for triggering the tax indexation procedure.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:15.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the first three years as from January&nbsp;1, 2018, the tax indexation will be applicable if the variation of the Consumer Price Index (&#147;CPI&#148;) exceeds 55% in 2018, 30% in 2019 and 15% in 2020. The tax indexation determined during any such year will be allocated as follows: 1/3 in that same year, and the remaining 2/3 in equal parts in the following two years. From January&nbsp;1, 2021, the tax indexation procedure will be triggered under similar standards as those set forth by IAS 29.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:15.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We cannot predict the full future impact that the eventual application of the Tax Indexation Procedure and related adjustments will have on our financial statements or the effects on our business, results of operations and financial condition.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION - RISK   FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Economic and political developments in Argentina, and future policies of the Argentine government may affect the economy as well as the operations of the telecommunications industry, including the operations of Telecom Argentina.</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since assuming office on December&nbsp;10, 2015, current administration has announced a wide range of economic and policy reforms. As of the date of this Annual Report, the long-term impact of these measures and any future measures taken by the current administration on the Argentine economy as a whole and the telecommunication sector in particular </font>remains uncertain. We believe that the long-term effect of the planned liberalization of the economy and the integration of Argentina to international markets, will be positive for our business. However, it is not possible to predict such effect with certainty and such liberalization could also be disruptive to the economy and fail to benefit or harm the Argentine economy and our business in particular.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further, presidential and federal congressional elections in Argentina will be held in October&nbsp;2019, and their impact on the future economic and political environment is uncertain, but likely to be material. No assurances can be made as to the policies that may be implemented by a new Argentine administration, or that political developments in Argentina will not</font> adversely affect the Argentine economy or our business, financial condition or results of operations. In addition, we cannot assure you that future economic, regulatory, social and political developments in Argentina will not impair our business, financial condition or results of operations, or cause the market value of our shares to decline.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Argentine government may exercise greater intervention in private sector companies, including Telecom Argentina.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In November&nbsp;2008, through Law No.&nbsp;26,425, Argentina nationalized its private pension and retirement system, which had been previously administered by the AFJPs, and appointed ANSES as its administrator. Argentina&#146;s nationalization of its pension and retirement system constituted a significant change in the Argentine government&#146;s approach towards Argentina&#146;s main publicly traded companies. A significant portion of the public float of these companies was owned by the AFJPs and is currently held by ANSES-FGS, such as the case of Telecom. See &#147;Item 7&#151;Major Shareholders and Related Party Transactions.&#148; The Argentine government could exercise influence over corporate governance decisions of companies in which it owns shares by combining its ability to exercise its shareholder voting rights to designate board and supervisory committee members with its ability to dictate tax and regulatory matters. Additionally, since the AFJPs were significant institutional investors and active market traders in Argentina, the nationalization of the private pension and retirement system affected the access to financing in capital markets for publicly traded companies as well as liquidity within the market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, prior administrations took several steps to re-nationalize the concessions and utilities that were privatized during the 1990s. We cannot predict whether current or future administrations will take similar or further measures, including nationalization, expropriation and/or increased Argentine governmental intervention in companies. Government intervention in the industries in which we operate could create uncertainties for investors in public companies in Argentina, including Telecom Argentina, as well as have a material adverse effect on our business, financial condition and results of operations. See &#147;&#151;</font>Economic and political developments in Argentina, and future policies of the Argentine government, may affect the economy as well as the operations of the telecommunications industry, including the operations of Telecom Argentina.&#148;</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Argentina&#146;s economy contracted in 2018 and may contract in the future due to international and domestic conditions which may adversely affect our operations.</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Argentine economy has experienced significant volatility in recent decades, characterized by periods of low or negative GDP growth, high and variable levels of inflation and currency depreciation and devaluation. Argentina&#146;s economy contracted during 2018 and the country&#146;s economy remains unstable notwithstanding efforts by the Argentine government to address inflation and foreign exchange instability. </font>Substantially all of our operations, properties and customers are located in Argentina, and, as a result, our business is, to a large extent, dependent upon economic and legal conditions prevailing in Argentina. If economic conditions in Argentina were to deteriorate, they could have an adverse effect on our results of operations, financial condition and cash flows.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Global economic and financial crises, and the general weakness of the global economy </font>typically, negatively affect emerging economies like Argentina&#146;s economy. Global financial instability or increasing interest rates in the United States and other developed countries may impact the Argentine economy and cause a slowdown in Argentina&#146;s growth rate or could lead to a recession with consequences in the trade and fiscal balances and in the unemployment level.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION - RISK   FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, Argentine economic growth might be negatively affected by several domestic factors such as an appreciation of the real exchange rate which could affect its competitiveness,</font> reductions and even reversion of a positive trade balance, which, combined with capital outflows could reduce the levels of consumption and investment resulting in greater exchange rate pressure. Additionally, abrupt changes in monetary and fiscal policies or foreign exchange regime could rapidly affect local economic output, while lack of appropriate levels of investment in certain economy sectors could reduce long-term growth. Access to the international financial markets could be limited. Consequently, an increase in public spending not correlated with an increase in public revenues could affect the Argentina&#146;s fiscal results and generate uncertainties that might affect the economy&#146;s growth level.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In recent years, several trading partners of Argentina (such as Brazil, Europe and China) have experienced significant slowdowns or recession periods in their economies in recent years. If such slowdowns or recessions were to recur, this may impact the demand for products coming from Argentina and hence affect its economy.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, the Argentine economy was adversely affected by some of aforementioned factors. </font>If international and domestic conditions for Argentina were to worsen, the Argentine economy could be negatively affected as a result of lower international demand and lower prices for its products and services, higher international interest rates, lower capital inflows and higher risk aversion, which may also adversely affect our business, results of operations, financial condition and cash flows.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Economic and legal conditions in Argentina remain uncertain which may affect our financial condition, results of operations and cash flows.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although general economic conditions have shown improvement in the last decade, and political protests and social disturbances have diminished since the economic crisis of 2001 and 2002, the nature of the changes in the Argentine political, economic and legal environment over the past several years has given rise to uncertainties about the country&#146;s business environment.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of any economic, social or political crisis, companies operating in Argentina may face the risk of strikes, expropriation, nationalization, forced modification of existing contracts, and changes in taxation policies including tax increases and retroactive tax claims. In addition, Argentine courts have issued rulings changing the existing case law on labor matters and requiring companies to assume greater responsibility for, and assumption of costs and risks associated with, sub-contracted labor and the calculation of salaries, severance payments and social security contributions. Since we operate in a context in which the governing law and applicable regulations change frequently, including as a result of changes in government administrations, it is difficult to predict if and how our activities will be affected by such changes.&#160; See &#147;&#151;Economic and political developments in Argentina, and future policies of the Argentine government, may affect the economy, as well as the operations of the telecommunications industry, including the operations of Telecom Argentina.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Argentina&#146;s ability to obtain financing from international markets is limited, which could affect its capacity to implement reforms and sustain economic growth.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After Argentina&#146;s default on certain debt payments in 2001, the government successfully restructured 92% of the debt through two debt exchange offers in 2005 and 2010. Commencing in 2002, holdout creditors filed numerous lawsuits against Argentina in several jurisdictions, including the United States,&nbsp;Italy, Germany and Japan. These lawsuits generally assert that Argentina failed to make timely payments of interest and/or principal on their bonds, and seek judgments for the face value of and/or accrued interest on those bonds. Judgments have been issued in numerous proceedings in the United States, Germany and Japan. As of the date of this Annual Report, creditors with favorable judgments have not succeeded, with a few minor exceptions, in executing on those judgments.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2014, the New York courts enjoined Argentina from making payments on its bonds issued in the 2005 and 2010 exchange offers unless it satisfied amounts due to the holders of defaulted bonds.&#160; The Argentine government took a number of steps intended to continue servicing the bonds issued in the 2005 and 2010 exchange offers, which had limited success. Holdout creditors continued to litigate expanding the scope of issues, aiming to include payment by the Argentine government on debt other than the 2005 and 2010 exchange bonds and disputed albeit and successfully the independence of the BCRA.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION - RISK   FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The current administration submitted a settlement proposal to holders of defaulted bonds in December&nbsp;2015 with a view to bringing closure to fifteen years of litigation. Between February&nbsp;and April&nbsp;2016, the Argentine government entered into agreements in principle with certain holders of defaulted debt and put forward a proposal to other holders of defaulted debt, including those with pending claims in U.S. courts, subject to two conditions: (i)&nbsp;obtaining approval by the Argentine National Congress and (ii)&nbsp;the lifting of the pari passu injunctions. On March&nbsp;31, 2016, the Argentine Congress eliminated the legislative obstacles to the settlement and approved the settlement proposal. On April&nbsp;22, 2016, Argentina performed an issuance of government bonds for US$16.5 billion, of which US$9.3 billion were applied to satisfy payments under the settlement agreements reached with holders of defaulted debt. Since then, substantially all of their remaining claims under defaulted bonds have been settled. Judge Thomas Griesa ordered the lifting of the injunctions that prevented payments to participants from the debt exchange offers of 2005 and 2010, subject to confirmation of the payments indicated above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further, on May&nbsp;8, 2018, the current administration announced that the Argentine government would initiate negotiations with the International Monetary Fund (the &#147;IMF&#148;) with a view to entering into a stand-by credit facility that would give Argentina access to financing by the IMF. These negotiations have culminated with the celebration of a stand-by agreement that was approved by the IMF Board on June&nbsp;20, 2018 and a first review under the mentioned stand-by arrangement that was approved by the IMF Board on October&nbsp;26, 2018, which included the enlargement of the arrangement for US$5.7 billion.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, litigations initiated by bondholders that have not accepted Argentina&#146;s settlement offer continues in several jurisdictions, although the size of the claims involved has decreased significantly.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION - RISK   FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, since 2001 foreign shareholders of some Argentine companies initiated claims for substantial amounts before the International Centre for Settlement of Investment Disputes (&#147;ICSID</font>&#148;) against Argentina, pursuant to the arbitration rules&nbsp;of the United Nations Commission on International Trade Law. Claimants allege that certain measures of the Argentine government issued during the economic crisis of 2001 and 2002 were inconsistent with the norms or standards set forth in several bilateral investment treaties by which Argentina was bound at the time. To date, several of these disputes have been settled, and a significant number of cases are in process or have been temporarily suspended due to the agreement of the parties.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding that the lifting in 2016 following the settlements with holdout bondholders of the injunction affecting payments to bondholders that participated in the debt exchange offers of 2005 and 2010 eliminates an important obstacle for the country&#146;s access to international capital markets, </font>there can be no assurance that litigation initiated by non-accepting bondholders as well as pending claims before the ICSID could result in legal procedures against the Argentine government and this could entail embargoes/seizures or precautionary measures in relation to Argentine assets that the Argentine government allocated to other uses. As a result, the Argentine government may not have the financial resources to implement reforms and boost growth, which could have a significant adverse effect on the country&#146;s economy and, consequently, on our activities. Likewise, Argentina&#146;s inability to obtain credit in international markets could have a direct impact on the Company&#146;s ability to access those markets to finance its operations and its growth, including the financing of capital investments, which would negatively affect our financial condition, results of operations and cash flows. In addition, we have investments in Argentine sovereign bonds amounting to P$5,009 million as of December&nbsp;31, 2018. Any new event of default by the Argentine government could negatively affect their valuation and repayment terms, as well as have a material adverse effect on the Argentine economy and, consequently, our business and results of operations.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Argentine banking system may be subject to instability which </font></i></b><b><i style="font-weight:bold;">may</i></b><b><i style="font-weight:bold;"> affect our operations.</i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Argentine banking system has experienced several crisis in the past. Among those, the Argentine banking system collapsed in 2001 and 2002, when the Argentine government restricted bank withdrawals and required mandatory conversion of dollar deposits to pesos. From 2005 to 2007, a period of economic growth coupled with relative stability of the country&#146;s exchange rate and inflation resulted in the restoration of public confidence, a gradual accumulation of deposits in Argentine financial institutions, and improved liquidity of the financial system. However, since 2008 certain events such as internal conflicts with certain sectors of the Argentine economy, the international financial crisis and the increased regulation on the FX Market, have decreased depositors&#146; confidence. </font>In recent years, the Argentine financial system grew significantly with a marked increase in loans and private deposits, showing a recovery of credit activity. In spite of the fact that the financial system&#146;s deposits continue to grow, they are mostly short-term deposits and the sources of medium and long-term funding for financial institutions are currently limited. In 2018, private deposits in pesos rose by 41% year-over-year, fueled by the growth of time deposits with a 66% increase, while savings and current accounts each experienced a 23% increase year-over-year. In contrast, peso-denominated loans increased at a slower pace than prior years. Meanwhile, loans in foreign currency (composed mainly of corporate loans) showed less dynamism, increasing by 4% at the end of 2018.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial institutions are particularly subject to significant regulation from multiple Regulatory Authorities, all of whom may, among other things, establish limits on commissions and impose sanctions on the financial institutions. The lack of a stable regulatory framework could impose significant limitations on the activities of the financial institutions and could induce uncertainty with respect to the financial system stability.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Despite the strong liquidity currently prevailing in Argentina&#180;s financial system, a new crisis or the consequent instability of one or more of the larger banks, public or private, could have a material adverse effect on the prospects for economic growth and political stability in Argentina, resulting in a loss of consumer confidence, lower disposable income and fewer financing alternatives for consumers. These conditions would have a material adverse effect on us by resulting in lower usage of our services, lower sales of devices and the possibility of a higher level of uncollectible accounts or increase the credit risk of the counterparties regarding the Company investments in local financial institutions.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange controls and restrictions on transfers abroad and capital inflows have limited, and could limit in the future, the availability of international credit.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION - RISK   FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The BCRA has imposed restrictions on the transfer of funds outside of Argentina in the past; some restrictions may be reimposed in the future, which could prevent us from making payments on dividends and liabilities.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the past, the Argentine government has imposed a number of monetary and currency exchange control measures, including temporary restrictions on the free availability of funds deposited with banks and restrictions or limitations on the access to foreign exchange markets and transfers of funds abroad for purposes of paying principal and interest on debt, trade liabilities to foreign suppliers and dividend payments to foreign shareholders. Between the end of 2001 and 2002, the Argentine government implemented a unified exchange market (<i>Mercado &#218;nico y Libre de Cambios or &#147;MULC&#148;</i>) with significant regulations and restrictions for the purchase and transfer of foreign currency.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Between 2011 and 2015, the Argentine government implemented a series of measures aimed to increase procedures and controls on the foreign trade and capital flows. To that effect, certain measures were implemented to control and limit the purchase of foreign currency, such as the prior approval of the AFIP for any purchase of foreign currency made by private companies and individuals for saving purposes, among others. In addition, the BCRA expanded the controls and measures to make payments abroad accessing the local foreign exchange market, regarding trade payables and financial debt, and also established demanding procedures that must be met to pay certain trade payables with related parties. Although no regulations prohibited making dividend payments to foreign shareholders, in practice authorities substantially limited any purchase of foreign currency to pay dividends during the 2011 through 2015 period.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The current administration has eliminated all substantial exchange restrictions implemented by the previous administration. Notwithstanding the measures adopted by the current government, there can be no assurance that the BCRA or other government agencies will not in the future increase controls and restrictions for making payments to foreign creditors or dividend payments to foreign shareholders, which would limit our ability to comply in a timely manner with payments related to our liabilities to foreign </font>creditors or non-resident shareholders. See &#147;Item 10&#151;Additional Information&#151;Foreign Investment and Exchange Controls in Argentina.&#148;</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We are subject to Argentine and international anti-corruption, anti-bribery and anti-money laundering laws. Our failure to comply with these laws could result in penalties, which could harm our reputation and have an adverse effect on our business, financial condition and results of operations.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The United States Foreign Corrupt Practices Act of 1977, the Organisation for Economic Co-Operation and Development Anti-Bribery Convention, the Argentine Anti-Money Laundering Law (<i>Ley de Prevenci&#243;n del Lavado de Activos</i>), the Argentine Corporate Criminal Liability Law (<i>Ley de Responsabilidad Penal Empresaria</i>) and other applicable anti-corruption laws prohibit companies and their intermediaries from offering or making improper payments (or giving anything of value) to government officials and/or persons in the private sector for the purpose of influencing them or obtaining or retaining business and require companies to keep accurate books and records and maintain appropriate internal controls. In particular, the Argentine Corporate Criminal Liability Law provides for the criminal liability of corporate entities for criminal offences against public administration and transnational bribery committed by, among others, its attorneys-in-fact, directors, managers, employees, or representatives. In this sense, a company may be held liable and subject to fines and/or suspension of its activities if such offences were committed, directly or indirectly, in its name, behalf or interest, the company obtained or may have obtained a benefit therefrom, and the offence resulted from a company&#146;s ineffective control.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It may be possible that, in the future, there may emerge in the press allegations of instances of misbehavior on the part of former agents, current or former employees or others acting on our behalf or on the part of public officials or other third parties doing or considering business with us. While we will endeavor to monitor such press reports and investigate matters which we believe warrant an investigation in keeping with the requirements of compliance programs, and, if necessary make disclosure and notify the relevant authorities, however, any adverse publicity which such allegations attract might have a negative impact on our reputation and lead to increased regulatory scrutiny of our business practices.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we or individuals or entities that are or were related to us are found to be liable for violations of applicable anti-corruption laws (either due to our own acts or our inadvertence, or due to the acts or inadvertence of others), we or other individuals or entities could face civil and criminal penalties or other sanctions, which in turn could have a material adverse impact on our reputation, business, financial condition and results of operations.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Risks Relating to Telecom and its operations</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We face substantial and increasing competition in the Argentine </font></i></b><b><i style="font-weight:bold;">fixed and </i></b><b><i style="font-weight:bold;">mobile telephony, cable television and broadband businesses</i></b><b><i style="font-weight:bold;">.</i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The fixed and </font>mobile telephony, cable television and broadband businesses in Argentina are competitive. Our competitors may consummate transactions that result in a further consolidation of the industry and convergence with the telecommunications industry. Therefore, we may lose a portion of our market share which may create additional risks and adversely impact our financial condition and results of operations. See &#147;&#151;We may become subject to burdensome government regulations and legal uncertainties affecting the services we offer could adversely affect our operations.&#148;</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We compete with other cable television operators that have built networks in the areas in which we operate, providers of other pay television services, including direct broadcasting, direct-to-home satellite and multi-channel multi-point distribution system services, licensed suppliers of basic telephone services and cooperative entities providing utility services and also with free broadcasting services which are currently available to the Argentine population in certain areas from four privately-owned television networks (including one owned by Grupo Clar&#237;n) and their local affiliates and one state-owned national public television network. We expect competition to increase in the future due to a number of factors, including the development of new technologies.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In relation to Mobile services, </font>we anticipate that we will have to devote significant resources to the refurbishment and maintenance of our existing network infrastructure to comply with regulatory obligations and to remain competitive with respect to the quality of our services. In addition, we must comply with the obligations arising from the acquisition of the 4G spectrum. We also expect to continue to devote resources to customer retention and loyalty in such segments.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Technological innovation relating to fixed and </font>mobile telephony, cable television and broadband transmission increases the level of competition that we face and requires us to make frequent investments to develop new and innovative programming services and products to attract and retain fixed and mobile telephony, cable television and broadband customers. We cannot assure you that we will be able to make investments necessary to remain competitive, or that we will be able to attract customers and retain our current customers. A substantial loss of our customers to competitors would have a material adverse effect on our business results of operations.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, t</font>he deployment of our wireless network requires authorizations from municipalities to enable the installation of new sites throughout the country, which if not obtained in a timely manner and form, would limit the growth of our business and affect the quality of services provided under the brand Personal. If we are not successful in obtaining those permits and if our competitors do obtain them, this could result in a competitive disadvantage for us.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The macroeconomic situation in Argentina may adversely affect our ability to successfully invest in, and implement, new technologies, coverage and services in a timely fashion. Accordingly, we cannot assure you that we will have the ability to make needed capital expenditures and operating expenses. If we are unable to make these capital expenditures, or if our competitors are able to invest in their businesses to a greater degree and/or faster than we are, our competitive position will be adversely impacted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We cannot assure you that we will be able to expand broadband service to other areas or continue to provide it in the areas in which it is currently offered, or that we will be able to compete successfully with other broadband providers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also face competition from other broadband service providers. Certain competitors of the cable television and broadband business have well-established name recognition, larger customer bases, and significant financial, technical and marketing resources. This may allow them to devote greater resources than us to the development and promotion of their business. These competitors may also engage in more extensive research and development, adopt more aggressive pricing policies and make more attractive offers to advertisers. Competitors may develop products and services that are equal or superior to our offers or that achieve greater market acceptance. As a result, competition may have a material adverse effect on our operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, the products and services that we offer may fail to generate revenues or attract and retain customers. If our competitors present similar or better responsiveness, functionality, services, speed, plans or features, our customer base and our revenues may be materially affected.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION - RISK   FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Competitiveness is and will continue to be affected by the business strategies and alliances put in place by our competitors. We may face additional pressure on the prices that we charge for our services or experience a loss of market share of fixed and mobile services. In addition, the general business and economic climate in Argentina may affect us and our competitors differently; thus our ability to compete in the market could be adversely affected.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, if in the future licensees of ICT services are allowed to register and provide subscription broadcasting service by satellite link, it will ease the entry of new competitors into the market. As a result, we may face additional pressure with respect to prices we charge for our services or experience a loss of participation in the subscription broadcasting market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Given the range of regulatory, business and economic uncertainties we face, it is difficult to predict with precision and accuracy our future market share in relevant geographic areas and customer segments, or to anticipate a decrease in demand for the products we offer that could result in a reduction of our revenue market share, or the speed with which such change in our market share or prevailing prices for services may occur or the effects of competition. Those effects could be material and adverse to our overall financial condition, results of operations and cash flows.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our revenues are cyclical and depend upon the condition of the Argentine economy.</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues generated by </font>our fixed and mobile telephony, cable television and broadband operations have proven cyclical and depend on general economic conditions. In the past, a general economic downturn in Argentina has had, and would be expected to have in the future, a negative effect on our revenues and a material adverse effect on our results of operations. Historically, for example, increases in losses of cable television subscribers have corresponded with general economic downturns and regional and local economic recessions. In particular, the 2001-2002 Argentine economic crisis had a material adverse effect on our cable television revenues. Moreover, most of our revenues are denominated in Pesos, exposing us to risks related with fluctuations in the value of the Peso. See &#147;Risk Factors&#151;Risks Relating to Argentina&#151;Devaluation of the peso may adversely affect our results of operations, our capital expenditure program and the ability to service our liabilities and transfer funds abroad.&#148;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We</font></i></b><b><i style="font-weight:bold;"> may become subject to burdensome regulations, ordinances and laws affecting the services we offer which could adversely affect </i></b><b><i style="font-weight:bold;">our </i></b><b><i style="font-weight:bold;">operations</i></b><b><i style="font-weight:bold;">.</i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Activities in the fixed and mobile telephony, cable television and broadband businesses are subject to risks associated with the adoption and implementation of laws and governmental regulations that reflect changing governmental policies over time. </font>The Argentine government has historically exercised significant influence over the economy, and telecommunications companies in particular have operated in a highly regulated environment. In the past, the Argentine government promulgated numerous, far-reaching regulations affecting the economy and telecommunications companies in particular. Regulations such as the Argentine Secretary of Communications (&#147;SC&#148;) Resolution No.&nbsp;5/13 and the new regulatory framework governing the quality of telecommunication services established by Resolution MIDMOD N&#176;580/2018 could further increase penalties imposed by the regulatory authorities. In addition, local municipalities in the regions where we operate have also introduced regulations and proposed various taxes and fees for the installation of infrastructure, equipment and expansion of fixed line and mobile networks. For example, municipalities usually restrict areas where antennas may be deployed; negatively impacting our mobile service coverage, which in turn affects our quality of services. Provinces have increased their tax rates, particularly turnover tax rates. Municipal and provincial tax authorities have also brought an increasing number of claims against us, which we are contesting. See &#147;Item 8&#151;Financial Information&#151;Legal Proceedings&#151;Tax Matters&#148; for more information. If changes to existing laws and regulations lead to negative consequences for the Company, our business, financial condition, results of operations and cash flows may be adversely affected.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After the deregulation of Argentina&#146;s telecommunications and media industries in 1995, the Broadcasting Law (as defined below), the </font>LAD and their implementing regulations have been amended on a number of occasions, modifying requirements to hold or transfer broadcasting licenses. In addition, we are subject to the regulations of certain other governmental entities, including the SCI, which has issued resolutions requiring Argentine cable television operators to apply a formula to calculate their customers&#146; monthly subscription prices.We can offer no assurances that we will not be subject to similar regulations in the future, which could force us to modify the prices of subscription services and have a material adverse effect on the revenues generated by our activities relating to the cable television and broadband businesses.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Regulatory Authorities have imposed increasing burdens and new regulations on companies that could increase the penalties they can impose for breaches of the regulatory framework.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the technical comments are not taken into consideration, compliance with the current standards could be difficult which may result in penalties for telecommunications operators, including Telecom, affecting our ability to execute our business plan since such penalties could impose increased operation costs, among other effects.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Furthermore, the LAD, which became effective on December&nbsp;19, 2014 and regulates ICT services, incorporated numerous modifications to the regulatory framework applicable to telecommunications services in Argentina. Although the law requires the enactment of new regulations most of which have not been issued to date, there is still uncertainty regarding how certain aspects, such as the sanctions regime, the provision of infrastructure to other providers and the asymmetries that may be imposed on the dominant operator, among others, will be regulated as well as uncertainty regarding the impact that any new regulations may have on Telecom Argentina. See &#147;Item 4&#151;Information on the Company&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#151;Other Regulations.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, the LAD (as amended by Decree No.&nbsp;267/15), under Article&nbsp;48 of Title VI, established that licensees of ICT services may freely set their prices which shall be fair and reasonable, to offset the costs of exploitation and to tend to the efficient supply and reasonable margin of operation. However, the Regulatory Authority is entitled to monitor, and intervene with respect to, prices set by the Company if it understands that such prices do not comply with Article&nbsp;48 of the LAD. If prices are deemed unreasonable, and the Regulatory Authority consequently imposes restrictions on our prices, our operating margins may be adversely affected. Our ability to comply with the conditions in our license, as well as the relevant provisions in applicable regulations and laws, may be affected by events or circumstances outside of our control, and therefore we cannot predict whether such events or circumstances result in an adverse effect on our financial condition, our operations and cash flows.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, cable television services were initially required to bring its cable systems fully into compliance with municipal regulations prohibiting above-ground cables in Mar del Plata by November&nbsp;2001, although pursuant to a modification in municipal regulations in February&nbsp;2005, the deadline was extended to December&nbsp;2007.&#160; We will seek to continue to upgrade our existing cable systems, including any network upgrades or modifications required by regulatory or local authorities if we have sufficient cash flow and financing is available at commercially attractive rates.&#160; The applicable ordinance provides that certain penalties may be imposed, including the suspension of the right to use the air space; however the city generally has not imposed penalties on non-compliant cable systems. As of the date of this Annual Report, no fines have been imposed in relation to this matter.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may also be subject to additional and unanticipated governmental regulations in the future. For more information on the regulatory framework, see &#147;</font>Item 4&#151;Information on the Company&#151;Regulatory and Legal Framework&#151;Regulatory Framework.&#148;</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Technological advances and replacement of our equipment may require us to make significant expenditures to maintain and improve the competitiveness of the services we offer.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our industries are subject to significant changes in technology and the introduction of new products and services. We cannot predict the effect of technological changes on our business. New services and technological advances related to the telecommunications, cable television and broadband industries are likely to offer additional opportunities to compete against us on the basis of cost, quality or functionality. It may not be practicable or cost-effective for us to replace or upgrade our installed technologies in response to our competitors&#146; actions. Responding to such change may require us to devote substantial capital to the development, procurement or implementation of new technologies, and may depend on the final cost in local currency of imported technology and our ability to obtain additional financing. No assurance can be given that we will have the funds to make the capital expenditures to improve our systems, compete with others in the market or replace equipment used in connection with our businesses.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, in relation to broadband and mobile telephony services, we expect that those services will continue to account for an increasing percentage of our revenues in the future those services are, are characterized by rapidly changing technology, evolving industry standards, changes in customer preferences and the frequent introduction of new services and products. To remain competitive in the fixed telecommunications market, we must invest in our fixed-line network and information technology. Specifically, we must constantly upgrade our access technology and software for the internet service market, in order to increase the speed of our network and improve the commercial offers and the user experience. Also, to remain competitive in the mobile telecommunications market, we must continue to enhance our mobile networks by expanding our network. See &#147;Item 4 &#151;Information on the Company&#151;The business<i>&#148;</i> Future technological developments may result in decreased customer demand for certain of our services or even render them obsolete. In addition, as new technologies develop, equipment may need to be replaced or upgraded or network facilities (in particular, mobile and Internet network </font>facilities) may need to be rebuilt in whole or in part, at substantial cost, to remain competitive. These enhancements and the implementation of new technologies will continue requiring increased capital expenditures.</p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The media industry is a dynamic and evolving industry, and if it does not develop and expand as we currently expect, our results and operations relating to our cable television and broadband businesses may suffer.</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect to derive an increasing amount of revenues from our activities in the </font>cable television and broadband industries, but we may not do so if these non-traditional media operations do not develop and expand as we currently expect.&#160; The role of cable television in Argentina became increasingly important in the past.&#160; More recently, non-traditional technologies, including &#147;Over-The-Top&#148; services (which are services provided by a telecommunications provider through Internet Protocol (&#147;IP&#148;) networks not necessarily owned by the provider, including communications, content and cloud-based offerings), such as technologies used by Netflix or other IP operators, have come to play a larger role in the Argentine telecommunications industry.&#160; These companies take advantage of the deregulation of the sector to bring their services through third-party networks without paying any fee or right to use it.&#160; These technology and new services areas are in the early stages of development, and growth may be inhibited for a number of reasons, including:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the cost of connectivity;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>concerns about security, reliability, and privacy;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>unexpected changes in the regulatory framework;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the appearance of technological innovations;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the ease of use; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the quality of service.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our business, financial condition and results of operations will be materially and adversely affected if these markets do not continue to grow or grow more slowly than we anticipate.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, unlike the Argentine cable television industry, which has traditionally been dominated by companies located in Argentina, competitors in the </font>cable television and broadband industries may be based outside of Argentina and enjoy certain competitive advantages such as scale and access to financial resources on terms that are better than those available to us.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We may not be able to renew programming contracts on favorable terms.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We purchase basic and premium programming from approximately 52 programming suppliers.&#160; Several programming suppliers agreed to offer volume discount pricing structures because of the growth and market share shown by our cable television operations. Following Argentina&#146;s economic crisis in 2002, participants in the cable television industry renegotiated the terms of a majority of the respective programming contracts that had originally been denominated in U.S. Dollars to provide for Peso-denominated pricing formulas that were generally linked to the number of subscribers and eliminated minimum purchase requirements. As a result of the renegotiation, contract terms were generally shortened and pricing provisions were adjusted in order to transfer the benefit of increases in the monthly fee for basic cable television services to the programming companies. The new contracts also provided for automatic termination upon the occurrence of major macroeconomic disruptions. We cannot assure you that we will be able to regularly negotiate renewals of our programming contracts at current cost levels, particularly since many of our suppliers have U.S. Dollar-based costs. Additionally, suppliers are expected to seek price increases as a reflection of economic conditions in Argentina. There can similarly be no assurances that we will be able to obtain volume discounts in the future.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We may not be able to renew some leases of the facilities for the installation of our fixed and </font></i></b><b><i style="font-weight:bold;">mobile telephony, cable television and broadband systems</i></b><b><i style="font-weight:bold;">.</i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our fixed and </font>mobile telephony services, cable television services and broadband services are distributed through networks installed in facilities leased from third parties, either through the lease of space on roofs or on utility poles. We regularly renegotiate the renewal of short-term lease contracts for the use of poles in different areas of the country in the ordinary course of our business. If we are not able to renew some of those lease contracts, our operations in such areas may be suspended if alternative third-party facilities are not promptly obtained on a cost-efficient basis. Underground distribution of our wire network would require additional governmental authorizations and significant capital expenditures that it may not be able to afford or that it may be restricted from making pursuant to the terms and conditions of its indebtedness and its existing covenants. There can be no assurance that such renewals of lease contracts will be granted.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION - RISK   FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our revenues may be adversely affected by an increase in churn rates, with respect to mobile telephony, cable television and broadband services, or reductions in fixed telephony lines in service, with respect to fixed telephony services</font></i></b><b><i style="font-weight:bold;">.</i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our revenues will depend partially on our ability to retain customers by limiting churn rates, with respect to mobile telephony, cable television and broadband services, or net reductions in fixed telephony lines in service, with respect to fixed telephony services. </font>The churn rate is determined by calculating the total number of disconnected customers of each of our mobile telephony, cable television and broadband services over a given period as a percentage of the initial number of customers for such services as of the beginning of the applicable measurement period.&#160; Reductions in fixed telephony lines in service refers to the reductions of fixed telephony lines in service that form part of the public telephone network, or are connected to such network, as of the end of two relevant measurement periods. We seek to enforce a strict disconnection policy, which provides for the disconnection of cable television services after a three-month period of non-payment and delivery of a notice of disconnection. With respect to broadband services, we disconnect services after a two-month period of non-payment and delivery of a corresponding notice of disconnection. With respect to mobile telephony services, we disconnect services after a 150-day period of non-payment and delivery of a notice of disconnection. With respect to fixed telephony services, we disconnect services after a 180-day period of non-payment and delivery of a notice of disconnection.&nbsp;For the year ended December&nbsp;31, 2018, our mobile telephony services customer churn rate was 2.7%, our cable television services customer churn rate was 1.45% and our broadband services customer churn rate was 1.9%. With respect to our fixed telephony services, the number of fixed telephony lines in service as of December&nbsp;31, 2018 totaled approximately 3.5 million. Any substantial increase in churn rates, with respect to mobile telephony, cable television and broadband services, or reductions in lines in service, with respect to fixed telephony services, may have a material adverse effect on our revenues and results of operations.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our revenues relating to our cable television services are subject to uncertainty due to, and may be adversely affected by, the formula set forth in Resolution No.&nbsp;50/10 to estimate monthly fees paid by cable television subscribers.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2010, the Secretariat of Domestic Trade (&#147;SCI&#148;) issued Resolution No.&nbsp;50/10 (&#147;Resolution 50&#148;), setting forth certain rules&nbsp;for the sale of pay television service. These rules&nbsp;provide that cable television operators must apply a specific formula to estimate monthly fees to be paid by cable television subscribers and report these estimates to the Office of Business Loyalty (<i>Direcci&#243;n de Lealtad Comercial</i>). Given the wide range of factors set forth in Resolution 50 to calculate such formula, as of the date of this Annual Report, the actual impact of these rules&nbsp;on the monthly fees we collect is uncertain and may have a material adverse effect on our revenues and results of operations relating to our cable television services.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, it should be noted that as of the date of this Annual Report, according to the decision issued on August&nbsp;1, 2011 in re &#147;LA CAPITAL CABLE S.A. c/ Ministerio de Econom&#237;a-Secretar&#237;a de Comercio Interior de la Naci&#243;n&#148;, the Federal Court of Appeals of the City of Mar del Plata has ordered the SCI to suspend the application of Resolution No.&nbsp;50/10 with respect to all cable television licensees represented by the Argentine Cable Television Association (&#147;ATVC&#148;). Upon being notified to the SCI and the Ministry of Economy on September&nbsp;12, 2011, such decision became fully effective and may not be disregarded by the SCI. The National Government filed an appeal against the decision issued by the Federal Court of Appeals of Mar del Plata to have the case brought before the Supreme Court. Such appeal was dismissed, for which the National Government filed a direct appeal to the Supreme Court, which has also been dismissed. For further information see &#147;Item 8</font>&#151;Financial information&#151;Regulatory Proceedings &#151; Resolution No.&nbsp;50/10 and subsequent ones of the Secretariat of Domestic Trade of the Nation (&#147;SCI&#148;).&#148;</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Auction Terms and Conditions approved by Resolution SC No.&nbsp;38/14 established strict coverage and network deployment commitments that will require significant capital expenditures in the near future.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Auction Terms and Conditions approved by Resolution SC No.&nbsp;38/14 established strict coverage and network deployment commitments that will require significant capital expenditures on the part of Telecom.&#160; Additionally, many municipal governments have issued regulations that exceed their authority, many of which limit, hinder or restrict the installation of the infrastructure required to comply with such commitments. Therefore, such legislation negatively impacts the obligations of our mobile telephone business and our competitors assumed pursuant to the requirements set out in Resolution SC No.&nbsp;5/13, 580/18 and its amendments (Regulation for the Quality of Telecommunications Services).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION -   RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Similarly, Resolution SC No.&nbsp;25/15 passed on June&nbsp;11, 2015 awarded to </font>Personal the &#147;SCMA&#148; 713-723 MHz and 768-778 MHz frequency bands that make up Lot 8 and that were previously pending assignment by the SC. These frequency bands were partially occupied by broadcasting licensees prior to the public auction. Pursuant to Decree No.&nbsp;1,340/16 the term of authorizations for the use of all the frequencies that make up Lot 8 for the provision of SCMA, as well as the corresponding deployment obligations, shall be computed since the effective migration of services currently operating in these bands in the scope of Area II, defined according to the provisions of Decree No 1,461/93 and its amendments. On August&nbsp;30, 2018, the Ministry of Modernization issued Resolution No.&nbsp;528/2018, pursuant to which it confirmed that the effective migration of such services on February&nbsp;27, 2018 had been verified.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Actual or perceived health risks or other problems relating to mobile handsets or transmission masts could lead to litigation or decreased mobile communications usage.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The effects of, and any damage caused by, exposure to an electromagnetic field were and are the subject of careful evaluations by the international scientific community, but until now there is no scientific evidence of harmful effects on health. We cannot rule&nbsp;out that exposure to electromagnetic fields or other emissions originating from wireless handsets will not be identified as a health risk in the future.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom complies with the international security standards established by the World Health Organization and Argentine regulations -which are similar- and mandatory for all Argentine mobile operators. Our mobile business may be harmed as a result of any future alleged health risk. For example, the perception of these health risks could result in a lower number of customers, reduced usage per customer or potential consumer liability, all of which could have a material adverse effect on our financial condition and results of operations.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our operations and financial condition could be affected by union negotiations.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In Argentina, labor organizations have substantial support and considerable political influence. In recent years, the demands of our labor organizations have increased mainly as a result of the increase in the cost of living, which was affected by increased inflation, higher tax pressure over salaries and the consequent decline in the population&#146;s purchasing power.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Labor costs are one of our largest cost items.&#160; In addition, certain labor unions have initiated claims against the Company alleging non-compliance of certain conditions provided for in the collective bargaining agreements that could allow them to negotiate the inclusion of some suppliers&#146; employees in their collective bargaining agreements. See &#147;Item 8&#151;Financial Information&#151;Legal Proceedings&#151;Labor Claims.&#148; If labor organization claims continue or are sustained, this could result in increased costs, greater conflict in the negotiation process and strikes (including general strikes and strikes by the Company&#146;s employees and the contractors and subcontractors&#146; employees) that may adversely affect our operations. See &#147;Item 6&#151;Directors, Senior Management and Employees&#151;Employees and Labor Relations.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, certain telecommunication unions have initiated claims against the Company alleging non- compliance of certain conditions provided for in the collective bargaining agreements that could allow them to negotiate the inclusion of some suppliers&#146; employees in their collective bargaining agreements. See &#147;Item 8&#151;Financial Information&#151;Legal Proceedings&#151;Labor Claims.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, in the absence of a union agreement concerning convergent services, in case of a lack of agreement with unions on convergent services conditions or in case of a lack of recognition among union associations, the possible consequences include: economic impacts derived from individual claims, class actions, higher union contributions, operating impacts related to work organization (lack of unification or synergy), impairment of services due to inefficient processes, union conflicts and direct action measures, social impacts that might affect the provision of services to customers, and public dissemination of the conflicts.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We are or may be involved in legal and regulatory proceedings which could result in unfavorable decisions and financial penalties for us.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are party to a number of legal and regulatory proceedings, some of which have been pending for several years. We cannot be certain that these claims will be resolved in our favor. Responding to the demands of litigation claims and responding to, or initiating proceedings against, regulatory bodies may divert management&#146;s time attention and financial resources. As of December&nbsp;31, 2018, the Company recorded provisions that it estimates are sufficient to cover those contingencies considered probable. See Notes 2 and 18 to our Consolidated Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For example, Argentine law incentivizes individuals to pursue employment-related litigation and certain judicial rulings have created a negative precedent in these matters and could increase our labor costs. The Company is also exposed to employment-related claims of employees of suppliers, contractors and commercial agents claiming direct or indirect responsibility of Telecom based on a broad interpretation of the rules&nbsp;of labor law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further, customers and consumers&#146; trade unions have in the past initiated different claims against Personal regarding improperly billed charges. See &#147;Item 8&#151;Financial Information&#151;Legal Proceedings&#151;Consumer Trade Union Proceedings.&#148; Although Personal has taken certain actions in order to reduce risks in connection with these claims, we cannot assure that new claims will not be filed in the future.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has in the past been subject to technical sanctions from regulatory bodies, mainly related to the delay in repairing defective lines, installing new lines and/or service failures. Although sanctions are appealed in the administrative stage, if the appeals are not resolved in our favor in administrative or judicial stage or if they are resolved for amounts larger than those recorded, it could have an adverse effect on our financial situation,&nbsp;results of our operations and cash flows. See Note 18 to the Consolidated Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the Company recorded provisions that it estimates are sufficient to cover legal and regulatory contingencies, see Notes 2 and 18 to our Consolidated Financial Statements. However, Telecom Argentina may face increased risk of employment, commercial, regulatory, tax, consumer trade union and customers&#146; proceedings, among others. If this occurs, we cannot guarantee that those proceedings will not have an adverse effect on our results of operations and financial condition, despite the provisions that the Company has recorded to cover these matters.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For more information on our ongoing legal and regulatory proceedings, see &#147;Item 8&#151;Financial Information&#151;Legal Proceedings.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The enforcement of the Law for the Promotion of Registered Labor and Prevention of Labor Fraud may have a material adverse effect on us.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;2, 2014 Law No.&nbsp;26,940 for the Promotion of Registered Labor and Prevention of Labor Fraud (<i>Ley de Promoci&#243;n del Trabajo Registrado y Prevenci&#243;n del Fraude Laboral)</i> was published in the Official Gazette. This law, among other things, establishes a Public Record of Employers subject to Labor Sanctions (&#147;Repsal&#148;) and defines a series of labor and social security infringements as a result of which an employer shall be included in the Repsal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The employers included in the Repsal are subject to sanctions, such as: the inability to access public programs, benefits, subsidies or credit from state-owned banks, the inability to enter into contracts and licenses of property owned by the Argentine government, or the inability to participate in the awarding of concessions of public services and licenses. Employers that commit the same infringement for which they were added to the Repsal within a 3-year period after the final first decision imposing sanctions, shall not be able to deduct from the Income Tax the expenses related to their employees while the employers are included in the Repsal. This new regulation applies both to Telecom and its contractors and subcontractors, whose employees could initiate claims to Telecom for direct or indirect responsibility.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, Telecom has no sanctions registered in the Repsal, however if sanctions are applied in the future it could have a significant impact on Telecom&#146;s financial position, result of operations and cash flows.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION -   RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">A cyberattack, could adversely affect our &nbsp;business, balance sheet, results of operations and cash flow.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In general, information security risks have increased in recent years as a result of the proliferation of new and more sophisticated technologies and also due to cyberattack activities. As part of &nbsp;our&nbsp; development and initiatives, more equipment and systems have been connected to the Internet. We also rely on digital technology including information systems to process financial and operational information. Due to the nature of our&nbsp;business and the greater accessibility allowed through the Internet connection, we could face an increased risk of cyberattacks. In the event of a cyberattack, we could experience an interruption of our commercial operations, material damage and loss of customer information; a substantial loss of income, suffering response costs and other economic losses; and it could subject us to more regulation and litigation, affecting our reputation.&#160; As a result, a cyberattack could adversely affect our business, results of operations and financial condition.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Operational risks could adversely affect our reputation and our profitability.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom faces operational risks inherent from its business, including those resulting from inadequate internal processes; fraud; employee errors or misconduct; failure to comply with applicable laws and regulations; failure to document transactions properly; systems failures (including cloud services); errors or failures not foreseen in the foundational projects that the Company is carrying out in order to update its core systems inadequate maintenance of posts or its electrification by proximity to the electric network; inadequate environmental management including reverse logistics of goods and materials in disuse that could become hazardous waste; failure to preserve the secrecy and content of telecommunications required by law; weaknesses in datacenters&#146; energy provision; the loss or improper use of confidential information; excessive dependence on certain providers with which a large number of operations are concentrated due to the exclusivity of the technology or service they provide, economic convenience or for strategic reasons; among others. Moreover, certain assets of the Company could be damaged by acts of vandalism, theft of components or by works of third parties on public thoroughfare that damage infrastructure that do not have redundancy to provide the service. These events could result in direct or indirect losses, inaccurate information for decision making, adverse legal and regulatory proceedings, technical failures in the Company&#146;s ability to provide its services, damages to third parties, and harm our reputation and operational effectiveness, among others.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom maintains insurance policies to cover its main assets, particularly its properties. If economic and financial conditions in Argentina were to deteriorate (i.e. devaluation, inflation,&nbsp;etc.), the insurance coverage may not be representative of the market value of the properties which could result in losses for the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although Telecom </font>has risk management practices at the highest levels including a Risk Management Committee designed to detect, manage and monitor the evolution of operational risks, the Company can give no assurances that these measures will be successful in effectively mitigating the operational risks that Telecom faces and such failures could have a material adverse effect on its results of operations and could harm its reputation.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Any failure by a strategic supplier to comply with its legal and contractual obligations could adversely affect our operations and any action or restriction by a foreign government against a strategic supplier could adversely affect our reputation.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We rely on strategic suppliers of equipment and materials to provide us with equipment and materials that we need in order to expand and to operate our business. As a result, we are exposed to risks associated with these suppliers, including restrictions of production capacity for equipment and materials, availability of equipment and materials, delays in delivery of equipment, materials or services, and price increases. If these suppliers or vendors fail to provide equipment, materials or services to us on a timely basis or otherwise in compliance with the terms of our contracts with these suppliers, we could experience disruptions or declines in the quality of our services, which could have an adverse effect on our revenues and results of operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s suppliers of goods and services are contractually obliged to comply with applicable laws and regulations (including tax, labor, social security, anti-corruption, money laundering standards,&nbsp;etc.). Despite these legal safeguards, as well as monitoring efforts by Telecom, we cannot ensure that our suppliers will comply with all applicable standards. As a result, our financial condition and reputation could be adversely affected.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the U.S. Congress and certain regulatory agencies have raised concerns about American companies purchasing equipment and software from Chinese telecommunications companies such as Huawei, one of our strategic suppliers, including concerns relating to alleged violations of intellectual property rights and potential security risks. The U.S. Government is likewise urging other countries to avoid the operations of Chinese companies such as Huawei in their territory, citing concerns regarding potential use of the equipment for espionage. Our reputation could be adversely affected if such actions or restrictions were imposed on Huawei or if the equipment and materials we purchase from Huawei is thought to pose a security risk for our network.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Company and/or its administrators are subject to environmental and safety regulations whose non-compliance could result in increased costs and/or penalties for the Company&#146;s administrators.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some of the goods and facilities used in our operation are subject to federal, state and municipal environmental and safety regulations. If such rules&nbsp;are not adequately complied they could result in fines, potential delays or inability to obtain authorization for the Company&#146;s facilities and operations which could have an adverse effect in our business, but also could result in penalties for the Company&#180;s administrators. In addition, according with global trends, new and stricter standards may be issued, or authorities may enforce or construe existing laws and regulations in a more restrictive manner, which may force us to make expenditures or to incur increased costs to comply with such new rules.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Restrictive covenants in Telecom&#146;s outstanding indebtedness may restrict its ability to pursue its business strategies.</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom has outstanding financial debt (including but not limited to Cablevisi&#243;n&#146;s existing notes to which Telecom became a successor by virtue of the Merger) that contains a number of restrictive covenants that impose significant operating and financial </font>restrictions on it and may limit Telecom&#146;s ability to engage in acts that may be in its long-term best interests. These agreements governing its indebtedness include covenants restricting, among other things, Telecom&#146;s ability to:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.85pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>incur or guarantee additional debt;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.85pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>create liens on its assets to secure debt; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.85pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>merge or consolidate with another person or sell or otherwise dispose of all or substantially all of its assets.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A breach of any covenant contained in the indentures governing Telecom&#146;s notes or the agreements governing any of its other indebtedness could result in a default under those agreements. If any such default occurs, the holders the relevant debt may elect (after the expiration of any applicable notice or grace periods) to declare all outstanding amounts, together with accrued and unpaid interest and other amounts </font>payable thereunder, to be immediately due and payable. If any of Telecom&#146;s debt, including its notes, were to be accelerated, its assets may not be sufficient to repay in full that debt or any other debt that may become due as a result of that acceleration.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We may be adversely affected by changes in LIBOR reporting practices or the method in which LIBOR is determined or fluctuations in interest rates.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, US$1,400 million of our outstanding debt was indexed to the London Interbank Offered Rate (&#147;LIBOR&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;27, 2017, the Financial Conduct Authority (the &#147;FCA&#148;) announced its intention to phase out LIBOR rates by the end of 2021. It is not possible to predict the further effect of the rules&nbsp;of the FCA, any changes in the methods by which LIBOR is determined, or any other reforms to LIBOR that may be enacted in the United Kingdom, the European Union or elsewhere. Any such developments may cause LIBOR to perform differently than in the past, or cease to exist. In addition, any other legal or regulatory changes made by the FCA,&nbsp;ICE Benchmark Administration Limited, the European Money Markets Institute (formerly Euribor-EBF), the European Commission or any other successor governance or oversight body, or future changes adopted by such body, in the method by which LIBOR is determined or the transition from LIBOR to a successor benchmark may result in, among other things, a sudden or prolonged increase or decrease in LIBOR, a delay in the publication of LIBOR, and changes in the rules&nbsp;or methodologies in LIBOR, which may discourage market participants from continuing to administer or to participate in LIBOR&#146;s determination, and, in certain situations, could result in LIBOR no longer being determined and published. If a published U.S.&nbsp;Dollar LIBOR rate is unavailable after 2021, the interest rates on our debt which is indexed to LIBOR will be determined using various alternative methods, any of which may result in interest obligations which are more than or do not otherwise correlate over time with the payments that would have been made on such debt if U.S.&nbsp;Dollar LIBOR was available in its current form. Further, the same costs and risks that may lead to the discontinuation or unavailability of U.S.&nbsp;Dollar LIBOR may make one or more of the alternative methods impossible or impracticable to determine. Any of these proposals or consequences could have a material adverse effect on our financing costs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, we are exposed to the fluctuations of the interest rates applicable to our indebtedness indexed to variable interest rates. We may also incur additional variable-rate debt in the future. Increases in interest rates on variable-rate debt would increase the Company&#146;s interest expense, which would negatively affect our financial costs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION -   RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Risks Relating to the Merger</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Merger is subject to Argentine antitrust laws and regulations.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a consequence of the Merger, Telecom&#146;s radio spectrum currently exceeds the legal cap set forth by Section&nbsp;5 of Resolution No.&nbsp;171-E/17, issued by the Ministry of Communications. Telecom is required under current regulations to submit a proposal to conform to that legal cap by no later than June&nbsp;29, 2019 (i.e. a year following approval of the Merger by the Antitrust Authority). ENACOM may accept or reject said proposal, and/or request further information, as necessary.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The approval of the Merger by the Argentine Antitrust Authority on June 29, 2018 included (i)&nbsp;the authorization of an assignment by Telecom of 143,464 broadband services residential clients under the Arnet brand to Universo Net S.A., (ii)&nbsp;acceptance of a behavioral commitment submitted by Telecom, CVH and FT, pursuant to which Telecom accepted not to sell television services through physical link and mobile communications services as a combined package until certain conditions set forth in the SC Resolution are met, and (iii)&nbsp;acceptance of a behavioral commitment submitted by Telecom, Cablevision, CVH and FT, pursuant to which, Telecom assumed the obligation to offer to any new provider of internet services with the capacity to take advantage of Telecom&#146;s wire ADSL network the possibility of using such network in order to provide retail internet services pursuant to the terms set forth in the approval. Failure to honor these undertakings in a timely manner may result in sanctions by the Antitrust Authority.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Cablevisi&#243;n&#146;s business may fail to successfully integrate with Telecom&#146;s business and, as a result, we may not realize all of the anticipated benefits of the Merger.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom and Cablevisi&#243;n entered into the Merger with the expectation that the Merger will result in various benefits, including, among other things, the ability to become a successful quadruple-play services provider in Argentina.&#160; The success of the Merger will depend, in part, on the ability of Telecom as the combined company to realize such anticipated benefits from combining Telecom&#146; business (including the business of Personal) and that of Cablevisi&#243;n&#146; business and the implementation of certain regulatory changes in the telecommunications sector that began in January&nbsp;2018. The past financial performance of each of Telecom and Cablevisi&#243;n may not be indicative of their future financial performance as a combined company. The anticipated benefits and cost savings of the Merger may not be realized fully, or at all, or may take longer to realize than expected. Failure to achieve anticipated benefits could result in increased costs and decreases in the amounts of expected revenues or results of the combined company.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom and Cablevisi&#243;n have operated independently until the completion of the Merger. It is possible that the integration process could result in the loss of key employees, the disruption of each company&#146;s ongoing businesses or inconsistencies in standards, controls, procedures or policies that adversely affect the combined company&#146;s ability to maintain relationship with customers and employees or to achieve the anticipated benefits of the Merger.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The future results of the combined company will suffer if the combined company does not effectively manage its expanded operations following the Merger.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Following the Merger, the size of the business of Telecom has increased significantly beyond the previous size of either Telecom&#146;s or Cablevisi&#243;n&#146;s business. The combined company&#146;s future success depends, in part, upon its ability to manage this expanded business, which could pose substantial challenges for management. There can be no assurances that the combined company will be successful or that it will realize the expected operating efficiencies, cost savings, revenue enhancements and other benefits currently anticipated from the Merger.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Merger could generate risks not evaluated at the time of analysis of the operations.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although both Telecom and Cablevisi&#243;n made detailed assessments of the potential impacts of the Merger in order to properly manage the process, obtain all the necessary regulatory authorizations, minimize impacts on the operation and ensure continuity and quality in the provision of services to its customers, we cannot ensure that unforeseen issues may arise and generate operational, compliance, technology and / or service provision risks, which in turn could affect our operation, our profitability and / or damage our image.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Cablevisi&#243;n Holding S.A. (&#147;CVH&#148;), and through CVH, GC Dominio S.A. (&#147;GC Dominio&#148;), have the ability to determine the outcome of any shareholder decision relating to significant matters affecting us.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the Merger, CVH owns Class&nbsp;D Shares which represent 38.81% of Telecom Argentina&#146;s total capital stock (direct and indirect). GC Dominio owns 64.25% of the voting stock of CVH, which represents 26.44% of the total capital stock of CVH and 64.25% of the total votes as of the date of this Annual Report.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION -   RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After the Merger, Fintech Telecom LLC (Fintech) owns Class&nbsp;A Shares which represent 31.53% of the total capital stock of Telecom Argentina and additionally owns Class&nbsp;B Shares in the form of ADSs which represent 8.62% of total stock of Telecom Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through its ownership of Telecom Argentina Class&nbsp;D Shares and pursuant to the arrangements resulting from the Telecom Shareholders&#146; Agreement, CVH, as a general matter, has the ability to determine the outcome of any action requiring our shareholders&#146; approval.&#160; In addition, our bylaws provide Class&nbsp;A and Class&nbsp;D Shares, and the directors appointed by Class&nbsp;A and D Shares, with veto powers, with respect to certain matters relating to us. See &#147;Item 7&#151;Major Shareholders and Related Party Transactions&#151;Major Shareholders&#151;Shareholders&#146; Agreement.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the past, we conducted transactions with the shareholders of Nortel and/or Sofora, including Fintech and its affiliates and with CVH and its affiliates as from January&nbsp;1, 2018. Certain decisions concerning our operations or financial structure may present conflicts of interest between the shareholders owners directly or indirectly, of our capital stock and as parties with interests in these related-party contracts.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nevertheless, all of our related-party transactions are made on an arm&#146;s-length basis. Related-party transactions involving Telecom Argentina that exceed 1% of its shareholders&#146; equity are subject to a prior approval process established by Law No.&nbsp;26,831 and require involvement of the Audit Committee and/or an opinion of two independent valuation firms as well as subsequent approval by the Board of Directors to verify that the agreement could reasonably be considered to be in accordance with normal and habitual market practice. See &#147;Item 7&#151;Major Shareholders and Related Party Transactions&#151;Related Party Transactions.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Risks Relating to Telecom Argentina&#146;s Shares and ADSs</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The New York Stock Exchange (&#147;NYSE&#148;) and/or the Buenos Aires Stock Exchange (by delegated authority of BYMA) may suspend trading and/or delist Telecom&#146;s ADSs and Class&nbsp;B common shares, respectively, upon occurrence of certain events relating to Telecom&#146;s financial situation.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The NYSE and/or the BYMA may suspend and/or cancel the listing of Telecom&#146;s ADSs and Class&nbsp;B common shares, respectively, in certain circumstances, including upon the occurrence of certain events relating to Telecom&#146;s financial situation. For example, the NYSE may decide such suspension or cancellation if Telecom&#146;s equity becomes negative.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The NYSE may in its sole discretion determine on an individual basis the suitability for continued listing of an issue in the light of all pertinent facts. Some of the factors mentioned in the NYSE Listed Company Manual, which may subject a company to suspension and delisting procedures, include: &#147;unsatisfactory financial conditions and/or operating results,&#148; &#147;inability to meet current debt obligations or to adequately finance operations,&#148; and &#147;any other event or condition which may exist or occur that makes further dealings or listing of the securities on the NYSE inadvisable or unwarranted in the opinion of NYSE.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We cannot assure you that the NYSE and/or BYMA will not commence any suspension or delisting procedures in light of Telecom&#146;s financial situation, including if Telecom&#146;s equity becomes negative. A delisting or suspension of trading of Telecom&#146;s ADSs or Class&nbsp;B common shares by the NYSE and/or BYMA, respectively, could adversely affect Telecom&#146;s results of operations and financial conditions and cause the market value of Telecom&#146;s ADSs and Class&nbsp;B common shares to decline.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Under Argentine corporate law, shareholder rights may be fewer or less well defined than in other jurisdictions.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our corporate affairs are governed by our bylaws and by Argentine corporate law, which differ from the corporate regulatory framework that would apply if we were incorporated in a jurisdiction in the United States (such as Delaware or New York), or in other jurisdictions outside Argentina. Thus, your rights under Argentine corporate law to protect your or their interests relative to actions by our Board of Directors may be fewer and less well defined than under the laws of those other jurisdictions. Although insider trading and price manipulation are illegal under Argentine law, the Argentine securities markets may not be as highly regulated or supervised as the U.S. securities markets or markets in some of the other jurisdictions. In addition, rules&nbsp;and policies against self-dealing and regarding the preservation of shareholder interests may be less well defined and enforced in Argentina than in the United States, or other jurisdictions outside Argentina, putting holders of our Shares and ADSs at a potential disadvantage.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Changes in Argentine tax laws may adversely affect the tax treatment of our Shares and/or the ADSs.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;23, 2013, the Argentine income tax law was amended by the passage of Law No.&nbsp;26,893 (the &#147;Argentine Income Tax Law&#148;). The Argentine Income Tax Law establishes that the sale, exchange or other transfer of shares and other securities is subject to a capital gain tax at a rate of 15% for Argentine resident individuals and foreign beneficiaries.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until the enactment of Law No.&nbsp;27,430, in force since fiscal year 2018, there was an exemption for Argentine resident individuals if certain requirements were met. However, there was no such exemption for non-Argentine residents. For transactions made until December&nbsp;31, 2017, many aspects of the Argentine Income Tax Law as they apply to the holding and sale of ADSs still remain unclear and they were subject to further regulation and interpretation which may adversely affect the tax treatment of our Shares underlying ADSs and/or ADSs. The income tax treatment of income derived from the sale of ADSs or exchanges of shares from the ADS facility may not be uniform under the revised Argentine Income Tax Law. The possibly varying treatment of the source of income could impact both Argentine resident holders as well as non-Argentine resident holders.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;27,430 requires the capital gains tax to be paid for transactions carried out between September&nbsp;2013 (when taxation on the sale of shares for nonresidents was introduced) and the effective date of the tax reform, providing that no tax, however, will be due for stock exchange transactions as long as the tax has not yet been paid due to the lack of regulations for the withholding or collection by the stock exchange agents or intermediaries.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consequently, holders of our Class&nbsp;B Shares, including in the form of ADSs, are encouraged to consult their tax advisors as to the particular Argentine income tax consequences of owning our Shares or the ADSs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our shareholders may be subject to liability under Argentine law for certain votes of their securities.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, a shareholder&#146;s liability for losses of a company is limited to the value of his or her shareholdings in the company. However, shareholders who have a conflict of interest with us and who do not abstain from voting at the respective shareholders&#146; meeting may be liable for damages to us, but only if the transaction would not have been approved without such shareholders&#146; votes. Furthermore, shareholders who willfully or negligently vote in favor of a resolution that is subsequently declared void by a court as contrary to the law or our bylaws may be held jointly and severally liable for damages to us or to other third parties, including other shareholders.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The price of our Class&nbsp;B Shares and the ADSs may fluctuate substantially, and your investment may decline in value.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The&#160; trading price of our Class&nbsp;B Shares is likely to be highly volatile and may be subject to wide fluctuations in response to factors, many of which are beyond our control. Such other factors include:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>fluctuations in our periodic operating results;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>changes in financial estimates, recommendations or projections by securities analysts;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>changes in conditions or trends in our industry;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>events affecting equities markets in the countries in which we operate;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>legal or regulatory measures affecting our financial conditions;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>departures of management and key personnel; or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>potential litigation or the adverse resolution of pending litigation against us or our subsidiaries.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The stock markets in general have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the companies involved. We cannot assure you that trading prices and valuations will be sustained. These broad market and industry factors may materially adversely affect the market price of our Shares and the ADSs, regardless of our operating performance. Market fluctuations, as well as general political and economic conditions in the markets in which we operate, such as recession or currency exchange rate fluctuations, may also adversely affect the market price of our Shares and the ADSs. </font>In particular, currency fluctuations could impact the value of an investment in Telecom Argentina. Although Telecom Argentina&#146;s ADSs listed on the New York Stock Exchange are U.S. dollar-denominated securities, they do not eliminate the currency risk associated with an investment in an Argentine company.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION -   RISK FACTORS</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future sales of substantial amounts of Telecom Argentina Class&nbsp;B Shares and ADSs, or the perception that such future sales may occur, may depress the price of Telecom Argentina Class&nbsp;B Shares and ADSs. Additionally, future sales of treasury shares, may also depress the price of Telecom Argentina Shares and ADSs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Following periods of volatility in the market price of a company&#146;s securities, that company may often be subject to securities class-action litigation. This kind of litigation may result in substantial costs and a diversion of management&#146;s attention and resources, which would have a material adverse effect on our business, results of operations and financial condition.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Restrictions on transfers of foreign exchange and the repatriation of capital from Argentina may impair your ability to receive dividends and distributions on, and the proceeds of any sale of, the Class&nbsp;B Shares underlying the ADSs.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Argentine government may impose restrictions on the conversion of Argentine currency into foreign currencies and on the remittance to foreign investors of proceeds from their investments in Argentina. Beginning in December&nbsp;2001, the Argentine government implemented an unexpected number of monetary and foreign exchange control measures that included restrictions on the free disposition of funds deposited with banks and on the transfer of funds abroad, including dividends, without prior approval by the Central Bank. Although the transfer of funds abroad in order to pay dividends no longer requires Central Bank approval to the extent such dividend payments are made in connection with audited financial statements approved by a shareholders&#146; meeting, future restrictions on the movement of capital to and from Argentina such as those that previously existed could, if reinstated, impair or prevent the conversion of dividends, distributions, or the proceeds from any sale of shares, as the case may be, from Argentine Pesos into U.S. Dollars and the remittance of such U.S. Dollars abroad. We cannot assure you that the Argentine government will not take similar measures in the future. In such a case, the Depositary for the ADSs may hold the Argentine Pesos it cannot convert for the account of the ADS holders. In addition, any future adoption by the Argentine government of restrictions to the movement of capital out of Argentina may affect the ability of our foreign shareholders and holders of ADSs to obtain the full value of their Class&nbsp;B Shares and ADSs, and may adversely affect the market value of the ADSs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Trading of Telecom Argentina&#146;s Class&nbsp;B Shares in the Argentine securities markets is limited and could experience further illiquidity and price volatility.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine securities markets are substantially smaller, less liquid and more volatile than major securities markets in the U.S. In addition, Argentine securities markets may be materially affected by developments in other emerging markets, particularly other countries in Latin America. Our Class&nbsp;B Shares underlying ADSs are less actively traded than securities in more developed countries and, consequently, an ADS holder may have a limited ability to sell the Class&nbsp;B Shares underlying ADSs upon withdrawal from the ADSs facility in the amount and at the price and time that it may desire. This limited trading market may also increase the price volatility of the Class&nbsp;B Shares underlying the ADSs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Holders of ADSs may be adversely affected by currency devaluations and foreign exchange fluctuations.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the peso exchange rate falls relative to the U.S. dollar, the value of the ADSs and any distributions made thereon from the depositary could be adversely affected. Cash distributions made in respect of the ADSs may be received by the depositary (represented by the custodian bank in Argentina) in pesos, which will be converted into U.S. dollars and distributed by the depositary to the holders of the American Depositary Receipts (&#147;ADRs&#148;) evidencing those ADSs if in the judgment of the depositary such amounts may be converted on a reasonable basis into U.S. dollars and transferred to the United States on a reasonable basis, subject to such distribution being impermissible or impracticable with respect to certain ADR holders. In addition, the depositary will incur foreign currency conversion costs (to be borne by the holders of the ADRs) in connection with the foreign currency conversion and subsequent distribution of dividends or other payments with respect to the ADSs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The relative volatility and illiquidity of the Argentine securities markets may substantially limit your ability to sell the Class&nbsp;B Shares underlying the ADSs on the BYMA at the price and time desired by the shareholder.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investing in securities that trade in emerging markets, such as Argentina, often involves greater risk than investing in securities of issuers in the United States, and such investments are generally considered to be more speculative in nature. The Argentine securities market is substantially smaller, less liquid, more concentrated and can be more volatile than major securities markets in the United States, and is not as highly regulated or supervised as some of these other markets. There is also significantly greater concentration in the Argentine securities market than in major securities markets in the United States. The ten largest companies in terms of market capitalization represented approximately 91% of the aggregate market capitalization of the BYMA as of December&nbsp;31, 2018. Accordingly, although shareholders are entitled to withdraw the Class&nbsp;B Shares underlying the ADSs from the depositary at any time, the ability to sell such shares on the BYMA at a price and time shareholders might want may be substantially limited.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 3 KEY INFORMATION -   RISK FACTORS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We are traded on more than one market and this may result in price variations; in addition, investors may not be able to easily move shares for trading between such markets.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trading in the Class&nbsp;B Shares underlying ADSs or ADSs in the United States and Argentina, respectively, will use different currencies (U.S. dollars on the NYSE and pesos on the BYMA), and take place at different times (resulting from different trading platforms, different time zones, different trading days and different public holidays in the United States and Argentina). The trading prices of the Class&nbsp;B Shares underlying ADSs on these two markets may differ due to these and other factors. Any decrease in the price of the Class&nbsp;B Shares underlying ADSs on the BYMA could cause a decrease in the trading price of the ADSs on the NYSE. Investors could seek to sell or buy the Class&nbsp;B Shares underlying ADSs to take advantage of any price differences between the markets through a practice referred to as &#147;arbitrage.&#148; Any arbitrage activity could create unexpected volatility in both our share prices on one exchange, and the ADSs available for trading on the other exchange. In addition, holders of ADSs will not be immediately able to surrender their ADSs and withdraw the underlying Class&nbsp;B Shares for trading on the other market without effecting necessary procedures with the depositary. This could result in time delays and additional cost for holders of ADSs.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">As a foreign private issuer, we will not be subject to U.S. proxy rules&nbsp;and will be exempt from filing certain reports under the Securities Exchange Act of 1934.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a foreign private issuer, we are exempt from the rules&nbsp;and regulations under the Exchange Act of 1934 (the &#147;Exchange Act&#148;) related to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section&nbsp;16 of the Exchange Act. In addition, we are not be required under the Exchange Act to file annual and current reports and financial statements with the SEC as frequently or as promptly as domestic companies whose securities are registered under the Exchange Act, and we are generally exempt from filing quarterly reports with the SEC under the Exchange Act.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, if a majority of our directors or executive officers are U.S. citizens or residents, we</font> will lose our foreign private issuer status and we will fail to meet additional requirements necessary to avoid such loss. Although we have elected to comply with certain U.S. regulatory provisions, our loss of foreign private issuer status would make such provisions mandatory for us. The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly higher for us. If we are not a foreign private issuer, we will be required to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer. We will have to present our financial statements under US GAAP and may also be required to modify certain of our policies to comply with corporate governance practices applicable to U.S. domestic issuers. Such conversion and modifications will involve additional costs. In addition, we may lose our ability to rely upon exemptions from certain corporate governance requirements on U.S. stock exchanges that are available to foreign private issuers.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">If we do not file or maintain a registration statement and no exemption from the Securities Act of 1933 (&#147;Securities Act&#148;) registration is available, U.S. holders of ADSs may be unable to exercise preemptive rights granted to our holders of Class&nbsp;B Shares underlying ADSs.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the GCL, if we issue new shares as part of a capital increase, our shareholders may have the right to maintain their existing ownership percentage in the Company through the subscription of a proportional number of shares of the same class in case the capital increase is made in shares of all four of our classes of shares in their respective proportions, or through the subscription of a proportional number of the shares of the class being issued if the relative proportion among the four classes is not respected. Rights to subscribe for shares in these circumstances are known as preemptive rights. In addition, shareholders are entitled to the right to subscribe for the unsubscribed shares remaining at the end of a preemptive rights offering on a <i>pro rata</i> basis, known as accretion rights.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to our Bylaws, in the case of a capital increase through the issuance of all four of our classes of common stock (Class&nbsp;A ordinary shares, Class&nbsp;B Shares, Class&nbsp;C ordinary shares and Class&nbsp;D ordinary shares), accretion rights of the holders of each class shall be limited to the shares of the same class for which there has been no subscription.&nbsp;Also if, after accretion rights have been exercised within the Class&nbsp;B and Class&nbsp;C shares, there are any unsubscribed shares, such unsubscribed Class&nbsp;B or Class&nbsp;C shares, shares may be subscribed by the shareholders of the rest of our classes of common stock, with no distinction, in proportion to the shares of common stock for which such shareholder has subscribed on such occasion.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the occurrence of any future increase in our Class&nbsp;B Shares, U.S. persons (as defined in Regulation S under the Securities Act) holding our Class&nbsp;B Shares underlying ADSs or ADSs may be unable to exercise preemptive and accretion rights granted to our holders of Class&nbsp;B Shares underlying ADSs in connection with any future issuance of our Class&nbsp;B Shares underlying ADSs unless a registration statement under the Securities Act is effective with respect to both the preemptive rights and the new Class&nbsp;B Shares underlying ADSs, or an exemption from the registration requirements of the Securities Act is available.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are not obligated to file or maintain a registration statement relating to any preemptive rights offerings with respect to Telecom Argentina&#146;s Class&nbsp;B Shares underlying ADSs, and we cannot assure that we will file or maintain any such registration statement or that an exemption from registration will be available. Unless those Class&nbsp;B Shares underlying ADSs or ADSs are registered or an exemption from registration applies, a U.S. holder of Telecom Argentina&#146;s Class&nbsp;B Shares underlying ADSs or ADSs may receive only the net proceeds from those preemptive rights and accretion rights if those rights can be assigned by the ADS depositary. If the rights cannot be sold, they will be allowed to lapse. Furthermore, the equity interest of holders of shares or ADSs located in the U.S. may be diluted proportionately upon future capital increases.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our status as a foreign private issuer allows us to follow alternate standards to the corporate governance standards of the NYSE, which may limit the protections afforded to investors.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are a &#147;foreign private issuer&#148; within the meaning of the NYSE corporate governance standards. Under NYSE rules, a foreign private issuer may elect to comply with the practices of its home country and not comply with certain corporate governance requirements applicable to U.S. companies with securities listed on the exchange. We currently follow certain Argentine practices concerning corporate governance and intend to continue to do so. For example, according to Argentine securities law, our audit committee, unlike the audit committee of a U.S. issuer, will only have an &#147;advisory&#148; and/or &#147;supervisory&#148; role, such as assisting our board of directors with the evaluation the performance and independence of the external auditors and exercising the function of our internal control. Accordingly, holders of our ADSs will not have the same protections afforded to shareholders of U.S. companies that are subject to all of the NYSE corporate governance requirements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Changes in Argentine tax laws may adversely affect the tax treatment of our Class&nbsp;B Shares underlying ADSs or ADSs for transactions made until December&nbsp;31, 2018.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;23, 2013, the Argentine income tax law was amended by the passage of Law No.&nbsp;26,893 (the &#147;Argentine Income Tax Law&#148;). The Argentine Income Tax Law establishes that the sale, exchange or other transfer of shares and other securities is subject to a capital gain tax at a rate of 15% for Argentine resident individuals and foreign beneficiaries. Until the enactment of Law No.&nbsp;27,430, in force since fiscal year 2018, there was an exemption for Argentine resident individuals if certain requirements were met. However, there was no such exemption for non-Argentine residents. For transactions made until December&nbsp;31, 2017, many aspects of the Argentine Income Tax Law still remain unclear and they are subject to further regulation and interpretation which may adversely affect the tax treatment of our Class&nbsp;B Shares underlying ADSs and/or ADSs. The income tax treatment of income derived from the sale of ADSs or exchanges of shares from the ADS facility may not be uniform under the revised Argentine Income Tax Law. The possibly varying treatment of the source of income could impact both Argentine resident holders as well as non-Argentine resident holders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;27,430 requires the capital gains tax to be paid for transactions carried out between September&nbsp;2013 (when taxation on the sale of shares for nonresidents was introduced) and the effective date of the tax reform, providing that no tax, however, will be due for stock exchange transactions as long as the tax has not yet been paid due to the lack of regulations for the withholding or collection by the stock exchange agents or intermediaries. Further regulations are expected to be published. See &#147;Item 10&#151;Additional Information&#151;Taxation&#151;Argentine taxes&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consequently, holders of our Class&nbsp;B Shares, including in the form of ADSs, are encouraged to consult their tax advisors as to the particular Argentine income tax consequences under their specific facts.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">We are organized under the laws of Argentina and holders of the ADSs may find it difficult to enforce civil liabilities against us, our directors, officers and certain experts.</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are organized under the laws of Argentina. A significant portion of our and our subsidiaries&#146; assets are located outside the U.S. Furthermore, almost all of our directors and officers and some advisors named in this Annual Report reside in Argentina. Investors may not be able to effect service of process within the U.S. upon such persons or to enforce against them or us in U.S. courts judgments predicated upon the civil liability provisions of the federal securities laws of the U.S. Likewise, it may also be difficult for an investor to enforce in U.S. courts judgments obtained against us or these persons in courts located in jurisdictions outside the U.S., including judgments predicated upon the civil liability provisions of the U.S. federal securities laws. It may also be difficult for an investor to bring an original action in an Argentine court predicated upon the civil liability provisions of the U.S. federal securities laws against us or these persons.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, a portion of our assets is not subject to attachment or foreclosure, as they are used for the performance of the public service we provide. In accordance with Argentine law, as interpreted by the Argentine courts, assets which are necessary for the provision for an essential public service may not be attached, whether preliminarily or in aid of execution.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to any enforcement in Argentina, a judgment issued by a U.S. court will be subject to the requirements of 517 through 519 of the Argentine Federal Civil and Commercial Procedure Code if enforcement is sought before federal courts or courts with jurisdiction in commercial matters of the Autonomous City of Buenos Aires. Those requirements are: (1)&nbsp;the judgment, which must be valid and final in the jurisdiction where rendered, was issued by a competent court in accordance with the Argentine principles regarding international jurisdiction and resulted from a personal action, or an in rem action with respect to personal property which was transferred to Argentine territory during or after the prosecution of the foreign action; (2)&nbsp;the defendant against whom enforcement of the judgment is sought was personally served with the summons and, in accordance with due process of law, was given an opportunity to defend against foreign action; (3)&nbsp;the judgment must be valid in the jurisdiction where rendered, and its authenticity must be established in accordance with the requirements of Argentine law; (4)&nbsp;the judgment does not violate the principles of public policy of Argentine law; and (5)&nbsp;the judgment is not contrary to a prior or simultaneous judgment of an Argentine court. Any document in a language other than Spanish, including, without limitation, the foreign judgment and other documents related thereto, requires filing with the relevant court of a duly legalized translation by a sworn public translator into the Spanish language.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 4.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>INFORMATION ON THE COMPANY</b><a name="ITEM4_INFORMATIONONTHECOMPANY_102400"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INTRODUCTION</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Company</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are one of the largest private-sector companies in Argentina in terms of revenues, net income, capital expenditures and number of employees. We have a non-expiring license (the &#147;License&#148;) to provide fixed-line telecommunications services in Argentina, mobile telecommunications services, other telephone-related services such as international long-distance and wholesale services, data transmission,&nbsp;IT solutions outsourcing and Internet services.</font> We are also the largest operator of cable television services and data transmission systems in Argentina and one of the largest providers of cable services in Latin America in terms of subscribers. We install, operate and develop cable television and data transmission services in Argentina and Uruguay. We are the largest MSO in Argentina and Latin America in terms of subscribers. An MSO is a company that owns multiple cable systems in different locations under the control and management of a single, common organization.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As from January&nbsp;1, 2018, after giving effect to the Merger, Telecom Argentina and Cablevisi&#243;n have started to operate as a telecommunications convergent provider. The Merger is part of a global process of convergence in the provision of fixed and mobile telecommunications services, video and internet distribution known as &#147;quadruple play&#148;.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Merger should allow the combined company to achieve synergies in the development of convergence products that will bring significant benefits for consumers, the sector and the economy in general. In addition, the combination of both companies should boost investment (we have a strategic investment plan, which started in 2018, that estimates capital expenditures of approximately US$ 5,000 million) in the most modern infrastructure of mobile technologies as well as the deployment of a high-speed fiber optic network.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, we have amended our bylaws (<i>Estatutos Sociales</i>) to permit us to provide audiovisual communications services, and have obtained all required regulatory authorizations and approvals with respect to such amendment.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, (i)&nbsp;Telecom&#146;s mobile telephony business had approximately 18.3 million subscribers in Argentina (excluding our IDEN telephony subscribers) and approximately 2.4 million subscribers in Paraguay, (ii)&nbsp;Telecom&#180;s broadband business reached approximately 4.1 million accesses, (iii)&nbsp;Telecom&#146;s cable business had approximately 3.5 million subscribers and (iv)&nbsp;Telecom had approximately 3.5 million fixed telephony lines in service, which are equivalent to 140 lines in service per employee.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2018, our revenues totaled P$168,046 million, our net income totaled P$5,536 million, our Adjusted EBITDA</font> (see the purpose of use of adjusted EBITDA and reconciliation of net income to Adjusted EBITDA in Item 5&#151;Operating and Financial Review and Prospects&#151;(A)&nbsp;Consolidated Results of Operations&#151;&#147;Adjusted EBITDA&#148;) amounted to P$56,368 million and our total assets were P$371,738 million.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Merger</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Overview</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;30, 2017, Telecom Argentina and Cablevisi&#243;n executed a preliminary merger agreement (the &#147;Preliminary Merger Agreement&#148;) and on October&nbsp;31, 2017, Telecom Argentina and Cablevisi&#243;n executed the definitive merger agreement (the &#147;Final Merger Agreement&#148;), by which they agreed on the terms on which Telecom Argentina would absorb Cablevisi&#243;n by merger, which was to be dissolved without liquidation as of the Merger Effective Date, in accordance with the provisions of Sections 82 and 83 of the GCL, and subject to the satisfaction of certain conditions, including regulatory approvals from the ENACOM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The conditions precedent to the consummation of the Merger were satisfied as of the Merger Effective Date (i.e., January&nbsp;1, 2018), and, consequently, the Merger and the Telecom Shareholders&#146; Agreement became effective on that date. For more information, see &#147;</font>Item 7&#151;Major Shareholders and Related Party Transactions.&#148;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Final Merger Agreement, as of January&nbsp;1, 2018, Cablevisi&#243;n merged into Telecom Argentina, with Telecom Argentina as the surviving entity. As a result of the Merger, all of Cablevisi&#243;n&#146;s assets and liabilities were transferred to Telecom Argentina as of January&nbsp;1, 2018, in accordance with the terms of the Final Merger Agreement. The Merger was registered with the IGJ on August&nbsp;30, 2018.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Merger allows us to provide &#147;quadruple play&#148; services, combining the provision of fixed and mobile telecommunications services as well as pay television and Internet services, pursuant to the new regulatory framework in effect since January&nbsp;2018 (for more information about the Merger see &#147;Recent Developments&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Merger Integration</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One of the main focus of our Management during this year was to consolidate the integration of the financial and operational structures of the merged companies in order to strengthen the position of the combined company in a highly competitive market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that the combination of the two companies enhance our ability to better serve our customers as a result of gaining scale and access to innovations that are driving the telecommunication sector, through offering our customers a broader range of products. We expect that combining Cablevisi&#243;n and Telecom will strengthen our financial position, which should help us to perform the needed investments to continue developing our infrastructure and therefore strengthen our position in the market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joining Telecom&#146;s and Cablevisi&#243;n&#146;s operations converted us in one of the largest companies in Argentina and we expect to continue to deploy state-of-the-art wireless and high speed fixed internet networks throughout our service areas.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The combination of the businesses allow us to reduce costs as we realize synergies. We expect savings in network rentals and connectivity as we can combine the two existing backbone networks, which have a low level of overlap and are highly complementary.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, we expect to continue achieving savings in back office services such as billing, collection, and advertising through the implementation of convergent solutions. We will strive to achieve SG&amp;A (Selling, General and Administrative) optimization and reduction in network maintenance costs by combination of field services and network operations capabilities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the capital expenditures side, adding the Nextel mobile phone network to Telecom&#146;s existing network represented an immediate increase % in the number of available cell sites, which will result in savings in our previously planned investments in infrastructure and equipment installation costs. In addition, due to the overlap of fixed networks in the Northern Area, an optimization is expected in the investments and costs for the planned upgrade of access networks and fiber deployment and we expect to continue to deploy state-of-the-art wireless and high speed fixed internet networks throughout our services area.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect that the combination of product portfolio and commercial capabilities will drive cross selling to the combined customer base and growth in the unserved portion of the eventual quadruple play or fully convergent solution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, Cablevisi&#243;n&#146;s fixed coverage in the southern region allows Telecom to increase its retail and corporate sales while it reduces network rental expenses paid to other operators.&#160; Finally, incremental revenues are expected by the extension of the duration of the customer or churn reduction, which we believe will occur as a result of a convergent solution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe these factors will help create a leading fully convergent South American independent telecommunications company that will be able to compete with the world-class operators present in the market, in line with global trends in the telecommunications market.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Organizational Structure</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The chart set forth below shows our general consolidated corporate structure as of&#160; December&nbsp;31, 2018, after giving effect to the Merger, showing the most significant companies and the companies controlled in countries other than Argentina:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman"><img border="0" width="676" height="281" src="g29581bmi001.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our principal executive offices are located at Alicia Moreau de Justo 50, C1107AAB, Buenos Aires, Argentina, telephone number: 54-11-4968-4000.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our authorized agent in the United States for SEC reporting purposes is Puglisi&nbsp;&amp; Associates, 850 Library Avenue, Suite&nbsp;204, P.O.&nbsp;Box 885, Newark, Delaware 19711.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Recent Developments</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Indebtedness</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;4, 2019, we entered into a loan agreement with the IFC for a total amount of up to US$450,000,000 as requested by the Company in one or more disbursements. The proceeds from the loan will be used to finance our capital investments for 2019. Additionally, in February&nbsp;2019 we repaid in full the Term Loan (as defined below). See &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Liquidity and Capital Resources&#151;Bank and other financial entity loans.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Controlling Shareholder</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Telecom LLC, was the controlling company of Telecom Argentina until December&nbsp;31, 2017. As from January&nbsp;1, 2018 CVH is the controlling company of Telecom Argentina following effectiveness of the Merger and of the Telecom Shareholders&#146; Agreement (See &#147;The Merger&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Conversion of Class&nbsp;C Shares</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;28, 2018, 23,882 Class&nbsp;C shares were converted into Class&nbsp;B shares.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The Merger</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;30, 2017, Telecom Argentina and Cablevisi&#243;n executed the Preliminary Merger Agreement providing that Telecom Argentina would absorb Cablevisi&#243;n, which was to be dissolved without liquidation on the Merger Effective Date, in accordance with the provisions of Sections 82 and 83 of the GCL, subject to prior satisfaction or waiver of certain conditions stated in the Preliminary Merger Agreement, including certain regulatory approvals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All the conditions to which the Merger was subject were satisfied and the Merger was consummated on January&nbsp;1, 2018 (the &#147;Merger Effective Date&#148;). </font>The Merger and Cablevisi&#243;n&#146;s dissolution were registered with the IGJ on August&nbsp;30<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>, 2018. For more information see &#147;Item 7&#151;Major Shareholders and Related Party Transactions.&#148;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, pursuant to the Preliminary Merger Agreement, Telecom Argentina assumed all of Cablevisi&#243;n&#146;s obligations under its US$500,000,000 6.500% Senior Notes due 2021, issued under its Global Notes Program (&#147;Cablevisi&#243;n Global Notes Program&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the Preliminary Merger Agreement and the Final Merger Agreement and the notification received from Fintech Telecom and Fintech Media LLC (&#147;Fintech Media&#148;) on December&nbsp;29, 2017 informing of a corporate reorganization process by which Fintech Media and VLG Argentina Escindida LLC (a spin-off of VLG Argentina) merged into Fintech Telecom with effect on the Merger Effectiveness Date, the new Class&nbsp;A and Class&nbsp;D shares to be issued by Telecom Argentina pursuant to the terms of the Merger were delivered as follows: (i)&nbsp;to Fintech Telecom LLC: 342,861,748 Class&nbsp;&#147;A&#148; shares; (ii)&nbsp;to CVH: 406,757,183 Class&nbsp;&#147;D&#148; shares; and (iii)&nbsp;to VLG Argentina: 434,909,475 Class&nbsp;&#147;D&#148; shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s capital stock as of the Merger Effective Date (i.e., January&nbsp;1, 2018) was comprised of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr>
<td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.66%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Shares</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Outstanding&nbsp;shares</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Treasury&nbsp;shares</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;capital&nbsp;stock</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.66%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;A&#148;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">683,856,600</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.66%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;B&#148;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">627,930,005</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,221,373</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">643,151,378</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.66%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;C&#148;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">234,748</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">234,748</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.66%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;D&#148;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">841,666,658</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.66%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2,153,688,011</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">15,221,373</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2,168,909,384</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For more information see &#147;Item 7&#151;Major Shareholders and Related Party Transactions&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Withdrawal of the </font></i><i>Voluntary reserve for future dividends payments</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;31, 2018, the Board of Directors of Telecom Argentina approved:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the reversal of $9,729,418,019 of the &#147;Reserve for future cash dividends&#148; of Telecom Argentina as of December&nbsp;31, 2017, and its distribution as cash dividends in two installments: i) $2,863,000,000 on February&nbsp;15, 2018 and ii) $6,866,418,019 on April&nbsp;30, 2018, being the Board empowered to make such payment on an earlier date if it deemed it convenient;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the distribution of $5,640,728,444 as advance cash dividends under the provisions of Section&nbsp;224, 2nd paragraph of the General Corporations Law, corresponding to the net profit (liquid and realized) of the period ranging from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Telecom Argentina as of September&nbsp;30, 2017, which were settled on February&nbsp;15, 2018; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the distribution of $4,502,777,155 as distribution of interim cash dividends under the provisions of Section&nbsp;224, 2nd paragraph of the General Corporations Law, corresponding to the net profit (liquid and realized) of the period ranging from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Cablevisi&#243;n S.A.-absorbed by Telecom Argentina- as of September&nbsp;30, 2017, which were settled on February&nbsp;15, 2018.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends mentioned in items 2 and 3 above, were subsequently ratified by the Ordinary General Shareholers Meeting of April&nbsp;25, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="62%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">43<a name="PB_43_102652_3736"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:30.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In conclusion, the dividends distribution aforementioned for a total of $19,872,923,618 (approximately $28,820,650,926 in current currency of December&nbsp;31, 2018) was paid on February&nbsp;15, 2018 for $13,006,505,599 and on March&nbsp;21, 2018 $6,866,418,019 (approximately $27,926,529,493 in current currency of December&nbsp;31, 2018).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Payment by Telecom Argentina of dividends declared by Cablevisi&#243;n</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:30.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;8, 2018, Telecom Argentina, as successor to Cablevisi&#243;n prior to the Merger effective date, paid dividends declared by Cablevisi&#243;n on December&nbsp;18, 2017, in an amount of P$4,077,790,056 (approximately P$6,020,251,886 in current currency of December&nbsp;31,2018).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">History</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina was created by Decree No.&nbsp;60/90 of the PEN dated January&nbsp;5, 1990, and incorporated as &#147;Sociedad Licenciataria Norte S.A.&#148; on April&nbsp;23, 1990. In November&nbsp;1990, its legal name was changed to &#147;Telecom Argentina STET-France Telecom S.A.&#148; and on February&nbsp;18, 2004, it was changed to &#147;Telecom Argentina S.A.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is organized as a corporation (<i>sociedad an&#243;nima</i></font>) under Argentine law. The duration of Telecom Argentina is 99 years from the date of registration with the IGJ (July&nbsp;13, 1990). Telecom Argentina conducts business under the commercial name &#147;Telecom.&#148;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina commenced operations on November&nbsp;8, 1990 (the &#147;Transfer Date&#148;), upon the transfer from the Argentine government of the telecommunications system in the Northern Region previously owned and operated by ENTel. This transfer was made pursuant to the Argentine government&#146;s privatization program as set forth in the State Reform Law approved in August&nbsp;1989 and subsequent decrees (the &#147;Privatization Regulations&#148;), which specified the privatization procedure for ENTel.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Privatization Regulations provided for:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the division of the Argentine telecommunications network operated by ENTel into two regions, the Northern Region and the Southern Region of Argentina;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the granting to Telecom Argentina and Telef&#243;nica of non-expiring licenses to provide basic telecommunication services in the Northern Region and Southern Region, respectively;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the granting to Telintar and Startel, each joint subsidiaries of Telecom Argentina and Telef&#243;nica, of non-expiring licenses to provide international long-distance and data transmission, respectively; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the transfer by ENTel of substantially all of its assets and certain contracts into Telecom Argentina, Telef&#243;nica, Telintar and Startel.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the Transfer Date, pursuant to the terms and conditions of a transfer contract (the &#147;Transfer Agreement&#148;), the Argentine government sold 60% of the common stock of Sociedad Licenciataria Norte S.A. to Nortel, a holding company formed by a consortium of investors including Telecom Italia, among others.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Privatization Regulations, 10% of Telecom Argentina&#146;s common stock was transferred as Class&nbsp;C Shares to a Share Ownership Plan for certain former employees of ENTel and Compa&#241;&#237;a Argentina de Tel&#233;fonos S.A. by the Argentine government, and the remaining 30% of Telecom Argentina&#146;s common stock was sold to investors, principally in Argentina, the United States and Europe, in an offering completed in March&nbsp;1992. A portion of the shares in the Share Ownership Plan has been sold in the public market, and the remaining shares resulting from the Share Ownership Plan are being gradually converted into Class&nbsp;B Shares. See &#147;Item 6&#151;Directors, Senior Management and Employees&#151;Share Ownership&#151;Share Ownership Plan.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until November&nbsp;30, 2017, Nortel was our direct controlling shareholder with 54.74% of Telecom Argentina&#180;s total capital. 100% of Nortel&#146;s ordinary capital belonged to Sofora. Sofora&#146;s shares belonged to Fintech, our indirect controlling shareholder (68%) and to W de Argentina Inversiones (32%)</font>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until December&nbsp;31, 2017, Fintech was Telecom Argentina&#146;s direct controlling shareholder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">44<a name="PB_44_102725_9621"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As from January&nbsp;1, 2018, as a result of the Merger and the Shareholders&#180; Agreement becoming effective, CVH became Telecom Argentina&#146;s controlling shareholder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of January&nbsp;1, 2018, Cablevisi&#243;n merged into Telecom, with Telecom as the surviving entity.</font> Argentine regulators have taken the view that effective January&nbsp;1, 2018, Cablevisi&#243;n Holding S.A. acquired control of Telecom. Cablevisi&#243;n Holding S.A. is an Argentine corporation and its primary purpose is to hold capital stock in corporations whose object and purpose is to provide Information and Communication Technology Services (ICT Services) and to provide Audiovisual Communication Services (ICT Services). Its controlling shareholder, in turn, is GC Dominio S.A, another Argentine corporation.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE BUSINESS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Liberalization of the Argentine Telecommunications Industry</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In March&nbsp;1998, the Argentine government issued Decree No.&nbsp;264/98, introducing a plan for the liberalization of the Argentine telecommunications industry, (or the &#147;Plan&#148;). Decree No.&nbsp;264/98 provided for the extension of the period of exclusivity with respect to the provision of Basic Telephone Services until sometime between October&nbsp;8, 1999, and November&nbsp;8, 1999, depending on the particular region. The Plan also provided for: (i)&nbsp;the immediate liberalization of paid telephone services and (ii)&nbsp;during July&nbsp;1998, the liberalization of telephone service in rural areas. In addition, the Plan contemplated that in January&nbsp;1999, data transmission services within the countries included in Mercosur would be open to competition, subject to the following conditions: (i)&nbsp;each of the Mercosur countries enters into agreements providing for the liberalization of these services and establishing similar regulatory bodies and (ii)&nbsp;reciprocity exists between countries with respect to the granting of licenses. Beginning in late 1999, two new operators, formed by independent operators, mobile operators and cable television operators were permitted to offer services. These new operators, together with the existing licensees of Basic Telephone Services, allowed customers to choose from four operators until the full liberalization of services occurred. The Plan also granted data transmission operators existing before the privatization of ENTel the right to operate domestic and international long-distance services by the end of 2000. Finally, the full liberalization of local, domestic and international long-distance services took place in November&nbsp;2000.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the &#147;Transition Period&#148; (1998-1999), new regulatory obligations were also introduced with respect to quality and service targets applicable to both Telecom Argentina and Telef&#243;nica.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As long-distance services were liberalized, competition was introduced by pre-subscription of long-distance service for locations with more than 5,000 clients. Following the introduction of Presubscription of Long-Distance Service, a call-by-call selection service will be installed. These requirements obligated the telephone companies to make significant investments and modifications to their networks.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 1999, competition in local, national and international long-distance services was established among Telecom Argentina and Telef&#243;nica and Compa&#241;&#237;a Telef&#243;nica del Plata (CTP, Movicom Bell South) and Compa&#241;&#237;a de Telecomunicaciones Integrales S.A. (CTI, now Claro), the two new national operators permitted to offer services by Decree No.&nbsp;264/98. Some provisions of Decree No.&nbsp;264/98 and related resolutions were modified by Decree No.&nbsp;764/00, mainly provisions related to licensing conditions, interconnection and Universal Service. Decree No.&nbsp;764/00 established the general regulation of licenses and provided that each licensed company was allowed to launch its services in November&nbsp;2000 when the full liberalization of the telecommunications market began. As of the date of this Annual Report, the main licensees providing local and/or fixed long-distance telephone service are Telmex, Level 3 Communications (formerly Impsat),&nbsp;IPlan, Telecentro, CPS Comunicaciones (Metrotel), Telef&#243;nica, Telecom Argentina and many other small independent operators.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Plan, the liberalization of public telephone services began. On December&nbsp;9, 1998, Telecom Argentina was granted (upon the subsequent issuance of SC General Resolution No.&nbsp;2,627/98) a license to provide public telephone services in the Southern Region.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">45<a name="PB_45_103710_563"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">General</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the following are the most significant subsidiaries included in the consolidation process and the respective equity interest owned by Telecom Argentina:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Main&nbsp;Activity</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Country</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Telecom&nbsp;Argentina&#146;s<br>   direct/indirect&nbsp;interest<br>   in&nbsp;capital&nbsp;stock&nbsp;and<br>   votes</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile   telecommunications Services</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paraguay</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67.50</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pem</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.9%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CV   Berazategui</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closed-circuit   television</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.9%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cable   Imagen</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closed-circuit   television</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.9%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Televisi&#243;n   Dirigida</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cable television   services</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paraguay</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.9%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adesol</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holding</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Uruguay</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.9%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#218;ltima   Milla</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services for telecommunication</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.9%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AVC Continente   Audiovisual</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Broadcasting services</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60.00</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:25.9%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inter   Radios</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Broadcasting services</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.9%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom   USA</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecommunication   services</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">USA</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom carries out its activities in Argentina and abroad (Paraguay, the United States and Uruguay). These operations are not analyzed as separate segments by the Executive Committee and the CEO, who analyze the consolidated information of companies in Argentina and abroad, taking into account that the activities of foreign companies are not significant for Telecom. The operations that Telecom carries out abroad do not meet the aggregation criteria established by the standard to be grouped within the &#147;Services rendered in Argentina&#148; segment, and considering that they do not exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments, they are grouped within the category &#147;Other abroad segments&#148;</font> according to the requirements of IFRS 8.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Main Products</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018 we offered our cable and broadband customers a diverse range of products, including:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Fixed Telephony</i>: Local area, national long-distance and international communications, supplementary services (including call waiting, itemized invoicing, voicemail,&nbsp;etc.), interconnection with other operators, data transmission (including private networks, point-to-point traffic, radio and TV signal transportation),&nbsp;Internet services,&nbsp;IT solution Outsourcing and sales of equipment.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Cablevisi&#243;n Cl&#225;sico</i>: our basic, analog cable television product under the &#147;Cablevisi&#243;n&#148; brand;</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Cablevisi&#243;n Digital</i>: In addition to the basic grid included in <i>Cablevisi&#243;n Cl&#225;sico</i>, this option, which we provide through a digital decoder, gives cable subscribers access to radio and music channels, among others, and certain premium channels;</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Cablevisi&#243;n HD</i>: In addition to the options offered through <i>Cablevisi&#243;n Digital, </i>subscribers to this product are provided a high definition decoder that grants them access to over 50 high definition channels;</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Cablevisi&#243;n On Demand</i>: Where available, this product allows subscribers to access &#147;On Demand&#148; service (under our brand &#147;Cablevisi&#243;n&#148;) that includes a variety of content including: (i)&nbsp;SVOD (where the subscriber is charged a monthly fee in order to access unlimited programs), (ii)&nbsp;TVOD (where the subscriber is charged a fee based on the content it watches) and (iii)&nbsp;FVOD (free on demand services to the subscriber which generally include basic cable signals);</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Broadband Products</i>: Subscribers gain access to Telecom&#146;s high-speed broadband services;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Fibertel Zone</i>: Users gain to access a Wi-Fi network free of cost outside their homes;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Cablevisi&#243;n Flow</i>: Cablevisi&#243;n launched Cablevisi&#243;n Flow (&#147;Over-The-Top&#148; services) on November&nbsp;8, 2016. This product will enable our subscribers to view TV content on multiple types of devices such as smartphones, tablets and smart-TVs; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">46<a name="PB_46_103954_9497"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Fibercorp Products</i>: Fibercorp is Fibertel&#146;s corporate business unit. FiberCorp provides telecommunication services to large, medium and small size companies through a wide communications network for the transfer of data, video and oral information that enables it to provide internet access, infrastructure with dynamic connections, symmetric access and IP video security, among other products.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Personal Mobile Services</i>: Service offerings include voice communications, high-speed mobile Internet content and applications download, MMS, SMS, among others; and sale of mobile communication devices (handsets, modems MiFi and wingles). The services are supported in the different technologies of the mobile network (2G/3G/4G).</p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fixed Telephony Services</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Overview</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We own and operate fixed local line telephone network, public long-distance telephone transmission facilities and a data transmission network in the Northern Region. Since the market was opened to competition, we expanded our network in the Southern Region of Argentina, therefore providing nationwide services. Fixed services are comprised of the following:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Basic Telephone Services. </i>We provide Basic Telephone Services, including local, domestic and international long-distance telephone services and public telephone services. As of December&nbsp;31, 2018, we had approximately 3.5 million of lines in service;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Interconnection services. </i>We provide interconnection services, which primarily include Access, termination and long-distance transport of calls;</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Information and Communication Technology Services. </i>We provide ICT services, datacenter services, telecommunications consulting and value-added solutions;</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Other telephone services. </i>Other services provided by us include supplementary services such as call waiting, call forwarding, conference calls, caller ID, voice mail, itemized billing and maintenance services; and</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Sale of equipment.</p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our Fixed Telephone Network</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are the principal provider of Basic Telephone Services in the Northern Region, and since late 1999 have also provided Basic Telephone Services in the Southern Region.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our fixed-line telephone network include installed telephones and switchboards, a network of access lines connecting customers to exchanges and trunk lines connecting exchanges and long-distance transmission equipment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table illustrates the deployment of our telephone network:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">December&nbsp;&nbsp;31,<br>   2018</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31,<br>   2017</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31,<br>   2016</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of lines   in service(1)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,544</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.7</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.7</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .2in;text-align:justify;text-indent:-.2in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes lines customers, own usage, public telephony and ISDN channels. The figures prior to the Merger (i.e., as of December&nbsp;31, 2017 and 2016) correspond to Cablevisi&#243;n.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Revenues</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed telephony services include, among other charges, monthly charges, measured service charges, installation charges, public telephone services and interconnection services related to &#147;essential facilities.&#148; The prices for these services were regulated by rules&nbsp;governing our license, which established &#147;maximum prices&#148; that could be charged to clients. We were able to charge prices below the maximum regulated prices as long as the discount was applied equally to clients who share the same characteristics (under the so-called principle of &#147;non-discrimination&#148;). In accordance with this ability, we charged lower prices than the maximum regulated prices for certain of the services offered. Since the enactment of the LAD it was established that licensees of ICT services may freely set their prices. See &#147;The Argentine Telecommunications, Broadband and Cable Industries&#151;Regulatory Overview&#151;Law No.&nbsp;27,078&#151;Argentine Digital Law.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The remaining services, such as data transmission services and Internet services, were not subject to regulation and, as a result, Telecom was able to freely set the corresponding prices. Market conditions could limit price increases.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Retail &#151; Residential and SME (Small and Medium Enterprises)</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Monthly Charges</font></i>. We bill a monthly charge to our customers. Additionally, due to the regulatory regime, we are obligated to offer discounts to certain retired individuals and low-consumption residential customers.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Measured Service Charges</font></i>. In addition to a monthly charge, we bill to a portion of our customers for a monthly measured service charge, which is based on telephone usage. Measured service is billed at the price per unit of time. Charges for local and domestic long-distance measured service vary with the price per unit of usage. The number of units of usage depends on the time of day, the day of the week, the distance and the duration of calls. Additionally, due to competition, we offer discounts to customers mainly for domestic long-distance service as semi-flat rate plans that include a set quantity of minutes for a fixed charge.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">International</font></i><i> Long-Distance Service</i><i>.</i> Since 1992, international rates have been reduced annually as a consequence of the application of the Price Cap. We also have reduced international long-distance prices in order to compete with the new providers of long-distance calling services.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Installation Charges</font></i>. Revenues from installation charges consist primarily of fees levied for installation of new fixed lines. We offer discounts in multiple localities to reduce the rates, with the aim of stimulating demand in those areas. The penetration of fixed-line telephony has been affected by the maturity of the Argentine market.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Domestic Telephone Services. </font></i>We provide other domestic telephone services including charges for supplementary services such as call waiting, call forwarding, conference calls, caller ID, voicemail and itemized billing.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Wholesale</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Interconnection Revenues:</font></i> We collect fees from other operators for interconnection services. These fees primarily include local Access, termination and long-distance transport of calls, rentals of network capacity and commissions on calling party pays fees. These fees are payable by mobile operators as well as fixed-line operators.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, we remained one of the leading providers of wholesale telecommunications solutions for various fixed and mobile operators, independent operators, local operators, public telephony licensees, cable operators,&nbsp;ISP, TV and radio channels, production companies and other service providers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The services marketed by us include, among others, traffic and interconnection resources, third-party billing, dedicated Internet access services, transport of video signals in standard definition and high definition (which allows our clients to play multimedia content over the Internet without needing to download such content), streaming audio and video, dedicated links, backhaul links for mobile operators,&nbsp;Internet Protocol Virtual Private Network and data center hosting/housing services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">48<a name="PB_48_104308_5250"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to data and Internet services, Telecom Argentina S.A focused its business development during 2018 on the IP transit service, which is demanded by the different operators and ISP providers to sell Internet connectivity to its customers across different segments of the market, generating a significant increase in the consumption of bandwidth, both local and international. This management decision allowed us to strengthen our position as a provider of solutions for the broadcasting segment by offering transportation solutions for audio and video signals both as dedicated private links and on the Internet. We provide solutions to cable operators and TV channels for the distribution of video signals.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">International Long-Distance Service: </font></i>We hold a non-expiring license to provide international telecommunications services in Argentina, including voice and data services and international point-to-point leased circuits.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues from wholesale international long-distance service reflect payments under bilateral agreements between Telecom and foreign telecommunications carriers, covering virtually all international long-distance calls into or out of Argentina using our network. Revenues from international long-distance service therefore consist mainly of:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>amounts earned from foreign telecommunications carriers for connection to the Argentine telephone network;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>bandwidth capacity under an Indefeasible Right of Use (&#147;IRU&#148;) basis;</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>international point-to-point leased circuits; and</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>data and IP transit services in regional market. During 2018, Telecom Argentina S.A increased sales of IP and data center hosting/ housing services to Uruguayan clients.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating revenues from international long-distance service depend on the volume of traffic and the prices charged by each party under agreements between the Argentine provider and foreign telecommunications carriers. Settlements among carriers are usually made on a net basis.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are connected to international telecommunications networks, mainly through the following submarine Fiber Optic cables: Columbus 3 (Europe), Atlantis 2 (Argentina - Brazil &#151; Europe), Sea-Me-We 3 (Europe &#151; Asia), Bicentenario (Argentina - Uruguay), Latin American Nautilus (LAN), PanAm (Argentina - Caribe)&#160; and other minor cables.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 3.3pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Telecom Argentina USA,&nbsp;Inc. (&#147;Telecom USA&#148;)</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, we continued our business efforts aimed at wholesaler&#146;s products of greater profitability, which include services for OTTs and for temporary events. Our presence in the United States through our subsidiary &#147;Telecom USA&#148;, enabled us to revitalize trading links with leading providers of content and services in the cloud of the United States. These business relationships result in important projects of co-location and data transport. It also allows our company to pursue the development of commercial relations with new smaller customers with varied requirements in Argentina .We expect these applications to become grower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Network and equipment</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our network strategy, for the medium- and long-range terms, focuses fulfilling services demands, improving our customers&#146; experience and promoting technology evolution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to the &#147;core&#148; network, we seek for continuously increment capacities and availability of the services offered to our customers. In addition, we continued implementing protocols and network architectures standardization, which allow us a more efficient operation and maintenance, with costs reduction on those activities.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Competition</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Before November&nbsp;1999, Telecom held an exclusive license to provide Basic Telephone Services to the Northern Region. The Argentine telecommunications market has been open to full competition since November&nbsp;2000. As of the date of this Annual Report, the main licensees providing local and/or fixed long-distance telephone service are Telmex, AMX Argentina (commercially known as Claro), Level 3 Argentina (commercially known as &#147;Level 3 Communication&#148; formerly &#147;Global Crossing&#148;),&nbsp;IPlan, Telecentro, Telef&#243;nica (principally in the Southern Region) and Telecom (principally in the Northern Region). Telef&#243;nica has the dominant market share for provision of telecommunications service in the Southern Region. Accordingly, if economic conditions in Argentina improve and competitors increase their presence in the Northern Region, we expect that we will face additional pressure on the prices we charge for our services and experience limited loss in market share in the Northern Region.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mobile Telecommunications Services</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Overview</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We provide mobile services in Argentina and through our subsidiary in Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our service offerings in Argentina under the brand Personal include voice communications, high-speed mobile Internet content and applications download, MMS, SMS, online streaming, corporate e-mail and social network access, among others; and sale of mobile communication devices (handsets, Modems mifi and wingles, smart watches). The services are supported in the different technologies of the mobile network (2G/3G/4G).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also offer mobile services in Argentina through our subsidiary Nextel to existing customers by means of our Integrated Digital Enhanced Network which enables us to offer &#147;push to talk&#148; technology to such mobile services customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In Paraguay, we provide mobile services through our subsidiary N&#250;cleo.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, we had approximately 18.3 million mobile subscribers in Argentina and N&#250;cleo had approximately 2.4 million subscribers in Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Mobile Telecommunications Services in Argentina</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our mobile telecommunications services in Argentina are provided under the brands Personal and Nextel.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The mobile telecommunications market in Argentina has been open to competition since 1993 and was expanded to include Personal Communications Service (&#147;PCS&#148;) services in 1999. In addition, GSM technology has created intense competition for subscribers among the various service providers, including giving rise to severe pricing pressure, </font>significant handset subsidies and increased sales incentives provided to dealers. The introduction of 3G technology since May&nbsp;2008 and of 4G technology since 2014 has allowed operators to focus competition on Value Added Services.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, service providers in Argentina continued to make significant capital expenditures in new network </font>infrastructure for the enhancement and deployment of 3G and 4G technology, which allows for the higher transmission speeds required for Value Added Services such as data transfer, video calling and Internet browsing.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Personal</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Personal, we provide mobile services on the 850 MHz and 1,900 MHz, through GSM and 3G technology by <i>Servicios de Telefon&#237;a M&#243;vil </i>(&#147;<i>STM</i>&#148;), <i>Servicios de Radiocomunicaciones M&#243;viles Celular </i>(&#147;<i>SRMC</i>&#148;) and PCS networks. In addition, since December&nbsp;2014, Personal has offered LTE technology service (by SCMA network) through the frequency bands awarded to Personal in 2014 and 2015 (1730-1745 MHz; 2130-2145; 713-723 MHz and 768-778 MHz). See &#147;The Argentine Telecommunications, Broadband and Cable Industries&#151;Regulatory Overview&#151;Spectrum<i>.&#148;</i></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Residential and Business Customers</font></i>. We offer to Personal subscribers a variety of flexible pricing options for mobile services. These options include prepaid, post-paid and mixed (&#147;<i>Abono Fijo</i>&#148;) plans.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Prepaid Plans</font></i>. Under prepaid plans, subscribers pay in advance for their services, using prepaid credit. Since there are no monthly bills, prepaid plans allow subscribers to communicate with maximum flexibility while maintaining control over their consumption. Prepaid credit can be purchased through prepaid cards or virtual credit on our website, by phone, at ATMs and drugstores, or through authorized agents. This credit allows subscribers to use data to browse on the Internet, make and receive local, national and international calls and buy multimedia content.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We offer a variety of &#147;packs&#148; which enable customers to use the abovementioned services at a lower price. These packs may include a fixed amount of minutes to make national or international calls, SMS, a daily quota of megabytes to access the Internet during 1, 7 or 30 days or different combinations of these services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, customers can buy multimedia contents, or subscriptions to these contents, in order to receive them periodically.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prepaid customers can access different benefits according to their monthly credit charges, such as days of free WhatsApp access, unlimited WhatsApp access for 30 days (even without credit), credit gifts, and two telephone numbers to communicate for free, one for calls and the other for SMS.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Post-Paid Plans</font></i>. Under post-paid plans, a subscriber pays a monthly fee, plus charges for additional services not included in its plan. According to our current offer, most of the plans include a quota of megabytes for browsing Internet, unbounded airtime for on-net calls and SMS. Depending on the price, some plans include an amount of free seconds or unbounded airtime for off net calls. Once the free seconds have been used, they can continue using the mobile service at a set price per second. They can also buy packs of additional megabytes to continue browsing Internet after they have consumed the megabytes included in the monthly fee. The charges for additional airtime, megabytes or multimedia contents, will be added to the next month&#146;s bill. The plans offer Personal digital invoicing, enabling subscribers to view, download and print their invoices from the web.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under post-paid plans, we also offer M2M plans, based on the &#147;<i>Internet of Things</i>&#148; (IoT) concept, which refers to the digital interconnection of everyday objects with the Internet, and are specially focused on customers of the business segment. These plans include solutions such as geolocation and fleet monitoring, refrigeration control, information security solutions, sales management solutions, and cloud solutions for information storage and protection, among others.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Abono Fijo</font></i>. Under the &#147;Abono Fijo&#148; plans, a subscriber pays a set monthly bill. Like in post-paid plans, most of these plans include a quota of megabytes for browsing in the Internet, unbounded airtime for on-net and off-net calls, SMS and a fixed amount of credit that can be used to buy packs or multimedia contents. Once the free seconds have been used or Internet quota has been met, the subscriber can obtain additional credit by recharging its line through the prepaid system. With this new credit, customers can buy packs of 100 MB, 500 MB or 1 GB to continue browsing Internet or packs of seconds for off net calls. The plans offer Personal digital invoicing, enabling subscribers to view, download and print their invoices from the web.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal&#146;s subscribers for the year ended December&nbsp;31, 2018 amounts to 18,316 thousand.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">New products and services. </font></i>In 2018, we continued boosting our strategy with a customer-centric approach based on the concept &#147;Internet para que todo suceda&#148; (Internet to make it all happen). This concept is based on Telecom&#146;s integrated mobile telephony and broadband services, which Telecom believes differentiates it from competitors, but also on the idea of internet as the most important source of communications in modern times.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal continued developing its international roaming retail offer with &#147;Pack Mundo,&#148; which applies in more than 45 destinations worldwide and offers unlimited WhatsApp and a volume of data for 30 days. The pack was launched on June&nbsp;1, 2018 and promoted during the FIFA 2018 World Cup tournament and was activated by more than 15,000 customers during its first month of operation. We will also strive to continue improving the coverage and speed of the network, with goal of obtaining LTE capacity in more than 75% of our sites. We continue to be pioneers in the mobile telephony industry, extending the unlimited WhatsApp offer in worldwide roaming, launching offers that give discounts for international calls to Paraguay, Bolivia and Peru and structuring a special internet services offer for people living in areas surrounding Argentina&#146;s border with Paraguay and Bolivia, which can be used in these countries without incurring additional roaming charges.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Club Personal, Telecom&#146;s free, nationwide loyalty program, Telecom offers customers discounts on third-party products (cinemas, restaurants, ice cream shops, theaters, among others) and points that can be redeemed for prizes. In 2018, we began consolidating Club Personal as our single loyalty program, with the aim of offering and communicating our convergence benefits in a unified way to all of our customers. In late 2018, we launched the Convergent Club Personal, through a new online application that allow clients of the Personal, Cablevisi&#243;n, Fibertel and Arnet brands to use the Club Personal program discounts. As part of our ongoing development of its customer service platform, we will strive to enter into new partnerships to enhance the catalog of discounts with nationally and internally recognized and entertainment venues.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, we continued our strategy of repositioning our brand Personal by hosting the annual Personal Fest, one of </font>the most important international music festivals in Buenos Aires.</p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Wholesale</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">International Business</font></i>. During 2018, we continued to strengthen our position in the international roaming services market, expanding 3G and 4G LTE agreements, in order to provide a better user&#146;s experience to our subscribers.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We entered into ten (10)&nbsp;GPRS, 30 3G and 25 LTE agreements during 2018, reaching an overall total of 410 commercial agreements of international roaming, which provide service in more than 180 countries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to improve the customer&#146;s roaming service experience, Telecom Argentina&#160; entered into a partnership agreement with Vodafone. In this context, we decided to conduct a comprehensive assessment of our wholesale roaming business unit, provided through Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This assessment compared Telecom Argentina&#146;s current level of roaming capabilities with Vodafone&#146;s best practice and highlight areas of focus to enable us to enhance the efficiency of our wholesale roaming business and to leverage roaming wholesale to deliver a superior customer experience to Telecom Argentina subscribers.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Domestic Business</font></i>. The main national wholesale revenues are composed by call termination in a&nbsp;mobile network (TLRD), calling party pays (CPP) charges, and to a lesser extent, national roaming sold to other operators in connection with the use of our network, as well as by leasing of infrastructure sites.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, we continued to strengthen our relationship with operators and telecommunication services providers, cooperative&#146;s federations, and clearing house services suppliers, renewing the existing contracts or entered into new ones.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also entered into new agreements with cooperatives for installing new cell sites in their local area with the purpose of achieving or improving the mobile coverage in their influence areas and in accordance with the Company&#146;s deployment plan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expanded agreements to contract resources and facilities of other operators (data links, interconnection resources, origination, termination, and transport minutes, conventional and non-conventional site leases and domestic roaming) that contributed to continue the mobile network development and its 4G evolution improving the offer to customers.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the second half of 2018, the ENACOM issued a new national wholesale interconnection regulatory framework applicable for mobile and fixed voice services. This regulation introduced changes to the local wholesale business model, cancelling the calling party pays (CPP) charge and replacing it with a new wholesale&nbsp;call termination called Mobile termination charge.&#160; See &#147;Item 4&#151;Information on the Company&#151;Regulatory and Legal Framework.&#148;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Network and Equipment</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In terms of infrastructure, during 2018 we continued to accompany and enhance the evolution of services with the deployment of the Personal 4G / LTE network, together with the technological reconversion of 2G / 3G networks, and the deployment of fiber optics to connect all homes with broadband. The deployment of 4G reaches 1,173 localities with coverage of 87% of the population of Argentina (98% of the population of capital cities). In addition, the deployment of 4G + services continued to advance throughout the country, thanks to the solution of Carrier Aggregation 4G (use of two simultaneous frequency bands). The tangible benefit that our customers perceive is a better service experience, with faster speeds that reach 100 Mbbps.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From the very beginning of this deployment, in the locations where 700 MHz Band is not interfered, Personal turned on simultaneously 700 MHz and 1,700/2,100 MHz Bands, which allows an optimal and efficient spectrum usage, through &#147;carrier aggregation&#148; functionality. Together with these actions, we continued increasing existent sites capacity, reassigning 2G spectrum and adding new spectrum obtained from the aforementioned public tender.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, we continued to increase the number of radio base stations connected with optical fiber and full IP protocol, allowing for the availability of needed broadband, in the present and for future services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, we can mention the startup of the new IMS platform (IP Multimedia Subsystem) functionalities, oriented to the convergence and evolution of services such as VoLTE (Voice over LTE), VoWifi (Voice over Wi-Fi), VoIP (Voice over IP),&nbsp;etc.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Competition</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The market for mobile telecommunications services in Argentina is characterized by intense competition. Operators are generally free from regulation to determine the pricing of services. There are currently three mobile operators offering nationwide service. These three operators are Telecom, Telef&#243;nica M&#243;viles Argentina and Am&#233;rica M&#243;vil. According to the statistics published by the ENACOM, the penetration of mobile service in Argentina has reached 141.9% of the population in 2015, 146.2% in 2016, 139.9% in 2017 and 132.9% in 2018. This information regarding penetration of mobile service is an estimate, based on demographic data from Argentina&#146;s 2010 national census as there are no official statistics published in Argentina, and only considers lines serviced by the three operators providing nationwide mobile telecommunications services (i.e., it does not include Nextel providing trunking telephony and other telecommunication services in Buenos Aires and cities in the interior).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, service providers in Argentina continued to make significant capital expenditures in new network </font>infrastructure for the enhancement and deployment of 3G and 4G technology, which allows for the higher transmission speeds required for Value Added Services such as data transfer, video calling and Internet browsing.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;5, 2016, the Ministry of Communications issued Resolution No.&nbsp;38/16 approving the new Regulation of Virtual Mobile Operators (&#147;VMO&#148;), thus </font>allowing the entrance of new competitors.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The acquisition and retention of high-value customers continues to be a key factor to our strategy, which is focused on maintaining customer&#146;s consumption through the launch of new products and services that enable retention of existing customers.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Nextel</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Nextel, we provide </font>Integrated Digital Enhanced Network (&#147;IDEN&#148;) telephony services to existing customers which enables us to offer &#147;push to talk&#148; technology to such mobile services customers. Prior to the Merger, Cablevisi&#243;n acquired Nextel to further its strategy of entering into the Argentine mobile market and expanding its mobile services. By combining its fiber optic network with Nextel&#146;s network, Telecom offers its customers fourth generation (4G) access, among other innovative mobile services.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, Nextel had a total of 252,337 customers, distributed between its push-to-talk over cellular (&#147;POC&#148;) and 4G access options. Beginning on January&nbsp;2018, Telecom began a campaign to migrate Nextel customers to the Personal brand. As of December&nbsp;31, 2018, Telecom completed 46,378 4G customer migrations, with the month of June&nbsp;2018 recording the highest number of migrated customers (approximately 10,600 customers) since start of the migration campaign.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Broadband Internet Services</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Broadband Internet access, often shortened to &#147;broadband,&#148; is high data rate Internet access. </font>Broadband can be delivered through three technologies: cable modem (HFC), ADSL, optic fiber (FTTC and FTTH) and wireless; cable Modem and ADSL being the most widely used. Telecom markets our ADSL/FTTH service through the Arnet brand and in partnership with other Internet services providers. Telecom markets our cable Modem and TV services through our Fibertel brand and in partnership with other Internet services providers. Telecom believes that, as a result of the Merger, will benefit from having access to the best network available in their respective region, irrespective of which company such network used to belong to.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, we made efforts to continue deploying FTTH network enabling more customers to access ultra-high internet velocity with speeds of 100MB and also upgrading the customer base average speed by migrating customers to its FTTC network (i.e., technologies that replace copper with fiber optics in different points of the transmission network). As of December&nbsp;31, 2018, the number of customers with FTTH or FTTC has grown 168% when compared to December&nbsp;31, 2017. Internet dial-up service represents a marginal percentage of our revenues. We continue to provide this service to a small market where broadband service is not available.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, we provide</font> data transmission and Internet services, including traditional Broadband,&nbsp;Internet dedicated lines, private networks, national and international video streaming, transportation of radio and TV signals and videoconferencing services. As of December&nbsp;31, 2018, we had approximately 4.09 million Broadband subscribers, representing a 1.1% increase as compared to 4.05 million subscribers as of December&nbsp;31, 2017.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to the access networks, our strategy aims to satisfy the rising broadband demand, mainly for downloading videos and multimedia content from the Internet. In this respect, we intend to continue the expansion of our access fiber optics infrastructure, using different modalities and technologies, which have been optimized based on the demand of the services provided and different geographic locations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to increase our Internet access base, we have acquired some IRUs on a submarine facility of Latin America Nautilus (LAN), which connects Argentina with the U.S. (Miami) in a submarine fiber optic ring. These rights, which last for 15 years, allow the interconnection of the IP backbone of us with IP Transit providers in Miami. We have also contracted international capacity under lease modality (IP Transit) in Buenos Aires to ensure better performance regarding regional traffic. In order to have a reliable service these IP Transit is provided by two capacity providers in a redundancy geographical path (Latin American Nautilus and Telxius Cable Argentina).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through our wholly owned subsidiary in the United States, Telecom Argentina USA, a corporation organized under the laws of the State of Delaware, we focus mainly on wholesale long-distance international traffic, video and data services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina USA, routes the majority of its wholesale traffic through its own switching capabilities. In 2018, Telecom Argentina USA, continued operating a Node of high-definition video in Miami, thus extending the Telecom video matrix to the international market.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fibertel</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that Fibertel is the broadband service that offers the best selection of speeds in the Argentine market in massive form and at competitive prices. </font>During 2018, progress was made in the search to maximize the quality of the service and thus improve the customer experience.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since the Merger and taking into account the network overlap between Fibertel and Arnet, the company adopted the concept of &#147;preferred network&#148; in order to improve the distribution and reach of the Internet service. Prior to the Merger, Cablevisi&#243;n offered high-speed cable modem access to the Internet through under the Fibertel brand since September&nbsp;1997. Through the Fibertel brand our Internet connectivity products are specially tailored for the needs of each residential or corporate user, and include specific solutions such as virtual private network services, traditional Internet protocol (&#147;IP&#148;) links and corporate products that offer additional services. Since 1997, we have consistently upgraded our network in order to increase the speed of its products. As of December&nbsp;31, 2018, our customers had an average access to networks of 21 megabytes.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2010, with the purpose of enhancing the development and innovation of corporate products, Cablevisi&#243;n created FiberCorp, which is a corporate business unit within Fibertel that provides telecommunication solutions to large, medium and small-size companies. FiberCorp has a wide communications network for the transportation of data, sound and video, which enables it to provide internet access, dynamic connections, symmetric access and IP video vigilance, among other services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through the Fibertel brand, we also provide high-speed Internet services in the AMBA Region, C&#243;rdoba, Rosario, Campana, R&#237;o Cuarto, Posadas, Salta, Olavarr&#237;a, Pergamino, Mar del Plata, Bah&#237;a Blanca, Santa Fe, among other cities in Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, we also offer international IP access through well-known global backbone providers.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Arnet</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to the Merger, Telecom provided residential Internet services under the brand name Arnet since 1998. We mainly offer this service in the major cities of Argentina. In recent years, Telecom&#146;s Internet service has experienced higher demand and usage in less populated areas of the country. The Internet services include Access and Arnet service.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company decided, in the fourth quarter of 2018, to discontinue the use of the trademark Arnet brand to market its broadband product. The clients that currently use this brand will be included under the Fibertel brand. This will simplify the brand portfolio by completing the product alignment and establishing a better and more direct communication with our customers. Fibertel will also bring these clients closer to accessing Flow.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Competition</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We face nationwide competition in the Internet service market in Argentina from Telef&#243;nica, Gigared, and Telecentro (providing a triple-play offer), among others. Our data services business faces competition from Telef&#243;nica, AMX Argentina (commercially known as Claro), and from several providers of niche data services such as Level 3 Argentina,&nbsp;IPlan and others.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cable Television Services</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Overview</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, our cable network passed through approximately 7.85&nbsp;million homes. We can deliver a two-way network with a bandwidth capacity of more than 750&nbsp;MHz to approximately 79% of the homes passed through our cable network and, in the AMBA Region, this percentage increases to 86%&nbsp;of the homes passed through our cable network. Through these networks, we offer additional revenue-generating services and products, such as premium services and pay-per-view, as well as high-speed data transmission and Internet access using two-way high-speed cable modems.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our Cable Television Networks and Operating Regions</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, our principal cable networks were located in the Buenos Aires Metropolitan Area, which includes the City of Buenos Aires and surrounding areas and which, together with the city of La Plata, form the &#147;AMBA Region.&#148; We also operated cable networks in other cities within the provinces of Buenos Aires, Santa Fe, Entre R&#237;os, C&#243;rdoba, Corrientes, Formosa, Misiones, Salta, Chaco, Neuqu&#233;n and R&#237;o Negro. As of December&nbsp;31, 2018, Telecom served approximately 3.6 million cable television customers, which were organized into four operational regions: the AMBA Region, the Province of Buenos Aires and Patagonia Region, the Central Region and the Litoral Region. As of December&nbsp;31, 2018, Telecom&#146;s cable network passed through approximately 7.8 million homes and extended to over approximately 55,000&nbsp;kilometers, and its interurban fiber optic network passed through approximately 10,000 kilometers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The AMBA Region includes cable systems deployed in the City of Buenos Aires and its surrounding metropolitan area. It is the region with the highest purchasing power in Argentina and is also the most densely populated. There are approximately 12.8 million inhabitants in the AMBA Region, representing approximately 33% of the total population of Argentina, according to the last census published by the INDEC.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Province of Buenos Aires and Patagonia Region consists of five sub-regions: La Plata, Neuqu&#233;n, Lincoln, Bah&#237;a Blanca and Mar del Plata, including 100 municipalities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Central Region includes cable systems located in the provinces of C&#243;rdoba, La Pampa and Salta, including the cities of C&#243;rdoba, R&#237;o Cuarto, Villa Maria, Santa Rosa, Salta and San Francisco.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Litoral Region includes cable systems located in the Northeast region of Argentina, including the cities of Rosario and Santa Fe, in the province of Santa Fe; Paran&#225;, in the province of Entre R&#237;os; Posadas, in the province of Misiones; Resistencia, in the province of Chaco, the city of Corrientes and other cities in the Province of Corrientes and the city of Formosa in the Province of Formosa.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Programming and Other Cable Television Services</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We&#160; invested significant resources to offer a wide variety of programming options in order to appeal to potential new subscribers and meet their needs. Our cable television services revenues are derived primarily from monthly subscription fees for cable service and high-speed Internet access. To a lesser extent, our cable television services revenues also derived from connection fees and advertising and from fees for premium and pay-per-view programming services, digital packages, DVR, HD packages, video-on-demand services (VOD) and magazine distribution.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to the Merger, Cablevisi&#243;n purchased basic and premium programming from more than 50 signal providers, including, among others, ESPN SUR S.A.,&nbsp;Imagen Digital S.A., HBO Latin America Group (&#147;HBO&#148;), Fox Latin America Channel S.R.L., LAPTV, Tele Red Imagen Sociedad An&#243;nima (&#147;TRISA&#148;), Pramer, Discovery Latin America (&#147;Discovery&#148;), as well as all broadcast television channels of Buenos Aires. The programming arrangements have an average duration of 24 to 36 months, and are primarily denominated in Pesos. The fees paid to signal providers under these arrangements are linked to the growth of Telecom&#146;s subscriber base and the fees it charges to its customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Premium Services</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our customers are given the option to acquire premium additional packages not included in the basic package by paying an additional fee. These packages and services include channels in addition to those included in the basic package, provide exclusive content, and divide such content by movie genres, adult programs and sports, or a combination of these categories. The monthly fees charged for premium services vary depending on the package subscribed to by the customer and the geographic and operational region in which we offered such service. Premium subscribers received a free digital box that enables them to access this service and gives them the option to choose pay-per-view programs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In July&nbsp;2017, Telecom launched the &#147;Football Pack&#148; as part of the Premium services package, which allows access to view all the matches of the Argentine Football Super League, as well as access to two new channels: Fox Sports Premium and TNT Sports, with exclusive broadcast 24 hours a day, every day of the week. As part of the promotional strategy, free access to the Football Pack was provided to our customers during the first three dates of the Super League.&#160; As of October&nbsp;27, 2017, customers had to formally subscribe to the pack by paying a monthly fee of Ps. 300. As of December&nbsp;31, 2018, we have 659,457 active subscribers to the Football Pack. Coverage of matches involving foreign football leagues abroad or of the Argentine national team continued to receive their normal transmission and were not affected by the launching of the Football Pack, which includes only the matches of the Argentine First Division Super League.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Basic Digital Service</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We offer the digital service in the AMBA Region and in the most important cities of Argentina in terms of size and wealth (such as C&#243;rdoba, Rosario, Santa Fe, among others). This service gives subscribers the option to increase the number of channels offered and includes an onscreen programming guide.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We offer a package called the &#147;Basic Digital Pack.&#148; Through this package, our customers received a wide range of channels, including informative news reporting, sports coverage and entertainment television. They also received more than 50 additional audio channels, which gave Telecom&#146;s customers access to local radio stations, as well as to opera, rock, tango and salsa music, among other options.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">HD Services</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We offered high definition versions of our Basic HD and our Premium HD Packages, such as Cablevisi&#243;n Max HD, in locations where the required technology to broadcast this format has been deployed. This programming package included a large variety of genres such as sports, movies, series, documentaries and music, with high resolution and better image quality. Moreover, this offer also included open air channels under an HD format.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through our HD platform, we broadcasted events using 3D technology for subscribers of the Premium HD service program that have the necessary equipment for this type of technology. In addition, since 2012, we offered our HD customers a new VOD service that enabled them to purchase programs or packages offered through an onscreen programming guide, with access to certain free services. The VOD programming services enabled Cablevisi&#243;n, and following the Merger, Telecom to offer our customers interactive audiovisual content without time constraints. Such VOD programming included channels such as Wobi TV, HBO, Discovery and ARTEAR.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Over The Top Services</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to provide customers the best experience while still providing the best access to its content, in November&nbsp;2016 Cablevisi&#243;n launched a digital platform that integrates television channels with On demand content known as &#147;Flow&#148; that enabled it to distribute its contents through an IP structure coupled with digital television quadrature amplitude modulation, which included adequate security measures. Flow enabled Cablevisi&#243;n&#146;s (and following the Merger, Telecom&#146;s) clients to use new modern functions such as lineal streaming, reverse electronic program guide, the possibility to &#147;start over&#148; a program, access to &#147;video on demand&#148; contents and &#147;cloud DVR&#148; (which permits subscribers to save content in the providers database instead of in the subscribers digital recorder). These new functions were provided through a new subscribers interface coupled with new search systems and advanced recommendations tailored to each subscriber, and could be accessed through different devices (such as tablets, smartphones, smart TVs, among others).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We offered to some of our clients under the Personal brand the possibility to watch the games of the Argentine soccer team at the Russia 2018 Soccer World Cup without charging them for the data consumption.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Competition</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to cable television transmission, we faced competition from other cable television operators and providers of other television services, including direct broadcasting, satellite and wireless transmission services. As a result of the non-exclusive nature of our licenses, our cable systems frequently have been overbuilt by one or more competing cable networks; in addition to the satellite television service that is also available. Free broadcasting services are currently available in Argentina. In the AMBA Region, these services primarily include four privately-owned channels and their local affiliates, and one state-owned national public television network. In addition, the Argentine government has distributed digital boxes to certain sectors of the population that provide free access to certain channels in connection with the Argentine Terrestrial Digital Television System.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paid television industry is highly fragmented, and our largest competitor is Telecentro S.A., which is focused in the AMBA Region, and DirecTV Argentina S.A. (&#147;DirecTV&#148;) (satellite television), present throughout the entire country. Telecom also considers Over-The-Top internet video system providers such as Netflix and On Video as competitors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among paid television systems, competition is driven primarily by:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>price;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>programming services offered;</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>customer satisfaction; and</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>quality of the system.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Subsidiaries in Paraguay and Uruguay</font></i></b></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Paraguay</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We provide nationwide mobile telecommunication services in Paraguay through our subsidiary, N&#250;cleo, under the &#147;Personal&#148; trademark. Telecom holds 67.5% of the capital stock of N&#250;cleo and the remaining 32.5% is held by ABC Telecomunicaciones S.A., a Paraguayan corporation. N&#250;cleo was granted licenses to provide commercial mobile services,&nbsp;Internet access and videoconference and data transmission services in Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CLIENTE+ was launched in 2017 to provide our customers with an exclusive benefits platform that rewards customers who use all the products offered by Personal: Telephony, TV, Billetera Personal and Club Personal. The purpose is to engage more customers as users of all our products and services and provide benefits for choosing us, thus boosting the positioning of a multi-product company through which we can offer communication and connectivity integrated solutions to our customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Mobile subscribers in the Mobile Telecommunication Services in Paraguay amounted to 2.4 million and 2.5 million as of December&nbsp;31, 2018 and 2017, respectively.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo implemented several customer management modules, among them, &#147;<i>Front de Informes</i>,&#148; &#147;<i>Condiciones Comerciales</i>,&#148; &#147;<i>Portabilidad Num&#233;rica&#148; </i>and<i> &#147;Promociones</i>.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, within the framework of technological upgrading, N&#250;cleo implemented the databases of the modules &#147;<i>Registradores de Tr&#225;fico</i>,&#148; &#147;<i>Roaming Inbound</i>&#148; and &#147;<i>Tasadores/Retasadores de Llamadas y SMS</i>&#148; in the new Production environments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WebVAS (Web and Value-Added Services): N&#250;cleo achieved the development of interfaces that facilitate the operation of Points of Sale and Trigger Points, highlighting the improvement of several customer-focused services.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Network and Equipment</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In September&nbsp;2017, CONATEL began the public consultation process for the auction of 700 MHz spectrum bands.&#160; The final bidding terms were launched on October&nbsp;30, 2017 and, in December&nbsp;2017, N&#250;cleo was selected as one of the prequalified bidders.&#160; The process ended on January&nbsp;4, 2018, with the simultaneous ascending price auction of 7 sub bands of 5 + 5 MHz each. N&#250;cleo was awarded two of them for US$ 12 million (public consultation process denominated in US$) per sub band subject to compliance with certain conditions provided by CONATEL&#146;s resolution. On March&nbsp;6, 2018, CONATEL notified N&#250;cleo Resolution No.&nbsp;375/2018 through which H-H&#146; and I-I&#180; sub bands included in 700 MHz spectrum bands were assigned to N&#250;cleo. The license is for five years that can be renewed with a payment of a 3% of the total investment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;2017, N&#250;cleo requested the renewal of its two main licenses, STM and PCS, whose maturity dates were on October&nbsp;22, 2017. Prior to their expiration, CONATEL issued, pursuant to the telecommunications law, resolutions of precarious extensions for an extendable term of 90 days. On March&nbsp;20, 2018, through resolutions of N&#250;cleo S.A.E.&#146;s Board of Directors 457/2018 and 458/2018, CONATEL renewed the aforementioned licenses for a period of 5 years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2018, N&#250;cleo has commenced the deployment of a fixed network Fiber To The Home (&#147;FTTH&#148;) approved for Internet services in a first stage (</font>increasing the speed offered) and for TV in a second stage. The product generated great opportunities in the corporate segment.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Competition</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Currently, there are four participants in the mobile telecommunications services market in Paraguay. As of March&nbsp;31, 2018, N&#250;cleo&#146;s main competitor was Tigo (a Millicom International Cellular subsidiary). The operators provide services using 2G, 3G and 4G technology. The Paraguayan market is highly competitive. Tigo holds a </font>significant market share in terms of revenues.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Uruguay</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Overview</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom provides management and administration services to companies that render cable TV services in Uruguay under the brand Cablevisi&#243;n through the company Telem&#225;s S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, Cablevisi&#243;n had approximately 143,500 subscribers in Uruguay and is present in the departments and locations mentioned below providing cable TV services under different technological platforms.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Network and Equipment</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Southern Area</font></u>: <u>UHF (Ultra High Frequency) and DTH (Direct To Home) Platform</u>: Montevideo and the metropolitan area comprising Ciudad del Plata (department of San Jos&#233;) and different locations in the department of Canelones.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is conducting a migration process of its customers in the Southern Area from the UHF platform to the satellite platform, as provided by Decree No.&nbsp;387/017. On July&nbsp;11, 2019, the Company must return the UHF frequencies. For that purpose, it has to migrate 100% of its UHF customers to free up the spectrum.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This evolution towards the satellite product, together with the platform FLOW, which allows customers to enjoy the programming grid and on demand contents from any device, is another step forward that places our Cablevisi&#243;n trademark at the forefront of the industry and strengthens its leadership in Montevideo and different areas in Canelones and San Jos&#233;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Departments: </font></u>Cable and DTH Platform: In the capital cities of the departments of Artigas, Salto, Paysand&#250;, Rivera and Tacuaremb&#243;, and in the city of Paso de los Toros (department of Tacuaremb&#243;) the Company renders cable TV services. In rural areas and in some locations of those departments, services are rendered via the satellite platform (DTH).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Strategic Agreement</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the agreement signed between Antel and Telecom Argentina, starting December&nbsp;21, 2018 customers will no longer be charged for the roaming service between Uruguay and Argentina. Therefore, the contractual mobile telephony customers of Antel can now use mobile services without paying additional charges when they travel to Argentina. The agreement includes voice calls, data and text messages.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe this agreement will contribute to the development of tourism and to the strengthening of the bonds of brotherhood between both countries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Competition</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The TV market in Uruguay has approximately 735 thousand subscribers. DirecTv Uruguay holds a 28% share in that market after Cablevisi&#243;n Uruguay, which holds a 19% share, and the rest is divided among different local distributors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The market showed a downward trend, marked by the increase of online entertainment alternatives. During the first half of 2018, the market experienced an increase, mainly driven by DirecTV Uruguay and its broadcast of the 2018 FIFA World Cup Russia through its online platform.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A key factor is the strengthening of the US dollar, with the consequent depreciation of the local currency that ends up affecting the consumption decisions of households and a more pessimistic consumption level.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Corporate Customer Services</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The large customer segment includes leading companies in the Argentine market as well as the national government, provincial governments and municipalities. These customers demand cutting-edge technology and solutions tailored to their needs, including voice, data,&nbsp;Internet and Value Added Services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In response to the constant changes demanded by the market, we maintained our strategy to position ourselves as the integrated provider for large customers through the offer of convergence of ICT solutions, including fixed and mobile voice, data,&nbsp;Internet, Multimedia,&nbsp;ICT, datacenter and application services through sales, consulting, management and specialized and targeted post-sale customer services.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The data services business includes nationwide data transmission services, virtual private networks, symmetric Internet access, national and international signal transport and videoconferencing services. These services are provided mainly to corporations and governmental agencies. We also provide certain Value Added Services, including electronic standard documents telecommunication software exchange and fax storage and delivery service. The data services business also includes the lease of networks to other providers, telecommunications consulting services, operation and maintenance of telecommunications systems, supply of telecommunications equipment and provision of related services. Corporate data transmission services are mainly Ethernet and IP services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, we maintained our efforts in ICT solutions and the sale of data services and dedicated Internet accesses. This strategy is supported by the world class multi-site network of datacenters focused on communications, with over 7,000 square meters used to keep computer technology services throughout Argentina. Through this infrastructure, we offer a broad services portfolio including dedicated hosting and housing, connectivity, cloud services which enable our customers to optimize their costs by increasing the security of their information and avoiding hardware and software obsolescence issues. All the services are provided with support, security, connectivity and the ability to engage further management, professional, monitoring, storage and backup services.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, we continued making additional investments at the major datacenter in the city of Pacheco, province of Buenos Aires consolidating its position as leader in the market and enhancing the level of services supplied. Such investments will enable us to support business growth in the next few years with the highest market standards.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main solutions and businesses developed for corporate customers in recent years and which continued during the year ended December&nbsp;31, 2018 included, among others:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Expansion of the truncated digital communications system for the Autonomous City of Buenos Aires Police force, the Emergency Medical Care System, and the subways.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>IP connectivity services, installation of dark fiber for broadcast, Network Security Services and Datacenter for the 2019 Youth Olympic Games.</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Extension and renegotiation of 911 systems for public safety management.</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A datacenter solution in alliance with Oracle to optimize operations for a supply chain management company.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Launch of the solution &#147;connected-car&#148; in association with Chevrolet, integrating the Jasper service. Jasper is a platform for the administration of IoT services which allows both us and the client to configure the accounts, to create automation rules, and to generate reports in order to measure traffic volume, among other variables.</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Implementation of unified communications, networking, collaboration and firewall solutions, with CISCO technology, for an insurance company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Information Technology Strategy</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among the highlights of the year 2018 for this item we can mention:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Convergent Business</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font> We implemented and unified intio a single contact center platform the different client-to-provider contact channels (including telephone, face-to-face contacts, social networks (Twitter, Facebook) and Multimedia (chat, email)). Services provided to our Personal clients will tentatively be incorporated to this platform during 2019.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font> We implemented a real-time decision platform to execute a personalized and thoughtful customer service, giving clients a unique, differential and 100% personalized support.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font> We developed the internal management systems to provide the convergent sale of 3Play and 4Play services.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font> We adapted all of our management systems to merge information from different sources into Telecom Argentina, besides presenting the information of the different systems in a unified way.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">60<a name="PB_60_110100_4835"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate systems</font></u></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font> We created a new push-to-talk service for our former Nextel clients that are migrated to Personal. This solution is already available for our clients and we started the migration process.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font> As part of a transformational program 4UP of administrative processes and tools, we implemented &#147;Central Finance&#148; of S4 HANA SAP. The functionalities of &#147;Central Payment&#148; and &#147;Credict Management&#148; were also implemented.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New Operating Model</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The merger between Telecom Argentina and Cablevisi&#243;n required a review of the operating models of both companies and the creation of a new operating model that would allow us to capture efficiencies in the back-office processes and maximize economies of scale and synergies. These efficiencies may be achieved by operating with cross-cutting and integrated processes that facilitate coordination among the areas.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Merger requires the integration of the ERP systems of each company. To this end, we decided to implement the SAP S/4 Hana solution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In August&nbsp;2018, SAP Central Finance and Central Payments were implemented, which allowed us to consolidate the accounting records of the merged companies and to generate centralized payments.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018 and until February&nbsp;2019, we continually monitored the performance of the operational models. More than 100 new processes were developed based on good practices and a transformation roadmap was created to accelerate post-Merger value capture and to be used as a key vehicle to achieve the cultural transformation of the merged companies. The roadmap also provides for the expeditious implementation of the future technological solution and the modules within scope. Our goal is to fully implement the roadmap by 2020.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Technical systems and operational support</font></u></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font> We launched the OSS Program, to give a vision and an integral follow-up to all the technical projects that will be key to achieve the transformation of the technical operation</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font> We also implemented the FlowOne project, which included the technological update of the Personal Provisioners, allowing the integration between the OM of FAN and the Mobile Network. This new platform has High Availability (HA) on site and geographical contingency (DRP).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">FAN</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In late 2016, Telecom began to upgrade its management platforms through a digitalization and Omnichannel approach. Through the #Fan program, we implemented a comprehensive refurbishment of the platforms that we rely on to manage our customer relationships, including the delivery, charging, billing and collections methods, integrating different cloud and &#147;on premise&#148; frameworks in line with the global process towards the convergence of products and services within our industry. We consider these initiatives a critical step towards the strategic transformation in our business management that will help us prioritize our customer relationships.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main drivers of the #Fan program are achieving a better customer experience by ensuring a single vision of the customer, simplifying commercial processes and increasing operating efficiency. This is expected to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Improve customer care quality and ensure the synchronized management of all of our contact points: in-person, telephone and Internet, in a coherent and coordinated manner.</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Increase issue resolutions on the first customer contact and accelerating time-to-market.</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ensure time management efficiency: faster assistance as a result of simpler operating systems.</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Maximize the benefits of the digitalization and Omnichannel approach: Introducing more self-management options, as a result of simpler management platforms and more flexible services.</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Provide greater accessibility and transparency in the information available through multi-device and multiplatform access.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">61<a name="PB_61_110313_8247"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ensure the alignment of our services with customer profiles, streamline and reduce billing cycles, set maturity dates and reduce collection periods.</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Generate a unified, clear and simple billing for all the products and services we offer, as well as those managed by third parties.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Following the consummation of the Merger, we are working on incorporating Cablevisi&#243;n&#146;s products into the #Fan program&#146;s framework.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017 the Discovery stage of each module (CRM/OM and CBS) was completed and we started developing a mixed model (Agile and Waterfall).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, the Convergent Billing System platform was implemented for completion of Charging, Billing and Collection cycle, and the implementation of CRM-OM (Relationship and Orchestration) of prepaid services for &#147;friendly users&#148; has begun.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is estimated that in the second half of 2019 will take place the Go Live Mobile (Postpaid) and the beginning of Customers migration. Also, during 2019 the Discovery of Quadplay phase will began.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Datacenter</font></u></i></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among the highlights of the year 2018 for this item we can mention:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Open system technological update:</i> HW was migrated to the latest version of the market, which made it possible to lower the number of incidents by more than 60% and increase system availability by more than 8%. Additionally, achieve batch processing times markedly superior to those obtained with the old HW.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:32.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This update allowed adding new users to the system as a result of convergence (more than 800 users) without any impact on the service&#146;s performance.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In addition to these infrastructure enhancement actions, the Legacy Stabilization Program (PEL) was implemented, which together with the aforementioned actions collaborated in maximizing the availability and performance of the critical services that support the business. The PEL program worked on the stabilization and assurance of the operation of the critical applications of the mobile, video, broadband and fixed telephony services, improving all the KPIs established in conjunction with the business.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Storage Consolidation: During 2018 we worked constantly in the consolidation of the critical storages, with really positive results in terms of storage capacity, consumption, consolidation, occupation of spaces.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shutting down Legacies: The different actions of enhacement, virtualization plus the constant search for operational efficiency gave the possibility of shutting down, disconnecting and uninstalling more than 700 servers (productive and non-productive).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Network Architecture</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our network&#146;s trunk or backbone portion in the AMBA Region consists entirely of fiber optic cable.&#160; We built a fiber optic cable ring around the City of Buenos Aires that provides network redundancy (which helps ensure network availability in the event of a network device or path failure resulting in unavailability) and improves overall network reliability.&#160; We have deployed a similar fiber optic network architecture in C&#243;rdoba and Salta, in the Central Region, and in the cities of Santa Fe, Paran&#225; and Rosario in the Litoral Region.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cable television and data signals are transmitted from the main headend&#151;the control center of the cable system, where incoming signals are amplified, converted, processed and combined for transmission to the customer&#151;to the hubs that provide services to specific areas. Each hub concentrates and transmits the cable television and data signals it receives via fiber optic cable to optical nodes. At each node the signals are converted from optic to electric codes and are then re-transmitted via coaxial cable to a distribution node. From there, the signal is transmitted to the subscriber&#146;s domicile along a coaxial or &#147;drop&#148; cable.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our cable networks outside of the areas described above are built with coaxial cable architecture.&#160; We intend to continue extending the fiber optic cable and other technological improvements that currently exist in the AMBA Region and the main cities of the other three regions, such as hybrid fiber coaxil technology, to other operational cities within such regions as part of its long-term plan to expand and improve its network capacity.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sales and Marketing</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s marketing strategy focuses on subscribers that receive only one of its main services to cross sell its fixed and mobile telecommunications services, cable television services and broadband services packages, to offer innovative services to its existing customers, and to upgrade existing broadband customers to higher speeds. An increase in the number of subscribers who received all of Telecom&#146;s fixed and mobile telecommunications, cable television and broadband services, together with an increase in the numbers of services provided to its existing subscribers is expected to result in an increased ARPU.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom relied on various marketing tools, including promotions, customer service centers, communication of company news, and dissemination of institutional and programming information through its websites.&#160; Telecom advertised in graphic media and on its own broadcast advertising spaces.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s marketing activities included:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>advertising on television, radio, newspapers, billboards on the streets and local programming channels offered to customers;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>personal visits to current and potential customers;</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>telemarketing directed to potential and former customers, as well as current customers who have not subscribed to any premium services;</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>mailing information and special promotional material to current and potential customers; and</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>special events for Telecom&#146;s customers, some of which are sponsored jointly with programming providers.</p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Customer Support</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s customer service operations related to cable television services are provided through a unified center (the &#147;Contact Center&#148;) available 24 hours a day and 365 days a year.&#160; Telecom&#146;s cable television services customers can contact the Contact Center by phone, e-mail and chat through its website, as well as through social media such as Twitter and Facebook. Accessibility through social media is particularly important in Latin American countries and especially in Argentina, which shows a high degree of social media penetration.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s customer service operations related to mobile telephony services include specialized call centers and approximately 4,600 customer service representatives consisting of in-house and third-party personnel. By calling the customer service hotline, mobile telephony customers can make inquiries about their accounts.&#160; Our model of care includes a special telephone channel for high-value customers (&#147;Black&#148; and &#147;Business&#148; accounts). In line with current market demands, we also provide the option for account self-management through special online portals, therefore simplifying the procedure and providing our customers with alternatives.&#160; Access to these online portals includes processes for validating customer identities and analyzing behavioral patterns to anticipate their needs.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beginning in 2017, Telecom has special customer service programs specifically tailored to the convergent solutions we provide.</font> We implemented and unified in a single contact center platform the different client-to-provider contact channels (including telephone, face-to-face contacts, social networks (Twitter, Facebook) and Multimedia (chat, email)). Services provided to our Personal clients will tentatively be incorporated to this platform during 2019. We implemented a real-time decision platform to deliver personalized customer service.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Telecom also offers a paperless option for invoices and other customer service processes, replacing them with free digital invoices.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s customer satisfaction indexes have been maintained above its goal of 85%, based on top two box methods, confirming the excellence of the services provided. Telecom believes that its attention to customer service differentiates it from its competitors and is rewarded with customer loyalty.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Billing and Subscriber Management</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to fixed telephony services, Telecom distributes a monthly invoice to subscribers. These invoices include a base monthly charge, as well as measured service charge which is based on telephone usage. Measured service is billed at the price per unit of time. Charges for local and domestic long-distance measured service vary with the price per unit of usage. The number of units of usage depends on the time of day, the day of the week, the distance and the duration of calls. In order to compete with other market participants, Telecom offers discounts to customers mainly for domestic long-distance service as semi-flat rate plans that include a set quantity of minutes for a fixed charge. Additionally, due to the applicable regulatory regime, Telecom is required to offer discounts to certain segments of its subscribers, including retired individuals and low-income residential customers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to mobile telephony services, Telecom offers flexible pricing and invoice options, including pre-paid, post-paid and mixed (&#147;<i>Abono Fijo</i>&#148;) plans.&#160; Under pre-paid plans, subscribers pay in advance for their services, using pre-paid credit that can be purchased through prepaid cards or virtual credit on our website, by phone, at ATMs and drugstores, or through authorized agents. Under post-paid plans, a subscriber pays a monthly fee, plus charges for additional services not included in its plan. Under the Abono Fijo plans, we distribute a monthly invoice to subscribers. Like in post-paid plans, Abono Fijo plans include a quota of megabytes for browsing the internet, unbounded airtime for on-net and off-net calls, SMS and a fixed amount of credit that can be used to buy packs or multimedia contents. Once the free seconds have been used or applicable internet quota has been met, the subscriber can obtain additional credit by purchasing credit through the pre-paid system.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to broadband and cable television services, Telecom&#146;s standard billing practice was to distribute monthly invoices to its subscriber in advance and, in the case of cable television services subscribers, together with the monthly programming guide. Monthly fees charged for services vary depending on the subscriber&#146;s specific package and, in certain instances, on the geographic and operational region in which Telecom offered such service.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A majority of Telecom&#146;s fixed and mobile telephony, cable television and broadband subscribers paid their monthly invoices by automatic credit card or bank account debits. Telecom&#146;s subscribers could also pay their invoices in person, personally at local banks or through external collection agents. Telecom pays a commission to external collection agents.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disconnection policies with respect to the non-payment of services vary depending on the specific type of services:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to mobile telephony services, subscribers are disconnected after a 150-day period of non-payment and delivery of a notice of disconnection;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to fixed telephony services, subscribers are disconnected after a 180-day period of non-payment and delivery of a notice of disconnection;</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to cable television services, subscribers are disconnected after a three-month period of non-payment and delivery of a notice of disconnection; and</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to broadband services, subscribers are disconnected after a two-month period of non-payment and delivery of a notice of disconnection.</p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management of Churn</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Churn refers to the termination of a mobile telephony, cable television or broadband services customer&#146;s account. The churn rate is determined by calculating the total number of disconnected customers of each of our mobile telephony, cable television and broadband services over a given period as a percentage of the initial number of customers for such services as of the beginning of the applicable measurement period. Because most of our mobile telephony services are provided under the Personal trademark, historical average monthly churn rates for mobile telephony services customers, included in this Annual Report for comparative purposes, reflect Telecom&#146;s operations prior to the consummation of the Merger</font>. To reduce losses associated with churn, Telecom seeks to enforce a strict disconnection policy. See &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Key Business Measures&#151;Churn Rate.&#148;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REGULATORY AND LEGAL FRAMEWORK</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REGULATORY FRAMEWORK</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Regulatory Authority</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The activities of the Company that provides Information and Communication Technologies Services (&#147;ICT&#148;) are regulated by a set of rules&nbsp;and regulations that comprise the regulatory framework of the telecommunication sector.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until the issuance of the LAD, which was published in the Official Gazette on December&nbsp;19, 2014 and has been in force since its publication, the telecommunication services provided by Telecom Argentina and its domestic subsidiaries were regulated by the CNC, a decentralized agency within the scope of the SC, which was also under the scope of the Ministry of Federal Planning, Public Investment and Services. (See &#147;&#151;Law No.&nbsp;27,078&#151;Argentine Digital Law&#148; below). Subsequently, through the LAD it was created the Federal Authority of Information and Communication Technologies (&#147;AFTIC&#148;), as a decentralized and autonomous agency within the scope of the National Executive Power (PEN), which would act as the regulatory authority of the LAD and would replace, for all purposes, of the SC and the CNC.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The LAD conferred the AFTIC the regulation, control, supervision and verification functions concerning Information and Communication Technologies (&#147;ICT&#148;) in general, and in particular of the telecommunications, postal service and all those matters integrated to its field in accordance with the provisions of the LAD.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In relation to the exploitation of subscription broadcasting services by physical and/or radioelectric link that were originally awarded under the regime established by Law No.&nbsp;22,285, the COMFER was the enforcement authority established by that law. Under Law No.&nbsp;22,285, subscription broadcasting companies in Argentina required a non-exclusive license from the COMFER in order to operate. Other approvals were also required, including, for some services, authorization by municipal agencies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audiovisual communication services Law (Law No.&nbsp;26,522, &#147;LSCA&#148;) was passed and enacted on October&nbsp;10, 2009. Law No.&nbsp;26,522 provided for the replacement of the COMFER with the Audiovisual Communication Services Law Federal Enforcement Authority (&#147;AFSCA&#148;) as a decentralized and autarchic agency under the jurisdiction of the National Executive Branch, and vests the new agency with authority to enforce the law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By the end of December&nbsp;2015, the PEN issued the Decree of Need and Urgency (&#147;<i>Decreto de Necesidad y Urgencia&#148;</i> or hereinafter the &#147;DNU&#148;) No.&nbsp;267/15 </font>(&#147;DNU 267/15&#148; published in the Official Gazette on January&nbsp;4, 2016). The DNU substantially amends Laws LSCA and LAD and also creates the ENACOM as a new regulatory authority of those laws. The ENACOM replaces the AFTIC and AFSCA. This new Authority acts as an autonomous agency within the scope of the Ministry of Communications.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsequently, and from Decree No.&nbsp;632 of August&nbsp;11, 2017 the ENACOM was within the scope of the Ministry of Modernization. On September&nbsp;5, 2018, the PEN issued Decrees No.&nbsp;801 and 802 through which the Law on Ministries was modified again and the organizational structure of the Public Administration, and it is established that the Ministry of the Chief of the Cabinet replaces of the Ministry of Modernization and the ENACOM continues within the scope. </font>In addition, the Government created the office of Secretary of Modernization, who will act as Deputy Chief of Cabinet to assist the Chief of the Cabinet of Ministers in the establishment of cross-cutting modernization policies for the administration of the National Government.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo, with operations in the Republic of Paraguay, is supervised by the CONATEL, the National Communications Commission of Paraguay and N&#250;cleo&#180;s subsidiary Personal Env&#237;os is supervised by the Banco Central de la Rep&#250;blica del Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom USA, Telecom Argentina&#146;s subsidiary in the United States, is supervised by the Federal Communications Commission (the &#147;FCC&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adesol is a subsidiary of the Company organized in the Oriental Republic of Uruguay, which is a related party of Bersabel S.A. and Satelital Visi&#243;n S.A., two licensees that provide subscription broadcasting services in such country and are subject to the control of the Communication Services Regulatory Unit (&#147;URSEC&#148;).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Licenses granted to Telecom Argentina</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina holds a non-expiring Unique Argentine Digital License (<i>Licencia &#218;nica Argentina Digital</i>) over which the following telecommunications services are registered:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Local fixed telephony;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Public telephony;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Domestic and international long-distance telephony;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Domestic and international point-to-point link services;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Value Added Services (VAS);</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Data transmission;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Videoconferencing;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Transportation of audio and video signals;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Internet access;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mobile telecommunication services (STM);</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mobile radio communication services (SRMC);</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>PCS and SCMA services. These services are also denominated Mobile Advanced Communications Services (SCM);</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Radio Electric Trunking Service (SRCE); and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subscription Broadcasting Service by physical and / or radioelectric link</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>SRCE (<i>Servicio Radioel&#233;ctrico de Concentraci&#243;n de Enlaces</i>): Radioelectric Service of Concentration of Links.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Licenses for the provision of SCM services were originally granted to Personal and were transferred to Telecom since the Reorganization according to the terms of the ENACOM Resolution 4545-E/2017.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SRCE licenses and authorizations were transferred to the Company, within the framework of the merger with Cablevisi&#243;n, pursuant to the terms of Resolution ENACOM 5644-E/2017 (see point f.).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registry for the provision of Physical and/or Radioelectric Link Subscription Broadcasting and their respective area authorizations were transferred to the Company within the framework of the merger with pursuant to the terms of Resolution ENACOM 5644-E/2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">To Telecom Argentina&#146;s subsidiaries</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>N&#250;cleo has been granted a license to provide mobile telecommunication services (STM and PCS) throughout Paraguay. In addition, N&#250;cleo has been granted a license for the installation and provision of Internet and Data throughout Paraguay. All these licenses have been granted for renewable five-year periods. See &#147;N&#250;cleo&#180;s Network and Equipment&#148;, regarding the auction process for 700 MHz band spectrum in Paraguay.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Personal Env&#237;os, a company controlled by N&#250;cleo, was authorized by the Central Bank of Paraguay to operate as an Electronic Payment Company (EMPE) through Resolution No.&nbsp;6 issued on March&nbsp;30, 2015, and its corporate purpose is restricted to such service.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Tuves Paraguay is a Paraguayan company controlled by N&#250;cleo has a license for the provision of telecommunications services and also the distribution of digital audio and television signals to homes, for the term of five years. The license was granted in March&nbsp;2010 and renewed in March&nbsp;2015 for a term of five years.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registrations and authorizations to use the spectrum that are now held by Telecom as a result of corporate reorganizations and merger by absortion of Cablevision:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Personal:</p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;24, 2017, Telecom Argentina and Personal were served with ENACOM Resolution No.&nbsp;4,545-E/2017, whereby that agency decided:</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;to authorize Telecom Personal to transfer in favor of Telecom Argentina the registrations of Mobile Telephone Services, Cellular Mobile Radiocommunications Services; Personal Communications Services Area I,&nbsp;II,&nbsp;III, and Mobile Advanced Communications Services, as well as the resources, permits and frequencies granted in its name;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;to revoke the licenses granted to Personal to render Data Transmission, Value Added and National and International Long-Distance Telephone Services; and</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;to authorize the transaction reported by Telecom whereby the controlling companies Sofora Telecomunicaciones S.A. and Nortel Inversora S.A. are dissolved without liquidation pursuant to the Bidding Terms and Conditions approved under Decree No.&nbsp;62/1990.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n:</p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;22, 2017, Telecom Argentina and Cablevisi&#243;n S.A. were served with ENACOM Resolution No.&nbsp;5,644-E/2017, whereby that agency decided, among other things, to authorize Cablevisi&#243;n S.A. to transfer in favor of Telecom Argentina:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Registration of physical and/or radioelectric link broadcasting services, including the permits/frequencies required to provide radioelectric link broadcasting services, as well as the area authorizations to provide those services (via physical and radioelectric link), which may operate in Area II, defined as provided under Decree No.&nbsp;1,461/93, as amended, and the city of Rosario, Province of Santa Fe, and the city of C&#243;rdoba, Province of C&#243;rdoba, as from January&nbsp;1, 2018, as provided under Section&nbsp;5 of Decree No.&nbsp;1,340/2016, and in the rest of the areas authorized on the dates and in the modalities provided;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The SRCE; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The authorizations and permits to use frequencies and allocations of numbering and sign-posting resources to provide the above-mentioned services held by Cablevisi&#243;n S.A., pursuant to effective regulations, and the agreement executed by Nextel on April&nbsp;12, 2017 (IF-2017-08818737-APN-ENACOM#MCO), whereby Telecom Argentina, in its capacity as absorbing company of Cablevisi&#243;n S.A., shall, within a term of two years as from the date on which the merger is approved by the CNDC and the ENACOM or any agency that may substitute them in the future, return the radioelectric spectrum that exceeds the limit set under Section&nbsp;5 of Resolution No.&nbsp;171-E/17 issued by the Ministry of Communications and/or any regulation that may repeal it in the future. To those effects, the Company shall file with the ENACOM, no later than one year in advance upon the expiration of the two-year term, a proposal to conform to that limit. The ENACOM may accept the proposal, reject it and/or request a new filing with any changes it may deem appropriate.</p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, through that Resolution, the ENACOM authorized the change of corporate control, pursuant to Section&nbsp;33 of the GCL, in Telecom Argentina once the merger became effective and the shareholders agreement dated July&nbsp;7, 2017 became effective in its entirety, as a result of which CVH became the controlling company of Telecom Argentina as surviving company of Cablevisi&#243;n.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such Resolution approved:</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law of audiovisual communications</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The relinquishment of the services registrations that are currently non-operative that had been requested by Cablevisi&#243;n S.A. (People Notice service, Community Repeater, Public Telephony, Location of Vehicles and Alarm by radioelectric link and by Telecom (Community Repeater); and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The revocation of the licenses and registrations granted to Cablevisi&#243;n S.A., now held by&#160;&#160; Telecom.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Resolution provides that:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Telecom shall comply with Section&nbsp;95 of Law No.&nbsp;27,078, which provides for the conditions under which it may operate the physical and/or radioelectric link subscription television service, transcribed below:</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company shall create a business unit to provide the audiovisual communication service and manage it separately from the public utility business unit;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>It shall keep separate accounting records and bill the licensed services separately;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>It shall not conduct anti-competitive practices such as tie-in practices and cross subsidies with funds from public utilities to licensed services;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>It shall provide - when requested- to the competitors in licensed services access to its own support infrastructure, especially, posts, masts and ducts under market conditions. In the absence of agreement between the parties, the ENACOM shall intervene;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>It shall not conduct anti-competitive practices concerning the rights to broadcast contents over its networks and facilitate a growing percentage to be established by the ENACOM to the distribution of contents from independent third parties; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>It shall respect the professional competences and job classifications of the workers in the different activities it is engaged in.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" style="font-size:5.0pt;">&nbsp;</font>Telecom is declared to be an operator with a significant position in the retail market of Fixed Internet Access market in the locations detailed in the Report prepared by the National Directorate for the Development of Competition in Networks and Services of the ENACOM. As a result, it decided that:</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom shall, within 60 days as from the date the Resolution was issued, offer the Fixed Internet Access service in those locations at a price that may not be higher than the lowest price offered by the company in Area II for that service. If a similar service is not provided in that Area, it shall apply the lowest price offered at national level by the licensee for a similar service.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom shall, within 60 days as from the date the Resolution was issued, report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service. Telecom shall ensure to other providers, under transparent, non-discriminatory and cost-oriented conditions, access to its own support infrastructure, especially, posts, masts and ducts.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of issuance of this Annual Report, the Company has complied with such provisions.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All the provisions mentioned above shall be in effect for a term of 2 years as from the notice of the authorization granted by ENACOM, or until it has been verified that there is effective competition in all or in some of the locations involved. The ENACOM may extend or revoke that term.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With regard to the provision of Quadruple Play services, Section&nbsp;7 of Decree No.&nbsp;1,340 shall apply:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;7 - The providers of Information Technology and Communications Services that make joint service offerings shall detail the price of each of those services, including the breakdown of those prices and discounts or benefits applied to each service or product for the above-mentioned offerings. Pursuant to Section&nbsp;2, subsection i) of Law No.&nbsp;25,156 and to Section&nbsp;1,099 of the Civil and Commercial Code of Argentina, those providers may not subject, in any way and under any condition, the purchase of any service to the purchase of another service, thus preventing the customer from purchasing any service separately or individually.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;29, 2018, the Secretary of Commerce issued Resolution No.&nbsp;374/2018, whereby it authorized the merger transaction in the terms of paragraph a) of Article&nbsp;13 of Law No.&nbsp;25,156. (For more information, see Note 4.a) to our Consolidated Financial Statements).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Spectrum</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SC Resolution No.&nbsp;38/14</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October&nbsp;31, 2014, the Public auction process approved by SC Resolution No.&nbsp;38/14 for the awarding of the remaining frequencies of the Personal Communication Services (PCS), of the Cellular Mobile Radiocommunication Services (SRMC), as well as those of the new spectrum for the Advanced Mobile Communications Service (SCMA) were carried out. Personal presented its economic bids and was awarded Lots 2, 5, 6 and 8 by Resolution SC N&#176; 79/14 (SCMA) and Resolutions SC N &#176;80/14, 81/14, 82/14 and 83/14 (PCS and SRMC).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through SC Resolution No.&nbsp;25/15, issued on June&nbsp;11, 2015, Personal was assigned the rest of Frequency</font> Bands which composed Lot No.&nbsp;8. Personal stated that such Lot formed a unique and comprehensive block for purposes of complying with the obligations undertaken in connection with the deployment of the SCMA, also expressing that the Federal Government has the obligation to cause the awarded bands to be free from occupants and interferences.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Auction Terms and Conditions also established demanding coverage and network deployment obligations, demanding significant investments by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Auction Terms and Conditions provided authorizations for the use of the auctioned frequency bands for a period of fifteen (15) years from the notification of the award. After this deadline the Regulatory Authority could extend the terms of use upon formal request of the awarded operator (which price and conditions would be set forth by the Regulatory Authority). Subsequently, in Decree No.&nbsp;1,340/16, it was established that the term of authorizations for the use of frequencies of the SCMA, as well as the corresponding deployment obligations, will be computed from the actual migration of the services currently operating in such bands in the area of Area II (AMBA). On August&nbsp;30, 2018, the Resolution of the Ministry of Modernization No.&nbsp;528/2018 was issued, in which it was stated that on February&nbsp;27, 2018, the effective migration of such services has been verified.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Regulations of Refarming with Financial Compensation and Shared Use of Frequencies</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;31, 2017, Resolution of the Ministry of Communications 171-E 2017 was issued, approving the &#147;</font>Regulations of Refarming with Financial Compensation and Shared Use of Frequencies&#148; (Reglamento de Refarming con Compensaci&#243;n Econ&#243;mica y Uso Compartido de Frecuencias) and modifies the spectrum cap, setting it in 140 MHz per provider for each area and/or operating location.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the other hand, ENACOM Resolution No.&nbsp;1,033-E/17, issued on February&nbsp;20, 2017 provided to allocate the frequency bands between 905-915 MHz, and 950-960 MHz to the Mobile Service with primary status, for the provision of SCMA, and throughout ENACOM Resolution No.&nbsp;1,034-E/17, also issued on February&nbsp;20, 2017, allocated the frequency band between 2,500-2,690 MHz to the Mobile Service with primary status, for the provision of SCMA in addition to current services when their coexistence is possible.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;7, 2017 ENACOM Resolution No.&nbsp;1,299-E/17 was published in the Official Gazette. This Resolution approved the Refarming Project with Financial Compensation and Shared Use of Frequencies to Nextel Communications Argentina SRL (&#147;Nextel&#148;), currently Telecom since the merger with Cablevisi&#243;n S.A. &#151;See Note 32 to our consolidated financial statements, to provide the Advanced Mobile Communications Service, granting this company the registration for the provision of such service, and authorizing it to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Use frequencies between 905-915 MHz and 950-960 MHz in accordance with the provisions of ENACOM Resolution No.&nbsp;1,033-E/17 and channels 7 to 10, and 7&#146; to 10&#146; in FDD mode, provided in the Annex of Resolution No.&nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project approved by the Resolution.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Use frequencies between 2,550-2,560 MHz, and between 2,670-2,680 MHz exclusively for migrating users from pre-existing services, for a 2-year period, term in which it should additionally resolve the final destination of those users. Once the migration is completed, or the 2-year term expires, whichever occurs last, Nextel may use channels 11 and 12, and the corresponding 11&#146; and 12&#146; in FDD mode, provided in the Annex to Resolution No.&nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project hereby approved.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The implementation of the Project is subject to the issuance of the agreement specifying the terms, conditions, goals, obligations and other issues inherent to the provision of Advanced Mobile Communications Service.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ENACOM Resolution No.&nbsp;3,687-E/17 call for the on-demand frequency allocation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;3,687-E/17, published in the Official Gazette on May&nbsp;12, 2017, provided the call for the on-demand frequency allocation of the 2,500 to 2,690 MHz radio spectrum, stating the procedure, obligations and compensations to be fulfilled by the Mobile Communications Service providers who qualify to participate, in accordance with the provisions of Section&nbsp;4 of Decree No.&nbsp;1,340/17.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Resolution provided to group the frequency channels to be allocated in three (3)&nbsp;Lots: two (2)&nbsp;Lots of 30 MHz, containing three (3)&nbsp;frequency channels in the FDD mode each, and one (1)&nbsp;Lot of 40 MHz, containing two (2)&nbsp;frequency channels in FDD mode (20 MHz) and four (4)&nbsp;frequency channels in TDD mode (40 MHz) with a TDD channels trade option for a Lot of 10 MHz in FDD for two years extent if certain conditions are met, according to the channeling provided in ENACOM Resolution No.&nbsp;1,034-E/17 and its amendment (ENACOM Resolution N&#176; 1,956-E/17). According to the characteristics of the 2,500 to 2,690 MHz band, the authorization of use of the frequency channels that compose each Lot must be issued by each locality.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;24, 2017, Personal filed to ENACOM the Envelope with its On-demand Allocation Request, according to the provisions of Resolution No.&nbsp;3,687-E/17.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;5, 2017, ENACOM notified Personal of its Resolution No.&nbsp;5,478-E/17 through which the frequencies included in Lot A were assigned to Telef&#243;nica M&#243;viles Argentina S.A., the frequencies included in Lot B were assigned to AMX Argentina S.A. and the frequencies included in Lot C were assigned to Personal (all of them stated in Annex I of ENACOM Resolution No.&nbsp;3,687 E/17), in the locations detailed in the respective Annexes (attached to Resolution No.&nbsp;5,478-E/17) as requested by each provider. The Resolution provides that the enforcement of its provisions will be operative, within the Departments of San Rafael, General Alvear and Malarg&#252;e, of the Province of Mendoza, once the judicial decision ordered by the Federal Court of San Rafael in the legal process entitled &#147;CABLE TELEVISORA COLOR S.A. c/ PEN AND OTHER S/ AMPARO Ley 19,986-File No.&nbsp;5,472/17&#148; had been revoked.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The spectrum allocation will last 15 years since CABA plus other 13 areas are free of interference over a total of 18 provincial capitals plus Rosario, Mar del Plata and Bahia Blanca and will demand payment of up to approximately US$55.9 million. The conditions for the spectrum allocation include certain obligations regarding the service launch by localities, penalty clauses for non-compliance with the deadlines established by localities (which would involve the frequency return plus a fine equivalent to 15% of the spectrum value of the locality involved) and certain guarantees required, among them, the deployment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Spectrum in 700 MHz Band licenses (Paraguay)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;2017 the public consultation process was started for the auction of 700 MHZ band spectrum. The list of conditions was issued on October&nbsp;30, 2017 and in December&nbsp;of the same year the prequalification of offerers was done being N&#250;cleo one of the prequalified and having to pay a deposit of US$15 million in December&nbsp;2017 (public consultation process denominated in US$). The process finished on January&nbsp;4, 2018 with the simultaneous auction of 7 sub-bands of 5 + 5 MHz each one, N&#250;cleo was awarded with two of them for an amount of US$12 million for each sub-band subject to the compliance with certain conditions provided by CONATEL&#146;s resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;27, 2018 the auction&#146;s price was cancelled for the remaining US$9 million in compliance with CONATEL&#146;s resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;6, 2018, by Resolution No.&nbsp;375/2018, CONATEL decided to grant the license for the provision of &#147;Cellular Mobile Telephony and Internet Access and Data Transmission Services&#148; in the 700 MHz frequency band, with coverage national, for a period of 5 years, renewable for an equal period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Regulatory framework of the services provided by Telecom and its subsidiaries</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among the principal features of the regulatory framework governing the services provided by Telecom and its domestic subsidiaries is worth mentioning:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The LAD, as amended by Decree of Need and Urgency No.&nbsp;267/15 and Decree No.&nbsp;1,340/16;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Law No.&nbsp;19,798 remains in force only to the extent that it does not conflict with the provisions set out under the LAD;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Privatization Regulations that regulates the process;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Transfer Agreement; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Licenses for providing telecommunication services granted to Telecom and the List of Conditions and their respective regulations.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Law 22,285 and the different Bidding Terms and Conditions for the provision of Subscription Broadcasting Services approved during its term.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the other hand, the exploitation of physical and/or radioelectric link subscription broadcasting services licenses held by the Company, granted in due time under the regime of Law No.&nbsp;22,285, are currently governed by the LAD, as from the issue&#160; of DNU No.&nbsp;267/15.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The only service that could be considered under the purview of the LSCA is the registration of the signal METRO, as this signal is marketed to be broadcasted through other services that acquire it for such purpose, and therefore it has a registration number issued by ENACOM that must be renewed on an annual basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Likewise, the Company annually renews with the ENACOM its Certificate to operate as Advertising Agency, Direct Advertiser and Advertising Producer.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Law No.&nbsp;27,078 &#151; Argentine Digital Law</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enacted in December&nbsp;2014, the LAD maintained the single country-wide license scheme and individual registration of the services to be provided, but replaced the term telecommunications services for ICT Services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The LAD incorporated several modifications to the regulatory framework in force as of December&nbsp;19, 2014, as regards telecommunications, among those that stand out:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the rule&nbsp;on prices and rates establishing that the licensees of ICT Services shall set their prices which shall have to be fair and reasonable, cover the exploitation costs and tend to the efficient supply and reasonable operation margin.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the amendments as regards Universal Service.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the declaration of public interest the development of ICT and its associated resources in order to establish and ensure complete neutrality of networks and to guarantee every user the right to access, use, send, receive or offer any content, application, service or protocol through Internet without any restrictions, discrimination, distinction, blocking, interference, obstruction or degradation.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the possibility that the licensees of the ICT Services can supply audiovisual communication services (including the licensees included in the restrictions of the LSCA, among which was Telecom), with the exception of those provided through satellite link, in which case, the corresponding license must be requested from the proper authority.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;19,798 Telecommunications Act (passed in 1972), as amended, continues in effect only with respect to those provisions that do not contradict the provisions of the new LAD (including, for example, Section&nbsp;39 of Law No.&nbsp;19,798 referred to exemption from all taxes on the use of soil, subsoil and airspace for telecommunications services).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The LAD also revoked Decree No.&nbsp;764/00, as amended, but provisions of the Decree that do not contradict the LAD will remain in effect during the time it takes to the regulatory authority to issue new licensing, interconnection services, universal service and spectrum regulations (see New Regulations in Note 2.f to our Consolidated Financial Statements).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Decree No.&nbsp;267/15 &#151; Amendments to the &#147;LAD&#148;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;4, 2016, Decree No.&nbsp;267/15 was issued, amending Law No.&nbsp;26,522 (Audiovisual Communication Services) and Law No.&nbsp;27,078 (LAD). As mentioned above, &#147;ENACOM&#148; was created as the regulatory authority applicable of these laws.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main amendments to the LAD consist of:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The incorporation of Broadcasting Services provided by subscription (physical or radioelectric link, such as Cable TV) as an ICT service within the scope of the LAD, and excluding it from Law No.&nbsp;26,522. Satellite Television Services will remain within the scope of Law No.&nbsp;26,522. Furthermore, Decree No.&nbsp;267/15 states that the ownership of a satellite television license provided by subscription is incompatible with having any other kind of ICT Services license.</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Broadcasting supplied by subscription licenses (such as Cable TV) issued before the application of Decree No.&nbsp;267/15 will be considered for all purposes as in compliance with LAD upon the respective registration for such service provision. Furthermore, also states a 10 years extension from January&nbsp;1, 2016, for the use of frequency spectrum to radioelectric link provided by subscription license holders.</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Decree No.267/15 replaced the LAD&#146;s Section&nbsp;No.&nbsp;94, and states that SBT suppliers, fixed telephony license holders within the scope of Decree No.264/98, and mobile telecommunication license holders within the scope of Decree No.1,461/93 are prohibited from providing Broadcasting under subscription services (defined as any form of communication, primarily one-way, for the transmission of signals to be received by a determinable public, either by physical or by radio connection, for example, video cable and IPTV services) until January&nbsp;1, 2018 (this term can be extended by 1 additional year). Also, replaces Section&nbsp;95 of the LAD and provides several obligations for fixed telephony licensees granted by Decree No.264/98 and mobile services providers with licenses granted by Decree No.1,461/93, which choose to provide broadcasting under subscription services.</p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In addition, shareholders of a 10% or more interest in companies that provide public services may not be holders of a subscription radio record. However, this will not apply in the following cases: (i)&nbsp;non-profit companies to whom the national, provincial or municipal State has granted the license, concession or permission to provide a public service (such as telecommunications cooperatives); (ii)&nbsp;those mentioned in section 94 (including the Company) who will be only able to provide the service after the expiration of the period specified therein.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;28 of Decree No.&nbsp;267/15 created, in the field of the Ministry of Communications, the Commission for the Elaboration of the Draft Law for the Reform, Updating and Unification of Laws </font>LSCA and LAD The Commission is responsible for the study of the reform of both laws under the principles set out herein.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;1,098-E/16 published on October&nbsp;31, 2016, the Ministry of Communications extended for 180 days the deadline for the preparation of the draft reform of Laws LSCA and LAD.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsequently, through MIDMOD Resolution No.&nbsp;490/2018, published in the Official Gazette on August&nbsp;13, 2018, the deadline for the analysis and publication of the ICT Project Law was extended for 90 days.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, the Secretariat of Modernization, which reports to the Chief of the Cabinet of Ministers, issued Resolution RESOL-2018-131-APN-SGM#JGM, whereby it provided for a 1-year extension, counted as from the date of publication, or 90 business days subsequent to the final enactment of the Bill for the Promotion of Deployment of Infrastructure and Competition of Information Technology and Communication Services (ITCS), whichever occurs first, for the review process conducted for the creation and publication of the final bill for the amendment, updating and unification of Laws Nos. 26,522 and 27,078, to be submitted to the National Executive Branch.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Furthermore, the Decree provides that licenses transfers and interest transfers involving the loss of company control must be approved by ENACOM, stating a new procedure provided by section 8 of Decree No.&nbsp;267/15. That licenses transfers and interest in licensees&#146; transfers will be considered ad referendum of ENACOM approval.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No.&nbsp;267/15 repealed Section&nbsp;15 and Section&nbsp;48 (second paragraph) of the LAD. Therefore, the following provisions have no longer effect: (i)&nbsp;the condition of essential and strategic public services of ICT regarding the access to the telecommunications network for the &#147;ICT Services&#148; license holders; and (ii)&nbsp;the regulatory authority power to regulate tariffs due to public interest reasons.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;8, 2016, the Chamber of Representatives voted in favor of the validity of DNU No.&nbsp;267/15. According to this, it acquired the status of Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It should be noted that pursuant to Section&nbsp;21 of Decree No.&nbsp;267/15 and until the enactment of a law that will unify the fee regime provided under Laws LSCA and LAD, the physical link and radio-electric link subscription broadcasting services will continue to be subject only to the fee regime provided under LSCA. Therefore, they shall not be subject to the investment contribution or the payment of the Control, Oversight and Verification Fee provided under Sections 22 and 49 of LAD.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Decree No.&nbsp;1,340/16 - Amendments to DNU No.&nbsp;267/15</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No.&nbsp;1,340/16 issued by PEN and published in the Official Gazette on January&nbsp;2, 2017 provides the rules&nbsp;for achieving a greater convergence of networks and services under </font>competitive conditions, promoting the deployment of next generation networks and the penetration of Broadband Internet access throughout the national territory, in accordance with the provisions of Laws LSCA and LAD. This Decree complements to DNU No.&nbsp;267/15, which has the status of Law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Among the most relevant provisions, it establishes:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fixing the 15-year-term, as from the publication of the Decree, as differential condition in the terms provided by section 45 of LAD, for the protection of last-mile fixed of new generation networks for Broadband deployed by ICT licensees for Broadband regarding the regulations of open access to Broadband and infrastructure to be stated, notwithstanding the provisions of section 56 of LAD.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That the Ministry of Communications or ENACOM, as appropriate, shall establish the rules&nbsp;for the administration, management, and control of the radio spectrum.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That Operators included in section 94 of the LAD (among them, Telecom Argentina), may register the Broadcasting Service by subscription, by physical or radio connection as of the enforcement of this Decree, setting January&nbsp;1, 2018 as initial date for the provision of such service in the AMBA (and extended AMBA), and in the cities of Rosario (Santa Fe Province) and C&#243;rdoba (C&#243;rdoba Province). The Decree also provides that, for the rest of the country, the initial date for the provision of the services of these operators shall be determined by the ENACOM (See Resolution E 5,641 E/ 2017 in Note 2.f) to our Consolidated Financial Statements).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That ICT&#146;s licensees and Satellite Link Subscription Broadcasting licensees, who as of December&nbsp;29, 2016 simultaneously provided both services, may retain ownership of both types of licenses.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That for the purposes of the provisions of section 92 of LAD and section 2, paragraph g) of Decree No.&nbsp;798 issued on June&nbsp;21, 2016, Ministry of Communications shall ensure the following principles on interconnection matters:</p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a) until the interconnection prices determination systems provided by the National Interconnection Regulation are implemented, averages of regional Latin America prices shall be considered for similar functions and facilities, corrected by parameters which comply with the conditions of the sector, as determined by the authority of application;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.4pt;text-align:justify;text-indent:-14.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b) in accordance with section 46 of LAD, the National Interconnection Regulation shall provide asymmetric interconnection rates for mobile services for a 3 years period from the effective service implementation, extendable for a maximum of 18 months; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.4pt;text-align:justify;text-indent:-14.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c) the National Interconnection Regulation shall provide rules&nbsp;</font>concerning the automatic national roaming service, forcing mobile services providers, for a maximum period of 3 years, to make such service available to other providers in areas where they do not have their own network coverage.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The temporary limitation provided in the previous paragraph </font>shall not be enforceable in those cases in which mobile services are provided by cooperatives and small and medium-sized companies with exclusively regional coverage.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile service providers shall</font> freely enter into agreements to secure, among other issues, technical, economic, operational and legal conditions. Such agreements may not be discriminatory or may not establish technical conditions that prevent, delay or obstruct interconnection services.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The National Interconnection Regulation will enable ENACOM to define reference prices for a maximum period of 3 years, taking into </font>consideration the costs of the assets involved (subject to exploitation) and a reasonable return rate to ensure speed, neutrality, non-discrimination and competition between mobile service providers. Likewise, they shall not contain technical, interconnection, operational or other conditions that delay, obstruct or create barriers for the remaining mobile services providers to access the market.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Decree No.&nbsp;1,060/2017 - Development of mobile communication services networks</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Decree, published in the Official Gazette on December&nbsp;21, 2017, provides for the facilitation of the development of mobile communication services networks, establishing, among other provisions, that the jurisdictions and agencies comprised in subsections a) and b) of Section&nbsp;8 of Law No.&nbsp;24,156 shall ensure TIC services, communication and independent operators of passive infrastructure multiple or shared access, for consideration, to passive infrastructures for the deployment of networks under neutral, unbiased, transparent, fair and non-discriminatory conditions, without the possibility of granting any exclusiveness or preference whatsoever, in fact or in law, provided that such access does not compromise the continuity and security of the services provided by its holder.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Decree also provides that:</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1) The Ministry of Modernization:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>shall issue comprehensive general rules&nbsp;with supplementary regulations for infrastructure sharing;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>shall develop, within a term of 180 days, a multi-year spectrum plan in order to maximize and increase the radioelectric resources for the deployment of next-generation mobile networks and SCM in order to support traffic growth and improve service quality;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>shall issue supplementary or clarifying regulations relating to Section&nbsp;29 of LAD, establishing efficient procedures and avoiding distortions in competition; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>shall identify radioelectric spectrum frequency bands for the development of new services and wireless applications and issue regulations allowing for their shared and unauthorized use.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2) The frequencies that are allocated and authorized to SRCE may only be used to provide those services. The ENACOM may allocate frequencies to provide SCM and demand the return of the frequencies and migration of services pursuant to Section&nbsp;28 and 30 of LAD, and its regulations, or, at the request of the interested party, apply Section&nbsp;4, subsection b) of Decree No.&nbsp;1,340 dated December&nbsp;30, 2016, and its regulations, establishing an economic compensation in favor of the National Government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3) SBT licensees may provide this service through the use of radioelectric spectrum frequencies using those allocated for the provision of 4G mobile services, notwithstanding the provision of fixed telephone service pursuant to Section&nbsp;2, subsection a) of the PCS General Rules&nbsp;approved as an annex to Section&nbsp;1 of Decree No.&nbsp;266 dated March&nbsp;10, 1998, through the execution of agreements with the licensees of those frequencies, which shall be reported to the ENACOM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4) Delegate on the Ministry of Modernization the power to issue the penalty rules&nbsp;provided under Section&nbsp;63 of LAD, which shall repeal the current rules&nbsp;approved under Decree No.&nbsp;1,185 dated June&nbsp;22, 1990, as amended and supplemented.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Universal Service Regulation</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i style="font-weight:bold;">Decree No.&nbsp;764/00</i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to Universal Service Regulation, Annex III of Decree No.&nbsp;764/00 required entities that receive revenues from telecommunications services to contribute 1% of these accrued revenues (net of taxes) to the Universal Service Fiduciary Fund (the &#147;SU Fund&#148;). The regulation adopted a &#147;pay or play&#148; mechanism for compliance with the mandatory contribution to the SU Fund. The regulation also established the exemption to contribute to the FSU in the following events: (i)&nbsp;for local services provided in areas with teledensity lower than 15%, and ii) when certain conditions exists in connection with a formula which combines the foregone revenues and the market share of other operators than Telecom Argentina and Telef&#243;nica who provide local telephony. Additionally, the regulation created a committee responsible for the administration of the SU Fund and the development of specific SU programs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The SC issued Resolution No.&nbsp;80/07 which stipulated that until the SU Fund was effectively implemented, telecommunication service providers must open an account at Banco de la Naci&#243;n Argentina to deposit monthly the corresponding amounts. In August&nbsp;2007, Resolution No.&nbsp;2,713 of the former CNC was published, which provided details regarding the concepts that have been achieved and those that are deductible for the purpose of calculating the contribution obligation to the FFSU.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i style="font-weight:bold;">Decree No.&nbsp;558/08</i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No.&nbsp;558/08, published on April&nbsp;4, 2008, introduced certain changes to the SU Fund regime, replacing the Annex III of the Decree No.&nbsp;764/00.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No.&nbsp;558/08 established that the SC would assess the value of service providers&#146; direct program contributions in compliance with obligations promulgated by Decree No.&nbsp;764/00. It would also determine the level of funding required in the SU Fund for programs pending implementation. In the same manner, in order to guarantee the continuity of certain projects, the SC was given the choice to consider as SU contributions certain other undertakings made by telecommunication services providers and compensate providers for these undertakings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It also established that the SC would review SU programs which were established under the previous</font> regulation, guaranteeing the continuity of those already being administered and implementing those that had been under review. The financing of SU ongoing programs which were recognized as such were determined by the SC, whereas telecommunications providers appointed to participate in future SU Programs were selected by competitive auction.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Decree required telecommunications service providers to contribute 1% of their total revenues (from telecommunication services, net of taxes) to the SU Fund and kept the &#147;pay or play&#148; mechanism for compliance with the mandatory monthly contribution to the SU Fund or, to claim the corresponding receivable, as the case may be.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;11, 2010, the SC issued Resolution No.&nbsp;154/10 adopted the methodology for the deposit of the SU contributions to the trustee&#146;s escrow account. The Resolution included several provisions related to the determination of the contributions that correspond to the periods before and after Decree No.&nbsp;558/08 was issued. It also provided that until the SC determined the existence of programs, the amounts that would correspond to their implementation would be discounted by the telecommunication providers when determining their contribution to the SU Fund. If completed the verification from the SC there were unrecognized amounts, they should be contributed into the SU Fund or for the development of new works of the SU, with the approval of the SC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i style="font-weight:bold;">Amendments of the LAD to the SU Regulation</i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The LAD introduced substantial modifications to the regulations of the SU issued by Decree No.&nbsp;558/08. Among its provisions, the LAD provides for the creation of a new FFSU and that the investment contributions corresponding to the SU programs are managed through such fund, whose patrimony is the National State.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The licensees of ICT Services are obliged to make investment contributions to the SU Fund equivalent to one per cent (1%) of the total accrued revenues for the provision of the ICT Services included in the scope of application of the law, net of imposed taxes and charges. The investment contribution shall not be transferred to the users whatsoever. In turn, the regulatory authority may dispose, once the SU objectives are reached, the total or partial, permanent or temporary exemption, of the obligation to perform said investment contributions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This law also establishes that by virtue of that set forth by Sections 11.1 and 11.2 of the Management Trust Agreement of the SU Fund of Decree No.&nbsp;558/08, the resources therein foreseen in section 8 of Annex III of Decree No.&nbsp;764/00 and its amendments shall be integrated to the SU Fund created by the LAD in the conditions determined by the regulatory authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The SU Funds shall be applied by means of specific programs defined by the regulatory authority who may entrust the execution of these plans directly to the entities included in Section&nbsp;8, paragraph b), of Law No.&nbsp;24,156, or, complying with the selection mechanisms that may correspond, respecting publication and competition principles, to other entities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;10, 2015 Telecom Argentina and Personal filed before the AFTIC their respective SU contribution affidavits corresponding to the revenues recorded in July&nbsp;2015, clarifying that these presentations were made with the understanding that the operational rules&nbsp;related to the SU Fund contribution, regulated by Decree No.&nbsp;558/08 and related provisions, are in force. Additionally, Personal proceeded to deposit the corresponding contribution in the new SU Fund account reported through the Official Notice published by the AFTIC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In its filings, Telecom Argentina and Personal had stated that the filing of the affidavits and, in the case of Personal, the deposit did not imply explicit or implicit consent of the regulations issued by the LAD and expressly reserved their rights in relation to the unconstitutionality of the provisions set forth in Sections 21, 22, 91 and related provisions of said law, as well as the claim of any rights arising from the acknowledgement of this argument.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of issuance of this Annual Report, the Company has not received any response to its filings.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;2,642/16 approved the new SU Regulation, which was published on May&nbsp;31, 2016, in the context of the new disposals established by the LAD.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The new regulation retains the obligation of contributing 1% of total income related to the provision of ICT services net of taxes and fees, anticipating the possibility of granting exemptions, in which case the subjects liable for payment, must comply with the obligations established by the Regulatory Authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with ENACOM Resolution No.&nbsp;6,981-E/16 issued on October&nbsp;19, 2016, the FFSU and the FFSU Investment Contribution Settlement and Interest Report forms were approved and are in force since January&nbsp;1, 2017, being operationally implemented since March&nbsp;2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;4, 2017, ENACOM Resolution No.&nbsp;2,884/17 was published in the Official Gazette. This Resolution amends the Form&nbsp;of the FFSU contributions, adding, within the possible deductions, the &#147;Discount Annex. SC Resolution No.&nbsp;154/10 Section&nbsp;1, Sub-section B) i), second paragraph&#148;. Such Resolution allows deducting, until the regulatory authority expresses its opinion, any amounts that eventually may correspond to SU Initial Programs or other than those provided for in Annex III of Decree No.&nbsp;764/00, in accordance with the provisions of Section&nbsp;2 of Decree No.&nbsp;558/08 and Section&nbsp;6 of Annex III of Decree No.&nbsp;764/00, replaced by Decree No.&nbsp;558/08.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i style="font-weight:bold;">SU Fund in Telecom Argentina in relation to its original license for the provision of the SBT</i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Several years after the market&#146;s liberalization and the effectiveness of the SU regulations subsequently replaced by Decree No.&nbsp;558/08 and by the LAD, incumbent operators have not received any set-offs for providing services as required by the SU regime.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of issuance of this Annual Report and in compliance with SC Resolution No.&nbsp;80/07 and No.&nbsp;154/10 and CNC Resolution No.&nbsp;2,713/07, the Company has filed its monthly calculations since July&nbsp;2007 which estimated a receivable of $3,998 million (unaudited) being both the programs and the valuation methodology that originates this receivable, pending approval by the Regulatory Authority. This receivable has not yet been recorded as of December&nbsp;31, 2018 since it is subject to the approval of the SU programs, the review of the Regulatory Authority and the availability of funds in the SU Trust as to compensate the incumbent operators.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;8, 2011, the SC issued Resolution No.&nbsp;43/11 notifying Telecom Argentina that investments associated with &#147;High-Cost Areas&#148; &#151; amounting to approximately $3,849 </font>million since July&nbsp;2007 to date and which are included in the abovementioned receivable - did not qualify as an Initial Indicative Program. Telecom Argentina filed a claim on this resolution.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina was notified of SC Resolutions No.&nbsp;53, 54, 59, 60, 61, 62, 69 and 70/12, pursuant to which the &#147;Special Service of Information 110&#148;, the &#147;Discounts for Retired People, Pensioners and Low Consumption Households&#148;, the services of &#147;Social Public Telephony and Loss-Making Public Telephony&#148;, the &#147;Services and Discounts relating to the Information Society Program argentin@internet.todos&#148;, the &#147;Services for Deaf-Mute People&#148;, the &#147;Free Access to Special Emergency Services and Special Community Services&#148;, the &#147;Value Added Service 0611 and 0612&#148; and the &#147;Long Distance Semipublic Service &#147;, respectively, did not qualify as an Initial Indicative Program, pursuant to the terms of Section&nbsp;26 of Annex III of Decree No.&nbsp;764/00, and that, they did not constitute different services involving a SU provision, and therefore they cannot be financed with SU Funds, pursuant to the terms of Section&nbsp;2 of Decree No.&nbsp;558/08.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s Management, with the advice of its legal counsel, has filed appeals against SC Resolutions Nos. 53, 54, 59, 60, 61, 62, 69 and 70 presenting the legal arguments based on which such resolutions should be revoked. The deductions that were objected by the SC Resolutions amount to approximately $1,194 </font>million and are included in the credit balance mentioned in the second paragraph.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of issuance of this Annual Report the resolution of this appeal is still pending.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;13, 2012, the CNC required Telecom Argentina to deposit approximately $208 </font>million. Telecom Argentina has filed a recourse refusing the CNC&#146;s request on the grounds that appeals against the SC Resolutions are still pending of resolution.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although it cannot be assured that these issues will be favorably resolved at the administrative stage, Telecom Argentina&#146;s Management, with the assistance of its legal advisors, considers that it has strong legal and de facto arguments to support the position of Telecom Argentina.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i style="font-weight:bold;">SU Fund in Telecom Argentina in relation to the SCM originated in Personal</i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since January&nbsp;2001, Personal has recorded a liability related to its obligation to make contributions to the SU Fund. In addition, since July&nbsp;2007 and in compliance with SC Resolution No.&nbsp;80/07 and No.&nbsp;154/10 and CNC Resolution No.&nbsp;2,713/07, Personal deposited the correspondent contributions of approximately $112 million into an account held under their name at the Banco de la Naci&#243;n Argentina in January&nbsp;2011.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;26, 2011, the SC issued Resolution No.&nbsp;9/11 establishing the &#147;Infrastructure and Facilities Program.&#148; The Resolution provided that telecommunication service providers could contribute to investment projects under this program, exclusively the amounts corresponding to their pending obligations of investment contributions born under Annex III of Decree No.&nbsp;764/00, before the effective date of Decree No.&nbsp;558/08.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;5, 2012, the SC issued Resolution No.&nbsp;50/12 pursuant to which it notified that the services referred to by the SCM Providers, which were filed as High Cost Areas or services provided in non-profitable areas, services provided to clients with physical limitations (deaf-mute and blind people), rural schools, and the request relating to the installation of radio-bases and/or investment in the infrastructure development in various localities, did not constitute items that may be discounted from the amount of contributions to the SU pursuant to the last part of Section&nbsp;3, of Resolution No.&nbsp;80/07, or Section&nbsp;2 of Decree No.&nbsp;558/08. It also provided that certain amounts already deducted would be used for investment projects within the framework of the Program of SC Resolution No.&nbsp;9/11, or deposited in the SU Fund, as applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal has filed an administrative action against SC Resolution No.&nbsp;50/12 requesting its nullity. As of the date of issuance of this Annual Report, this matter is still pending.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October&nbsp;1, 2012, responding to an SC&#146;s requirement, Personal deposited under protest approximately $23 million in the SU Fund, corresponding to the assessment of the SU services provided by Personal since the issuance of Decree No.&nbsp;558/08, reserving its right to take all actions it may deem appropriate to claim its reimbursement, as informed to the SC and the CNC on October&nbsp;15, 2012. Since August&nbsp;2012, Personal is paying under protest of those concepts in their monthly affidavits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It cannot be assured that this issue would be favorably resolved in the administrative stage, or, later at a judicial stage.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b>FFSU &#151; <i>SU Fund in Telecom Argentina in relation to the services originated in Cablevisi&#243;n</i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n was not able to meet its contribution obligations during the period in which its license was revoked, but made the corresponding payment as soon as the revocation was declared null and void, for which no amount is owed by it on such account.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Regulatory Authority has yet to decide on the approval of the Project submitted by Cablevisi&#243;n on June&nbsp;21, 2011, within the framework of SC Resolution No.&nbsp;9/11, in order to meet the contribution obligation to the SU for the amounts accrued between January&nbsp;2001 and the effective date of Decree No.&nbsp;558/08.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NEW GENERAL RULES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>New General Rules&nbsp;Governing ICT Services Licenses</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;2, 2018, the Ministry of Modernization issued Resolution No.&nbsp;697/2017, whereby it approved the new General Rules&nbsp;Governing ICT Services Licenses. This Resolution repealed the General Rules&nbsp;approved through Annex I of Decree No.&nbsp;764/2000, as from the date it became effective (February&nbsp;1, 2018), and it also repealed ENACOM Resolutions No.&nbsp;2,483/2016 and No.&nbsp;1,394/2016 (except for Section&nbsp;12 of its Annex I, which will remain in effect). The Company has made presentations appealing to some aspects of this Resolution, appeal which, to date, is still pending resolution.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>New General Rules&nbsp;Governing ICT Services Customers</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;4, 2018, the Ministry of Modernization issued Resolution No.&nbsp;733/2017, whereby it approved the new General Rules&nbsp;Governing ICT Services Customers. This Resolution became effective on March&nbsp;5, 2018, repealing SC Resolutions No.490/1997, and Annexes I and III of SC Resolution No.&nbsp;10,059/1999 and its supplementing regulations. Annex II of SC Resolution No.&nbsp;10,059/1999 shall remain in effect, as applicable, until the enactment of the penalty regime provided under Section&nbsp;63 of LAD. Such New General Rules&nbsp;repeal the current general rules&nbsp;governing mobile and basic telephony services customers, thus becoming the only general rules&nbsp;that govern ICT services customers, including Internet access services and subscription broadcasting services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has made a presentation to the Ministry of Modernization in relation to some disposals that affect their rights in the marketing of services under their responsibility (such as the 180-day period during which prepaid credit can be used, Section&nbsp;56, which provides for compensation in favor of the customer, and Section&nbsp;79, which establishes the obligation to replace any channels eliminated from the programming grid with other channels of similar quality).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MINMOD Resolution No.&nbsp;363/2018, published in the Official Gazette on June&nbsp;27, 2018, provided for amendments to the General Rules. Some of those amendments were related to the provisions challenged by Telecom in its filing. As of the date of this Annual Report, the appeal filed by the Company is pending resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Number Portability Regulation</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;4, 2018, the Ministry of Modernization issued Resolution No.&nbsp;203/2018, whereby it approved the new General Rules&nbsp;Governing Number Portability, including fix telephony services, and approves the schedule of implementation of such services. This Resolution repeals Resolutions N&#176; SC 98/2010, SC 67/2011 y SC 21/2013 and Resolution MINCOM E 170/2017, and its supplementing regulations. Through Resolution No.&nbsp;401/2018, published on July&nbsp;11, 2018, the Ministry of Modernization decided to extend for ninety (90) business days the term for the implementation of &#147;Stage 1&#148; provided under the implementation schedule for fixed telephony service number portability. Said Resolution also provided that the ENACOM shall determine the way in which the Committee on Number Portability will be constituted and implemented.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;4,950/18 of August&nbsp;14, 2018, the Board of the ENACOM decided to delegate to the owner of the first operational level of the National Directorate of Planning and Convergence of that Agency, the powers to: (i)&nbsp;approve the Processes and Technical and Operational Specifications of the Number Portability, (ii)&nbsp;approve the specification model for the selection of the Administrator of the Contract Database to be held between the Portable Service Providers and the Database Administrator and propose the modifications pertinent to the Committee on Number Portability, (iii)&nbsp;intervene with binding character in the procedure of contracting the Administrator of the Database.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Resolution also provided that the Committee on Number Portability shall be composed of two representatives, a holder and an alternate, and approved the work schedule in order to carry out the correct implementation of the Number Portability.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Regulations Regarding New Interconnections and Accesses</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;18, 2018, the Resolution No.&nbsp;286/18 of the Ministry of Modernization was published in the Official Gazette, approving the new interconnection and access regulations, effective as of July&nbsp;3, 2018, repealing the one approved by Decree 764/00.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the new Regulation, the terms, conditions and prices of Interconnection and Access may be freely set by the parties. These agreements cannot be discriminatory or set technical conditions that prevent, delay or hinder interconnection. Notwithstanding the foregoing, within 60 working days from the effective date, ENACOM will set provisional interconnection charges, in accordance with the provisions of Decree 1,340/16.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition,&nbsp;ICT service providers will be obliged to provide interconnection at the request of another ICT service provider, under technical and economic conditions no less favorable than those granted to themselves or to third parties. Also, the same quality of services as the one provided must be guaranteed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transparency in compensation must be guaranteed and ICT Providers of Services must not pay for functions or services that they do not need for the provision of their services.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, the following are considered Essential Facilities: a) Origination or Local Termination; b) Co-location; c) Local Transit Service; d) Port; e) Signaling Function; f) Loop and Local Customer Sub-loop; g) the Transportation Service (LD), when there is no substitute offer for contracting; and h) any other function or network element that the authority determines as such, ex officio or at the request of a party. These facilities must be provided separately and respecting the charges that the authority establishes. For this purpose, ENACOM will establish reference values, which will function as maximum values, and lower values, which may be agreed between the parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From the entry into force of the regulation, on July&nbsp;4, 2018, Telecom had a period of 90 business days to present the Reference Offer to ENACOM, presentation that was duly made.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On August&nbsp;14, 2018, ENACOM issued Resolution No.&nbsp;4,952/18, establishing a provisional charge equivalent to US$0.0108 per minute of communication, without considering the different taxes and charges that may be applicable for the origination services or local termination in the mobile communications service networks. Likewise, it is established that for the purposes of applying the fixed charge, the unit of measurement will be the second. Through Resolution No.&nbsp;1,161/2018 dated November&nbsp;27, 2018, the ENACOM set the same charge for SRCE network termination.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;27, 2018, Resolution No.&nbsp;1,160/2018 was published in the Official Gazette, whereby the ENACOM set: (i)&nbsp;a provisional charge equivalent to forty-five ten-thousandths US dollars (US$ 0.0045) for local origination or termination services over fixed telephony service networks per minute of communication (ii)&nbsp;a provisional charge equivalent to ten ten-thousandths US dollars (US$ 0,0010) for local transit service per minute of communication (iii)&nbsp;a provisional charge equivalent to twenty-seven ten-thousandths US dollars (US$ 0,0027) for long distance transport service per minute of communication (iv)&nbsp;the second as the measuring unit for the purposes of applying the charges set under this Resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom filed an appeal with the ENACOM challenging those charges with the respective legal grounds to request the review of the above-mentioned Resolution by that agency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of issuance of this Annual Report, such appeal is still pending resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Quality Rules&nbsp;for Information Technology and Communication Services.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;580/2018, published in the Official Gazette on September&nbsp;6, 2018, the Ministry of Modernization approved the Quality Rules&nbsp;for Information Technology and Communication Services, which came into force on January&nbsp;4, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Resolution repeals Resolution No.&nbsp;5/2013 issued by the former Argentine Secretariat of Communications and Resolution No.&nbsp;3,797/2013 issued by the former CNC. In addition, the Ministry of Modernization ordered the ENACOM to issue the implementing regulations within a term of 90 calendar days, which as of the date of this Annual Report are still pending of resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the Company is still analyzing the impact of the new rules&nbsp;on its operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>National Rules&nbsp;for Contingencies.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;51/2018, published in the Official Gazette on November&nbsp;6, 2018, the Secretariat of Modernization approved the National Rules&nbsp;for Contingencies and ordered the ENACOM to issue the implementing procedures or Contingency Plan within a term of 90 calendar days as from its publication in the Official Gazette.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the ENACOM has not issued said procedures yet.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Single Desk System.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Decree No.&nbsp;997/2018, published on November&nbsp;6, 2018, the Secretariat of Modernization established a single desk system for the installation of antenna support structures of any kind for rendering SCMA services in order to expedite the granting of authorizations and permits for the construction and installation of structures for the deployment of mobile services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Implementation of the Online Proceedings (TAD, for its Spanish acronym) Platform for notices issued by the ENACOM.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;4,703/2018, published on July&nbsp;24, 2018, the ENACOM provided for the use of the TAD Platform for requests and notices. In view of the legal and operating implications of this implementation, on August&nbsp;8, 2018, Telecom filed with the ENACOM an appeal against said resolution, which, to date, is still pending resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONSULTATION DOCUMENT UNDER THE PROCEDURE FOR THE &#147;GENERAL RULES GOVERNING PUBLIC HEARINGS AND CONSULTATION DOCUMENTS FOR COMMUNICATIONS&#148; AND THE &#147;GENERAL RULES FOR THE PARTICIPATORY DEVELOPMENT OF RULES&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Procedure for the Public Consultation on Allocation of Shared-Use Frequency Bands</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;2/2018, the SETIC ordered the beginning of the procedure provided under Article&nbsp;44 et seq of the General Rules&nbsp;Governing Public Hearings and Consultation Documents for Communications, with respect to the document &#147;Public Consultation on Allocation of Shared-Use Frequency Bands.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom submitted its opinions and observations about the Document under consultation on January&nbsp;10, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Public consultation procedure on Infrastructure Sharing</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution of the Secretariat of Information and Communication Technologies (&#147;SETIC&#148;) No.&nbsp;18/2018 of August&nbsp;24, 2018, it was declared the opening of the procedure provided for in Article&nbsp;44 and following of the General Rules&nbsp;of Public Hearings and Consultation Documents for Communications, regarding the document &#147;Public Consultation on Infrastructure Sharing&#148;. On October&nbsp;8, 2018, Telecom presented its opinions and observations on the document in consultation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;29, 2019, Resolution-2019-3-APN-STIYC # JGM is published in the Official Gazette, which establishes the opening of the procedure settled in Article&nbsp;No.&nbsp;44 et seq of the General Rules&nbsp;Governing Public Hearings and Consultation Documents for Communications, &#147;The Regulation of Infrastructure Sharing&#148;. As of the date of issuance of these consolidated financial statements, the Company is analyzing the document in order to present pertinent opinions and observations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the Company is analyzing the document in order to present the pertinent opinions and observations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Procedure for the Public Consultation on Update of the Main Signaling Plan.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;2/2018, the SETIC ordered the beginning of the procedure provided under Article&nbsp;44 et seq of the General Rules&nbsp;Governing Public Hearings and Consultation Documents for Communications, with respect to the document &#147;Public Consultation on Update of the Main Signaling Plan.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;10, 2019, Telecom submitted its opinions and observations about the Document under consultation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Procedure for Public Consultation on the Most Beneficial Conditions for Network Access and Use</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;4/2018, published in the Official Gazette on December&nbsp;18, 2018, the Secretariat of Modernization ordered the beginning of the procedure provided under Article&nbsp;44 et seq of the General Rules&nbsp;Governing Public Hearings and Consultation Documents for Communications, with respect to the document &#147;Public Consultation on the Most Beneficial Conditions for Network Access and Use.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company submitted its opinions and observations about the Document under consultation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Implementation of the Rules&nbsp;for the Registration of SCM Customers.</b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;2, 2016, the ENACOM published Resolution No.&nbsp;8,507 - E/2016, whereby it approved the Rules&nbsp;for the Registration and Validation of the Identity of the Account Holder Users of Mobile Communication Services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through Resolution No.&nbsp;466/2018, published in the Official Gazette on October&nbsp;19, 2018, the ENACOM extended until October&nbsp;31, 2018 the term for the registration and validation of all the preexisting prepaid customers.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has conducted all the necessary actions and implementations required to fulfill the guidelines for the registration of its customers, as ordered by said regulations.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ENACOM Resolution No.&nbsp;5,641-E/17</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through this Resolution, published on December&nbsp;22, 2017, the ENACOM decided:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-24.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To extend until January&nbsp;1, 2019 the term for the Licensees referred to in Section&nbsp;94 of Law No.&nbsp;27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, which have less than 80,000 inhabitants. To extend until January&nbsp;1, 2019 the term for the Licensees referred to in Section&nbsp;94 of LAD to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, which have more than 80,000 inhabitants and where those services are rendered only by Cooperatives and Small-and-Medium Sized Companies.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-24.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To provide that in all those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, whatever the size of their population, where the Subscription Broadcasting Service by means of physical or radio-electric link is rendered by, at least, a licensee that has more than 700,000 subscribers nationwide, the Licensees mentioned in Section&nbsp;94 of LAD may start providing services as from January&nbsp;1, 2018.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-24.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Licensees mentioned in Section&nbsp;94 of LAD (among them, Telecom) that are authorized to provide Subscription Broadcasting Service by means of physical or radio-electric link may not make an integrated offering to provide said service with the rest of the services that they are currently providing in those locations until January&nbsp;1, 2019.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-24.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To provide that in those locations in Argentina where subscription broadcasting services by means of physical or radio-electric link are not provided, the Licensees mentioned in Section&nbsp;94 of LAD may, as from January&nbsp;1, 2018, request authorization to provide services in the respective coverage areas, subject to an evaluation by the ENACOM.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">GRID OF SIGNALS OF physical and/or radioelectric link BROADCASTING SERVICES</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The General Rules&nbsp;approved by Resolution ENACOM No.&nbsp;1,394/16 order providers of both types of services (physical and radio-electric link) to guarantee their compliance with a programming grid in each Coverage Area.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Later, by means of Resolution No.&nbsp;5,160/2017, the ENACOM provided that the inclusion of broadcast television signals within the coverage area by the holders of a physical or radioelectric link subscription television registry will be subject to the conditions agreed upon with the holder of the broadcast television service and its retransmission will be mandatory only if they are delivered by its holders free of charge. In addition, the Resolution sets forth that the retransmission of cable news signals will only be mandatory for 24-hour news signals provided that they broadcast live programming during 12 of those 24 hours.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REGULATORY MATTERS IN URUGUAY</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Migration of services</b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adesol S.A. is a subsidiary of the Company organized in the Oriental Republic of Uruguay, which is contractually related to Bersabel S.A. and Satelital Visi&#243;n S.A., two licensees that provide subscription television services in such country and are subject to the control of the Communication Services Regulatory Unit (&#147;URSEC&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;11, 2018, Decree No.&nbsp;387/017 dated December&nbsp;28, 2017 was published in the Official Gazette. The Decree provides that all the subscription TV services provided through the Codified UHF system shall be migrated to the TDH Satellite system without it entailing any changes to the original authorizations to operate or in the rest of the conditions established in the respective licenses. Such authorizations shall not undergo any changes in the authorized service areas for 18 months.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;9, 2018, Bersabel S.A. and Visi&#243;n Satelital S.A., two of the licensees contractually linked to Adesol who use UHF systems coded for the provision of their services, submitted to the URSEC the migration plan relating to their subscribers. In view of the foregoing, as well as the contractual relationship that binds Adesol to the provision of said services, the Company&#146;s subsidiary is, at the closing date of this Annual Report, executing the technical plan for migration presented.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Audiovisual Communications Law of Uruguay</b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;14, 2015, Law No.&nbsp;19,307 was published in the Official Gazette of the Republic of Uruguay, which regulates the provision of radio, television, and other audiovisual communication services (hereinafter, the &#147;Audiovisual Communications Law&#148;). Section&nbsp;202 of such law provides that the Executive Branch shall issue the implementing regulations for this law within a 120-day term as from the day following the publication of this law in the Official Gazette. As of the date of this Annual Report, only Decree No.&nbsp;45/015 has been issued, and the implementing regulations for most of the sections of this law are still pending. Such Decree provides that the concession for the use and allocation of the radio-electric spectrum for non-satellite audiovisual communication services shall be granted for a term of 15 years.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;54 of the Audiovisual Communications Law sets forth that an individual or legal entity cannot be allocated the full or partial ownership of more than six authorizations or licenses to provide television services to subscribers in the national territory of the Oriental Republic of Uruguay, which limit is reduced to three if one of the authorizations or licenses includes the district of Montevideo. Section&nbsp;189 of this law sets forth that should such limits be exceeded as of the coming into force of the Law, the owners of those audiovisual communication services shall have to transfer the necessary authorizations or licenses so as not to exceed such limits within a term of 4 years as from the coming into effect of the Audiovisual Communications Law.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The subsidiary Adesol is analyzing the possible impact on its business that could be derived from the change in the regulatory framework and the eventual legal actions it may bring to safeguard its rights and those of its shareholders. That company is also monitoring the different unconstitutionality claims filed by other companies against certain sections of the above-mentioned law to consider if the decisions to be issued by the Supreme Court of Uruguay in those proceedings may be favorable to the position of Adesol in the future. As of April&nbsp;7, 2016, 28 unconstitutionality claims had been brought against the above-mentioned law. As of the date of this Annual Report, the Supreme Court of Uruguay has issued 28 decisions, whereby it declared the unconstitutionality of Section&nbsp;39 subsection 3, Section&nbsp;55, Section&nbsp;56 subsection 1, Section&nbsp;60 paragraph C, Section&nbsp;98 subsection 2, Section&nbsp;117 subsection 2, Section&nbsp;143 and Section&nbsp;149 subsection 2 of Law No.&nbsp;19,307. It should be noted that in some of these judgments the Supreme Court dismissed the unconstitutionality claim filed by the claimant with respect to Section&nbsp;54 of that Law.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;ENACOM RESOLUTIONS NO. 840/18, NO. 1,196/18 AND NO. 4,353/18 &#151; NEW REGIME FOR RADIOELECTRIC SPECTRUM FEES&#148;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;27, 2018, Resolutions Nos. 840/18 and No.&nbsp;1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with the provisions of Resolution 4,353/18, published in the Official Gazette on May&nbsp;24, 2018, the new Regime for Radio-electric Rights and Tariffs will not have an impact until August&nbsp;31, 2018. This Resolution suspends the effects of Resolutions No.&nbsp;840/18 and No.&nbsp;1,196/18, from its publication until August&nbsp;31, 2018. During this period, the Radioelectric Rights corresponding to the Mobile Communications Services (SRMC, STM, PCS and SCMA) that are accrued will be paid in accordance with the regime prior to the one established by Resolutions No.&nbsp;840/18 and No.&nbsp;1,196/18. The affidavits corresponding to the Mobile Communications Services (SRMC, STM, PCS and SCMA), which expire in the months of April&nbsp;and May&nbsp;2018, that had not been prepared in accordance with the provisions of Resolution ENACOM No.&nbsp;840/2018, must be submitted rectified and pay the resulting differences on October&nbsp;10, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of issuance of this Annual Report Telecom has submitted the rectifying affidavits corresponding to the months of March&nbsp;and April&nbsp;2018 (due in April&nbsp;and May), and has paid (under protest) the respective amounts. It also started to comply with, as from September&nbsp;2018, the filing and payment (under protest) of the corresponding affidavits.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BUY ARGENTINE ACT</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the provisions of Article&nbsp;1 of Law No.&nbsp;27,437, which is regulated by Decree No.800/2018 and Resolution No.&nbsp;91/2018 of the Secretariat of Industry, Telecom Argentina - as a public fixed telephone service licensee - and their respective direct subcontractors, in the procurement of provisions and public works and services shall give preference to the purchase or lease domestic goods and services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article&nbsp;2 of the mentioned law provides that the preference established in Article&nbsp;1 to domestic goods or services will apply when, for identical or similar goods or services, under cash payment terms, the price is equal to or lower than the price of imported goods or services, increased by 15% when the offering of the good or services is carried out by companies qualified as Micro and SME, and 8% when the offering of the good or services is carried out by other companies. For comparison purposes, the price of imported goods shall include current import duties and taxes and all expenses required for its nationalization.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the other hand, in the event of comparing prices between offers that are not of national origin, or if there are national offers, if they have been declared underestimated or ineligible, a margin of preference of one percent (1%) every 5 (five) percentage points of local integration on the gross value of production of the goods reached will be granted, up to a maximum margin of preference of eight percent (8%), according to the calculation criteria of Article&nbsp;3 of Resolution No.&nbsp;91/2018 of the Secretariat of Industry.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article&nbsp;5 of the mentioned law establishes that a good is of national origin when it has been produced or extracted in Argentina, provided that the cost of imported raw materials, inputs or imported materials does not exceed forty percent (40%) of its gross value of production.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aforementioned law establishes that the contracting parties must announce the publication of the future contract whose amount is within the range of $1,300,000 and $5,000,000, which must be disseminated on the the National Contracting Office (&#147;NCO&#148;) website with an advance not less than 5 (five) business days from the deadline for receipt of bids for the contract and when the amount exceeds $5,000,000 they must be published in the Official Gazette and the NCO for a period of 2 business days with a minimum of 20 (twenty) days in advance of the deadline for receiving offers, computed from the day following the last publication (Article&nbsp;No.&nbsp;19 of Decree No.&nbsp;800/2018 and Article&nbsp;No.&nbsp;10 of the Secretariat of Industry Resolution No.&nbsp;91/2018), so as to provide all possible bidders timely access to information that enables them to participate in the mentioned tender.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Relating to services acquisitions, Law No.&nbsp;18,875 applies, which provides the obligation to hire only companies, consultants and domestic professionals, as defined in the mentioned Law. Any exceptions must be approved by the competent Ministry.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, Resolution No.&nbsp;2,350/04 of the former CNC, approves the &#147;Procedure for the accomplishment of the Buy Argentine Act&#148;, which includes the obligation to submit semiannual affidavits related to the compliance with the Act.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The regulatory body establishes economic, administrative and criminal sanctions for the alleged breach of the obligations of Buy Argentine Act.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is worth mentioning that this Act provides to Telecom Argentina less operational flexibility related to, among other matters, authorizations management prior to acquisitions, investment of time in the assembly of the required presentations with respect to the obligation to inform the semiannual affidavits of compliance of the Buy Argentine Act and associated administrative expenses.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LEGAL FRAMEWORK</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Law No.&nbsp;27,260 of </font></i></b><b><i style="font-weight:bold;">Historical Reparation for Retirees and Pensioners &#147;Reparaci&#243;n Hist&#243;rica para Jubilados y Pensionados&#148;</i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;22, 2016, Law No.&nbsp;27,260 of Historical Reparation for Retirees and Pensioners, was published in the Official Gazette </font>abolishing Law No.&nbsp;27,181 on &#147;Declaration of public interest of the protection of the social participations of the National State that make up the investment portfolio of the &#147;Sustainability Guarantee Fund of the Argentine Pension Integrated System&#148;. In addition, Section&nbsp;30 of Law No.&nbsp;27,260 provides that the transfer of shares of public corporations authorized by the CNV that are part of the FGS is banned without a previous and express authorization of the Federal Congress if, as a result of such transfer, the FGS&#146;s holding of the above referred securities becomes less than 7% of the aggregate assets of the FGS. The following exceptions apply: &#147;1. Tender offers addressed to all holders of such assets at a fair price authorized by the CNV, pursuant to the terms of Chapters II,&nbsp;III and IV of Title III of Law No.&nbsp;26,831. 2. Swaps of shares for other shares of the same or another corporation as a result of a merger, split or other corporate reorganization.&#148;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Decree No.&nbsp;894/16: corporate, political, and economic rights in charge of the ANSES</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;28, 2016, Decree No.&nbsp;894/2016 was published in the Official Gazette, providing that in those corporations whose shares are part of the Sustainability Guarantee Fund of the Argentine Pension Integrated System&#146; portfolio, the corporate, political and economic rights corresponding to such shares shall not be exercised by the Secretary of Economic Politics and Development Planning, but shall instead be exercised by the Federal Management of Social Security (&#147;ANSES&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Decree No.&nbsp;894/2016 provides that the Directors appointed by ANSES shall have the functions, duties and powers provided in the GCL, the Capital Market Law No.&nbsp;26,831 and their complementary regulations, all other rules&nbsp;applicable to corporations in which they act as directors, and their bylaws and internal regulations, and that they shall be exposed to all the liabilities applicable under such rules, not being subject to the provisions of Decree No.&nbsp;1,278/2012 and No.196/2015 (the latter in connection with its delimitation of responsibility).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Modification of Income Tax on dividend payment</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;27, 2017, the Argentine Congress approved a tax reform that came into force on December&nbsp;29, 2017 as Law No.&nbsp;27,430 (the &#147;Tax Reform&#148;), generally effective January&nbsp;1, 2018.</font> The reform is intended to eliminate certain inefficiencies in the Argentine tax regime, diminish tax evasion, broaden income taxes to cover more individuals and encourage investment, with the long-term goal of restoring fiscal balance. The reform is part of a larger program announced by current administration, intended to increase employment, make the Argentine economy more competitive (by reducing the fiscal deficit, for example) and sustainably diminish poverty.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main aspects of the Tax Reform include: (i)&nbsp;capital gains realized by individuals that are Argentine tax residents on sales of real estate (subject to certain exceptions, including a primary residence exemption) acquired after the enactment of the bill will be subject to tax at the rate of 15%, calculated on the acquisition cost restated in terms of the current currency; (ii)&nbsp;income obtained from currently exempt bank deposits and sales of securities (including government securities) by individuals that are Argentine tax residents will be subject to tax at the rate of (a)&nbsp;5% in the case of those denominated in pesos, subject to fixed interest rate and not indexed, and (b)&nbsp;15% for those denominated in a foreign currency or indexed; income obtained from the sales of shares made on an Argentine stock exchange will remain exempt, subject to compliance with certain requirements; (iii)&nbsp;corporate income tax will initially decline to 30% in 2019 and 2020 and to 25% starting in 2021; (iv)&nbsp;social security contributions will be gradually increased to 19.5% starting in 2022, in lieu of the differential scales currently in effect; and (v)&nbsp;the percentage of tax debits and credits that can be credited towards income tax will be gradually increased over a five year period, from the current 17% for credits to 100% for credits and debits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, the Law repeals the &#147;equalization tax&#148; (i.e., 35% withholding applicable to dividends distributed in excess of the accumulated taxable income) on income accrued from January&nbsp;1, 2018 and onwards.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Modification to Law No.&nbsp;24,240 Consumer Protection</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On August&nbsp;17, 2016, Law No.&nbsp;27,265 was published in the Official Gazette (in force as from August&nbsp;29, 2016) that incorporates an amendment to Law No.&nbsp;24,240 of Consumer Protection. This addition (in section 10 quater) establishes the prohibition of &#147;collections of advance notice, advance month payment and/or any other concept on the part of the providers of services, including the public utilities, upon the consumer&#146;s request for cancellation of the service in any way, either in person, on the telephone, electronic or similar-shaped&#148;. In this sense, as from the last quarter of 2016, the Company abides by this regulation in cases where applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate Criminal Liability for Corruption Crimes</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;1, 2017, the National Government published in the Official Gazette Law No.&nbsp;27,401, whereby it establishes the Corporate Criminal Liability Regime for Crimes against Public Administration and International Bribery. The Law came into force on March&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The regime established under the Law applies to private legal entities, of national or foreign capital, with or without state participation, for the following crimes: (i)&nbsp;National and international bribery and influence peddling; (ii)&nbsp;Negotiations that are incompatible with public office; (iii)&nbsp;Illegal payments made to public officials under the guise of taxes or fees owed to the relevant government agency (&#147;concusi&#243;n&#148;); (iv)&nbsp;Illicit enrichment by public officials and employees; and (v)&nbsp;Aggravated falsification of balance sheets and reports to conceal national and international bribery and influence peddling.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal entities are liable when these crimes are committed, directly or indirectly, with their involvement or in their name, interest or benefit. They are also liable when the third party acting in the benefit or interest of the entity did not have any powers to act on their behalf, provided the legal entity subsequently ratifies those acts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Law provides for successor liability, establishing that in those cases where a legal entity which is liable under this regime becomes involved in a transformation, merger, merger by acquisition, spin-off or any other corporate restructuring, said liability is transferred to the resulting or absorbing legal entity, therefore, the resulting or absorbing entity is criminally liable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal entities are exempted from liability if the individual who committed the crime acted exclusively in his/her own benefit and without any benefit for the entity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Law also sets out that legal entities may be convicted even if it is not possible to identify or prosecute the individual involved in the crime, provided that the circumstances of the case establish that the crime could not have been committed without acquiescence of the authorities of the legal entity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The penalties applicable to legal entities are varied.&#160; Fines applicable to legal entities range from 2 to 5 times the undue benefit that was obtained or that could have been obtained through the actions carried out in violation of the Law. Other penalties may also be imposed on legal entities, namely: (i)&nbsp;full or partial suspension of activities for up to 10 years; (ii)&nbsp;debarment from participating in government bids and tenders for public works or services, or in any activity related to the Government, for up to 10 years; (iii)&nbsp;dissolution and liquidation of the legal entity -if it had been established for the sole purpose of committing crimes, or if those acts are the legal entity&#146;s core business-; (iv)&nbsp;loss or suspension of granted government benefits; (v)&nbsp;publication of an extract of the condemnatory sentence; (vi)&nbsp;forfeiture of goods or proceeds that are the result or profit of the crime.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are certain elements that the judges may take into account to adjust the penalties, namely: (i)&nbsp;failure to comply with internal rules&nbsp;and procedures; (ii)&nbsp;number and hierarchy of the officers, employees and associates involved; (iii)&nbsp;omission of vigilance on the actions of the perpetrators and accomplices in the crime; (iv)&nbsp;the extent of the damage caused; (v)&nbsp;amount of money involved in the commission of the crime; (vi)&nbsp;the legal entity&#146;s size, nature and economic capacity; (vii)&nbsp;the legal entity&#146;s spontaneous self-reporting to the authorities as a result of an internal investigation or detection; (viii)&nbsp;subsequent behavior; (ix)&nbsp;willingness to mitigate or repair the damage caused; and (x)&nbsp;recidivism (when the legal entity is sanctioned for an offense committed within three (3)&nbsp;years following the date on which a previous condemnatory sentence becomes final).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The legal entity is exempted from penalties and administrative liability when the following three circumstances take place simultaneously: (i)&nbsp;the legal entity spontaneously self-reports a crime set forth by this law as a consequence of internal detection and investigation; (ii)&nbsp;the legal entity established, before the facts under investigation occurred, a proper control and supervision system (&#147;Integrity Program&#148;) and the breach of such system required an effort by those involved in the crime; and (iii)&nbsp;the legal entity returned the undue benefit obtained through the crime.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Law stipulates the possibility of legal entities implementing Integrity Programs consisting of actions, mechanisms and internal procedures for the promotion of integrity, supervision and control, focused on the prevention, detection and correction of irregularities and unlawful acts provided under the Law.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The implementation of an Integrity Program will be a required condition for legal entities to contract with the Argentine National Government when such contracts (i)&nbsp;must be approved by a public official ranked as minister or above; and (ii)&nbsp;fall under the National Government General Contracting Regime (Section&nbsp;4 of Decree No.&nbsp;1,023/01) and/or under the law of public works (Law No.&nbsp;13,064), award of public works (No.&nbsp;17,520), public-private partnerships (Law No.&nbsp;27,328) or concession or licensing contracts for public services. (The regulation of the Law will have to establish how this requirement will be demonstrated and considered fulfilled to enter into these contracts.)</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Integrity Program &#151;which will have to be appropriate to the specific risks of the activities performed by the legal entity, its size and its economic capacity and, eventually, with the provisions established in the regulation of the Law&#151; must contain the following minimum elements: (i)&nbsp;a code of ethics or conduct, or the existence of integrity policies and procedures applicable to every director, manager and employee to guide the planning and performance of their duties or tasks in a manner that prevents the commission of crimes under the Law; (ii)&nbsp;specific rules&nbsp;and procedures to prevent unlawful acts within the scope of public tenders and bids, in the execution of administrative contracts or in any other interaction with the public sector; and (iii)&nbsp;the performance of regular training for directors, managers and employees about the Integrity Program.&#160; Additionally, the Integrity Program may contain (i)&nbsp;periodical risk analysis and consequent adjustment of the program; (ii)&nbsp;evident support to the program by top management; (iii)&nbsp;internal reporting channels; (iv)&nbsp;a policy protecting whistleblowers from retaliation; (v)&nbsp;an internal investigation system that respects the rights of those under investigation and imposes sanctions on violations of the Code of Ethics; (vi)&nbsp;procedures to verify the integrity and background of relevant third parties; (vii)&nbsp;due diligence during corporate transformation and acquisitions processes to evaluate potential illegal actions or vulnerabilities in the legal entities involved; (viii)&nbsp;continuous monitoring and evaluation of the program effectiveness; (ix)&nbsp;an internal compliance officer in charge of developing, coordinating and supervising the Integrity Program.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Law provides that the legal entity may enter into &#147;Effective Collaboration Agreements&#148; (<i>Acuerdos de Colaboraci&#243;n Eficaz</i>) with the Public Prosecutor&#146;s Office (<i>Ministerio P&#250;blico Fiscal</i>). The agreements may be filed until the summons to trial. Through these agreements, the legal entity undertakes to cooperate to bring the facts of the case to light, to identify the perpetrators or accomplices, to recover the proceeds or profit from the crime, as well to fulfill the conditions set forth in the agreement.&#160; These agreements will be filled in exchange for a suspension of the prosecution and a reduction of the penalties that may be imposed.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DISCLOSURE PURSUANT TO SECTION&nbsp;219 OF THE IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT OF 2012 (ITRSHRA)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 added Section&nbsp;13(r)&nbsp;to the Exchange Act. Section&nbsp;13(r)&nbsp;requires an issuer to disclose in its annual or quarterly reports filed with the SEC whether the issuer or any of its affiliates has knowingly engaged in certain activities, transactions or dealings with the government of Iran, relating to Iran or with designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the annual or quarterly report. Disclosure is required even when the activities were conducted outside the United States by non-U.S. entities and even when such activities were conducted in compliance with applicable law.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with our </font>Code of Ethics and Business Conduct, we seek to comply with all applicable laws.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Activities relating to Iran</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telecom</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018 we had two activities relating to Iran: (i)&nbsp;our roaming agreement (mobile services) with Mobile Company of Iran (MCI) (formerly TCI), which allows our mobile customers to use their mobile device on a network outside their subscriber&#146;s home network (see &#147;Glossary of Terms</font>&#151;Roaming&#148;) and (ii)&nbsp;our international telecommunications services agreements with international carriers (fixed services), which cover delivery of traffic to Iran through non-Iranian carriers.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;28, 2018, Telecom Argentina notified Mobile Company of Iran (MCI) the decision to terminate the IRA agreement signed by both parties related to Voice Roaming Service, in February&nbsp;1, 2019. Notwithstanding the foregoing, and in order to properly document the termination of the roaming service, on February&nbsp;1, 2019, a notarial certificate was issued stating the termination at a technical level of said service.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After the date of termination of the agreement, Telecom Argentina will issue and receive invoices for traffic consumptions up to that date.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">i.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Roaming agreements (mobile services)</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Like all major mobile networks, in response to the competition and customers&#146; demands, Telecom Argentina entered into roaming agreements with many foreign mobile networks, including MCI, to allow their customers to make and receive calls abroad.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roaming agreements are entered into using standard terms and conditions including the one relating to Iran. Entering into roaming agreements is an activity carried out in the ordinary course of business by a mobile network operator.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roaming agreements are generally reciprocal. Pursuant to a roaming agreement, when our mobile customers are in a foreign country covered by the network of an operator with which we have a roaming agreement (the &#147;Foreign Operator&#148;), our mobile customers may make and receive calls on their mobile phone using the Foreign Operator&#146;s network. Likewise, the Foreign Operator&#146;s customers may make and receive calls using our networks when these customers are in Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Foreign Operator bills us for the calls made and received by our roaming customers at the rate agreed upon in the applicable roaming agreement. We then bill these customers according to the specific roaming fees in their subscription agreement. Likewise, we bill the Foreign Operator for the calls made and received by its clients using our networks for those calls, at the roaming rate agreed upon in the applicable roaming agreement, and then the Foreign Operator bills its clients according to their customer agreements. Roaming agreements do not, generally, contemplate other fees or disbursements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2018, the consolidated impact on net profit (loss) arising from our roaming agreements with MCI was as follows:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our total revenues under roaming agreements with MCI were approximately P$1.73 thousand.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our total charges paid under roaming agreements with MCI were approximately P$13.09 thousand.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These revenues and charges are immaterial to our consolidated revenues and operating expenses. Because we do not separately allocate costs directly attributable to the service provision or other overhead costs to these transactions, the amount of our consolidated net profits earned under these agreements is not determinable, but it does not exceed our gross revenues from the agreements.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, as of December&nbsp;31, 2018, the amount for these </font>concepts pending to pay were approximately P$4.8 thousand.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of our roaming agreements is to provide our customers with coverage in areas where we do not own networks. For that purpose, we intend to continue maintaining our roaming agreements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ii.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Commercial Agreements with International Carriers (fixed services):</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We maintain commercial agreements with international carriers from countries other than Iran, which permit those carriers to deliver traffic from Iran to our networks and from our networks to Iran. Telecom Argentina&#146;s total charges paid under commercial agreements with international carriers regarding delivery of traffic to Iran were approximately P$1.8 </font>thousand (P$2.2 thousand in current currency of December&nbsp;31, 2018).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding incoming traffic, Telecom Argentina S.A. charge the relevant international carrier for their traffic terminated in Telecom&#146;s network. Consequently, Telecom Argentina does not know the country of origin of such traffic.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Activities relating to Syria and Sudan</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the mandatory disclosure regarding the activities related to Iran described above, below we describe our activities that directly or indirectly relate to Syria and Sudan (designated by the U.S. Department of State as state sponsors of terrorism and are subject to U.S. economic sanctions and export controls) (&#147;Designated Countries&#148;):</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">i.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Roaming agreements (mobile services)</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operators of mobile telecommunications networks enter into roaming agreements with other operators of mobile telecommunications networks in the ordinary course of business. </font>See &#147;&#151;Activities relating to Iran&#151;Telecom&#148; for a description of roaming agreements.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, we maintained roaming agreements with </font>MTN Sudan and MTN Syria. This situation changed on December&nbsp;28, 2018, when Telecom Argentina S.A notified MTN Sudan and MTN Syria the decision to terminate the IRA agreement signed by both parties related to Voice Roaming Service, in February&nbsp;1, 2019. Notwithstanding the foregoing, and in order to properly document the termination of the roaming service, on February&nbsp;1, 2019, a notarial certificate was issued stating the termination at a technical level of said service.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After the date of termination of the agreement, Telecom Argentina SA will issue and receive invoices for traffic consumptions up to that date.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the approximate revenues, expenses, receivables and payables from roaming agreements with the Designated Countries were as follows:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Roaming&nbsp;agreements&nbsp;(mobile&nbsp;services)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Expenses</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Receivables</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Payables</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="55%" colspan="7" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">In&nbsp;thousands&nbsp;of&nbsp;P$</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Syria</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.01</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.90</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35.61</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sudan</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.40</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.50</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0.01</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">13.30</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#151;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">37.11</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">% of   respective consolidated total amounts</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(a)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(a)</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#151;</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(a)</font></i></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Less than 0.001%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">ii.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Commercial Agreements with International Carriers (fixed services):</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also maintain commercial agreements with international carriers from countries other than the Designated Countries which permit those carriers to deliver traffic from the Designated Countries to our networks and from our networks to such countries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding outgoing traffic, during 2018, Telecom has sent traffic to the Designated Countries mainly through</font> Verizon Communications Inc. (United States), KPN (Holland) and Telecom Italia Sparkle S.p.A (Italy).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr>
<td width="62%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.06%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
<td width="37%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:37.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">88<a name="PB_88_123859_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the total approximate expense for delivery of traffic terminated in the Designated Countries was:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="74%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Commercial&nbsp;Agreements&nbsp;with<br>   International&nbsp;Carriers&nbsp;(fixed&nbsp;services)</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31,&nbsp;2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="74%" valign="bottom" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">In&nbsp;thousands&nbsp;of&nbsp;P$</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Syria</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60.01</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   outbound costs</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">60.01</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:74.08%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">% of   consolidated operating expenses</font></i></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">0.001</font></i></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding incoming traffic, Telecom Argentina charge the relevant international carrier for their traffic terminated in Telecom&#146;s network. Consequently, Telecom Argentina does not know the country of origin of such traffic.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, our total payables and receivables from international carriers include those balances arising from traffic related with the Designated Countries but it is not possible to segregate them.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The outbound costs described in the table above are wholly immaterial with respect to the Company&#146;s consolidated operating expenses for the period presented.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CAPITAL EXPENDITURES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Property, Plant and Equipment &#147;PP&amp;E&#148; and Intangible Assets amounted to P$ 210,346 million in the year ended December&nbsp;31, 2018, P$ 50,336 million in the year ended December&nbsp;31, 2017, and P$ 42,186 million in the year ended December&nbsp;31, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following financial information for the year ended December&nbsp;31, 2018 reflects the effect of the Merger effective as of the Merger Effective Date (i.e., January&nbsp;1, 2018). The Merger constituted a &#147;reverse acquisition&#148; under IFRS 3, pursuant to which Cablevision (the legal absorbed entity) was considered the accounting acquirer and Telecom (the surviving entity) was considered the accounting acquiree. Accordingly, the following information of Telecom for periods prior to the Merger Effective Date reflects the financial information of Cablevisi&#243;n restated in terms of the current currency to take into account the effect of inflation in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">89<a name="PB_89_124131_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets forth our Capital Expenditures for the years ended December&nbsp;31, 2018, 2017 and 2016:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Land and   buildings</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">426</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">227</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Switching   equipment</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">572</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile network   access, external wiring&nbsp;&amp; transmission</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22,488</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,196</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,324</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computer equipment   and software</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,178</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">574</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">436</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,910</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,119</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,634</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subtotal   tangible capital expenditures</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">39,574</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19,116</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19,404</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rights of use,   exclusivity agreements&nbsp;&amp; licenses</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,558</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">807</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subscribers   acquisition costs</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,348</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subtotal   intangible capital expenditures</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2,906</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">807</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">24</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   capital expenditures in PP&amp;E and Intangible assets</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">42,480</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19,923</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19,428</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;text-indent:-17.85pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The allocation of work in progress among items is estimated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the following table shows capital expenditures for the years ended December&nbsp;31, 2018, 2017 and 2016 broken down by Services rendered in Argentina and Other abroad:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="41%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Services   rendered in Argentina</font></u></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Land and   buildings </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">328</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">226</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Switching   equipment </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">330</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile network   access, external wiring&nbsp;&amp; transmission </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,568</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,094</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,210</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computer   equipment and software </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,700</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">573</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">435</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,892</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,989</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,442</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subtotal   tangible capital expenditures</font></b>  </p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">36,818</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">18,882</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19,096</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rights of use,   exclusivity agreements and licenses </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">714</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">807</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subscribers   acquisition costs </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,259</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subtotal   intangible capital expenditures</font></b>  </p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1,973</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">807</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">24</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   Services rendered in Argentina capital expenditures</font></b>  </p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">38,791</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19,689</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19,120</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Other   abroad</font></u></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Land and   buildings </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">98</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Switching   equipment </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">242</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile network   access, external wiring&nbsp;&amp; transmission </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">920</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">102</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">114</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computer   equipment and software </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">478</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,018</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">130</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">192</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subtotal   tangible capital expenditures</font></b>  </p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2,756</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">234</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">308</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rights of use,   exclusivity agreements and licenses </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">845</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subscribers   acquisition costs </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">88</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Subtotal   intangible capital expenditures</font></b>  </p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">933</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#151;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#151;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   Other abroad capital expenditures</font></b>  </p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3,689</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">234</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">308</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   capital expenditures</font></b>  </p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">42,480</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19,923</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19,428</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The allocation of work in progress among items is estimated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="62%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.06%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">90<a name="PB_90_122853_2977"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We estimate that our capital expenditures will be approximately US$5,000 million</font> and started in 2018, while for the year 2019 will be approximately US$1,090 million, 26% of consolidated revenues. See &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Liquidity and Capital Resources&#151;Capital Expenditures.&#148;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect to finance these expenditures through cash flows generated by our operations and financing provided by third parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROPERTY, PLANT AND EQUIPMENT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As detailed below, our principal physical properties consist of transmission equipment, access facilities, outside plant (external wiring) and switching equipment. These properties are, at present, mainly located throughout the AMBA and Northern Region. We believe that these assets are, and for the foreseeable future will be, adequate and suitable for their respective uses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="42%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2018</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Services&nbsp;rendered<br>   in&nbsp;Argentina</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other&nbsp;abroad</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Land and   buildings</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,074</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">230</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,304</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Switching   equipment</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,008</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">646</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,654</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile network   access, external wiring&nbsp;&amp; transmission</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">79,482</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,316</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82,798</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computer   equipment and software</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,199</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,061</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,260</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Materials</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,191</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">693</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,884</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Others</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,150</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,426</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,576</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:52.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   PP&amp;E, net carrying value</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">143,104</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7,372</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">150,476</font></b></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 1pt 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(2)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt 35.3pt;text-align:justify;text-indent:-35.3pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The allocation of work in progress among items is estimated.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Net of valuation allowance for materials for P$ 359 million and impairment of PP&amp;E for P$ 333 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the above-mentioned assets were used to provide service to our customers as described below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(thousands)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed lines in   service</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,544</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.7</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed Internet access   lines</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,110</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,318</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,166</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal mobile   telephony services lines (*)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,316</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Iden telephony   services lines</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">314.3</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">716.6</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(*)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">&nbsp;In 2018, includes 2,387 thousand N&#250;cleo customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, we have entered into purchase commitments relating to PP&amp;E totaling P$9,926 million primarily for switching equipment, external wiring and network infrastructure. In general, the contracts are financed, directly or indirectly, by domestic and foreign vendors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our current major suppliers of PP&amp;E are Huawei International Co. Limited,&nbsp;IBM Argentina S.R.L., Huawei Tech Investment Co. Ltd. Argentina, Arris Solutions Inc., Cisco Systems, and Nokia Solution and Networks Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 4A.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>UNRESOLVED STAFF COMMENTS</b><a name="ITEM4A_UNRESOLVEDSTAFFCOMMENTS_124357"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I</font> - ITEM 4 INFORMATION ON THE COMPANY</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">91<a name="PB_91_123519_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 5.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b><a name="ITEM5_OPERATINGANDFINANCIALREVIE_124803"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should read the following discussion in conjunction with our Consolidated Financial Statements, including the notes to those financial statements, which appear elsewhere in this Annual Report. Our Consolidated Financial Statements have been prepared in accordance with IFRS as issued by the IASB. See &#147;Item 3&#151;Key Information&#151;Selected Financial Data.&#148; The following discussion and analysis are presented by the Management of our company and provide a view of our financial condition, operating performance and prospects from Management&#146;s perspective. The strategies and expectations referred to in this discussion are considered forward-looking statements and may be strongly influenced or changed by shifts in market conditions, new initiatives that we implement and other factors. Since much of this discussion is forward-looking, you are urged to review carefully the factors referenced elsewhere in this Annual Report that may have a significant influence on the outcome of such forward-looking statements. We cannot provide assurance that the strategies and expectations referred to in this discussion will come to fruition. Forward-looking statements are based on current plans, estimates and projections, and therefore, you should not rely solely on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statements in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. We caution you that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. Please refer to &#147;Forward-Looking Statements&#148; and &#147;Item 3&#151;Key Information&#151;Risk Factors&#148; for descriptions of some of the factors relevant to this discussion and other forward-looking statements in this Annual Report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management Overview</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe in the capacity of telecommunications to enhance the development of the country, boosting local economies through the access to high value-added communication and connectivity services. To this end, we continue to invest in the most modern mobile technology infrastructure, as well as in the deployment of a high speed fiber optic network to deliver the best contents to our customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this new stage, Telecom focuses on several strategic pillars. One of them is the deployment of an infrastructure that will allow the Company to offer more services, with a fixed-mobile network with differentiating features, on a par with the largest companies in the world.&nbsp; Another pillar is a deep in-house cultural transformation to support the goals of the convergent business and to strengthen the focus on the customer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this sense, during 2018, we prioritized the integration of the merged companies, focusing on the people, the organizational culture, the administrative processes, the technological tools and the key factors to achieve competitiveness and ensure the long-term sustainability of our businesses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, (i)&nbsp;Telecom&#146;s telephony mobile business had approximately 18.3 million subscribers in Argentina (excluding our IDEN telephony subscribers) and approximately 2.4 million subscribers in Paraguay, (ii)&nbsp;Telecom&#146;s broadband business reached approximately 4.1 million accesses, (iii)&nbsp;Telecom&#146;s cable television business had approximately 3.5 million subscribers and (iv)&nbsp;Telecom had approximately 3.5 million fixed telephony lines in service, which are equivalent to 140 lines in service per employee</font>. To promote the expansion of business, our capital expenditures amounted to P$42,480 million in 2018, equivalent to 25.3% of consolidated revenues. We believe that our investments and estimated capital expenditures for 2019 are clear evidence of our commitment to our customers.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following discussion and analysis summarizes relevant measures of results of operations presenting items by nature. The Company believes that the presentation of the measure &#147;adjusted EBITDA&#148; provides investors and financial analysts with appropriate information that is relevant to understanding the Company&#146;s past and present performance as well as our projections of future performance (see the purpose of use of adjusted EBITDA and reconciliation of net income to adjusted EBITDA in section &#147;Adjusted EBITDA&#148;). Moreover, adjusted EBITDA is one of the key performance measures used by Management for monitoring the Company&#146;s profitability and financial position, at consolidated levels.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our financial statement data as of and for the years ended December&nbsp;31, 2017 and 2016 are not comparable with our financial statement data as of and for the year ended December&nbsp;31, 2018 because of the Merger, which was consummated on January&nbsp;1, 2018. Effective as of the Merger Effective Date (i.e., January&nbsp;1, 2018), Cablevisi&#243;n merged into Telecom Argentina. We have accounted for the Merger as a business combination using the acquisition method of accounting under IFRS 3 to account for assets and liabilities of Telecom as of January&nbsp;1, 2018. The Merger constituted a &#147;reverse acquisition,&#148; pursuant to which Cablevisi&#243;n (the legal absorbed entity) was considered the accounting acquirer and Telecom Argentina (the surviving entity) was considered the accounting acquiree.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">92<a name="PB_92_123631_5335"></a></p>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, the financial statements of Telecom for periods prior to the Merger Effective Date reflect the historical financial information of Cablevisi&#243;n restated in terms of the current currency as of December&nbsp;31, 2018. The information as of and for the year ended December&nbsp;31, 2018 incorporates, based on the figures corresponding to Cablevisi&#243;n, the effect of applying the acquisition method to Telecom Argentina to its fair value in accordance with IFRS 3 and the operations of Telecom Argentina as from January&nbsp;1, 2018. Such figures are presented in this Annual Report restated in terms of the current currency to take into account the effect of inflation in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated revenues in 2018 were P$168,046 million compared to P$66,649 million in 2017 and P$60,405 million in 2016</font>. The increase of P$101,397 million in 2018 (a 152% increase) was mainly driven by the combination of Telecom and Cablevision&#146;s operations following the Merger, as described in previous paragraphs. Revenues in 2018 were mainly driven by revenues from internet services, premium cable TV services and mobile services and fixed and data services.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the year ended December&nbsp;31, 2018, we </font>reported net income of P$5,536 million, compared to net income of P$9,859 million for the year ended December&nbsp;31, 2017, and net income of P$10,546 million for the year ended December&nbsp;31, 2016. Net income attributable to Telecom Argentina decreased by P$4,437 million in 2018 as compared to 2017, reaching P$5,294 million and decreased by P$726 million in 2017 as compared to 2016, reaching P$9,731 million, from P$10,457 million reported in 2016.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For a discussion of the factors that may affect our results of operations see &#147;Item 3&#151;Key Information&#151;Risk Factors&#148; and &#147;&#151;Years ended December&nbsp;31, 2018, 2017 and 2016&#151;Factors Affecting Results of Operations&#148; and &#147;&#151;Trend Information&#148; below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For a detailed analysis of our results of operations for fiscal year 2018, see &#147;&#151;Years ended December&nbsp;31, 2018, 2017 and 2016&#148; below.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Economic and Political Developments in Argentina</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A substantial majority of our property, operations and customers are located in Argentina, and a portion of our assets and liabilities are denominated in foreign currencies. Accordingly, our financial condition, results of operations and cash flows depend to a significant extent on economic and political conditions prevailing in Argentina and on the exchange rates between the Argentine Peso and foreign currencies. In the recent past, Argentina has experienced severe recessions, political crises, periods of high inflation and significant currency devaluation. Argentina experienced economic growth in the last decade, although the Argentine economy has been volatile since year 2011. For example, Argentina&#146;s economy grew in 2017, but contracted in 2018. Uncertainty remains as to how several factors would impact the Argentine economy, including among others, inflation rates, exchange rates, commodity prices, level of BCRA reserves, public debt, tax pressures and healthy trade and fiscal balances</font>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inflation continued to be the main concern for the Argentine economy. Since January&nbsp;2014, a new consumer price index started its publication. In 2014, the new national consumer price index (&#147;IPCNu&#148;) showed an increase of 23.9%. In addition, the INDEC estimates that the Argentine wholesale price index increased by 28.3% in 2014<b>.</b></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;8, 2016, the current administration issued Decree No.&nbsp;55/2016 declaring a state of administrative emergency with respect to the national statistical system and the INDEC until December&nbsp;31, 2016. During this state of emergency, the INDEC has suspended publication of certain statistical data (regarding prices, poverty, unemployment and GDP) until it completes a reorganization of its technical and administrative structure capable of producing sufficient and reliable statistical information. As of the date of this Annual Report,&nbsp;INDEC had resumed publication of the aforementioned statistical data, although for some indicators, it has not yet disclosed or provided reestimated figures for certain time periods. Under these circumstances the INDEC has recommended the use of alternative indexes. However, the index used was the average variation of the Consumer Price Index of the city of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEC resumed publication of the wholesale price index for the entirety of 2016, which increased by 34.6% based on a year-to-year comparison. In turn, the publication of the CPI index for Buenos Aires City and Greater Buenos Aires Area was resumed in June&nbsp;2016 disclosing May&nbsp;2016 monthly inflation figures, while data for the months of January&nbsp;to April&nbsp;of 2016 are unavailable. Taking this into account,&nbsp;CPI index variation from May&nbsp;to December&nbsp;2016 was 16.9%. Meanwhile, consumer price measures for Autonomous City of Buenos Aires and San Luis Province registered a 41.0% and 31.4% increase during 2016, respectively. Since July&nbsp;2017, the INDEC has resumed the publication of a National CPI (&#147;IPC Nacional&#148;) on a monthly base regularly. The IPC Nacional index has registered an increase of 24.7% on a year-over-year comparison for 2017, and an increase of 47.6% for 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For further detail regarding Argentine economic conditions see &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Inflation could accelerate, causing adverse effects on the economy and negatively impacting Telecom&#146;s margins.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:20.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, and after a positive first quarter, economic activity was affected by climate conditions resulting in a decrease of agricultural performance. Argentina also faced increased exchange rate volatility beginning during the second quarter and until the end of the third quarter, with a period of relative stabilization during the last quarter of the year. These factors contributed to a rapid retraction of the economic activity that endured from the second quarter to the remainder of the year. In general terms, most economic sectors were affected by the general macroeconomic context, registering an asymmetrical performance in their level of activity. With regard to the international context, we believe that global growth continues to be solid, although in certain advanced economies the expansion seems to have been less balanced and could register deceleration, and as a consequence the risks of a global economic slowdown have slightly increased. Specifically and considering our main trading partners, activity in Brazil continues within the path of growth registered during the previous year, but with a general increase of its output of a low magnitude, while in China the activity was stable and at levels similar to the previous year, with a sustained expansion rate.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2012, 2013 and 2014, the pace of peso devaluation accelerated in relation to previous years to 14.4%, 32.5% and 31.1%, respectively; and the official exchange rate ended the year at a P$8.55 per US$1.00. In December&nbsp;2015, the current administration lifted many of the restrictions to access the FX Markets and the multiple exchange rate system was unified into a floating rate regime. As a consequence, a significant depreciation of the peso occurred, with the exchange rate at P$13.04 per US$ 1.00, an increase of 52.5% by the end of 2015. In addition, on April&nbsp;21, 2016 the BCRA published Communication &#147;A&#148; 5955, whereby the limits for access to the MULC for payments of foreign accounts payable related to goods and services were eliminated, establishing that starting on the following day access to the market for such payments is unlimited, subject to compliance with the foreign exchange norms in force. In 2018, the Argentine peso experienced a rapid devaluation against foreign currencies, particularly the U.S. dollar. </font>Between January&nbsp;1 and December&nbsp;31, 2018, the Argentine Peso slid from 18.65 to 37.70 Argentine Pesos per U.S.&nbsp;Dollar according to the U.S. dollar buying rate published by <i>Banco de la Naci&#243;n Argentina</i> (Argentine National Bank), showing a devaluation of 102.2% vs. 2017, while on March&nbsp;19, 2019, the exchange rate was P$40.50= US$1.00.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Argentine government has exercised and continues to exercise significant influence over many aspects of the Argentine economy. Accordingly, Argentine governmental actions concerning the economy could significantly affect private sector entities in general and our operations in particular, as well as affect market conditions, prices and returns on Argentine securities, including ours. While our business continued growing in 2018, our operating results, financial condition and cash flows remain vulnerable to fluctuations in the Argentine economy. See &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Argentina.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Critical Accounting Policies</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Consolidated Financial Statements, prepared in accordance with IFRS, are dependent upon and sensitive to accounting methods, assumptions and estimates that we use as a basis for its preparation. We have identified critical accounting estimates and related assumptions and uncertainties inherent in our accounting policies (that are fully described in Note 3 to our Consolidated Financial Statements), which we believe are essential to an understanding of the underlying financial reporting risks. Additionally we have identified the effect that these accounting estimates, assumptions and uncertainties have on our Consolidated Financial Statements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Use of estimates</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IFRS involves the use of assumptions and estimates that may significantly affect the reported amounts of assets, liabilities and results of operations and any accompanying financial information.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management considers financial projections in the preparation of the financial statements as further described below. These financial projections anticipate scenarios deemed both likely and conservative based upon macroeconomic, financial and industry-specific assumptions. However, actual results may differ significantly from such estimates.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Variations in the assumptions regarding exchange rates, rates of inflation, level of economic activity and consumption, creditworthiness of our current and potential customers, aggressiveness of our current or potential competitors and technological, legal or regulatory changes could also result in significant differences from financial projections used by us for valuation and disclosure of items under IFRS.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The most important accounting estimates, those which require a high degree of subjective assumptions and judgments, are the following:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Revenue recognition</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues are recognized to the extent that it is probable that economic benefits will flow to Telecom and their amount can be measured reliably. Revenues from transactions that include more than one performance obligation are recognized separately to the extent they have commercial substance on their own. Revenues are stated net of estimated discounts and returns.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues from upfront connection fees for fixed, data and Internet services and installation (one-time income) non-refundable charges of cable services, that are non-separable from the service are accounted for as a single transaction and deferred over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship. Therefore, these revenues are influenced by the estimated expected term of customer relationships for indefinite period contracts.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues are also subject to estimations of the traffic measures. Unbilled revenues from the billing cycle dating to the end of each month are calculated based on the traffic and are accrued at the end of the month. In addition, revenues from unexpired prepaid recharges made by customers are recognized on the basis of the services used, at the contract price per service.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, contractual assets recognized due to the adoption of IFRS 15 are influenced by the expected duration of the relationship of the customer. For more information See Note 3) to our Consolidated Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in these estimations, if any, may require adjustments to recorded revenues.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">PP&amp;E and intangible assets</font></i></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Useful lives and residual value</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We record PP&amp;E and intangible assets at acquisition or construction cost. PP&amp;E and intangible assets, except for indefinite useful life intangibles, are depreciated or amortized on a straight-line basis over their estimated useful lives. The determination of the depreciable amount of the assets and their useful lives involves significant judgment. We periodically review, at least at each financial year-end, the estimated useful lives of PP&amp;E and amortizable intangible assets.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Recoverability assessment of PP&amp;E and intangible assets with finite useful life</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At a minimum at every annual closing date, we assess whether events or changes in circumstances indicate that PP&amp;E and amortizable intangible assets may be impaired.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under IFRS, the carrying value of a long-lived asset is considered impaired by the Company when the recoverable amount of such asset is lower than its carrying value. In such event, a loss would be recognized based on the amount by which the carrying value exceeds the recoverable amount of the long-lived asset. The recoverable amount is the higher of the fair value less costs to sell and its value in use (present value of the future cash flows expected to be derived from the asset, group of assets or cash generating unit). Once an impairment loss is identified and recognized, future reversal of impairment loss is permitted only if the indicators of the impairment no longer exist or have decreased.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The identification of impairment indicators and the estimate of the value in use for assets (or groups of assets or cash generating units) require Management to make significant judgments concerning the validation of impairment indicators, expected cash flows and applicable discount rates. Estimated cash flows are based on significant assumptions by Management about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, capital cost,&nbsp;etc.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, we recognized impairment loss of certain assets amounting to P$1,623 million in 2018. Impairment of 2018 is due to the impairment of Arnet trademark, which will be discontinued during 2019. See &#147;ITEM 4&#151;Information on the Company&#151;Main Products&#148; and Note 3 to our Consolidated Financial Statements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the years presented, considering the increase in values of finite and indefinite useful life of PP&amp;E,&nbsp;Intangible assets and Goodwill, due to </font>restatements in terms of the current currency, we estimate that there are indicators of impairment of assets that are subject to amortization. Therefore, the Company made an estimation of the value in use for both, PP&amp;E and Intangible assets with finite and indefinite useful life, that is analyzed in &#147;<i>Intangible assets with indefinite useful life&#151;PCS license, SRCE license, Brands and Goodwill&#148; </i>and determined no impairment.</p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Intangible assets with indefinite useful life&#151;PCS license, SRCE license, Brands and Goodwill</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We determined that the PCS license and the SRCE license, granted to Telecom met the definition of an indefinite-lived intangible asset for the years presented. Therefore, Telecom does not amortize the cost of these licenses. However, the Company tests them annually </font>for impairment. Additionally the Company has to test for impairment the goodwill and brands that do not amortize. Additionally, as it is mentioned before, due to the inflation restatements in terms of the current currency recognized in the value of all PP&amp;E and Intangible assets we need to test for impairment and, therefore, make an estimation of the value in use of all definite and indefinite useful lives of PP&amp;E,&nbsp;Intangible assets and goodwill, and determine the existence or not of an impairment loss.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An impairment loss is recognized when the carrying amount exceeds the recoverable amount. The recoverability assessment requires our Management to make assumptions about the future cash flows expected to be derived from such asset.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such estimated cash flows are based on significant assumptions by Management about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, discount rate,&nbsp;etc.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s net cash flows projection is denominated in Argentine Pesos, its functional currency. However, due to the fact that there is no prevailing long-term discount rate in pesos available in the market, we: (a)&nbsp;have converted such peso-denominated cash flows into U.S. dollars using future estimated exchange rates applicable to each period; and (b)&nbsp;have discounted these U.S. dollar-denominated cash flows at an annual U.S. dollar rate of approximately 9.66% in order to obtain the recoverable value of PP&amp;E,&nbsp;Intangible assets and Goodwill.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through this evaluation, it was determined that the carrying amount of PP&amp;E,&nbsp;Intangible assets and goodwill did not exceed the respective recoverable amount of the assets.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our judgments regarding future cash flows may change due to future market conditions, competition, business strategy, the evolution of technology, changes in regulations and other factors. These changes, if any, may require material adjustments to the carrying amount of all PP&amp;E,&nbsp;Intangible assets and Goodwill.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Income Taxes and Recoverability assessment of deferred income tax assets and other tax receivables / Deferred income tax measurement</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are required to estimate our income taxes (current and deferred) in each of the companies of Telecom according to a reasonable interpretation of the tax law in effect in each jurisdiction where the companies operate. This process may involve complex estimates to determine taxable income and deductible and taxable temporary differences between the carrying amounts and the taxable amounts. In particular, deferred tax assets are recognized for all deductible temporary differences to the extent that future taxable income will be available against which they can be utilized. The measurement of the recoverability of deferred tax assets requires estimating future taxable income based on the Company&#146;s projections and takes into account conservative tax planning.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The recoverability assessment of the income tax receivable related to Telecom Argentina&#146;s actions for recourse filed during 2016, 2017 and 2018 regarding the amounts determined in excess due to </font>lack of application of the income tax inflation adjustment, is based on the existing legal jurisprudence on this matter and the estimated future behavior of the National Tax Authority and of the National court in their review of the actions filed by Telecom Argentina (see Note 15 to our Consolidated Financial Statements).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If actual results differ from these estimates due to changes in tax authority&#146;s interpretations and the new fiscal jurisprudence, or we adjust those estimates in future periods, our financial position, results of operation and cash flows may be materially affected.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since the change in the rates provided by Law No.&nbsp;27,430, the corporate income tax rate decreases from 35% to 30% for fiscal years starting January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years starting January&nbsp;1, 2020 and onwards. Therefore, for the measuring of deferred income tax assets/liabilities, the fiscal year in which temporary differences will reverse has been estimated, and the corresponding income tax rate of each reversal period has been applied. The actual moment of the future income and tax deductions may differ from the estimated, and may produce an impact in future income.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law as of the end of the reporting period and the effects of future changes in tax laws or rates are not anticipated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Receivables and payables valued at amortized cost</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Receivables and payables valued at amortized cost are initially recorded at their fair value, which is generally determined by using a discounted cash flow valuation method. The fair value under this method is estimated as the present value of all future cash flows discounted using an estimated discount rate, especially for long-term receivables and payables. The estimated discount rate used to determine the discounted cash flow of long-term receivables was an annual rate range between 29-40% in pesos for 2018. The estimated discount rate used to determine the discounted cash flow of long-term receivables in U.S. dollars was an annual rate of 8.32% and 13% for years 2018 and 2017, respectively. The discount rate in Guaran&#237;es for loans was 8.32% and 8.83% in 2018 and 2017, respectively and for accounts receivable was 9.0 and 9.8% in 2018 and 2017. The difference between the initial fair value and the nominal amount of receivables and payables is recognized as finance income or expense using the effective interest method over the relevant period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in these estimated discount rates could materially affect our financial position and results of operations.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Provisions</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are subject to proceedings, lawsuits and other claims related to labor, civil, tax, regulatory, commercial and other matters. </font>The factors taken into account for the calculation of the provisions for lawsuits and contingencies are based on the present value of the estimated costs arising from the lawsuits brought against us. In order to determine the proper level of provisions relating to these contingencies, we assess the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. We consult with internal and external legal counsel on these matters. A determination of the amount of provisions required, if any, is made after careful analysis of each individual issue. Our determination of the required provisions may change in the future due to new developments in each matter, changes in jurisprudential precedents and tribunal decisions or changes in our method of resolving such matters, such as changes in settlement strategy, and, therefore, these changes may materially affect our financial position, cash flows and results of operations.</p>
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<p style="margin:0in 0in .0001pt;text-indent:21.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fair value measurement of certain financial instruments</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The fair value of a financial instrument is the amount for which it could be purchased or sold between knowledgeable willing parties, in an arm&#146;s length transaction. If there is a quoted market price available for an instrument in an active market the fair value is calculated based on that price. If there is no quoted market price available for a financial instrument, its fair value is estimated on the basis of the price established in recent transactions involving the same or similar instruments, or, otherwise, on the basis of valuation techniques regularly used in financial markets. We use our judgment to select a variety of methods and make assumptions on the basis of market conditions on the day we prepare our financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Allowance for Doubtful Accounts</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make the required payments. We base our estimates on the aging of our accounts receivable balances, the requests by customers to unsubscribe, our historical write-offs, public sector and corporate customer creditworthiness and changes in our customer payment terms </font>and estimates regarding future performance, in accordance with the requirements of IFRS 9. If the financial condition of our customers were to deteriorate, the actual write-offs could be higher than expected.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-indent:21.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Business combinations&#151;purchase price allocation</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting for business combinations required the allocation of the consideration for the acquisition to the various assets and liabilities of the acquired business at their respective fair values. We use all available information to make these fair value determinations. In connection with the estimates related to the accounting effect of the business combination referred to in Note 4.a) to Telecom Argentina&#146;s Consolidated Financial Statements, Telecom Argentina was required to identify the assets and liabilities of the acquiree and estimate their fair value as of the date of the business combination. With regard to those assets that are subject to amortization or depreciation, Telecom Argentina made an estimation of their useful lives.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any change in the estimates made by Telecom Argentina may affect the valuation of the identified assets and liabilities, which in turn may impact our results of operations. For further information see Note 4.a) to Telecom Argentina&#146;s Consolidated Financial Statements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Years ended December&nbsp;31, 2018, 2017 and 2016</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of these sections, the fiscal years ended December&nbsp;31, 2018, 2017 and 2016 are referred to as &#147;2018,&#148; &#147;2017&#148; and &#147;2016,&#148; respectively.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our results of operations are determined in accordance with IFRS as issued by the IASB. Telecom provides customers with a broad range of telecommunication services. To fulfill its purpose, Telecom conducts different activities that are distributed among the companies in the Group.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main products and services are:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fixed Telephony and Data Services: consist of local area, national long-distance and international communications, supplementary services (including call waiting, itemized invoicing, voicemail,&nbsp;etc.), interconnection with other operators, data transmission (including private networks, point-to-point traffic, radio and TV signal transportation),&nbsp; and sales of equipment.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Internet services: consist of data transmission (including private networks, dedicated lines, broadcasting signal transport and videoconferencing services) and Internet services (mainly high-speed subscriptions - broadband) provided to residential and corporate customers.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mobile Telephony Services: Mobile Telephony Services offerings include voice communications, high-speed mobile Internet content and applications download, MMS, SMS, among others; and sale of mobile communication devices (handsets, modems mifi and wingles). The services are supported by a mobile network that relies on different technologies (2G/3G/4G).</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cable Television services: the services offered include access to the grid of corresponding channels according to each product and location, in analogue or digital form, HD content and the ability to pause all live programs, record contents in the cloud to be able to watch them at any time from any device and watch programs that have already been broadcasted. Additionally, the possibility of hiring &#147;Premium&#148; services to access contents of HBO, Fox Premium, Adults and Argentine Football is offered; as well as the possibility of acquiring movies or other content per day (ON DEMAND/PPV).</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Factors Affecting Results of Operations</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Described below are certain factors that may be helpful in understanding our operating results. These factors are based on the information currently available to our Management and may not represent all of the factors that are relevant to an understanding of our current or future results of operations. See also &#147;Item 3&#151;Key Information&#151;Risk Factors&#148;. Additional information regarding trends expected to influence our results of operations is analyzed below under &#147;&#151;Trend Information.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Argentine Economy</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Substantially all of our assets and operations and our customers are located in Argentina.&#160; Accordingly, our financial condition and results of operations depend to a significant extent on macroeconomic and political conditions prevailing from time to time in Argentina.&#160; For more information on these macroeconomic and political conditions, see &#147;</font>Risk Factors&#151;Risks Relating to Argentina.&#148;</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">98<a name="PB_98_123757_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Source and Mix of Revenues and Costs</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our broadband service subscribers amounted to 4,110,278 as of December&nbsp;31, 2018. In 2018 our subscriber base increased by 77%, as compared to December&nbsp;31, 2017. Other sources of revenue included premium cable services, installation charges, charges for additional outlets, additional packages, DVR and the selling of </font>our magazine, &#147;Miradas.&#148; Our revenue from subscriptions was primarily a function of the number of subscribers served by our networks during the relevant period. Cable and broadband subscribers were added through the expansion of our network and marketing of our services to homes passed by our networks.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We </font>principally generate our revenues in the cable and broadband industries through monthly fees charged to our subscribers that are payable in Pesos. &#160;We generally seek to increase our revenues through the growth of our customer base and through the introduction of value-added services and products aimed at different customer needs. Further, we expect to increase our revenue through new product launches and the expansion of our broadband customer base. &#160;Our results of operations in the cable and broadband industries are therefore dependent on our customer base and the number of services that each customer uses. Overall revenue and costs are also affected by the mix of services we provide, with broadband generally being associated with higher margins relatively to cable television. In 2016 and 2017, 61% and 60% of our revenues, respectively, were generated by our cable services (pay TV services excluding sales for premium content, high definition digital services and video on demand packages) while 23% and 29%, respectively, were generated by our broadband services.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As from the Merger, we have added Telecom&#146;s businesses in fixed telephony, mobile services and data services to our existing operations. The Merger has substantially changed our sources and mix of revenues. During the year ended December&nbsp;31, 2018, we generated revenues of Ps. 57,776 million from our mobile services, Ps. 37,742 million from our internet services, Ps. 36,067 million from our cable TV services and Ps. 23,149 million from our fixed telephony and data services.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our </font>cost of services provided, selling expenses and administrative expenses in the cable and broadband industries consist primarily of (i)&nbsp;programming and content costs; (ii)&nbsp;employee benefit expenses and severance payments; (iii)&nbsp;depreciation, amortization and impairment of PP&amp;E; and (iv)&nbsp;taxes and fees with the regulatory authority.&#160; Between 2015 and 2017, more than 90% of our total operating costs were Peso-denominated. The portion of operating costs that are U.S. Dollar-denominated is mainly comprised of data transfer costs and maintenance of property, plant and equipment and network expenses, among others.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As from the Merger, we incorporated into our consolidated costs the costs, selling expenses and administrative expenses of Telecom&#146; activities in the mobile, broadband and fixed telephony and data services industries. The Merger has substantially changed our breakdown of costs.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Effect of Inflation</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Consolidated Financial Statements and the financial information included elsewhere in this Annual Report have been </font>restated for all the periods reported based on certain price indexes to take into account the effect of inflation in Argentina. The Consolidated Financial Statements and the financial information included in this Annual Report for all the periods reported are presented on the basis of constant Argentine pesos as of December&nbsp;31, 2018. The conclusions drawn by the <i>Federaci&#243;n Argentina de Consejos Profesionales de Ciencias Econ&#243;micas</i> (Argentine Federation of Professional Councils in Economic Sciences) and some international audit firms were taken into account by management in performing the analysis under IAS 29. An economy is &#147;hyperinflationary&#148;, in accordance to the provisions of IAS 29, when it has a cumulative inflation rate over three years that approaches, or exceeds, 100%, also taking into consideration other qualitative factors related to the macroeconomic environment. In analyzing the provisions of IAS 29, management uses the inflation rate stated in the official statistics published by the INDEC, similar to the criterion adopted by accounting professionals in Argentina.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We restated all the non-monetary items in order to reflect the impact of inflation. Consequently, the main items restated were Property, Plant and Equipment,&nbsp;Intangible assets (including goodwill),&nbsp;Inventories, certain Investments in subsidiaries and the Equity items. Each item was restated since the date of the initial recognition in the Company&#146;s Equity or since the last revaluation.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The financial information issued for comparative purposes must also be presented in the current currency of December&nbsp;31, 2018 and will be restated using the annual index of the current year.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of applying the comprehensive inflation restatement, the Company will record an increase in the value of non-monetary items, such as Property, Plant and Equipment,&nbsp;Intangible Assets (including Goodwill) with an impact on deferred taxes and an increase in the Company&#146;s equity, including shareholders contributions.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For further information, see Note 1.e) to our Consolidated Financial Statements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Effects of Fluctuations in Exchange Rates between the Argentine Peso and the U.S. Dollar</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The peso has been subject to significant devaluations in the past and may be subject to fluctuation in the future. In recent years, there was a significant devaluation which amounted to approximately </font>102.2% 2018, 17.4% in 2017, 21.9% in 2016 and 52.5% in 2015. The majority of our revenues are in pesos whereas a portion of the costs regarding materials and supplies related to the construction and maintenance of our networks and services are incurred in foreign currencies. Also, the high level of competition limited our ability to transfer to our customers the fluctuations in the exchange rates between the peso and the U.S. dollar and other currencies. In addition, any devaluation of the peso against foreign currencies may increase operating costs (partially offset by the increase of revenues in foreign currencies), capital expenditures and the cost of debt, which will adversely affect our results of operations, considering the net effect on revenues and costs. Any significant devaluation of the Peso, such as the devaluation in December&nbsp;2015, and May&nbsp;and June&nbsp;2018 results in an increase in the cost of servicing our debt and, therefore, may have a material adverse effect on our results of operations. See &#147;Exchange Rate Information&#148; and &#147;Risk Factors&#151;Risks Relating to Argentina&#151;Devaluation of the Argentine peso may adversely affect our results of operations, our capital expenditure program and the ability to service our liabilities and transfer funds abroad.&#148;</p>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Acquisition and Internal Growth</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have </font>focused on increasing our broadband internet penetration by providing and offering bandwidth connectivity to our existing cable television subscribers , telephony customers and to new customers. &#160;We have also grown our broadband subscriber base by emphasizing our bandwidth capabilities and expanding the products and services that we offer with a focus on launching products and services with faster speed options tailored to our customers&#146; evolving needs. The diversification of our product mix to increase our broadband offerings, coupled with an increase in the portion of total revenues represented by broadband services have, in turn, resulted in an increased ARPU.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total monthly ARPU for mobile telephony services in Argentina was Ps. 213.9 for December&nbsp;31, 2018. Total monthly ARPU for broadband services was Ps. 762.0 for December&nbsp;31, 2018 as compared to Ps. 890.1 during the same period in 2017. Total monthly ARPU for our cable television services was Ps. 854.3 for December&nbsp;31, 2018 as compared to Ps. 835.4 during the same period in 2017. The increase in ARPU for each of the services described above are attributable to the impact of the increase on prices for these services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total monthly ARBU in our fixed telephony services was Ps. 270.8 for December&nbsp;31, 2018 as compared to Ps. 23.7 during the same period in 2017. The increase in total ARBU between 2017 and 2018 was mainly due to the Merger.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the calculation of ARPU and ARBU, see footnote 5) of the Other Financial Data table in Item 3.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Price of services</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The LAD established that licensees of ICT services may freely set their prices which shall be fair and reasonable, to offset the costs of exploitation and to tend to the efficient supply and reasonable margin of operation. However, the ENACOM (also, the &#147;Regulatory Authority&#148;) is entitled to observe the prices set by us if it understands that they do not comply with the provisions of Article&nbsp;48 of the LAD. If prices are observed as imposing restrictions on our prices our operating margins may be negatively affected. Before the LAD came into force, the service prices that Telecom charged in its fixed telephony service (including both monthly charges and measured service charges), installation charges, public telephone charges and charges for Internet dial-up traffic (&#147;Regulated Services&#148;) were subject to regulation.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The impact of the service price adjustments on our results of operations is particularly relevant as a result of inflationary pressures on our costs structure.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Competition</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The fixed and mobile telephony, cable television and broadband businesses in Argentina are competitive. With respect to fixed and mobile telephony services, </font>significant resources will need to be devoted for the refurbishment and maintenance of our existing network infrastructure to comply with regulatory obligations and to remain competitive with respect to the quality of our services. With respect to cable television services, we compete with other cable television operators that have built networks in the areas in which we operate, providers of other pay television services, including direct broadcasting, direct-to-home satellite and multi-channel multi-point distribution system services, licensed suppliers of basic telephone services and cooperative entities providing utility services, as well as with free broadcasting services which are currently available to the Argentine population in certain areas from four privately-owned television networks and one state-owned national public television network. With respect to broadband services, certain competitors have well-established name recognition, larger customer bases, and significant financial, technical and marketing resources. For more information, see &#147;Item 3. Key Information&#151;Risk Factors&#151; We face substantial and increasing competition in the Argentine fixed and mobile telephony, cable television and broadband businesses.&#148;</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Technology Developments and Capital Expenditures</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Improvements in technology influence our customers&#146; demand for services and equipment. For example, demand for fixed-line telecommunications services has been affected by continued significant growth in mobile business. Growth in the telephony as well as cable television services businesses at present is being affected by the expansion of broadband for individuals and corporations and our continuous updating of commercial and support systems. The increase in broadband adoption has also proven to be a critical factor in facilitating the offering of Value Added Services to customers and the bundling of services.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In Internet services, we must constantly upgrade our access technology and software, embrace emerging transmission technologies and improve the responsiveness, functionality, coverage and features of our services.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the mobile business, to provide subscribers with new and better services, </font>Telecom must enhance its mobile networks extending 3G and 4G technology and bandwidth for mobile data transmission. Moreover, Telecom is developing a LTE infrastructure expeditiously, in response to regulatory requirements (obligations arising from the acquisition of the 4G spectrum) and the mobile market development.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, as new technologies develop, equipment may need to be replaced or upgraded, and network facilities (in particular, mobile and Internet network facilities) may need to be rebuilt in whole or in part, at substantial cost, to remain competitive. These enhancements and the implementation of new technologies will continue requiring increased capital expenditures. See &#147;Business&#151;Capital Expenditures.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Tax pressures and litigation</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Local municipalities in the regions where we operate have introduced regulations and proposed various taxes and fees for the installation of infrastructure, equipment and expansion of fixed-line and mobile networks. Local and federal tax authorities have brought an increasing number of claims against us. We disagree with these proceedings and are generally contesting them. Also, jurisprudential changes in labor and pension matters have generated higher claims from employees and former employees and also increased claims from employees of a contractor or subcontractor alleging joint liability. We cannot assure you that current laws and regulations applicable to the economy generally or specifically to the telecommunications industry will not change, that the claims will be resolved in our favor, or that any changes to the existing laws and regulations will not adversely affect our business, financial condition, results of operations and cash flows as well.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">101<a name="PB_101_125828_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A)&nbsp;Consolidated Results of Operations</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following financial information for the year ended December&nbsp;31, 2018 reflects the effect of the Merger effective as of the Merger effective as of the Merger Effective Date (i.e., January&nbsp;1, 2018), and the result of the operations from that date of the merged entities carried out by Telecom Argentina as successor since the merger. The Merger constituted a &#147;reverse acquisition&#148; under IFRS 3, pursuant to which Cablevision (the legal absorbed entity) was considered the accounting acquirer and Telecom (the surviving entity) was considered the accounting acquiree. Accordingly, the financial statements of Telecom for periods prior to the Merger Effective Date reflects the financial information of Cablevisi&#243;n restated in terms of the current currency of Dedecmber 31, 2018 to take into account the effect of inflation in Argentina. Additional information concerning the presentation of the financial information, accounting treatment and other information required by IFRS 3 related to the merger is provided in Notes 1.c) and 4.a) to our consolidated financial statements, and we recommend that you read it in conjunction with this Annual Report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consequently, for the purposes of preparing this Annual Report: i) the figures disclosed on a comparative basis as of and for the years ended December&nbsp;31, 2017 and December 31, 2016 arise from the consolidated financial statements of Telecom as of and for the years ended on such dates, as restated in terms of the current currency to take into account the effect of inflation in Argentina; and ii) the information as of and for the year ended December&nbsp;31, 2018 incorporates, based on the figures corresponding to Cablevisi&#243;n, the effect of applying the acquisition method concerning Telecom Argentina to its fair value in accordance with IFRS 3 and the operations of Telecom Argentina as from January&nbsp;1, 2018 restated in terms of the current currency as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Likewise, the results of the consolidated operations were restated in terms of the current currency of December&nbsp;31, 2018 to take into account the effect of inflation in Argentina in accordance to the requirements of IAS 29.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company restated all the non-monetary items in order to reflect the impact of the inflation restatement reporting in terms of current currency as of December&nbsp;31, 2018. Consequently, the main items restated were Property, Plant and Equipment,&nbsp;Intangible assets (including goodwill),&nbsp;Inventories, certain Investments in subsidiaries and the Equity items. Each item must be restated since the date of the initial recognition in the Company&#146;s Equity or since the last revaluation. Monetary items have not been restated because they are stated in terms of the measuring unit current as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Before applying the restatement, the Income Statement generally reported costs current at the time at which the underlying transactions or events occurred. Therefore, those items were restated in terms of current currency as of December&nbsp;31, 2018. To this end, the Company applied the change in a general price index.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The effect of inflation on the monetary position is included in the Income Statement under Other financial results to our Consolidated Financial Statements, amounting to P$13,403 million, P$1,907 million and P$5,547 million as of December&nbsp;31, 2018, 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The items of the Consolidated Statement of Cash Flows must also be restated in terms of current currency of December&nbsp;31, 2018. The gain arising from the restatement has an impact on the Consolidated Income Statement and must be eliminated from the Statement of Cash Flows because it is a non-monetary item.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In relation to the general price index, according to Resolution No.&nbsp;539/18, it is to be determined according to the Internal Wholesale Price Index (IWPI) until the year 2016, considering for the months of November&nbsp;and December&nbsp;2015 the average variation of the Consumer Price Index (CPI) of the City of Buenos Aires, due to the fact that during those two months there were no IWPI measurements at national level. Then, from January&nbsp;2017, the National Consumer Price Index (National CPI) is considered. The tables below show the evolution of these indexes in the last three years and as of December&nbsp;31, 2018 according to official statistics (INDEC) following the guidelines described in Resolution No.&nbsp;539/18:</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">As&nbsp;of&nbsp;December<br>   31,&nbsp;2014</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">As&nbsp;of&nbsp;December<br>   31,&nbsp;2015</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">As&nbsp;of<br>   December&nbsp;31,<br>   2016</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">As&nbsp;of<br>   December&nbsp;31,<br>   2017</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">As&nbsp;of&nbsp;December<br>   31,&nbsp;2018</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annual   / Period</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.9</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.2</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34.6</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.7</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47.6</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accumulated   3 years</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52.4</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72.5</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">102.2</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">96.6</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">147.8</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For further information see Note 1.e) to our Consolidated Financial Statements and see &#147;Item 3 &#151; Risk factors&#151;Risk Related to Argentina&#151;Inflation could accelerate, causing adverse effects on the economy and negatively impacting Telecom&#146;s margins&#148; to see the impacts of inflation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="62%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">102<a name="PB_102_125849_5335"></a></p>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the year ended December&nbsp;31, </font>2018, we reported net income of P$5,536 million, compared to net income of P$9,859 million for the year ended December&nbsp;31, 2017, and net income of P$10,546 million for the year ended December&nbsp;31, 2016. Net income attributable to Telecom Argentina decreased by P$4,437 million in 2018 as compared to 2017, reaching P$5,294 million and decreased by P$726 million in 2017 as compared to 2016, reaching P$9,731 million, from P$10,457 million reported in 2016.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated revenues in 2018 were P$168,046 million compared to P$66,649 million in 2017 and P$60,405 million in 2016</font>. The increase of P$101,397 million in 2018 (a 152% increase) was mainly driven by the combination of Telecom and Cablevision&#146;s operations following the Merger, as described in previous paragraphs. Revenues in 2018 were mainly generated by revenues from internet services, premium cable TV services and mobile services, while in 2017, revenues were mainly generated by revenues from internet services and premium cable TV services, and to a lesser extent to mobile services.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2018, operating costs (including depreciation and amortization and disposals and impairment of PP&amp;E) totaled P$146,789 million, representing an increase of P$94,449 million, or 180% as compared to 2017. In 2017, operating costs (including depreciation and amortization and disposals and impairment of PP&amp;E) totaled P$52,340 million, representing an increase of P$4,251 million, or 9% as compared to 2016. The increase in costs in 2018 is mainly a consequence of the combination of Telecom and Cablevision&#146;s operations following the Merger, as described in previous paragraphs, partially offset by a decrease in Cablevisi&#243;n operating costs when restated for inflation as of December&nbsp;31, 2018 vs. 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom carries out its activities in Argentina and abroad (Paraguay, the United States and Uruguay). These operations are not analyzed as a separate segment by the Executive Committee and the CEO, who analyze the consolidated information of companies in Argentina and abroad, taking into account that the activities of foreign companies are not significant for Telecom. The operations that Telecom carries out abroad do not meet the aggregation criteria established by the standard to be grouped within the &#147;Services rendered in Argentina&#148; segment, and considering that they do not exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments, they are grouped within the category &#147;Other abroad segments&#148;</font> according to the requirements of the IFRS 8.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, since operations abroad are not material, the explanations set below are mainly based on financial information of operations in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
<td width="37%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:37.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">103<a name="PB_103_130334_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.3in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A.1) <u>2018 Compared to 2017</u></font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;Ended<br>   December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">168,046</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66,649</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">152</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101,397</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating costs   (without depreciation, amortization and Impairment of PP&amp;E and intangible   assets)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(111,678</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(42,536</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">163</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(69,142</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted   EBITDA(1)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56,368</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,113</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">134</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,255</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation,   amortization and Impairment of PP&amp;E and intangible assets</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(35,111</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9,804</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">258</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(25,307</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating   income</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,257</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,309</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,948</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Earnings from   associates</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">236</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">353</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(33</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(117</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt financial   expenses</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(33,972</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(217</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(33,755</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other financial   results, net</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,177</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">930</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,247</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax   benefit (expense)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,838</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,516</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,354</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net   income</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,536</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,859</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(44</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,323</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net   income attributable to:</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom   Argentina (Controlling Company)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,294</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,731</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(46</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,437</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-controlling interest</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">242</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">128</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">89</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">114</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Adjusted EBITDA is a non-GAAP measure. See the purpose of use of adjusted EBITDA and reconciliation of net income to adjusted EBITDA in section &#147;Adjusted EBITDA&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Revenues</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;Ended<br>   December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile Services</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57,776</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,274</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,252</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,502</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet Services </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,742</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,354</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">95</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,388</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cable Television Services </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36,067</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39,914</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,847</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed and Data Services</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23,149</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,897</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,120</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,252</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other services revenues</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">478</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">835</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(43</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(357</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Service Revenues</font></b> </p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">155,212</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">66,274</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">134</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">88,938</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment revenues </font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,834</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">375</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,322</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,459</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Revenues</font></b> </p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">168,046</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">66,649</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">152</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101,397</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, total consolidated revenues increased by 152% to P$168,046 million from P$66,649 million in 2017, mainly driven by revenues from internet services, premium cable TV services and mobile services. The increase in 2018 is mainly a consequence of the combination of Telecom and Cablevision&#146;s operations following the Merger.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated revenues includes approximately P$30,886 million and P$25,712 million corresponding to the restatement of revenues in terms of current currency of December&nbsp;31, 2018 and 2017; respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated revenues were mainly fueled by services revenues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services revenues amounted to P$155,212 million, increasing 134% from P$66,274 million in 2017 and represented 92.4% of consolidated revenues. Equipment revenues amounted to P$12,834 million from P$375 million in 2017, and represented 7.6% of consolidated revenues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="62%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
<td width="37%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:37.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">104<a name="PB_104_131811_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated revenues for 2018 and 2017 are comprised as follows:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Mobile Services</font></u></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, Mobile services revenues amounted to P$57,776 million (+P$53,502 million or +1,252% vs. 2017), and our mobile services revenues was the principal contributor to our total services revenues as of December&nbsp;31, 2018 (37% of services consolidated revenues in 2018 vs. 6% in 2017). The increase in 2018 is mainly a consequence of the combination of Telecom and Cablevision&#146;s operations following the Merger and due to the incorporation of revenues generated from Personal mobile services in Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Most of the Company&#146;s customers in Argentina use the mobile services provided under the Personal trademark. The main ratios related to the services provided to these customers were:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Personal reached 18 million subscribers in Argentina, approximately 61% of the total of customers consist of prepaid customers, and 39% consist of postpaid customers.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The churn rate per month amounted to 2.7% in 2018 (vs. 2.8% in 2017).</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ARPU amounted to P$213.9 per month in 2018 (ARPU is a non-GAAP measure; see the purpose of use of ARPU and Reconciliation of Revenue for the calculation of ARPU below).</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mobile services revenues in Argentina amounted to P$51,089 million were mainly generated by the increase in monthly fees charged from &#147;Abono fijo&#148; customers and the increase in the recharges in the prepaid subscriber base.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile services revenues generated in Paraguay amounted to P$6,687 million. The main ratios related to the mobile services in Paraguay were:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>N&#250;cleo&#146;s subscriber base reached 2 million customers, approximately 83% of the total of customers consist of prepaid customers, and 17% consist of postpaid customers.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The churn rate per month amounted to 3.0% in 2018 (vs. 2.7% in 2017).</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The monthly ARPU amounted to P$206.3 per month in 2018.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of </font>P$10,866 million and P$1,503 million related to the effect of inflation adjustment under IAS29 is included in mobile services revenues as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An important monthly operational measure used in the mobile services is ARPU, which we calculate by dividing adjusted total service revenues - excluding outcollect wholesale roaming, cell site rental and reconnection fee revenues and others - (divided by 12 months) by the average number of subscribers during the period. ARPU is not a measure calculated in accordance with IFRS and our measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. In particular, certain components of service revenues are excluded from Personal&#146;s ARPU calculations presented in this Annual Report. Management believes that this measure is helpful in assessing the development of the subscriber base of Personal services. The following table shows the reconciliation of total service revenues to such revenues included in the ARPU calculations of 2018:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year&nbsp;Ended&nbsp;December&nbsp;31,<br>   2018</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   service revenues</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49,011</font></p>    </td>
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<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Components of   service revenues not included in the ARPU calculation: Outcollect wholesale   roaming, cell sites rental, Reconnection fees and others</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,098</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted   total service revenues included in the ARPU calculation</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47,913</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average number   of subscribers during the year (thousands)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,665</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">105<a name="PB_105_131959_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Internet Services</font></u></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet services revenues amounted to P$37,742 million in 2018 (equivalent to 22% of total consolidated revenues), increasing P$18,388</font> million&#160; or +95% in relation to revenues as of December&nbsp;31, 2017 and were driven mainly by the increase in the average plans prices, partially offset by a decrease in Cablevisi&#243;n revenues derived from the effect of inflation adjustment under IAS29 as of December&nbsp;31, 2018 vs. 2017. The broadband ARPU amounted to P$762.0 per month in 2018 (-14.4% vs. 2017) this amount is restated for inflation under IAS29.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of </font>P$6,872 million and P$7,447 million&#160; related to the effect of inflation adjustment under IAS29 is included in internet services revenues as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An important monthly operational measure used in the internet services is ARPU, which we calculate by dividing adjusted total service revenues - excluding connection and rehabilitation fees revenues and others - (divided by 12 months) by the average number of subscribers during the period. ARPU is not a measure calculated in accordance with IFRS and our measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. In particular, certain components of service revenues are excluded from Internet&#146;s ARPU calculations presented in this Annual Report. Management believes that this measure is helpful in assessing the development of the subscriber base of Internet services. The following table shows the reconciliation of total service revenues to such revenues included in the ARPU calculations of 2018:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year&nbsp;Ended&nbsp;December&nbsp;31,<br>   2018</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   service revenues</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,742</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Components of   service revenues not included in the ARPU calculation: Connection and   Reconnection fees and others</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(386</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted   total service revenues included in the ARPU calculation</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,356</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average number   of subscribers during the year (thousands)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,085</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Cable Television Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cable TV service revenues amounted to P$36,067</font> million (equivalent to 21% of total consolidated revenues), decreasing P$3,847 million or 10% in relation to revenues as of December&nbsp;31, 2017. The decrease is due to the effect of inflation adjustment under IAS29 as of December&nbsp;31, 2018 and 2017, partially offset by increases in sales by increase in the number of customers of premium cable television services and increases in prices. The ARPU amounted to $854.3 pesos per month in 2018, increasing 2.3% in relation to 2017, determined in amounts adjusted in terms of the current currency. The monthly average churn during 2018 amounted to 1.45%, in relation to 1.38%, as of December&nbsp;2017.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of </font>P$6,677 million and P$15,436 million related to the effect of inflation adjustment under IAS29 is included in&#160; cable television services revenues as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An important monthly operational measure used in the Cable Television services is ARPU, which we calculate by dividing adjusted total service revenues - excluding conection and administration fees, advertising services and others - (divided by 12 months) by the average number of subscribers during the period. ARPU is not a measure calculated in accordance with IFRS and our measure of ARPU may not be calculated in the same manner as similarly titled measures used by other companies. In particular, certain components of service revenues are excluded from Cable Television&#146;s ARPU calculations presented in this Annual Report. Management believes that this measure is helpful in assessing the development of the subscriber base of Internet services. The following table shows the reconciliation of total service revenues to such revenues included in the ARPU calculations of 2018:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">106<a name="PB_106_104543_5228"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year&nbsp;Ended&nbsp;December&nbsp;31,<br>   2018</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   service revenues</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36,067</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Components of   service revenues not included in the ARPU calculation: Connection,   administrative fees, advertising and others</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(248</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
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<td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted   total service revenues included in the ARPU calculation</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35,819</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average number   of subscribers during the year (thousands)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,494</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fixed Telephony and Data Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephony revenues generated by fixed telephony and data services amounted to P$23,149</font> million (equivalent to 14% of total consolidated revenues) increasing P$21,252 million or +1,120% in 2018 in relation to revenues as of December&nbsp;31, 2017. The increase was mainly driven by the combination of Telecom and Cablevision&#146;s operations following the Merger. The increase is also due to the increase in monthly fees charged from both corporate and residential fixed telephony customers, and in greater sales of product packs that include voice and internet services (&#145;Arnet + Voz&#146;), that aim to achieve higher levels of customer loyalty and churn reduction.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result, the average monthly revenue billed per user (&#147;ARBU&#148;) of fixed telephony services amounts to P$270.8 in 2018 (Telecom&#146;s ARBU).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Data revenues increased in the context of the Company&#146;s position as an integrated ICTs provider (Datacenter, VPN, among others) for wholesale and government customers. The increase was primarily due to the variation of the $/US$ exchange rate related to agreements settled in such foreign currency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of </font>P$4,050 million and P$742 million related to the effect of inflation adjustment under IAS29 is included in fixed telephony and data services revenues as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Equipment</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment revenues increased P$12,459</font> million to P$12,834 million as compared to P$375 million as of December&nbsp;31, 2017.The increase was mainly driven by the combination of Telecom and Cablevision&#146;s operations following the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of </font>P$2,372 million and P$259 million related to the effect of inflation adjustment under IAS9 is included in equipment revenues as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">107<a name="PB_107_104842_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating costs (without depreciation, amortization and Impairment of PP&amp;E and intangible assets)</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total operating</font> costs (without depreciation and amortization and impairment of PP&amp;E and intangible assets) increased by P$69,142 million totaling P$111,678 million in 2018, representing a 163% increase as compared to 2017. The increase was driven by the combination of Telecom and Cablevision&#146;s operations following the Merger. The increase was mainly driven by employee benefit expenses and severance payments (which together totaled P$30,048 million); fees for services, maintenance, materials and supplies (which totaled P$16,261 million); taxes and fees with the Regulatory Authority (which totaled P$13,609 million); programming and content costs (which totaled P$12,156 million); and commissions and advertising (which totaled P$11,210 million).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating costs </font>(without depreciation and amortization and impairment of PP&amp;E and intangible assets) include approximately P$20,892 million and P$16,750 million related to the effect of inflation adjustment under IAS29 of our financial information as <font size="1" style="font-size:8.0pt;">of</font> December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;Ended</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:24.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:24.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee benefit   expenses and severance payments</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,048</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,665</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">158</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,383</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection   and transmission costs </font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,525</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,311</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">321</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,214</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for   services, maintenance, materials and supplies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,261</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,254</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">124</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,007</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes and fees   with the Regulatory Authority</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,609</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,859</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">180</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,750</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions and   advertising</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,210</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,691</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">204</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,519</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of   equipment and handsets</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,667</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">493</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,861</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,174</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Programming and   content costs</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,156</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,116</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,040</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bad debt   expenses</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,527</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">901</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">291</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,626</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating   income and expenses</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,675</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,246</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">198</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,429</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   operating costs<br>   (without depreciation, amortization and Impairment of PP&amp;E and intangible   assets)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">111,678</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">42,536</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">163</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">69,142</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Employee benefit expenses and severance payments</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee benefit expenses and severance payments increased P$18,383</font> million amounting to P$30,048 million as of December&nbsp;31, 2018 as compared to P$11,665 million as of December&nbsp;31, 2017. The increase was mainly driven by the combination of Telecom and Cablevision&#146;s operations following the Merger (see &#147;Item 6&#151;Directors, Senior Management and Employees&#151;&#147;Employees and Labor Relations&#148;) partially offset by the inflationary effect of restatement of Cablevisi&#243;n figures. The headcount amounted to 25,343 employees at the end of 2018 compared to 11,384 at the end of 2017.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$5,401</font> million and P$4,478 million related to the effect of inflation adjustment under IAS29 is included in Employee benefit expenses and severance payments as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Interconnection and transmission costs</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection and transmission costs (including charges for TLRD, Roaming, cost of international outbound calls and lease of circuits) increased P$4,214</font> million amounting to P$5,525 million as compared to P$1,311 million as of December&nbsp;31, 2018 and 2017, respectively. The increase was mainly driven by the combination of Telecom&#146;s and Cablevision&#146;s operations following the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$975</font> million and P$497 million related to the effect of inflation adjustment under IAS29 is included in Interconnection and transmission costs as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
<td width="37%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:37.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">108<a name="PB_108_104929_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fees for services, maintenance, materials and supplies</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for services, maintenance, materials and supplies increased P$9,007</font> million or 124% to P$16,261 million as of December&nbsp;31, 2018 from P$7,254 million as of December&nbsp;31, 2017.The increase was mainly driven by the combination of Telecom and Cablevision&#146;s operations following the Merger. There have been increases in fees for services, related to call centers and to higher professional fees driven by a higher level of activity and new projects and services linked to operational management in general. There were also higher technical, hardware and software maintenance costs due to the increase in prices, fluctuation of the exchange rate P$/US$ and the higher level of activity, partially offset by the inflationary effect of restatement of Cablevisi&#243;n figures.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$3,147</font> million&#160; and P$3,188 million related to the effect of inflation adjustment under IAS29 is included in Fees for services, maintenance, materials and supplies as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Taxes and fees with the Regulatory Authority</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes and fees with the Regulatory Authority, including turnover tax, municipal taxes and other taxes, increased P$8,750</font> million as of December&nbsp;31, 2018, or 180%, amounting to P$13,609 million as of December&nbsp;31, 2017. The increase was mainly driven by the combination of Telecom&#146;s and Cablevision&#146;s operations following the Merger. The increase is also due to the increase in sales, at nominal value, partially offset by the inflationary effect of restatement of Cablevisi&#243;n figures.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$2,482</font> million and P$1,875 million related to the effect of inflation adjustment under IAS29 is included in Taxes and fees with the Regulatory Authority as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Commissions and advertising</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions (including commissions paid to agents, prepaid card commissions and others) and advertising increased P$7,519</font> million or 204%, amounting to P$11,210 million as of December&nbsp;31, 2018, as compare to P$3,691 million as of December&nbsp;31, 2017. The increase was mainly driven by the combination of Telecom and Cablevision&#146;s operations following the Merger. Telecom paid higher commissions to commercial channels and collections fees. The increase is partially offset by the inflationary effect of restatement of Cablevisi&#243;n figures.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$1,987</font> million and P$1,428 million related to the effect of inflation adjustment under IAS29 is included in Commissions and advertising as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of equipment and handsets</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of equipment and handsets sold increased P$9,174</font> million to P$9,667 million as of December&nbsp;31, 2018 from P$493 million as of December&nbsp;31, 2017. The increase was mainly driven by the combination of Telecom and Cablevision&#146;s operations following the Merger. The amount of 2018, mainly amounted to cost of mobile handsets sold in Argentina.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$2,409</font> million and P$197 million related to the effect of inflation adjustment under IAS29 is included in Cost of equipment and handsets as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Programming and content costs</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Programming and content costs increased P$3,040</font> million to P$12,156 million as of December&nbsp;31, 2018 from P$9,116 million as of December&nbsp;31, 2017.The increase was mainly driven by the combination of Telecom&#146;s and Cablevision&#146;s operations following the Merger. Also, the increase is explained by the incorporation of the cost of signals to broadcast live soccer matches of the first division of the Argentine Football Association and to price increases and fluctuations of the P$/US$ exchange rate, partially offset by the effect of inflation adjustment under IAS29 of Cablevisi&#243;n figures.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$2,211</font> million and P$3,501 million related to the effect of inflation adjustment under IAS29 is included in Programming and content costs as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">109<a name="PB_109_105838_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bad debt expenses</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bad debt expenses increased P$2,626</font> million amounting to P$3,527 million as of December&nbsp;31, 2018, representing approximately 2.1% and 1.4% of the consolidated revenues in 2018 and 2017, respectively. The increase was mainly driven by the combination of Telecom&#146;s and Cablevision&#146;s operations following the Merger. The increase includes the impact of P$367 million generated by the application of IFRS 9 since January&nbsp;1,&#160; 2018.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$620</font> million and P$344 million related to the effect of inflation adjustment under IAS29 is included in Bad debt expenses as of December&nbsp;31, 2018 and 2017, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted EBITDA</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An important operational performance measure used by the Company&#180;s Chief Operating Decision Maker (as this term is defined in IFRS 8) is Adjusted EBITDA. Adjusted EBITDA is defined as our net (loss) income less income taxes, financial results, </font>Earnings from associates, depreciation, amortization and impairment of PP&amp;E. We believe Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation and the useful lives and book depreciation and amortization of PP&amp;E and intangible assets, which may vary for different companies for reasons unrelated to operating performance. Although Adjusted EBITDA is not a measure defined in accordance with IFRS (a non-GAAP measure), our Management believes that this measure facilitates operating performance comparisons from period to period and provides useful information to investors, financial analysts and the public in their evaluation of our operating performance. Adjusted EBITDA does not have a standardized meaning and, accordingly, our definition of Adjusted EBITDA may not be comparable to Adjusted EBITDA as used by other companies.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table shows the reconciliation of Net income to Adjusted EBITDA:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net   income</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,536</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,859</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(44</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,323</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax   benefit (expense)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,838</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,516</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,354</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other financial   results, net</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,177</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">930</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,247</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt financial   expenses</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(33,972</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(217</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">n/a</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(33,755</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Earnings from   associates</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">236</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">353</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(33</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(117</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating   income</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,257</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,309</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,948</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation,   amortization and Impairment of PP&amp;E and intangible assets</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(35,111</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9,804</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">258</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(25,307</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted   EBITDA</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56,368</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,113</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">134</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,255</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our consolidated Adjusted EBITDA was P$56,368 million in 2018, (representing an increase of P$32,255 million or 134% from P$24,113 million in 2017). It represented 33.5% and 36.2% of our total consolidated revenues in 2018 and 2017, respectively. The increase can be largely attributed to the incorporation of Telecom&#146;s revenues and operating costs in 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Depreciation, Amortization and Impairment of PP&amp;E and intangible assets</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation, amortization and impairment of PP&amp;E and intangible assets increased P$25,307 million to P$35,111 million as of December&nbsp;31, 2018 from P$9,804 million as of December&nbsp;31, 2017.The increase was mainly driven by the combination of Telecom and Cablevision&#146;s operations following the Merger. The charges for depreciation of PP&amp;E and amortization of intangible assets amount to P$33,021 million and P$9,804 million, as of December&nbsp;31, 2018 and 2017, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$12,942</font> million and P$5,818 million related to the effect of inflation adjustment under IAS 29 is included in depreciation, amortization and impairment of PP&amp;E and intangible assets, as of December&nbsp;31, 2018 and 2017; respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;">
<tr>
<td width="62%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
<td width="37%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:37.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">110<a name="PB_110_110212_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating income</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, consolidated operating income was P$21,257 million, representing an increase of P$6,948 million or 49% from 2017. Operating income represented 12,6% and 21,5% of consolidated revenues in 2018 and 2017, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of&nbsp;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018-2017</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:30.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million&nbsp;/&nbsp;%)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted   EBITDA (1)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56,368</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,113</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">134</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation,   amortization and Impairment of PP&amp;E</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(35,111</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9,804</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">258</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(21</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating   income</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,257</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,309</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">&nbsp;Adjusted EBITDA is a non-GAAP measure. See the purpose of use of adjusted EBITDA and reconciliation of net income to adjusted EBITDA in section &#147;Adjusted EBITDA&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Financial Results, net</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial results, net resulted in a net loss of P$18,795 million, representing a higher loss of P$19,508 million from a gain of P$713 million as of December&nbsp;31, 2017. The increase was mainly driven by the combination of Telecom and Cablevisi&#243;n&#146;s operations following the Merger. The variation in Financial Results, is also due to higher foreign currency exchange net losses due to an 102.2% depreciation of the peso against the US$ during 2018 compared to a 17.5% depreciation of the peso against the US$ in 2017, and higher financial debt losses net amounting to P$1,429 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the other hand, the result is included due to exposure to inflation net monetary results, which amounts to P$13,403 million and P$1,907 million, approximately, as of December&nbsp;31, 2018 and 2017, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Income tax benefit (expense)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax benefit (expense) amounted to P$2,838 million and P$(5,516) million in 2018 and 2017, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s income tax charge includes two effects: (i)&nbsp;the current tax payable for the year pursuant to tax legislation applicable to each company in the Telecom Group; and (ii)&nbsp;the effect of applying the deferred tax method on temporary differences arising out of the asset and liability valuation according to tax versus financial accounting criteria. These two effects also consider the change in applicable statutory income tax rate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp; Regarding current tax expenses, Telecom&#180;s generated tax profit in fiscal year 2017, resulting in an income tax payable of P$4,819 million. (ii)&nbsp; Regarding the deferred tax, in 2018 and 2017, Telecom&#180;s recorded a deferred tax gain of P$2,838 million and a loss of P$697 million, respectively. The gain in 2018 correspond to the tax loss carryforward recognized mainly due to </font>higher foreign currency exchange net losses due to an 102.2% depreciation of the peso against the US$ during 2018.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net Income</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina recorded a net income of P$5,536 million in 2018, which means a decrease of P$4,323 million in relation to the income of P$9,859 million in&#160; December&nbsp;31, 2017, representing 3.3% of the consolidated revenues (vs. 14.8% in 2017). Net income attributable to controlling shareholders amounted to P$5,294 million in 2018 vs. an income of P$9,731 million as of December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
<td width="37%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:37.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">111<a name="PB_111_110737_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.3in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A.2) <u>2017 Compared to 2016</u></font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;Ended</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenues</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66,649</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60,405</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,244</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating costs<br>   (without depreciation, amortization and Impairment of PP&amp;E)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(42,536</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(40,206</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,330</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted   EBITDA(1)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,113</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,199</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,914</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation,   amortization and Impairment of PP&amp;E</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9,804</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7,883</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,921</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating   income</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,309</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,316</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,993</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Earnings from   associates</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">353</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">221</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">132</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt financial   expenses</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(217</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(595</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(64</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">378</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other financial   results, net</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">930</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,619</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(80</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,689</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax   benefit (expense)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,516</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,015</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">499</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net   income</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,859</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,546</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(687</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net   income attributable to:</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom   Argentina (Controlling Company)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,731</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,457</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(726</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-controlling   interest</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">128</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">89</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Adjusted EBITDA is a non-GAAP measure. See the purpose of use of adjusted EBITDA and reconciliation of net income to adjusted EBITDA in section &#147;Adjusted EBITDA&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Revenues</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;Ended</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile Services</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,274</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,736</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(45</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,462</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet   Services</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,354</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,789</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,565</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cable Television   Services</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39,914</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36,929</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,985</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed and Data   Services</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,897</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">996</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">90</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">901</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other services   revenues</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">835</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">712</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">123</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Service   Revenues</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">66,274</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">60,162</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,112</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment   revenues</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">375</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">243</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">132</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">66,649</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">60,405</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,244</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, total consolidated revenues increased by 10% to P$66,649 million from P$60,405 million in 2016, mainly driven by revenues the internet services and premium cable TV services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of </font>P$25,712 million and P$29,866 million related to the effect of inflation adjustment under IAS 29 is included in Revenues, as of December&nbsp;31, 2017 and 2016; respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated service revenues for 2017 and 2016 are comprised as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Mobile Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mobile services revenues amounted to P$4,274 million as of December&nbsp;31, 2017, representing a decrease of P$3,462 million or -45% as compare to December&nbsp;31, 2016. The decrease is mainly due to the 35.1% reduction in the number of IDEN subscribers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">112<a name="PB_112_112456_7430"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Internet Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet services revenues amounted to P$19,354 million, representing an increase of P$5,565 million or +40% as compared to P$13,789 million in 2016, mainly driven by a 7.4% increase in the number of broadband Internet subscribers compared to the same period in 2016, the fastest speed options offered to our customers and the increase in the average plan prices.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$7,447 million and P$6,823 million related to the effect of inflation adjustment under IAS 29 is included in Internet service revenues, as of December&nbsp;31, 2017 and 2016; respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2017, total ARPU was P$ 890.1; representing an increase of 20.5% compared to 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Cable Television Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cable television service revenues increased 8%, from P$36,929 million in 2016 to P$39,914 million in 2017. That increase is due to: (i)&nbsp;a31.1% increase in the average amount of the invoice, as a consequence of the increases according to the price policy and (ii)&nbsp;an increase of 15.3% in the amount of active decoders (HD, digital, Flow) (iii)&nbsp;net of a slight decrease in the number of total subscribers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$15,436 million and P$18,273 million related to the effect of inflation adjustment under IAS 29 is included in Cable Television Services, as of December&nbsp;31, 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Fixed and Data Services</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed and Data Services revenues amounted to P$1,897 million as of December&nbsp;31, 2017, representing an increase of P$901 million or +90% as compare to December&nbsp;31, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating costs (without depreciation, amortization and impairment of PP&amp;E)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total operating</font> costs (without depreciation and amortization and impairment of PP&amp;E) increased by P$2,330 million totaling P$42,536 million in 2017, representing a 6% increase as compared to 2016. The increase was mainly driven by employee benefit expenses and severance payments (which together totaled P$11,665 million); taxes and fees with the Regulatory Authority (which totaled P$4,859 million); programming and content costs (which totaled P$9,116 million); and commissions and advertising (which totaled P$3,691 million).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$16,750</font> million and P$20,527 million related to the effect of inflation adjustment under IAS 29 is included in Operating costs (without depreciation and amortization and impairment of PP&amp;E), as of December&nbsp;31, 2017 and 2016; respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;Ended<br>   December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee benefit   expenses and severance payments</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,665</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,603</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,062</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection   and transmission costs .</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,311</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,360</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(49</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for   services, maintenance, materials and supplies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,254</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,912</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(658</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes and fees   with the Regulatory Authority</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,859</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,341</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">518</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions and   advertising</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,691</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,464</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">227</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of   equipment and handsets</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">493</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">882</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(44</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(389</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Programming and   content costs</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,116</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,778</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,338</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bad debt   expenses</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">901</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">741</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">160</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other operating   income and expenses</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,246</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,125</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">121</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total   operating costs<br>   (without depreciation, amortization and Impairment of PP&amp;E)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42,536</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40,206</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,330</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr>
<td width="62%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
<td width="37%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:37.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">113<a name="PB_113_112558_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Employee benefit expenses and severance payments</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee benefit expenses and severance payments increased P$1,062 million or 10% amounting to P$11,665 million as of December 31, 2017. The increase was mainly due to increases in salaries and, to a lesser extent, increases in headcount.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$4,478 million and P$5,215 million related to the effect of inflation adjustment under IAS 29 is included in Employee benefit expenses and severance payments, as of December&nbsp;31, 2017 and 2016; respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Interconnection and transmission costs</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interconnection and transmission costs (including charges for TLRD, Roaming, cost of international outbound calls and lease of circuits) decreased P$49 million to P$1,311 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$497 million and P$669 million related to the effect of inflation adjustment under IAS 29 is included in interconnection and transmission costs, as of December&nbsp;31, 2017 and 2016; respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fees for services, maintenance, materials and supplies</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees for services, maintenance, materials and supplies decreased P$658 million to P$7,254 million as of December&nbsp;31, 2017. The decrease is mainly due to the more significant accounting impact of the restatement of our financial information on our revenues during the year 2016 compared to our revenues during the year 2017, partially offset by increases in fees for services related to maintenance net costs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$3,188 million and P$4,580 million related to the effect of inflation adjustment under IAS 29 is included in Fees for services, maintenance, materials and supplies, as of December&nbsp;31, 2017 and 2016; respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Taxes and fees with the Regulatory Authority</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxes and fees with the Regulatory Authority, including turnover tax, municipal taxes and other taxes increased P$518 million to P$4,859 million as of December 31, 2017. This increase is mainly due to the increase in revenues. Public services and tax rates represented 7.3% and 7.2% of our revenues during 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$1,875 million and P$2,145 million related to the effect of inflation adjustment under IAS 29 is included in Taxes and fees with the Regulatory Authority, as of December&nbsp;31, 2017 and 2016; respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Commissions and advertising</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commissions and advertising increased P$227 million to P$3,691 million as of December&nbsp;31, 2017. The increase in the commissions fees is mainly due to the increase in revenues. The increase in advertising is related to the costs of advertising suppliers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$1,428 million and P$1,704 million related to the effect of inflation adjustment under IAS 29 is included in Commissions and advertising, as of December&nbsp;31, 2017 and 2016; respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cost of equipment and handsets</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of equipment and handsets sold decreased P$389 million to P$493 million as of December&nbsp;31, 2017. This decrease in the cost of equipment was due to lower costs of corporate business projects.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$197 million and P$436 million related to the effect of inflation adjustment under IAS 29 is included in Cost of equipment and handsets, as of December&nbsp;31, 2017 and 2016; respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
<td width="37%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:37.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">114<a name="PB_114_113059_5796"></a></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Programming and content costs</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Programming costs increased P$1,338 million to P$9,116 million as of December&nbsp;31, 2017. This increase is mainly due to the increase in subscription rates on all of its platforms and the incorporation of the cost of the football signals to see all the matches of the First Division of the Argentine Football Association (&#147;AFA&#148;) live. Programming costs represented the 23% and 21% of Cable TV revenues as of December&nbsp;31, 2017 and 2016, respectively. The programming contracts are not significantly affected by the devaluation, they are mainly denominated in pesos and are positively correlated with the growth of our subscriber base and the fees charged to our subscribers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$3,501 million and P$3,847 million related to the effect of inflation adjustment under IAS 29 is included in Programming costs, as of December&nbsp;31, 2017 and 2016; respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bad debt expenses</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bad debt expenses increased P$160 million to P$901 million as of December&nbsp;31, 2017, representing approximately 1.4% and 1.2% of the consolidated revenues as of December&nbsp;31, 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$344 million and P$365 million related to the effect of inflation adjustment under IAS 29 is included in Bad debt expenses, as of December&nbsp;31, 2017 and 2016; respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted EBITDA</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An important operational performance measure used by the Company&#180;s Chief Operating Decision Maker (as this term is defined in IFRS 8) is Adjusted EBITDA. Adjusted EBITDA is defined as our net (loss) income less income taxes, financial results, </font>Earnings from associates, depreciation, amortization and impairment of PP&amp;E. We believe Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation and the useful lives and book depreciation and amortization of PP&amp;E and intangible assets, which may vary for different companies for reasons unrelated to operating performance. Although Adjusted EBITDA is not a measure defined in accordance with IFRS (a non-GAAP measure), our Management believes that this measure facilitates operating performance comparisons from period to period and provides useful information to investors, financial analysts and the public in their evaluation of our operating performance. Adjusted EBITDA does not have a standardized meaning and, accordingly, our definition of Adjusted EBITDA may not be comparable to Adjusted EBITDA as used by other companies.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table shows the reconciliation of Net income to Adjusted EBITDA:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:26.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net   income</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,859</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,546</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(687</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax   benefit (expense)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,516</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,015</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">499</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other financial   results, net</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">930</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,619</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(80</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,689</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt financial expenses</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(217</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(595</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(64</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">378</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Earnings from   associates</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">353</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">221</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">132</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating   income</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,309</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,316</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,993</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation,   amortization and Impairment of PP&amp;E</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9,804</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7,883</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,921</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="41%" valign="top" style="padding:0in 0in 0in 0in;width:41.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted   EBITDA</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">24,113</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">20,199</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3,914</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our consolidated Adjusted EBITDA was P$24,113 million in 2017, (representing an increase of P$3,914 million or 19% from P$20,199 million in 2016). It represented 36% and 33% of total consolidated revenues in 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="62%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.06%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.94%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">115<a name="PB_115_113401_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Depreciation, Amortization and Impairment of PP&amp;E</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation, amortization and impairment of PP&amp;E increased P$1,921 million to P$9,804 million as of December&nbsp;31, 2017, mainly due to more investments in infrastructure and switching and transmission equipment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An amount of P$5,818 million and P$5,291 million related to the effect of inflation adjustment under IAS 29 is included in Depreciation, amortization and impairment of PP&amp;E, as of December&nbsp;31, 2017 and 2016; respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating income</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, consolidated operating income was P$14,309 million, representing an increase of P$1,993 million or 16% from 2016. Operating income represented 21% and 20% of consolidated revenues in 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of&nbsp;Change</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017-2016</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:30.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million&nbsp;/&nbsp;%)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Increase/(Decrease)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Adjusted   EBITDA (1)</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24,113</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,199</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation,   amortization and Impairment of PP&amp;E</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9,804</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7,883</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operating   income</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,309</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,316</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   revenues</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">&nbsp;Adjusted EBITDA is a non-GAAP measure. See the purpose of use of adjusted EBITDA and reconciliation of net income to adjusted EBITDA in section &#147;Adjusted EBITDA&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Financial Results, net</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial results, net resulted in a net gain of P$713 million as of December 31, 2017, representing a decrease of P$3,311 million from a gain of P$4,024 million as of December&nbsp;31, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the other hand, the result is included due to exposure to inflation, which amounts to P$1,907 million and P$5,547 million, approximately, as of December&nbsp;31, 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Income tax benefit (expense)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income tax expense amounted to P$5,516 million and P$6,015 million in 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s income tax charge includes two effects: (i)&nbsp;the current tax payable for the year pursuant to tax legislation applicable to each company in the Telecom Group; and (ii)&nbsp;the effect of applying the deferred tax method on temporary differences arising out of the asset and liability valuation according to tax versus financial accounting criteria.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp; Regarding current tax expenses, Telecom&#180;s generated tax profit in fiscal year 2017, resulting in an income tax payable of P$4,819 million versus P$4,405 million in 2016. (ii)&nbsp; Regarding the deferred tax, in 2017 and 2016, Telecom&#180;s recorded a deferred tax loss of P$697 million and P$1,610 million, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net Income</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina recorded a net income of P$9,859 million as of December&nbsp;31, 2017, which means a decrease of P$687 million in relation to the Net income of P$10,546 million as of December&nbsp;31, 2016, representing 15% and 17% of the consolidated revenues as of December&nbsp;31, 2017 and 2016, respectively. Net income attributable to controlling shareholders amounted to P$9,731 million and P$10,457 million as of December&nbsp;31, 2017 and 2016, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Liquidity and Capital Resources</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:42.55pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Sources and Uses of Funds</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect that the main source of Telecom Argentina&#146;s liquidity in the near term will be cash flows from Telecom Argentina&#146;s operations and cash flows from financing from third parties, which may include accessing to domestic and international capital markets and obtaining financing from first class financial institutions. Telecom Argentina&#146;s principal uses of cash flows are expected to be for capital expenditures, operating expenses, dividend payments to its shareholders, payments of financial debt and for general corporate purposes. Telecom Argentina expects working capital, funds generated from operations, dividend payments from its subsidiaries and financing from third parties to be sufficient for its present requirements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Ordinary and Extraordinary Shareholders&#146; Meeting of Telecom Argentina held on December&nbsp;15, 2011, approved the creation of a Medium-Term Notes Global Program for a maximum outstanding amount of US$500 million or its equivalent in other currencies for a term of five years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The General Ordinary Shareholders&#146; Meeting of Telecom Argentina held on December&nbsp;28, 2017 approved the Global Notes Program, up to a maximum outstanding amount as of the date of issuance of each class or series of US$3,000 million or its equivalent in other currencies for a maximum term of five years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, the Ordinary and Extraordinary Shareholders&#146; Meeting of Personal held on December&nbsp;2, 2010, approved the creation of a Medium-Term Notes Global Program for a maximum outstanding amount of US$500 million or its equivalent in other currencies for a term of five years. On October&nbsp;13, 2011, the CNV approved this program. Personal&#146;s Ordinary Shareholders&#146; Meeting held on May&nbsp;26, 2016 authorized to extend the due date of the Program until October&nbsp;31, 2021, and to expand the Program&#146;s maximum circulation amount to </font>US$1,000 million or its equivalent in other currencies. On October&nbsp;20, 2016, the CNV authorized the extension and expansion of the aforementioned Program through Resolution No.&nbsp;18,277.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under this program, on December&nbsp;10, 2015, </font>Telecom Personal has successfully completed the issuance of Series&nbsp;I and Series&nbsp;II notes for a total nominal value of P$720.5 million. Additionally, on November&nbsp;16, 2016 Telecom Personal also completed the issuance of Series&nbsp;III and Series&nbsp;IV notes for a total nominal value of almost P$722.0 million (amount expressed in currency of that date) and US$77.9 million, respectively. See &#147;&#151;Debt Obligations and Debt Service Requirements&#148; below.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, during </font>October&nbsp;2016 Personal and the IFC signed a loan agreement for an amount of US$ 400 million. Also, on April&nbsp;7, 2017 Personal and the IIC subscribed a loan agreement for an amount of US$ 100 million maturing in September&nbsp;2022.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:30.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;2, 2018, we entered into the Term Loan with a consortium of international banks for an aggregate principal amount of US$1,000 million and with a 12-month tenor. On </font>February&nbsp;9 and March&nbsp;9, 2018, the Company borrowed US$650 million and US$350 million (the &#147;Loans&#148;), respectively, under the Term Loan. On October&nbsp;8, 2018, the Company entered into certain amendments to the terms of the Term Loan. The Loans were paid in full in February&nbsp;2019. The proceeds of the Loans were used to finance capital expenditures, working capital and other general corporate purposes.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October&nbsp;8, 2018, the Company entered into the Syndicated Loan for an amount of up to US$500 million and with a 48-month tenor. On October&nbsp;17, 2018 we received a borrowing under the Syndicated Loan for an amount of U$S500 million. Those funds were used to partially prepay the Term Loan. Additionally, as a condition precedent to the execution of the Syndicated Loan, we and the remaining parties to the Term Loan entered into an amendment to the Term Loan, which contemplated a mandatory prepayment for an amount of US$100 million so that the outstanding aggregate principal amount under the Term Loan, after taking into account any prepayment made with the proceeds from the Syndicated Loan, did not exceed US$400 million on the date of receipt of such advances. The aforementioned mandatory prepayment was completed on October&nbsp;17, 2018. The Syndicated Loan accrues compensatory interest at a rate per annum equal to LIBOR plus the following margin: 4.50 percentage points during the first year as from the borrowing date, 5.00 percentage points, during the second year and 5.25 percentage points from the date that is two years after the borrowing date to the expiration date; and will be payable quarterly, in arrears. On February 11, 2019, we entered into certain amendments to the terms of the Syndicated Loan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">117<a name="PB_117_113743_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, on November&nbsp;8, 2018, the Company entered into the DB Loan with Deutsche Bank, London Branch, as organizer of a syndicate of banks, for an amount of up to US$200 million (which might be increased up to US$300 million subject to the prior written consent of Deutsche Bank, London Branch, as initial lender). On November&nbsp;14, 2018 we received a disbursement under the DB Loan for an amount of US$200 million. On November&nbsp;14, 2018, in accordance with the provisions of the DB Loan, a new entity became a lender under the DB Loan for an amount of up to US$100 million, subject to the same terms and conditions. On November&nbsp;20, 2018 we received an additional disbursement under the DB Loan for an amount of US$100 million. The DB Loan has a term of 42 months counted from the date of the initial borrowing and will accrue compensatory interest at an initial rate per annum equivalent to LIBOR plus 4.5% that will be payable quarterly, in arrears. The capital will be payable in six consecutive semi-annual equal installments equivalent to 12.5% of the disbursed amount with a final payment on the maturity date equivalent to 25% of the initial borrowing. The proceeds from the DB Loan were used to partially prepay the Term Loan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October&nbsp;30, 2018, within the framework of its permanent optimization policy for the term, rate and structure of its financial liabilities Telecom Argentina has accepted a proposal from the International Finance Corporation (IFC) for the evaluation and mobilization of funds with for the purpose of financing investment needs, working capital and refinancing of liabilities. On March&nbsp;4, 2019 the Company signed a loan agreement with IFC for a total amount of up to US$450 million, as requested in a timely manner by the Company in one or more disbursements (the &#147;Loan&#148;). The Loan will consist of a tranche &#147;A&#148;, a tranche &#147;B-1&#148;, a tranche &#147;B-2&#148;, a tranche &#147;B-3&#148; and a tranche &#147;B-4&#148; which will accrue compensatory interest payables semiannually for periods that are due at an annual rate equal to LIBOR plus the following margins: 4.85 percentage points in the case of Tranche A, Tranche B-2 and Tranche B-4, and 4.60 percentage points in the case of Tranche B-1 and Tranche B-3. Likewise, the capital will be payable as follows: Tranche A, Tranche B-2, and Tranche B-4 in eight consecutive semi-annual equal installments from February&nbsp;2021 and final maturity in August&nbsp;2024 and Tranche B-1 and Tranche B-3 in six consecutive semi-annual equal installments from February&nbsp;2021 and final maturity in August&nbsp;2023. The proceeds from the loan will be used to finance capital investments for 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;4, 2019, we entered into a loan agreement with the IFC. See &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Liquidity and Capital Resources&#151;Bank and other financial entity loans.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not expect any implications on the sources of liquidity and the sources of funds as a result of the Reorganization.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The table below summarizes, for the years ended December&nbsp;31, 2018, 2017 and 2016, Telecom&#146;s consolidated cash flows:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="41%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows   provided by operating activities</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42,426</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22,808</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,984</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows used   in investing activities</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(31,285</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17,083</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(23,920</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash flows used   in financing activities</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14,597</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4,105</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,213</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net foreign   exchange differences and RECPAM on cash and cash equivalents</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,830</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">924</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Decrease)/Increase   in cash and cash equivalents</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,456</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,620</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(149</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cash   and cash equivalents at the beginning of the year</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,517</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,840</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,065</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cash   and cash equivalents at the end of the year</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,891</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,517</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,840</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, 2017 and 2016, we had P$6,891 million, P$6,517 million and P$4,840 million in cash and cash equivalents, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">118<a name="PB_118_113826_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cash flows from operating activities</font></i> were P$42,426 million, P$22,808 million and P$25,984 million in 2018, 2017 and 2016, respectively. The increase is manly driven by the combination of Telecom and Cablevision&#146;s operation following the merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cash flows used in investing activities</font></i> were P$31,285 million, P$17,083 million and P$23,920 million in 2018, 2017 and 2016, respectively. The increase in 2018 was mainly due to an increase in PP&amp;E capital expenditures, partially offset by cash and cash equivalent incorporated by the merger and higher acquisitions of Government Bonds and investment not considered as cash and cash equivalents. The decrease in 2016 was mainly due to a decrease in acquisitions in shareholdings.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cash flows used in financing activities</font></i> were P$14,597 million in 2018, while cash flows provided by financing activities were P$4,105 million 2017 and P$2,213 million in 2016. The increase in 2018 was mainly due to higher dividend payments, partially offset by higher proceeds from financial debt.</p>
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<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">NDF and US Dollar bonds</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>LIBOR Hedges</u></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:11.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of LIBOR from the IFC loan amounting to US$400 million. The agreements effective from March&nbsp;15, 2017 hedge an amount if US$300 million, while those effective from September&nbsp;15, 2017 hedge the outstanding US$100 million. Such NDF allow fixing the variable rate all along the loan term in a range between 2.087% and 2.4525% nominal annual rate (resulting in a weight average of 2.2258%).</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, Telecom recognized a receivable of P$137 million, which is included in other receivables (P$98 million current and P$39 million non-current). Additionally, during the year ended December&nbsp;31, 2018, Telecom recognizes gains of P$3 million related to those contracts that are included in Debt financial expenses in Financial results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of LIBOR from the International Finance Corporation loan amounting to US$100 million. The agreements hedge an amount of US$40 million and were agreed in two tranches of US$20 million each one, both of them starting on March&nbsp;15, 2018 and fixing the variable rate all along the term of the loan to 2.1325% and 2.085% nominal annual rate, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, Telecom recognized a receivable of P$18 million, which is included in other receivables (P$12 million current and P$6 million non-current). Additionally, during the year ended December&nbsp;31, 2018, Telecom recognizes gains of P$4 million related to those agreements, that are included in Debt financial expenses in Financial results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Exchange rate Hedges</u></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate from the International Finance Corporation loan amounting to US$53.5 million fixing the average exchange rate in $18.30 pesos per dollar, expiring between February&nbsp;and April&nbsp;2018. During first half of 2018, some NDF agreements expire, recognizing a gain of P$77 million including in Exchange differences in Financial results.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2018, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate from its loan portfolio (International Finance Corporation, Syndicated, Deutsche Bank and Notes Series&nbsp;IV) amounting to US$306 million fixing the average exchange rate in $36.58 pesos/US$, expiring between June&nbsp;2018 and May&nbsp;2019. During 2018, Telecom recognized gains related to these agreements of P$1,039 million that are included in Foreign currency exchange gains in Financial Results, net. As of December&nbsp;31, 2018, Telecom maintains NDF agreements for a total of U$S166 million for those that has recognized a receivable of P$640 million, which is included in Other receivables current and a liability of P$100 million which is included in Financial Debt current.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the other hand, during 2017, Telecom Argentina entered into agreements (NDF) to hedge exchange rate fluctuations of certain commercial obligations for an amount of US$6.3 million, with an average exchange rate of 18.94 pesos per dollar, maturing in March&nbsp;and August&nbsp;2018. For such agreements, Telecom has recognized gains of P$22 million that are included in Foreign currency exchange gains in Financial Results, net.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">119<a name="PB_119_114347_8501"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2018, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate of certain commercial obligations for an amount of US$118 million fixing the average exchange rate in $39.33 pesos/US$ expiring between August&nbsp;and October&nbsp;2018. For these NDF agreements has recognized losses of P$152 million that are included in Foreign currency exchange gains in Financial Results, net.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional information regarding Financial Instruments is set forth in Note&nbsp;21 to our Consolidated Financial Statements.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:42.55pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Debt Obligations and Debt Service Requirements</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indebtedness of Telecom Argentina as of December&nbsp;31, 2018 was as follows:</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bank and other financial entity loans</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On July&nbsp;5, 2016, Personal (entity absorbed by Telecom Argentina) accepted an offer from the IFC for the assessment and transfer of funds for purposes of financing investment needs, working capital and debt refinancing for an amount of up to US$400 million.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In October&nbsp;2016, Personal</font> and the IFC signed the loan agreement (&#147;IFC Loan&#148;) for an amount of US$400 million and for a six-year period, payable in eight equal half-yearly installments since the 30th month, with a 6-month LIBO rate + 400bp. This loan was used to deploy the 4G network and refinance short-term financial liabilities. The loan is denominated in US dollars and its terms include standard commitments for this type of financial transaction (on October&nbsp;26, 2016, Personal received US$ 392.5 million, equivalent to P$5,961&nbsp;million as of the date of the disbursement).</p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the outstanding amount for this loan is US$400 million equivalent to P$15,080 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Additionally, in April&nbsp;2017, Personal and the Inter-American Investment Corporation (&#147;IIC&#148;), a member of the Inter-American Development Bank (&#147;IDB&#148;) Group, signed a loan agreement (&#147;IIC Loan&#148;) for an amount of US$100 million and with maturity date on September&nbsp;2022, payable in 8 equal half-yearly installments since the 24th month, with a 6 month LIBO rate + 400bp. The funds of this loan will be allocated to deploy the 4G network and for financing working capital and other financial needs. The loan is denominated in US dollars and its terms include standard commitments and covenants for this type of financial transactions (on September&nbsp;18, 2017 Personal received US$ 100 million, equivalent to P$1,749 million as of the date of the disbursement, that net of expenses amounted to P$1,723 million).</p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the outstanding amount for this loan is US$100 million equivalent to P$3,770 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As of December&nbsp;2018, the Company maintains other bank loans denominated in US dollars equivalent to P$667 million as detailed below:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>US$4.5 million in a loan agreement with the Bank ICBC for financing imports, accruing interest at an annual rate of 6.0%, due in January&nbsp;2022,</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>US$3.2 million in a loan agreement with the Bank Ita&#250; for financing imports, accruing interest at an annual rate of 5.0%, due in February&nbsp;2020, and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>US$10.0 million in a loan agreement with the Bank Macro for financing imports accruing interest at an annual rate of 6.2%, due in August, 2019.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On October&nbsp;30, 2018, within the framework of its permanent optimization policy for the term, rate and structure of its financial liabilities Telecom Argentina has accepted a proposal from the International Finance Corporation (IFC) for the evaluation and mobilization of funds with for the purpose of financing investment needs, working capital and refinancing of liabilities. On March&nbsp;4, 2019 the Company signed a loan agreement with IFC for a total amount of up to US$450 million, as requested in a timely manner by the Company in one or more disbursements (the &#147;Loan&#148;). The Loan will consist of a tranche &#147;A&#148;, a tranche &#147;B-1&#148;, a tranche &#147;B-2&#148;, a tranche &#147;B-3&#148; and a tranche &#147;B-4&#148; which will accrue compensatory interest payables semiannually for periods that are due at an annual rate equal to LIBOR plus the following margins: 4.85 percentage points in the case of Tranche A, Tranche B-2 and Tranche B-4, and 4.60 percentage points in the case of Tranche B-1 and Tranche B-3. Likewise, the capital will be payable as follows in US dollars: Tranche A, Tranche B-2, and Tranche B-4 in eight consecutive semi-annual equal installments from February&nbsp;2021 and final maturity in August&nbsp;2024 and Tranche B-1 and Tranche B-3 in six consecutive semi-annual equal installments from February&nbsp;2021 and final maturity in August&nbsp;2023. The proceeds of the Loans will be used to finance capital expenditures in 2019.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt 36.95pt;text-indent:-36.95pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Deutsche Bank Loan</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;8, 2018, the Company acknowledged the acceptance by Deutsche Bank AG, London Branch, as organizer of a syndicate of banks, of a loan facility for an amount of up to US$200 million (which might be increased up to US$300 million). On November&nbsp;14, 2018 the Company acknowledged the acceptance of the extension of the loan offer by Deutsche Bank AG, London Branch, for US$100 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Deutsche Bank Loan has a term of 42 months counted from the date of the initial borrowing and will accrue compensatory interest at an initial rate per annum equivalent to LIBOR plus 4.5% that will be payable quarterly, in arrears. The capital will be payable in six consecutive semi-annual equal installments in US dollars equivalent to 12.5% of the disbursed amount with a final payment on the maturity date equivalent to 25% of the initial borrowing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proceeds from the Deutsche Bank Loan were used by the Company only to partially prepay the Syndicated Loan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018,&#160; the outstanding amount for this loan is US$300 million equivalent to P$11,310 million.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Syndicated Loan</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On January&nbsp;2018, the Board of Directors of the Company approved the execution of a syndicated loan agreement with several banks for up to a total of US$1,000 million, which will accrue compensatory interest at an annual rate equal to LIBOR for each period of interest accrual plus an applicable margin.</p>
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<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;2, 2018, Telecom entered into a term loan agreement with Citibank, N.A., HSBC M&#233;xico, S.A., Multiple Banking Institution, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. y Banco Santander, S.A., in his capacity as a lender, Citigroup Global Markets Inc., HSBC M&#233;xico, S.A., Multiple Banking Institution, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. y Santander Investment Securities Inc. as organizers, Citibank N.A. as an administrative agent and the Branch of Citibank N.A. in Argentina, as a local custodian agent for an aggregate principal amount of US$1,000 million (the &#147;Original Loan&#148;). On February&nbsp;9 and March&nbsp;9, 2018, the Company borrowed US$650 million and US$350 million, respectively, under the Term Loan Agreement, that matures in February&nbsp;2019. The proceeds of the Loans were used to finance capital expenditures, working capital and other general corporate purposes. The Loan is denominated in US dollars and bear interest at an annual rate equivalent to LIBOR plus the following margins: 1.25 percentage points during the first four months, 1.50 percentage points, during the following two months, 1.75 percentage points during the following three months and 2.25 percentage points during the last three months prior to the maturity date. Interest is payable quarterly or semiannually, at the Company&#146;s option. The Company is permitted to make voluntary prepayments at any time without premium or penalty. The Company is required to make prepayments under the Loans (without payment of a premium). The Company is also required to prepay the Original Loan upon the occurrence of a change of control, at each lender&#146;s option.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On October&nbsp;2018, the Company entered into a new agreement with Citibank, N.A., HSBC Mexico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., in its capacity as lenders, Citibank, N.A., HSBC Mexico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. as organizers, Citibank N.A. as an administrative agent and the Citibank N.A. branch established in Argentina, as agent of local custody, for an aggregate principal amount of US$ 500 million (which can be increased, in accordance with the terms and conditions thereof) and to 48 months of term (the &#147;Loan&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The disbursed capital will accrue compensatory interest at an annual rate equivalent to LIBOR plus the following margin: 4.50 percentage points during the first year after the disbursement, 5.00 percentage points, during the second year and 5.25 percentage points from the date that is two years after the disbursement and until the expiration date; and will be payable quarterly in arrears in US dollars. On February&nbsp;11, 2019, we entered into certain amendments to the terms of the Syndicated loan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company requested a disbursement of US$500 million on October&nbsp;2018. The funds were used to partially pre-pay the Original Loan.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the outstanding amount for the Loan is US$500 million equivalent to P$18,837 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, in accordance with the provisions of the loan, the Company made an additional payment of US$ 100 million of the Original Loan, (as a condition precedent to the execution of the loan, the Company and the remaining parties of the Original Loan had agreed to a mandatory pre-cancellation amount equivalent to at least US$ 100 million). Subsequently, in November&nbsp;2018, the Company used all the funds from Deutsche Bank Loan for US$ 300 million to prepay the Original Loan. The balance owed by the Company of US$ 100 million (P$3,770 million as of December&nbsp;31, 2018)&#160; was canceled on February&nbsp;11, 2019, with its own funds.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March 25, 2019, the Company partially prepaid the Loan for an amount of US$100 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">N&#250;cleo:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31,&nbsp;2018, N&#250;cleo&#146;s outstanding debt (bank loans and bank overdrafts) is denominated in Guaran&#237;es and amounted to approximately P$2,204 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional information regarding terms and conditions of the Telecom Group&#146;s loans as of December&nbsp;31, 2018 is set forth in Note&nbsp;13 to our Consolidated Financial Statements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Global Programs for issuance of Notes</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cablevisi&#243;n</font></u></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On April&nbsp;2016, at the Annual General Ordinary and Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n, the shareholders of Cablevisi&#243;n approved, among other matters: i) the extension of the authorization of the Cablevisi&#243;n Global Notes Program, which had been granted at the Annual General Ordinary and Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n on April&nbsp;28, 2014, increasing the maximum amount of the outstanding notes that may be issued under this program from a nominal value outstanding at any time of US$ 500,000,000 (or its equivalent in other currencies) to US$ 1,000,000,000 (or its equivalent in other currencies). The Shareholders&#146; Meeting renewed the delegation on the Board of Directors of the broadest powers in connection with the Cablevisi&#243;n Global Notes Program. The Board of Directors may subdelegate all or some powers interchangeably to one or more directors or managers of the Company; and ii) the extension of the authorization of the Short-Term Debt Securities (&#147;VCPs&#148;, for its Spanish acronym) program under the terms that had been originally approved.</p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;2016, pursuant to its delegated powers, the Board of Directors of Cablevisi&#243;n authorized the issuance of Class&nbsp;A Notes for a nominal value of US$ 500,000,000 (the &#147;Class&nbsp;A Notes&#148;), at a fixed annual nominal interest rate of 6.50%, payable semi-annually in US dollars as from June&nbsp;2016, with final maturity in June&nbsp;2021. Proceeds will be used for:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.55pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The settlement of the outstanding debt as of that date;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The investment in fixed assets and other capital expenditures with the balance of the net proceeds (approximately US$ 89,100,000).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 52.9pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;2017, the holders of Class&nbsp;&#147;A&#148; Notes held an Extraordinary Noteholders&#146; Meeting with a quorum of 81.8621626 % of the total capital and votes under the Notes. At that Shareholders&#146; Meeting, the shareholders unanimously decided to approve the amendment and/or removal of certain clauses (or parts thereof) of the Indenture Agreement executed on June&nbsp;15, 2016 between the Company, Deutsche Bank Trust Company Americas, Deutsche Bank S.A. and Deutsche Bank Luxembourg S.A. (the &#147;Indenture&#148;). As a result of this amendment, Telecom Argentina&#146;s covenants under the Notes include: (i)&nbsp;limitation on the issuance of guarantees by Telecom Argentina and its subsidiaries; (ii)&nbsp;merger by acquisition and consolidation, (iii)&nbsp;limitation on incurring debt above certain approved ratios, and (iv)&nbsp;limitation on the issuance and sale of significant subsidiaries&#146; shares with certain exceptions, among others, certain clauses that restricted sales of assets under certain conditions, certain payments and related party transactions under certain circumstances and the distribution of dividends, were eliminated</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevision Notes were assumed by Telecom Argentina on January&nbsp;1, 2018 due to the Merger (Note 4.a </font>to our Consolidated Financial Statements). For this purpose, Telecom Argentina, as successor of Cablevisi&#243;n, the Deutsche Bank Trust Company Americas, as Trustee and Banco Comafi S.A., as trustee representative in Argentina, have signed a supplement to the Trust Agreement formalizing the absorption of the Notes of Cablevisi&#243;n by Telecom Argentina.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 56.7pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until December&nbsp;31, 2018, the Company had repurchased approximately US$0.5 million (nominal value) of the Notes issued by Cablevisi&#243;n. These transactions were executed at the quoted market price prevailing on each repurchase date, which did not significantly differ from the book value as of that date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 56.7pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the outstanding amount for this loan is US$499.5 million equivalent to P$18,831 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telecom Argentina</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;28, 2017, Telecom Argentina held an General Ordinary Shareholders&#146; Meeting that approved the Telecom Global Notes Program for a maximum outstanding amount of US$ 3,000 million or its equivalent in other currencies. The delegation of powers in the Board of Directors was also approved to determine and modify the terms and conditions of the Program as well as to establish the issuance opportunities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the </font>Telecom Global Notes Program, Telecom Argentina submitted a prospectus for the issuance of Notes to the CNV that was approved on April&nbsp;24, 2018. Subsequently, on April&nbsp;25, 2018, the CNV approved the prospectus supplement corresponding to the Notes. Class&nbsp;1 for a nominal value of up to US$ 500 million (extendable up to US$ 1,000,000,000). This supplement was extended several times, finally expiring on August&nbsp;3, 2018.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with the provisions governing the placement mechanism of the Notes provided in the Prospectus Supplement, Telecom Argentina decided to temporarily suspend, until further notice, the period of placement of the Notes. Telecom Argentina will publish a complementary notice to the prospectus supplement, announcing the date on which the offer period will be resumed and the award date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Personal</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Ordinary and Extraordinary Shareholders&#146; Meeting of Personal held on December&nbsp;2, 2010, approved the creation of a Medium Term Notes Global Program for a maximum outstanding amount of US$500 million or its equivalent in other currencies for a term of five years. On October&nbsp;13, 2011, the CNV authorized such Program, through Resolution No.&nbsp;16,670.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal&#146;s Ordinary Shareholders&#146; Meeting held on May&nbsp;26, 2016 authorized to extend the due date and expand the Program&#146;s maximum circulation amount up to US$1,000 million or its equivalent in other currencies.On October&nbsp;20, 2016, the CNV authorized the extension and expansion of the mentioned Program through Resolution No.&nbsp;18,277.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under such Program, Personal issued four Series&nbsp;of Notes. The net proceeds obtained were used for debt refinancing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal Notes were assumed by the Company on December&nbsp;1, 2017 due to the Reorganization.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of issuance of these Annual Report, Telecom has canceled all Series&nbsp;issued on their respective expiration dates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Loans for purchase of equipment</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the Company has debt agreements denominated in US dollars corresponding to financing for the purchase of equipment of Cisco Systems, the which amounts to approximately US$57.3 million (equivalent to P$2,160 million). Such contracts have an average maturity term of between 36 and 49 months with partial repayments and accrue an average annual interest of 4.81%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The balance of all the loans mentioned above amounts to P$ 76,936 million as of December&nbsp;31, 2018 (including accrued interest).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">123<a name="PB_123_114638_455"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.35pt;text-indent:42.55pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Liquidity</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The liquidity position of Telecom Argentina is and will be significantly dependent on each individual company&#146;s operating performance, its indebtedness, capital expenditure programs and receipt of dividends, from its subsidiaries, if any.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s working capital breakdown and its main variations are disclosed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Variation</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(P$&nbsp;million)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trade   receivables</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,415</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,588</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,827</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other   receivables (not considering financial NDF)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,323</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,223</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,100</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventories</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,737</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">136</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,601</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current   liabilities (not considering financial debt)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(33,401</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17,238</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16,163</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Operative   working capital - negative</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(8,926</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(13,291</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,365</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As % of   Revenues</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">5.3</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">19.9</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">%</font></i></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and cash   equivalents</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,891</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,517</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">374</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial NDF</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">750</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">750</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investments</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,371</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">162</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,209</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current   financial debt</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(20,044</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,383</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18,661</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0.375pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Net   Current financial (liability) asset</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(11,032</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5,296</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(16,328</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Negative   operating working capital (current assets &#151; current liabilities)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(19,958</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(7,995</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">)</font></b></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(11,963</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
<tr>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Liquidity   rate</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.63</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.57</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.06</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom and its subsidiaries have a typical working capital structure corresponding to a company with intensive capital that obtains spontaneous financing from its suppliers (especially PP&amp;E) for longer terms than those it provides to its customers. According to this, the negative operating working capital amounted to P$8,296 </font>million as of December&nbsp;31, 2018 (decreasing P$4,365 million vs. December&nbsp;31, 2017) mainly due to the dividend payments of Cablevision on January, 2018, declared in December, 2017.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During years ended December&nbsp;31, 2017 and 2018, Telecom continued obtaining funds to the financial market (See Note 13 to our Consolidated Financial Statements), used to pay its investments, operative working capital, and other corporative expenses and refinancing part of its financial debts in the framework of its permanent policy of optimizing the term, rate and structure of its financial debts. Telecom has an excellent credit rating. The Company has several financing sources and several offers from first-class international institutions to diversify its current funding structure, which includes accessing to domestic and international capital market and obtaining competitive bank loans in what relates to terms and financial costs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s management evaluates the national and international macroeconomic context to take advantage of market opportunities that allows it preserving its financial health for the benefit of its investors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom manages its cash and cash equivalents and its financial assets trying to match the term of investments with those of its obligations. Cash and cash equivalents position is invested in highly liquid short-term instruments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom maintains a liquidity policy that includes cash through its normal course of business. Telecom and its subsidiaries have consolidated cash and cash equivalents amounting to P$6,891 </font>million as of December&nbsp;31, 2018 (P$6,517 million as of December&nbsp;31, 2017). Telecom has bank credits and a program of Notes that allow to finance its short-term obligations and an investment plan in addition to the operative cash flow for the next years (see Note 13 to our Consolidated Financial Statements).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">124<a name="PB_124_114703_4141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Dividend payments</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;18, 2017, Cablevisi&#243;n S.A. informed the declaration of dividends of P$4,077,790,056 to be paid to its shareholders, Cablevisi&#243;n Holding S.A., Fintech Media LLC and VLG Argentina LLC a pro rata of its share holdings whose payment was pending as of the Merger Effective Date. On January&nbsp;8, 2018, Telecom Argentina S.A., the surviving company of Cablevisi&#243;n S.A., proceeded to cancel the aforementioned obligation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Ordinary General Shareholders&#146; Meeting celebrated on January&nbsp;31, 2018, approved the delegation of powers into the Board of Directors to order the total or partial withdrawal of the &#147;Voluntary reserve for future dividends payments&#148; and the distribution of the withdrawn funds as cash dividends, in the amounts and dates determined by the Board of Directors, being these delegated powers able to be exercised until before the celebration of the next Ordinary Annual Shareholders&#146; Meeting. In accordance to these delegated powers, the Company&#146;s Board of Directors on its meeting held on January&nbsp;31, 2018, resolved to withdraw the amount of $9,729,418,019 from the &#147;Voluntary reserve for future dividends payments&#148; of Telecom Argentina as of December&nbsp;31, 2017 and to distribute that amount as cash dividends in two installments according to the following: a) the amount of $2,863,000,000, which was made available on February&nbsp;15, 2018 b) the remaining difference, that is the amount of $6,866,418,019, was to be made available on April&nbsp;30, 2018, being the Board of Directors able to anticipate such payment if it deems appropriate in the future. Later, the Board of Directors of Telecom Argentina on its meeting dated March&nbsp;7, 2018 decided to anticipate the date when the second dividend installment will be made available to March&nbsp;27, 2018 or in the prior date that the Chairman of the Company determines. Finally, the aforementioned second dividend installment was made available on March&nbsp;21, 2018. as resolved by the Chairman of </font>Telecom Argentina in use of the faculties delegated by the Board of Directors.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, the Board of Directors of Telecom Argentina approved on January&nbsp;31, 2018 the distribution of interim cash dividends, for the amount of P$10,143,505,599, in accordance with what it is foreseen in section 224, 2&#176; paragraph of the GCL, being these subject to ratification from the Ordinary Shareholders&#146; Meeting that considers the documentation for the fiscal year ended December&nbsp;31, 2017. The aforementioned amount corresponds to the sum of the net income (liquid and realized) for the period between January&nbsp;1, 2017 and September&nbsp;30, 2017, that arises from the Special Purpose Unconsolidated Financial Statements of Telecom Argentina as of this last date ($5,640,728,444) and from the Special Purpose Unconsolidated Financial Statements of Cablevisi&#243;n S.A. (company absorbed by merger by Telecom Argentina) to this same date ($4,502,777,155). The mentioned dividends were made available to shareholders on February&nbsp;15, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In conclusion, the dividends distribution aforementioned for a total of P$23,950,713,674 (P$34,840,902,813 in current currency of December 31, 2018) was paid on January 8, 2018 for P$4,077,790,056, February 15, 2018 for P$13,006,505,599 and on March 21, 2018 P$6,866,418,019 (P$33,946,781,381 in current currency of December 31, 2018).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#180;s Shareholders&#180; Meeting held on April&nbsp;25, 2018: (i)&nbsp;ratified the advance distribution of dividends of P$5,640,728,444 (P$8,180,450,375 in current currency of December 31, 2018) resolved by the Board at its meeting of January&nbsp;31, 2018, based on the Special-purpose Unconsolidated Financial Statements of Telecom Argentina as of September&nbsp;30, 2017; (ii)&nbsp;allocate P$1,989,254,041 (P$2,681,552,243 in current currency of December 31, 2018), to set up the &#147;Voluntary reserve for future dividends payments&#148;; and (iii)&nbsp;delegate power to Telecom Argentina&#146;s Board of Directors so that, based on the evolution of the business, it may determine the withdrawal, in one or more times, of an amount up to P$994,627,020 (P$1,340,776,121 in current currency of December 31, 2018) from the &#145;Voluntary reserve for future dividends payments&#146; for distribution to the shareholders as cash dividends, enabling such delegated powers to be exercised until December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to Cablevisi&#243;n&#146;s retained earnings,&#160; Telecom Argentina&#180;s Shareholders&#180; Meeting held on April&nbsp;25, 2018: (i)&nbsp;ratified the advance distribution of dividends of P$4,502,777,155 (P$6,530,139,756 in current currency of December 31, 2018) resolved by the Board at its meeting of January&nbsp;31, 2018, based on the Special-purpose Unconsolidated Financial Statements of Cablevisi&#243;n as of September&nbsp;30, 2017; (ii)&nbsp;allocate P$1,311,975,449 (P$1,768,567,833 in current currency of December 31, 2018), to set up a &#147;Facultative Reserve to Maintain the Level of Investments in Capital Goods and the Current Level of its Solvency.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">125<a name="PB_125_114926_8627"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s Board of Directors, at its meeting held on March&nbsp;19, 2019, convened an Ordinary and Extraordinary Shareholders&#146; meeting to be held on April&nbsp;24, 2019, to consider among other issues the allocation of Telecom Argentina&#146;s retained earnings as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors proposes:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">In&nbsp;Pesos</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Retained   Earnings as of December&nbsp;31, 2018</font></b></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">26,918,365,656</font></b></p>    </td>
<td width="5%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Legal Reserve</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(265,906,251</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Cash   Dividends</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,300,000,000</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
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<td width="71%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:71.6%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Facultative   reserve for future cash dividends</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,300,000,000</font></p>    </td>
<td width="5%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">) (a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Facultative   reserve to maintain the level of investments in capital assets and the   current level of solvency of the Company</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14,052,459,405</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">To New   Fiscal Year</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#151;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) An amount that adjusted for inflation in accordance with CNV General Resolution No. 777/2018 results in $6,300,000,000 in Cash Dividends.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding this proposal, it should be taken into account that since the enactment of General Resolution CNV No.&nbsp;777/2018 (published in the Official Gazette on December&nbsp;28, 2018), the restatement method for the financial statements in current currency is applicable for issuer companies, as established by the IAS 29.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding the distribution of earnings, the aforementioned CNV General Resolution No.777/2018, established that&nbsp;<b><i style="font-weight:bold;">&#147;The distribution of earnings must be treated in the currency of the date of the Shareholders&#146; Meeting by means of the price index corresponding to the month prior to their meeting.&#148;&nbsp;</i></b><i>(section 3, item 1, subsection e), Chapter III, Title IV of the CNV RULES (NT 2013),&#148;Expression in current currency of the earnings distributions&#148;).</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Therefore, it should be noted that this proposal of distribution of earnings corresponds to figures in current currency as of December&nbsp;31, 2018, leaving to the resolution of the Shareholders&#146; Meeting the determination of the amount that can be distributed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Board of Directors proposes i) that the cash dividends be made available to shareholders in three (3)&nbsp;equal installments, being payable the first installment within thirty (30) calendar days of their approval by the Shareholders&#146; Meeting, and the second and third installments within ninety (90) and one hundred and eighty (180) consecutive days of their approval by the Shareholders&#146; Meeting, respectively, or on the previous date determined by the Board of Directors; ii) that powers be delegated into the Board of Directors of the Company so that, depending on the evolution of the business, it may order the withdrawal, totally or partially, in one or more times, of an amount of up to $6,300,000,000 from the &#147;Facultative reserve for future cash dividends&#148; and its distribution to shareholders as cash dividends, being these delegated powers able to be exercised until December&nbsp;31, 2019.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">126<a name="PB_126_115111_79"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our ability to generate sufficient cash from our operations in order to satisfy our indebtedness and capital expenditure needs may be affected by macroeconomic factors influencing our business, including, without limitation, the exchange rate of Argentine Pesos to U.S. dollars and rates of inflation; among others. These factors are not within our control. Certain statements expressed in this section constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties, including those described in this Annual Report in &#147;Item 3&#151;Key Information</font>&#151;Risk Factors.&#148; Actual results may differ materially from our expectations described above as a result of various factors.</p>
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<p style="margin:0in 0in .0001pt;text-indent:42.55pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Capital Expenditures</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the Mobile Services segment, investments were oriented mainly to the deployment of 4G technology, to achieve increasing coverage and capacity in various cities of Argentina. This objective was reached through the startup of new sites, together with replacement and modernization of existent sites.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In respect of fixed access network, 2018 reaffirms our decision to focus investments in technologies and solutions to increase substantially broadband offered to users, mainly with GPON (FTTH) technology, which continued been deployed in different regions of the country. Our work plans allow satisfying the various services requirements for business, large buildings, and urban developments.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In respect of transport network, continuing with precedent year plans, investments were done to deploy new interurban paths of optical fiber, increase Backbone IP capacity, setting-up of new contents POPs, and increment of capacity and availability of DWDM network.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also new equipment was installed for the Metro Ethernet network and for the evolution and extension of the regional transport networks, mainly in PTN (Packet Transport Network).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks relating to Telecom and its Operations&#151;We operate in a competitive environment that may result in a reduction in our market share in the future.&#148; We expect to finance our capital expenditures through cash generated from our operations, cash on hand and financing from third parties; therefore, our ability to fund these expenditures is dependent on, among other factors, our ability to generate sufficient funds internally. Telecom&#146;s ability to generate sufficient funds for capital expenditures is also dependent on its ability to increase its service prices, the increase of its operating costs due to inflation and the increase of the cost of imported materials as they may increase in peso terms (as a result of the decline in the peso/U.S. dollar exchange rate and higher inflation).</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:28.35pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Taxes</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Turnover Tax</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine tax law, Telecom Argentina is subject to a tax levied on gross revenues. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Rates in effect ranged from 2.5% to 8.0% for the years ended December&nbsp;31, 2018, 2017 and 2016, depending on the jurisdiction or goods and services subject to the tax. TV broadcasting activity is turnover tax exempt in some jurisdictions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;2, 2018, Law No.&nbsp;27,429 enforced a &#147;Fiscal Consensus&#148; signed between the PEN and representatives of the Provinces and the Autonomous City of Buenos Aires. Among other issues, the provinces assumed the commitment to apply tax rates not higher than those for each activity and period that are set in the Annex to the Consensus (in the case of communications services 5% in 2018 reducing to 3% in 2022 and in the case of mobile service 7% in 2018 reducing to reach 5% in 2022).</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Income Tax</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our income tax rate was, up to fiscal year 2017, 35% of net taxable income for the companies located in Argentina, 10% for N&#250;cleo, Env&#237;os, Televisi&#243;n Dirigida and Tuves Paraguay in Paraguay and 39.5% (34% Federal Tax and 5.5% State Florida Tax) for Telecom Argentina USA in the United States and 25% for Telem&#225;s and Adesol in Uruguay</font>.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount of income subject to tax is calculated according to tax regulations which contain a different methodology for calculating net taxable income than the methodology used for the preparation of our Consolidated Financial Statements under IFRS. The differences between the methodology of computing income under the tax regulations and under IFRS make it difficult to determine the taxable net income from our income statements. For instance, some deductions from income normally accepted for accounting purposes are not&nbsp;deductible for tax purposes and, accordingly, must be added back to the income tax base when assessing this liability. Law No 27,430 decreases the corporate income tax rate from 35% to 30% for fiscal years starting January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years starting&#160; January&nbsp;1, 2020 and onwards.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to U.S. Federal tax reform, the new U.S. corporate federal tax rate is 21% from 2018 onwards.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax on cash dividends received from a foreign subsidiary is calculated according to the statutory income tax rate. As per Paraguayan tax law, an additional income tax rate of 5% is imposed on dividends that are paid by a Paraguayan company. Additionally, under such law, when dividends are being paid to foreign shareholders, there is a withholding tax of 15%, which is deducted from the amounts which are paid to such shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As per Argentine tax law, income tax paid abroad and withholding tax are recognized as tax credits with certain quantitative limits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net losses in Argentina can generally be carried forward and applied against future taxable income for five years. However, Paraguayan law does not permit the carry-forward of such losses.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Taxation on Dividends</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;26,893, </font>dividends and other profits paid in cash or in kind &#151;except for stock dividends or quota dividends&#151;by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law (the &#147;Income Tax Law&#148;), Sections 69 (a)(1), (2), (3), (6)&nbsp;and (7), and Section&nbsp;69(b), to Argentine resident individuals and foreign beneficiaries were subject to income tax at a 10% rate. Law No.&nbsp;27,260 repealed this withholding tax as of July&nbsp;23, 2016. Consequently, no withholding tax is to be levied on dividends distributed to either Argentine or non-Argentine resident shareholders since then. This treatment applies only to dividends to be distributed at any time out of retained earnings accumulated until the end of the last fiscal year starting before January&nbsp;1, 2018.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Likewise, the portion of those dividends exceeding the company&#146;s accumulated net taxable income (as determined by application of the Argentine Income Tax Law), if any, is subject to a 35% withholding tax on such excess (the &#147;Equalization Tax&#148;). For purpose of the Equalization Tax, the amount of accumulated net taxable income to be considered shall be determined by (1)&nbsp;deducting the income tax paid by the company, and (2)&nbsp;adding the dividends and profits not subject to tax received as distributions from other corporations. If the distribution is in-kind, then the corporation must pay the tax to the Argentine tax authorities and will be entitled to seek reimbursement from the shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends to be distributed out of earnings accrued in fiscal years starting on or after January&nbsp;1, 2018, are to be subject to a tax&nbsp;treatment different from the one previously described, based on the recent enactment of a comprehensive tax reform -Law No.&nbsp;27,430-, published in the Official Gazette on December&nbsp;29, 2017, and generally effective since January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;27,430 and Decree N&#176; 1201/2018 dividends and other profits paid in cash or in kind &#151;except for stock dividends or quota dividends&#151;by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law (the &#147;Income Tax Law&#148;), Sections 69 (a)(1), (2), (3), (6), (7)&nbsp;and (8), and Section&nbsp;69(b)&nbsp;to Argentine resident individuals and foreign beneficiaries will be subject to income tax at a 7% rate on profits accrued during fiscal years starting January&nbsp;1, 2018 to December&nbsp;31 2019, and at a 13% rate on profits accrued in fiscal years starting 1 January&nbsp;2020 and onwards. If dividends are distributed to Argentine corporate taxpayers (in general, entities organized or incorporated under Argentine law, certain traders and intermediaries, local branches of foreign entities, sole proprietorships and individuals carrying on certain commercial activities in Argentina), no dividend tax should apply</font>. In addition the Equalization Tax is repealed on income accrued from January&nbsp;1, 2018 and onwards.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Capital gains</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The results derived from the transfer of shares and other equity interests, bonds and other securities of Argentine companies are subject to Argentine capital gains tax, regardless of the type of beneficiary who realizes the gains.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital </font>gains obtained by Argentine corporate taxpayers (in general, entities organized or incorporated under Argentine law and local branches of non-Argentine entities) derived from the sale, exchange or other disposition of shares are subject to income tax at the corporate rate on net income. Recently, Law No.&nbsp;27,430 regulated through Decree No.&nbsp;1,170/2018 published on December&nbsp;27, 2018 decreased the corporate income tax rate from 35% to 30% for fiscal years beginning on January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years beginning on January&nbsp;1, 2020 and onwards.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Individual resident&#146;s capital gains tax</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 established that as from January&nbsp;1, 2018, gains realized by Argentine resident individuals&#160; from the sale, transfer or disposition of shares, securities representing shares and certificates of deposit of shares are exempt from capital gains tax in the following cases: (i)&nbsp;when the shares are placed through a public offering authorized by the CNV, (ii)&nbsp;when the shares are traded in stock markets authorized by the CNV, under segments that ensure priority of price-time and interference of offers, or (iii)&nbsp;when the sale, exchange or other disposition of shares is made through an initial public offering and/or exchange of shares authorized by the CNV.&#160; For periods prior to 2018, it is currently under discussion the extent of the exemption (established by Law 26,893 and its implementing decree 2334/2013) applicable to the sale of shares and other securities through a stock exchange market, so as to determine whether it applies only sales of securities made in stock exchanges duly authorized by the CNV or in any stock exchanges. Pursuant Decree N&#176; 1170/2018 the conversion process by which individual residents change ADRs by excepted shares, will be considered a levied transaction at its value market price.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Nonresident&#146;s capital gains tax</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;26,893, capital gains obtained by non-Argentine residents from the sale, exchange or other disposition of shares and other equity interests, bonds and other securities of Argentine companies were subject to capital gains tax until December&nbsp;30, 2017, even if those transactions were entered into between nonresidents.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 provides that the capital gains tax applicable to nonresidents for transactions entered into between September&nbsp;23, 2013 (when Law No.&nbsp;26893 became effective) and December&nbsp;30, 2017, is still due and regulations will state the mechanism to have it paid.&#160; However, no taxes will be claimed to nonresidents with respect to past sales of Argentine shares or other securities traded in CNV&#146;s authorized markets (such as ADSs) as long as the cause of the non-payment was the absence of regulations stating the mechanism of tax collection at the time the transaction was closed. </font>General Resolution (AFIP) 4.227, which came into effect on April&nbsp;26, 2018, stipulates that the income tax should be paid to the AFIP under the following procedures: (i)&nbsp;in case the securities were sold through an Argentine stock exchange market, and the withholding has been made, then the withholder must pay the tax, (ii)&nbsp;in case the securities were sold but not through an Argentine stock exchange market and there is an Argentine buyer involved, then the Argentine buyer should pay the income tax; and (iii)&nbsp;when both the seller and the buyer were foreign beneficiaries and the sale was not performed through an Argentine stock exchange market, the person liable for the tax is the buyer and the payment shall be made through an international bank wire transfer to the AFIP. The payment of capital gains tax applicable for transactions entered into before December&nbsp;30, 2017 was due on June&nbsp;11, 2018.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In turn, Law 27,430 and Decree 279/2018, maintain the 15% capital gains tax (calculated on the actual net gain or a presumed net gain equal to 90% of the sale price) on the disposal of shares or securities by nonresidents. However, nonresidents are exempt from the capital gains tax on gains realized from the sale of (a)&nbsp;Argentine shares in the following cases: (i)&nbsp;when the shares are placed through a public offering authorized by the CNV, (ii)&nbsp;when the shares were traded in stock markets authorized by the CNV, under segments that ensure priority of price-time and interference of offers, or (iii)&nbsp;when the sale, exchange or other disposition of shares is made through an initial public offering and/or exchange of shares authorized by the CNV; and (b)&nbsp;depositary shares or depositary receipts issued abroad, when the underlying securities are shares (i)&nbsp;issued by Argentine companies, and (ii)&nbsp;with authorization of public offering. The exemptions will only apply to the extent the foreign beneficiaries reside in, or the funds used for the investment proceed from, jurisdictions considered as cooperating for purposes of the exchange of tax information.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, it is clarified that, from 2018 onward, gains from the sale of ADSs will be treated from Argentine sources.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case the exemption is not applicable and, to the extent foreign beneficiaries do not reside in, or the funds do not arise from, jurisdictions not considered as cooperative for purposes of fiscal transparency, the gain realized from the disposition of shares would be subject to Argentine income tax at a 15% rate on the net capital gain or at a 13.5% effective rate on the gross price. In case such foreign beneficiaries reside in, or the funds arise from, jurisdictions not considered as cooperative for purposes of fiscal transparency, a 35% tax rate on the net capital gain or at a 31.5% effective rate on the gross price should apply. As per the law, the Executive Power will be required to publish a list of &#147;non-cooperating&#148; jurisdictions. Meanwhile, to determine if a jurisdiction is &#147;cooperating or not,&#148; the list published by AFIP according to Decree 589/2013 should be consulted.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In such scenarios, according to General Resolution (AFIP) 4227, the income tax should be withheld and paid to the AFIP under the following procedures: (i)&nbsp;in case the securities were sold by a foreign beneficiary, through an Argentine stock exchange market, the custodian entity should withhold and pay the tax if it is involved in the payment process; if it is not involved in the payment process but there is an Argentine buyer involved, the Argentine buyer should withhold the income tax (ii)&nbsp;in case the securities were sold by a foreign beneficiary, but not&#160; through an Argentine stock exchange market and there is an Argentine buyer involved, the Argentine buyer should withhold the income tax; and (iii)&nbsp;when both the seller and the buyer are foreign beneficiaries and the sale is not performed through an Argentine stock exchange market, the person liable for the tax shall be the legal representative of the seller of the shares or securities being transferred or directly by the seller, in the event that there is no local legal representative. In this case, the payment shall be made through an international bank via wire transfer to the AFIP.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders are encouraged to consult a tax advisor as to the particular Argentine income tax consequences derived from the holding and disposing of ADSs or Class&nbsp;B Shares.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Assets - Tax revaluation option</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 establishes an option for Argentine-resident individuals and companies to step their Argentine-based, income producing assets&#146; tax basis up. The step-up option can be exercised based on the assets&#146; tax basis values for the first fiscal period ending after the Law&#146;s entry into force.&#160; Under the law, the new tax basis in the assets will be determined by applying a &#147;revaluation factor,&#148; as established in the law, to the tax basis originally determined in each year or period of the asset&#146;s acquisition or construction. In the case of immovable or movable property qualifying as fixed assets, the value may be determined by an independent appraiser under certain conditions. In addition, the law imposes a one-time special tax on the amount of the revaluation. The applicable rate will vary depending on the assets revaluated:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Real estate (regarded as capital assets): 8%</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Real estate (regarded as inventories): 15%</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Shares, quotas and other participations in Argentine companies owned by resident individuals: 5%</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> All other assets (except inventories and cars, which may not be revaluated): 10%.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The option must be exercised on all the taxpayer&#146;s assets that integrate the same category of assets. Once the option is exercised, the taxpayer is able to calculate the amortization or costs in the income tax over the revalued assets. Likewise, such revaluation is updated on the base of the variation of Consumer Price Index (CPI) since January&nbsp;1, 2018, as provided by Law No.&nbsp;27,468.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amounts resulting from the revaluation will be considered for the purpose of determining the amortization of the assets and their computable cost under certain conditions and limitations.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The law requires taxpayers that opt for the special revaluation regime to withdraw from any judicial or administrative process in which they are claiming, for tax purposes, an adjustment for inflation and to desist from making a new claim. (See &#147;Item 8&#151;Financial Information&#151;Tax Matters&#151;Income tax - Action for recourse filed with the AFIP&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina has evaluated the convenience of exercising this option and decided not to enter the regime.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Inflation restatement for income tax purpose</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 establishes the restatement for inflation procedures in the Income Tax Law allowing the inflation adjustment for new acquisitions and investments carried out from January&nbsp;1, 2018 and onwards; the law also allows the application of an integral inflation adjustment mechanism but only when the variation of the Internal Wholesale Price Index (in Spanish,&nbsp;Indice de Precios Internos al por Mayor or IPIM) supplied by the National Institute of Statistics and Censuses (in Spanish,&nbsp;Instituto Nacional de Estad&#237;stica y Censos or INDEC), is higher than 100% for the 36-month period before the end of the fiscal period. However, on&#160; December&nbsp;4, 2018, Law 27,467 amended Lay 27.430 and IPIM was substituted by the Consumer Price Index (CPI). This Law also establishes that the Inflation Adjustment Proceeding will be applicable -regarding the first three years as of January&nbsp;1, 2018- when the variation of the Consumer Price Index exceeds 55% for the first exercise, 30% for the second year and 15% for the third year and that the inflation adjustment that must be calculated in the first three fiscal years beginning on January&nbsp;1, 2018 must be charged 1/3 in that fiscal period and the remaining 2/3 in equal parts in the remaining fiscal periods.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Thin Capitalization Rules</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine Law No.&nbsp;25,784, modified the limitation on the deduction of interest expense by stating that the limit will only be applied to interest expense on debt owed to non-resident entities that control the borrowing entity (except for interest expense subject to the 35% withholding tax) in proportion to the amount of debt that exceeds by two times the company&#146;s equity, and the excess of interest over this ratio will be treated as dividend payments. During fiscal years 2017, 2016 and 2015, Telecom&#146;s deduction of interest expenses was not limited because Telecom was able to meet the conditions required for such deduction.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 and Decree 1170/2018, in force for fiscal years beginning after January&nbsp;1, 2018, eliminate the 2:1 debt-to-equity ratio and establishes a new set of thin capitalization rules.&#160; Pursuant to this amendment, thin capitalization rules&nbsp;apply to interest on financial debt (i.e., interest not accruing on payables for the purchase of goods or services) entered into with related parties (whether local or foreign).&#160; Such interest expense can be deducted up to the higher amount of (i)&nbsp;an amount to be set by Regulations, or (ii)&nbsp;30% of EBITDA.&#160; This limit can be increased by the excess of such higher amount over the amount of interest actually deducted in the last 3 taxable years, if any.&#160; If thin capitalization rules&nbsp;apply, the nondeductible portion of the interest expense will be carried forward for 5 taxable years, in which it will be added to the interest expense subject to thin capitalization rules&nbsp;to determine whether the limit is reached or not.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thin capitalization rules&nbsp;do not apply to the following cases, among others:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Interest expense lower to interest income.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>When the borrower&#146;s interest-to-EBITDA ratio is lower than or equal to the ratio of its economic group&#146;s interest expense on loans from unrelated parties and EBITDA.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>When the lender is subject to tax on such interest.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The concept of interest subject to thin capitalization rules&nbsp;include foreign exchange losses and inflation or other index adjustments.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Tax on Minimum Presumed Income</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our companies located in Argentina are required to pay an amount equal to the greater of the income tax or the tax on minimum presumed income. The tax on minimum presumed income is computed based on 1% of the value of our assets. The value of our assets is determined in accordance with the criteria established under the tax laws. The amount of any income tax paid during the year may be applied against the tax on minimum presumed income that would be payable in such year. The amount of any tax on minimum presumed income paid in excess of the income tax for such year may be carried forward for a period of up to ten years. This excess may be treated as a credit to be applied against the income tax payable in a future year to the extent the tax on minimum presumed income for the year does not exceed income tax payable for such future year.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the provisions of the law, pursuant to AFIP Instruction No.&nbsp;2/2017, companies shall not be subject to tax on minimum presumed income as long as they recognized accounting and tax losses in the relevant fiscal period. Under those circumstances, pursuant to the ruling of the Supreme Court of Argentina in the lawsuit &#147;Hermitage S.A.&#148;, it shall be enough to demonstrate that the minimum income presumed under the law does not exist.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During fiscal years 2017 and 2016, income tax was higher than tax on minimum presumed income. </font>During fiscal year 2018 Telecom Argentina is subject to tax on minimum presumed income tax since it has recognized accounting gains but income tax loses. Shares and other equity participations in companies subject to the tax on minimum presumed income are exempt from the tax on minimum presumed income.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to Law No.&nbsp;27,260, Tax on Minimum Presumed Income is repealed for fiscal years beginning from January&nbsp;1, 2019.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Value Added Tax (VAT)</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VAT does not have a direct impact on our results of operations. VAT paid by us to our suppliers is applied as a credit toward the amount of VAT charged by Telecom to its customers and the net amount is passed through to the Argentine government. VAT rates are 21%, 27% and 10.5%, depending on the type of the transaction and tax status of the customer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The import of services (including financial services) by Argentine VAT taxpayers registered for VAT purposes, or responsables inscriptos, such as Telecom Argentina and Personal, is subject to VAT. In the case of loans, if the lender is a bank or a financial entity located in a country whose central bank has adopted the Banking Supervision Standards of the Basel Committee, the rate is 10.5%. If the foreign lender is one other than those mentioned above, the rate is 21%.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No 27,430 (effective for taxable events occurring as from February&nbsp;1, 2018) digital services rendered from outside Argentina are subject to value added tax when the services are rendered to VAT taxpayers or consumers by a resident or a foreign party and the effective use of the services is conducted in Argentina. The purchaser of the digital services is liable to assess and remit the VAT to the Argentine tax authorities. Decree N&#176; 813/2018 regulates this new taxable event and establishes that the tax&#160; will be paid by the customer, directly or through a reverse withholding mechanism. If an intermediary, whether resident or domiciled in Argentina, intervenes in the payment, the intermediary will act as a reverse withholding mechanism agent. If there is more than one intermediary, the agent of reverse withholding will be the one that has the closest commercial relationship with the provider of the service. The entities providing collection services are included in this provision. General Resolution No.&nbsp;4240/2018 (published in the Official Gazette on May&nbsp;14, 2018) established the forms, terms and conditions that&#160; should be taken into account to deposit VAT.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;27,346 states that since January&nbsp;1, 2017, VAT for Argentinean residents, such as Telecom Argentina will be considered &#147;responsables sustitutos&#148; (substitutes) of the VAT tax that levies services rendered in Argentina by non-residents. Decree N&#176; 813/2018 regulates this amendment. General Resolution No.&nbsp;4356/2018 (published in the Official Gazette on December&nbsp;11, 2018) established the forms, terms and conditions that &#147;responsables sustitutos&#148; (substitutes) should take into account to deposit VAT.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Financial Transactions Tax</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The financial transactions tax in levied on certain deposits to and withdrawals from bank accounts with Argentine financial institutions and to other transactions that, due to their special nature and characteristics, are similar or could be used in lieu of a deposit to or withdrawal from a bank account. Therefore, any deposit to or withdrawal from a bank account opened in an institution regulated by Law No.&nbsp;21,526, or any transaction deemed to be used in lieu of a deposit to or withdrawal from a bank account, is subject to the tax on deposits and withdrawals unless a particular exemption is applicable. The tax rate in effect since August&nbsp;1, 2001 has been 0.6% of the transaction volume.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2017, 2016 and 2015, we charged to our income statement P$626 million, P$539 million and P$403 million, respectively, of this tax<i>.</i></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;6, 2003, the Ministry of Economy and Public Finance, through General Resolution No.&nbsp;72/03, authorized us to increase the Basic Telephone Services reflecting the impact of the financial transactions tax. Telecom Argentina determined an amount of approximately P$23 million had not yet been recovered that arose prior to the issuance of Resolution No.72/03 and that was not used to offset payment of other taxes. Such amount was recorded under &#147;Other receivables&#148; during 2007 and can be offset with existing and/or future regulatory duties. See &#147;Item 4&#151;Information on the Company&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#151;Tax on deposits to and withdrawals from bank accounts charged to customers.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No.&nbsp;534/2004 provides that owners of bank accounts subject to the general tax rate of 0.6% may take into account as a tax credit 34% of the tax originated in credits on such bank accounts. This amount may be computed as a credit for the Income Tax and Tax on Minimum Presumed Income. The amount computed as a credit is not deductible for income tax purposes.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No 27,432 the PEN may decide that the percentage of the tax that on the date of entry into force of this law is not computable as payment on account of income tax, will be progressively reduced by up to twenty percent (20%) per year as of January&nbsp;1, 2018, and also may decide that, in 2022, the tax provided for in Law No.&nbsp;25,413 and its amendments as a payment on account of income tax will be computed in full. Through Decree No.&nbsp;409/2018, the percentages in which the Taxes on deposits to and withdrawals from bank accounts can be taken into account as a tax credit for Income Tax or the Tax on Minimum Presumed Income, were increased: that owners of bank accounts subject to the general tax rate of 0.6% may take into account as a tax credit 33% (20% applicable to taxable events affected by a tax rate lower than 0.6%) of the tax originated in credits and debits on such bank accounts. The amendments introduced will be applicable to the advance payments and balances of the Income Tax or Tax on Minimum Presumed Income,&#146; tax return of fiscal periods that begin as of January&nbsp;1, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Personal Assets Tax</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine companies, such as us, have to assess and pay the personal assets tax corresponding to their shareholders that are Argentine individuals and non-Argentine resident persons (natural and legal persons). The tax rate in effect through December&nbsp;31, 2015 was 0.50%. As of December&nbsp;31, 2016, Law No.&nbsp;27,260 lowered the rate to 0.25%, which is to be assessed on the proportional net worth value (<i>valor patrimonial proporcional</i>), of the shares as per the Argentine entity&#146;s last financial statements prepared under Argentine GAAP. Pursuant to the Personal Assets Tax Law, an Argentine company is entitled to seek reimbursement for such paid tax from </font>the applicable Argentine domiciled individuals and/or foreign domiciled shareholders.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and complied with certain other requirements may qualify for an exemption from the personal asset tax paid on behalf of the Shareholders for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should have been filed before March&nbsp;31, 2017. </font>Telecom Argentina and Cablevisi&#243;n have filed the request. Notwithstanding, we cannot assure that in the future, Telecom Argentina and Cablevisi&#243;n can fulfill those requirements and maintain the referred exemption.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2019, the rate at which Argentine companies, such as us, have to assess and pay the personal assets tax corresponding to their shareholders that are Argentine individuals and non-Argentine resident persons (natural and legal persons) will be 0.25%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Export Duties</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;4, 2018, Law 27,467 amended the Argentine Customs Code and included export of services within the scope of exports in the Customs Code, thus allowing the application of export duties on them. In turn, the law allowed the Executive Power to impose duties on those exports until December&nbsp;31, 2020.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;2, 2019, the Argentine Executive Power enacted Decree No.&nbsp;1201/2018 establishing a duty on exports of services until December&nbsp;31, 2020. The export duty has been set at a rate of 12%, with a maximum limit of Argentine Pesos (ARS) 4 per each US Dollar (US$) of the amount arising from the invoice or equivalent document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exports of services are defined as services carried out in Argentina whose utilization or effective exploitation is carried out abroad. Such services, although not subject to VAT, are now subject to this temporary export duty.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the other hand, this duty does not apply to services rendered to foreign parties which are effectively used in Argentina (and therefore subject to VAT).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This duty will be applicable on export of services rendered and invoiced since January&nbsp;1, 2019, including services originated in contracts or transactions initiated before that date, but rendered since that date.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Taxes and Levies</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are subject to a levy of 0.5% of our monthly revenues from telecommunications services. The proceeds of this levy are used to finance the activities of the Regulatory Bodies. The amount of this levy is included in our consolidated income statement within &#147;Taxes and fees with the Regulatory Authority.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;25,239 imposes a tax on Personal (entity absorbed by Telecom Argentina) of 4% (tax on mobile and satellite services) of amounts invoiced excluding VAT but including the excise tax, which results in an effective tax rate of up to 4.167%. Since March&nbsp;1, 2018, pursuant to Law No 27,430, the rate increases to 5% (5.26% effective tax rate).</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;26,539 amends the excise tax and establishes that the importation and sale of technological and computer goods, including mobile phones, is subject to the excise tax at a rate of 17%, resulting in an effective tax rate of up to 20.48%, effective from December&nbsp;1, 2009. Pursuant to Decree No.&nbsp;979/2017 since November&nbsp;15, 2017mobile phones are levied at a rate of 10.50%&#160; resulting in an effective tax rate of 11.73%, this rate will decrease until January&nbsp;2024 when no excise tax will be levied on this transactions (in 2019 it will be 9.89%). In the case of goods manufactured in Tierra del Fuego, no tax will apply since November&nbsp;15, 2017.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since the beginning of 2001, telecommunication services companies have been required to pay a Universal Service tax to fund Universal Service requirements. See &#147;Item 4&#151;Information on the Company&#151;Regulatory and Legal Framework&#151;Regulatory Framework&#151;Universal Service Regulation.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;26,573, which was regulated in 2010, imposes a levy of 1% of the monthly revenues from telecommunication services, excluding prepaid services, which must be collected from the customers. The proceeds of this levy are used to finance the activities of the National Board of High Performance Sport (<i>Ente Nacional de Alto Rendimiento Deportivo</i> &#151; ENARD). Law No.&nbsp;27,430 repeals this levy since March&nbsp;1, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;26,522 the owners of audiovisual communications services must pay a tax proportional to the amount of the turnover from the commercialization of traditional and non-traditional ads, programs, channels, content, subscriptions, and any other concept deriving from the exploitation of such audiovisual communications services. In case TV Cable operators, tax varies between 2% and 5% depending on the number of inhabitants in the service area. Subjects that are registered as responsible to pay Value Added Tax and that are subject to the Audiovisual communications services Tax, may compute this tax as payments on account of VAT.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, Author`s rights should be paid by the owners of audiovisual communications services&#160; to several institutions such as AADI-CAPIF, SADAIC, ARGENTORES,&nbsp;etc. The rates vary between 0.1% and 1% and are calculated on a similar basis to audiovisual communications services tax.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stamp tax is a provincial tax that is levied based on the formal execution of public or private instruments. Documents subject to stamp tax include, among others, various types of contracts, notarial deeds and promissory notes. Each province and the Autonomous City of Buenos Aires has its own stamp tax legislation. Stamp tax rates vary according to the jurisdiction and type of agreement involved. </font>On January&nbsp;2, 2018, Law No.&nbsp;27,429 enforced a &#147;Fiscal Consensus&#148; signed between the PEN and representatives of the Provinces and the Autonomous City of Buenos Aires. Among other issues, the provinces assumed the commitment to apply tax rates not higher than those for each activity and period In the stamp tax, for certain acts and contracts, not higher than 0.75% as of January&nbsp;1, 2019 with a gradual reduction until its complete elimination as of January&nbsp;1, 2022.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Local municipalities establish various taxes and fees such as &#147;Safety and hygiene&#148;, &#147;Habilitation and inspection of structures&#148;, &#147;Occupation of public spaces&#148; and &#147;Advertising&#148;, among others.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is subject to a radioelectric spectrum fees that are paid to the Regulatory Authority for the use of the radio spectrum.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;27,430 gradually reduces the percentage of employers&#146; contributions to be paid by large companies from 21% to 19.5% in 2022. It establishes a non-taxable base for calculating employers&#146; contributions of $ 2,400 for 2018, which will increase until reaching $12,000 in 2022 (updatable since January&nbsp;2019, based on the variations of the Consumer Price Index (CPI)). The Law gradually phases out employers&#146; contributions creditable against VAT. Pursuant to <i>Ministerio de Salud y Desarrollo Social - Secretar&#237;a de seguridad social</i> General Resolution No 3-2018 of the the non-taxable base for 2019 will be $7.003,68 Argentine pesos.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The National Budget Law for the year 2019 (Law No.&nbsp;27,467), published in the Official Gazette on December&nbsp;4, 2018, provides that entities that provide broadcast television or physical link and/or radio electric link subscription television services, audio broadcasting, cable television signals, newspaper, magazine or periodical publishing companies or companies engaged in digital journalism, and the distributors of those publishing companies, may all calculate employer&#146;s contributions paid in connection with the personnel engaged in said activities as tax credit on VAT. These contributions must have been accrued in the fiscal period and effectively paid at the moment of submitting the VAT return. As provided above, where the salaries that give rise to the employer&#146;s contributions which may be calculated as tax credit on VAT are indistinctly related to other activities outside the scope of this benefit, they will be subject to the apportionment procedure. During 2018, the Company has applied a regime similar to that provided under Law No.&nbsp;27,467, based on final court decisions allowing its application.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Research and Development, Patents and Licenses,&nbsp;etc.</font></b></p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>
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<p style="margin:0in 0in .0001pt .25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Trend Information</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In macroeconomic terms, during year 2018, growth&#146;s deceleration was accentuated, mainly due to the drought that affected the central agricultural area for most of the year and had a negative impact on economic activity nationwide. This situation, added to a more contractive monetary and fiscal policy, generated a decrease in the activity level.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One of the most relevant factors in the economic context was the increase of inflation levels, high interest rates and the devaluation of the Argentine peso, which affected the Argentine economy mainly during the second half of the year. However, we consider that this situation will find a breakeven point during the first half of 2019, considering the agreement reached by the government with the International Monetary Fund and the definition of new economic measures aimed at seeking market credibility and exchange rate parity stability.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The economic-financial performance of Telecom Argentina - and other companies that operate in Argentina- was not oblivious to the impact of exchange differences, especially for a company that has to make intensive investments in infrastructure, with dollarized inputs, but operates in Argentine pesos in the local market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Despite an adverse economic context, during this period, Telecom had estimable growth levels due to its favorable operating performance registered during the last years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We continue to ratify our commitment to the economic development of Argentina, from an investment strategic plan of US$ 5,000 destined to the deployment of infrastructure and system integration, which started in 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding the framework that regulates our activity, we continue accompanying the government&#146;s vocation to extend connectivity throughout the country, which is reflected in the National Telecommunications and Connectivity Plan. We understand that the State should encourage the willingness of companies such as Telecom, with the capacity and commitment to invest in modern and powerful networks that bring high quality products and services to Argentina. This agreement confirms the efforts that the ICT sector has been making in recent years to reduce the digital gap and make connectivity available to all Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One of the main focuses of our management during this year was to consolidate the integration of the financial and operating structures of the merged companies &#151; Telecom and Cablevisi&#243;n -, in order to reinforce the position of the new company in a high competitive market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our efforts were aimed at providing our customers with the best offerings in terms of speed, quality, technological reliability and high-value contents, focusing on the convergence of services, the integration of the IT platform, which is indispensable to achieve the real convergence of all the services provided by Telecom available through its trademarks &#151; Cablevisi&#243;n, Personal and Fibertel - as well as the comprehensive management of our customer base.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We continued upgrading and enhancing the capacity and coverage of the fixed-mobile network throughout the country, an asset that positions Telecom as a leading ITC company in Argentina. The deployment of network infrastructure is key to the transformation towards convergent services, with international quality standards, which allows us to leverage on the content business, with Flow as the entertainment hub and comprehensive multi-device platform.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom will maintain the plans for fiber optic cable laying increasingly closer to households, unifying different access technologies to improve browsing speeds and converting copper fixed networks into fiber networks or hybrid fiber-coaxial networks to offer higher connection speed and allow customers to enjoy audiovisual contents that demand high network capacity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As to the mobile network, we will maintain our strategy to enhance network coverage, availability and capacity with the expansion of the 4G network to more locations and the extension of the 4.5G network, already available in 95% of the coverage area of Personal&#146;s 4G network. In addition, we are preparing for the development of 5G technology which supports ultra-broadband connection, essential for the most innovative mobile applications and the growth of the connection between devices known as IoT (Internet of Things).</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW   AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are favoring the integration and synergy of our mobile and fiber optic networks, in addition to the high capacity and capillarity of the IP transport interurban network, with a new architecture that will allow the company to transport not only our own digital contents but also those of third parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This single network, Argentina&#146;s most powerful and sustainable one, will allow us to expand the plan for the transformation of contents and IP video services, among which Flow is the ultimate offering.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Connectivity is no longer fixed or mobile, it is present in every aspect of everyday life and, at Telecom, we seek to boost that connectivity into mobility, from any place and from any device, as the gateway to the digital universe of individuals, companies and governments. As we have been doing over the last years, we seek to lead this process of deep transformation of behaviors, social dynamics and organizations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Contractual Obligations</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our consolidated contractual obligations and purchase commitments as of December&nbsp;31, 2018 were as follows:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Less&nbsp;than<br>   1&nbsp;year</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">1-3&nbsp;years</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">3-5&nbsp;years</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">More&nbsp;than<br>   5&nbsp;years</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="60%" colspan="9" valign="bottom" style="padding:0in 0in 0in 0in;width:60.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(in&nbsp;millions&nbsp;of&nbsp;Argentine&nbsp;Pesos)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt obligations   (1)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21,917</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51,625</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,743</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">92,285</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating lease   obligations</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,754</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,859</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">427</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">479</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,519</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase   obligations (2)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23,690</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,529</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,697</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">672</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36,588</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other long-term   liabilities (3)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">636</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">362</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">187</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,305</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47,997</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,375</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22,987</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,338</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">134,697</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt 28.9pt;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes P$12,973 million of future interest.</font></p>
<p style="margin:0in 0in .0001pt 28.9pt;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Other than operating lease obligations. It includes PP&amp;E purchase obligations, inventories purchase obligations, and other services purchase obligations, among others.</font></p>
<p style="margin:0in 0in .0001pt 28.9pt;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes voluntary retirement program, pension benefits and other long-term payables.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Off-Balance Sheet Arrangements</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Safe Harbor</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See the discussion at the beginning of this Item 5 and &#147;Forward-Looking Statements&#148; in the introduction of this Annual Report, for forward-looking statement safe harbor provisions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="70%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 6.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b><a name="ITEM6_DIRECTORSSENIORMANAGEMENTA_113624"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Board of Directors</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The direction and management of Telecom Argentina is vested in the Board of Directors and its executive officers. Telecom Argentina&#146;s bylaws were amended at the Ordinary and Extraordinary Shareholders&#146; Meeting held on August&nbsp;31, 2017 providing for a Board of Directors consisting of (i)&nbsp;no fewer than eleven and no more than seventeen directors and (ii)&nbsp;the same or a lesser number of alternate members. This amendment was recorded with the IGJ on August&nbsp;30, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, Telecom Argentina has eleven directors and eleven alternate directors. Three of the directors and two of the alternate directors qualify as independent directors under SEC regulations. Three of the directors and three of the alternate directors also qualify as independent directors under CNV rules. According to Telecom Argentina&#146;s bylaws, the Board of Directors has all of the required authority to manage the corporation, including those for which the law requires special powers. The Board of Directors operates where there is a quorum of the absolute majority of its members and resolves issues by simple majority of votes present, provided that in respect of certain matters (the &#147;Supermajority Matters&#148;) the favorable vote of at least one Director proposed for designation by the Class&nbsp;A and one Director proposed for designation by the Class&nbsp;D is required to pass a resolution. According to Telecom Argentina&#146;s bylaws, the chairman of the Board of Directors (the &#147;Chairman&#148;) has a double vote in the case of a tie, except in respect of Supermajority Matters. Under CNV regulation, in order to be independent, a director must neither be employed by, nor affiliated with, Telecom Argentina, CVH or Fintech. Directors and alternate directors are normally elected at annual ordinary general meetings of shareholders (&#147;Annual Ordinary Shareholders&#146; Meetings&#148;) and serve a renewable three-year term. None of Telecom Argentina&#146;s directors have services contracts with Telecom Argentina (or any subsidiary) providing for benefits upon termination of employment as a director.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;31, 2018 the Board of Directors organized and approved the internal rules&nbsp;of the Executive Committee, (the </font>Rules&nbsp;of the Executive Committee (&#147;Reglamento de Facultades y Funcionamiento&#148;)) provided for in Article&nbsp;thirteen of our Bylaws which shall be in charge of the approval, <i>inter alia, </i>of matters in the ordinary course of business, but without executive responsibilities which shall be in charge of the managers of the Company, the preliminary approval of plans of important significance including the Business Plan and Annual Budget of the Company, prior to its approval by the Board and also certain other duties that were previously performed by the <i>Comit&#233; de Operaciones </i>and the <i>Consejo de Administraci&#243;n</i> which have been eliminated. The Executive Committee is comprised of five members, all of which are required to be Directors of the Company. The Executive Committee takes all of its resolution by the unanimous vote of all its members, and in case such consent is not obtained in respect of any matter, such matter is posted for approval of the Board of Directors.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As established in the Telecom Shareholders&#146; Agreement between CVH and Fintech, provided that CVH holds a certain percentage of Telecom Argentina Shares, CVH shall be entitled to designate the majority of the directors, alternate directors, members of the Supervisory Committee, Executive Committee members, Audit Committee members, the CEO and any other Key Employees (other than the CFO and the Internal Auditor, who shall be designated by Fintech).</font> CVH shall also be entitled to nominate the Chairman of the Board and Fintech to nominate de Vicechairman of the Board. In the absence of a director, the corresponding alternate director may attend and vote at meetings of the Board of Directors.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See &#147;Item 7&#151;Major Shareholders and Related Party Transactions&#151;Major Shareholders&#151;Telecom Shareholders&#146; Agreement&#148; for a description of certain agreements relating to the appointment of members of the Board of Directors.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table lists our directors and alternate directors as of December&nbsp;31, 2018 and as of the date of this Annual Report:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position&nbsp;on&nbsp;the&nbsp;Board&nbsp;of&nbsp;Directors</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date&nbsp;Director&nbsp;joined<br>   the&nbsp;Board&nbsp;of&nbsp;Directors</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro Alberto Urricelqui</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board of Directors</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mariano Marcelo Ib&#225;&#241;ez</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice Chairman of the Board of Directors</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sebasti&#225;n Bardengo</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ignacio Jos&#233; Mar&#237;a S&#225;enz Valiente</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dami&#225;n Fabio Cassino</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carlos Alejandro Harrison</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mart&#237;n H&#233;ctor D&#180;Ambrosio</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Germ&#225;n Horacio Vidal</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Luca Luciani</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;31, 2018</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Baruki Luis Alberto Gonz&#225;lez</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;8, 2016</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejo Maxit</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;27, 2017</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mar&#237;a Lucila Romero</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sebasti&#225;n Ricardo Frabosqui Diaz</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Claudia Irene Ostergaard</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;31, 2018</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nicol&#225;s Sergio Novoa</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jos&#233; Carlos Cura</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;27, 2017</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miguel Angel Gra&#241;a</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;1, 2018</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Facundo Mart&#237;n Goslino</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;31, 2018</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lucrecia Mar&#237;a Delfina Moreira Savino</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;31, 2018</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Saturnino Jorge Funes</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;8, 2016</font></p>    </td>   </tr>
<tr>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carolina Susana Curzi</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;31, 2018</font></p>    </td>   </tr>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Santiago Luis Ibarz&#225;bal Murphy</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;27, 2017</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Committee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table lists the members of our Executive Committee as of the date of this Annual Report:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro Alberto   Urricelqui</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mariano Marcelo Ib&#225;&#241;ez</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sebasti&#225;n Bardengo</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dami&#225;n Fabio Cassino</font></p>    </td>   </tr>
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<td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Germ&#225;n Horacio Vidal</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Alejandro Alberto Urricelqui</font></i> is an Accountant with a degree from the Universidad de Buenos Aires, and has a Master&#146;s Degree in Finance. He has been the Chairman of the Board of Directors of the Company since January&nbsp;2018 and a member of the Executive Committee. He was the Chairman of Cablevisi&#243;n S.A. until it was merged into the Company. During 2017, he participated in the merger process of Cablevisi&#243;n S.A. and Telecom Argentina S.A. In addition, during 2006, he led the acquisition and subsequent merger of Cablevisi&#243;n S.A. and Multicanal S.A. Mr.&nbsp;Urricelqui joined Grupo Clar&#237;n in 1990. As Chief Financial Officer, he participated in the business expansion and integration of Grupo Clar&#237;n&#146;s media and telecommunications and in its Initial Public Offering, which took place in 2007. He was born on October&nbsp;16, 1959.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mariano Marcelo Ib&#225;&#241;ez</font></i> is a lawyer with a degree from the Universidad de Buenos Aires. He was the Chairman of the Board of Directors of the Company from March&nbsp;2016 until January&nbsp;1, 2018. He is currently the Vice Chairman and member of the Executive Committee. Previously, he was Director of Cablecom and as Chairman and CEO of Cablevisi&#243;n S.A. He was a Director of Multimedios Am&#233;rica (Cablevisi&#243;n, Radio Am&#233;rica, Radio del Plata, El Cronista and Am&#233;rica TV). He was born on August&nbsp;25, 1959.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">138<a name="PB_138_110901_5796"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sebastian Bardengo</font></i> is graduated from the Universidad de Buenos Aires with a degree in Business Administration and has a specialization in Administration and Management from Harvard University. He has been member of the Board of Directors of the Company and a member of the Executive Committee since January&nbsp;2018. He has been director of Cablevision Holding S.A. since 2008. He is currently Chairman of the Board of Director of Cablevisi&#243;n Holding S.A. He has been the Manager of Corporate Business at Grupo Clar&#237;n and member of the Board of Directors of Grupo Clar&#237;n and several of its subsidiaries. Previously, he worked for more than 20 years in investment and commercial banking, including the following positions: (i)&nbsp;Director at Bank Boston Capital, a private equity fund with investments in Argentina, Uruguay and Chile; (b)&nbsp;Executive Director at Bozano Simonsen Latinamerica S.A., a leading Brazilian investment bank; (c)&nbsp;Founding Partner at Buenos Aires Advisors, a financial advisory and Mergers and Acquisitions firm. In addition, Mr.&nbsp;Bardengo was appointed as financial expert in international arbitration courts such as CIADI (Centro Internacional de Arreglo de Diferencias relativas a Inversiones) and CNUDMI (Comisi&#243;n de las Naciones Unidas para el Derecho Mercantil Internacional). He was born on May&nbsp;15, 1966.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ignacio Jos&#233; Mar&#237;a S&#225;enz Valiente</font></i> is a lawyer from the Pontificia Universidad Cat&#243;lica Argentina and partner at the Argentine law firm Sa&#233;nz Valiente&nbsp;&amp; Asociados that provides services as legal counsel to the Company. He has 17 years of professional experience. Mr.&nbsp;S&#225;enz Valiente specializes in corporate law, particularly local and international acquisitions and wealth management. He currently is a member of the board of directors of various companies, including GC Dominio S.A., Cablevisi&#243;n Holding S.A., Grupo Benicio S.A., Geisha Bienes Ra&#237;ces S.A., Purity Polo S.A., Grupo A1 SRL, Green Armor S.A., ENVO Biogas Tonder As/p, Envo Biogas AAbenraa As/p and Telecom. He was born on December&nbsp;21, 1975.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Dami&#225;n F. Cassino</font></i> is a lawyer from the Universidad de Buenos Aires. He is a partner at the Argentine law firm Sa&#233;nz Valiente&nbsp;&amp; Asociados. He has 25 years of professional experience. Mr.&nbsp;Cassino specializes in complex litigation and antitrust law. He currently is director and member of the Executive Committee of Telecom and a member of the board of directors of various companies, including GC Dominio S.A. He was born on January&nbsp;16, 1969.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Carlos Alejandro Harrison</font></i> is a Business Administrator from the Universidad de Buenos Aires and completed postgraduate studies at IAE Business School. He has been a member of the Board of Directors since March&nbsp;2016 and is a member of the Company&#146;s Audit Committee. Previously, he was President of Producciones YAQ S.A. and President of Business Development for AMC Networks International. Before that, he was the General Manager of Chello Latin America and Pramer SCA (both controlled by Liberty Global plc). Mr.&nbsp;Harrison also worked for Grupo Clar&#237;n S.A. as a Business Development Manager and was the Director of for International Operations at Multicanal S.A. He was born on January&nbsp;19, 1963.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mart&#237;n H&#233;ctor D&#146;Ambrosio</font></i> is a lawyer with a degree from the Universidad de Buenos Aires. He has been a member of the Board of Directors since March&nbsp;2016 and he is also a member of the Company&#146;s Audit Committee. He currently is Managing Partner at GS1 S.R.L. and legal advisor for several companies at his own legal firm. Previously, he worked with the legal firm Dellepiane&nbsp;&amp; Asociados, and for many years, he was in charge of the legal area of US Equities Realty.&#160; He was born on March&nbsp;9, 1974.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Germ&#225;n Horacio Vidal</font></i> is an industrial engineer graduated from the Universidad Cat&#243;lica Argentina. He has been a member of the Board of Directors since January&nbsp;2018 and is a member of the Company&#146;s Audit Committee and Executive Committee.&nbsp;He was the CEO of Grupo Telecom Argentina from May&nbsp;2016 until November&nbsp;2017. Between 1987 and 1997, he worked in different management positions at IBM in Argentina and Europe. From 1997 to 2004, he worked at MetroRED first as Marketing and Sales Director and then as General Manager of the Argentine branch, and Vice Chairman and General Manager of the operations in Argentina, Brazil, and Mexico. In 2003, with CoInvest as the main shareholder, he was appointed CEO of said company and participated on the Board of Directors of CTI. Afterwards, upon the sale of MetroRED, he was appointed Director of Marketing, Products, Customer Care and Data Center in Telmex Argentina. From 2005 to 2016, he worked at Korn Ferry consultants as a Senior Client Partner, General Director and Chairman. He was born on December&nbsp;27, 1963.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Luca Luciani</font></i> has a degree in Economics and Trade from LUISS University (Rome). He has been a member of the Board of Directors since January&nbsp;31, 2018. Luca Luciani was the Managing Director and CEO of Value Partners, a multinational Italian consultancy firm operating through a network of 250 professionals around the world, until November&nbsp;2018. During 15 years, as from 1999, he built a comprehensive experience as manager of telecommunications businesses, among others: CEO of Tim Brazil, General Manager of Telecom Italia domestic business, Group controller and CFO of Tim, Vice President Marketing and Sales of TI Group and CTO of Mobile. Previously, Mr.&nbsp;Luciani accumulated 10 years of experience in different sectors and jobs, such as Group Controller of Enel, Manager of Procter&nbsp;&amp; Gamble and consultant in Bain&amp;Company network. He was born on November&nbsp;2, 1967.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Baruki Gonz&#225;lez</font></i>&nbsp;is a lawyer with a degree from the Universidad de Buenos Aires. Mr.&nbsp;Gonz&#225;lez joined the Board of Directors of Sofora, Nortel, Telecom Argentina and Personal in April&nbsp;2016 (Sofora, Personal and Nortel were absorbed by Telecom Argentina).&nbsp;Mr.&nbsp;Gonz&#225;lez is a founding member of the Argentine law firm Errecondo,&nbsp;Gonz&#225;lez&nbsp;&amp; Funes that provides services as legal counsel to the Company.&nbsp;Between 1995 and 1996, he worked as an international associate at the United States law firm White&nbsp;&amp; Case LLP. He is a member of the Public Bar Association of the City of Buenos Aires (<i>Colegio P&#250;blico de Abogados de la Capital Federal) </i>and of the Buenos Aires City Bar (<i>Colegio de Abogados de la Ciudad de Buenos Aires</i>). He was born on July&nbsp;29, 1967.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Alejo Maxit </font></i>is an industrial engineer form Universidad Instituto Tecnol&#243;gico de Buenos Aires (ITBA) and has a Master&#146;s Degree in Corporate Finance from Universidad CEMA. He has been a member of the Board of Directors since April&nbsp;2017, as proposal of ANSES-Fondo de Garant&#237;a de Sustentabilidad. He works as General Secretary at the Argentine National Social Security Administration - (ANSES). He was born on November&nbsp;4, 1974.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mar&#237;a Lucila Romero</font></i> is a lawyer from the Pontificia Universidad Cat&#243;lica Argentina. She is a partner at the Argentine law firm Sa&#233;nz Valiente&nbsp;&amp; Asociados. She has 24 years of professional experience. She specializes in corporate law, particularly mergers&nbsp;&amp; acquisitions. She has been a member of the board of directors in various companies. Mss. Romero currently serves as alternate director of GC Dominio S.A and as alternate director of Telecom.&nbsp;She was born on August&nbsp;12, 1967.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sebasti&#225;n Ricardo Frabosqui D&#237;az</font></i> is a lawyer at Pontificia Universidad Cat&#243;lica Argentina, has a Master&#146;s Degree in Law and Economics at Universidad Torcuato Di Tella and a Master in Laws (LL.M) degree at Northwestern University. He has been an alternate director since January&nbsp;2018. He is a partner at the law firm S&#225;enz Valiente&nbsp;&amp; Asociados. He has 17 years of professional experience and specializes in Mergers&nbsp;&amp; Acquisitions, general corporate consultancy, debt restructuring and capital markets. Between 2009 and 2010, he worked as foreign associate in the firms Fox, Horan&nbsp;&amp; Camerini and Arnold&nbsp;&amp; Porter at their respective offices in New York and Washington D.C. He was born on February&nbsp;14, 1978.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Claudia I. Ostergaard </font></i>is a lawyer from Universidad del Salvador. She is a partner at the Argentine law firm Sa&#233;nz Valiente&nbsp;&amp; Asociados. She has 17 years of professional experience. She specializes in civil, commercial and administrative law, particularly, damage liability in litigation cases. She has been a member of the board of directors of various companies. She was born on May&nbsp;29, 1974.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Nicol&#225;s S. Novoa</font></i> is a lawyer from Universidad del Salvador. He is a partner at the Argentine law firm Sa&#233;nz Valiente&nbsp;&amp; Asociados and a member of the governing board of the Argentine Association of Television Service Providers (ATA) and a member of the copyright work group of the International Association of Broadcasting (IAB). He is a delegate of the IAB before the Standing Committee on Copyright (SCCR) at the World Intellectual Property Organization (2006-2016) and a Visiting Professor in the Master&#146;s program in Intellectual Property at the Latin American Social Sciences Institute (FLACSO). Mr.&nbsp;Novoa currently is an alternate member of the Board of Directors of GC Dominio S.A. He was born on May&nbsp;28, 1974.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Jos&#233; Carlos Cura</font></i> is an Economist graduated from the Universidad de Buenos Aires and holds a degree in Administration from the IAE Business School of Universidad Austral. He has been an alternate director since April&nbsp;2017. He currently works as an independent financial and real estate advisor. He started his carrier in the financial business at Lloyds Bank, where he worked for different departments, including the Treasury Department. He was born on September&nbsp;25, 1962.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Miguel Angel Gra&#241;a</font></i> is a Certified Public Accountant graduated from the Universidad de Buenos Aires with post-graduate studies at Harvard University. He has been an alternate director since January&nbsp;2018 and was a permanent director of Telecom Personal S.A. (absorbed by Telecom Argentina) from March&nbsp;2016 to November&nbsp;2017. He is the Chairman of Compa&#241;&#237;a de Inversiones y Mandatos S.A. and Managing Partner at Megraso SRL. Previously, he was Managing Director at J. P. Morgan in charge of M&amp;A at the Buenos Aires office and Chairman at the Nokia distributor in Argentina.&#160; He was born on December&nbsp;15, 1957.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Facundo Goslino</font></i> is a lawyer from Universidad Cat&#243;lica Argentina and has a Master of Laws degree (LL.M.) from Cornell Law School, New York. He is an alternate member of Telecom&#180;s Board of Directors since January&nbsp;31, 2018. He is a partner associate at &#147;Errecondo, Gonz&#225;lez&nbsp;&amp; Funes- Abogados&#148; law firm. He also is a member of the Board of Directors and of the supervisory committee of other Argentine companies, mainly in the energy and gas distribution sectors. Mr.&nbsp;Goslino worked in Cleary Gottlieb Steen&nbsp;&amp; Hamilton in 2006.&#160; He is a member of the Public Bar Association of the Ciudad Aut&#243;noma de Buenos Aires. He was born on January&nbsp;19, 1975.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Lucrecia Mar&#237;a Delfina Moreira Savino</font></i> is a lawyer with a degree from Universidad Cat&#243;lica Argentina. She has been an alternate director since January&nbsp;2018. Mss. Moreira Savino is an associate of the law firm Errecondo, Gonz&#225;lez&nbsp;&amp; Funes. She is&nbsp;currently also alternate syndic of Caterpillar Financial Services S.A., PPG Industries Argentina SRL, Desarrolladora Energ&#233;tica S.A., Empresa Distribuidora La Plata S.A., AESEBA S.A.U., AES Pampa S.A.U. and Moneda Sociedad Gerente de Fondos Comunes de Inversi&#243;n S.A. She was born on March&nbsp;2, 1974.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Saturnino Jorge Funes </font></i>is a lawyer with a degree from the Universidad del Salvador and a Master&#146;s degree in business law from the Universidad Austral, with honors. He is a founding partner of the law firm &#147;<i>Errecondo, Gonz&#225;lez&nbsp;&amp; Funes &#151; Abogados.</i>&#148; He worked at Shearman&nbsp;&amp; Sterling LLP between 2000 and 2001 as an international associate. He is professor of corporate law at the <i>Universidad del Salvador</i> Law School in Buenos Aires, and a professor at the Masters in Finance and Masters in Law and Economics, both at the <i>Universidad Torcuato Di Tella</i> in Buenos Aires. He is a member of the Public Bar Association of the City of Buenos Aires (<i>Colegio P&#250;blico de Abogados de la Capital Federal) </i>and of the Buenos Aires City Bar (<i>Colegio de Abogados de la Ciudad de Buenos Aires</i>). He was born on August&nbsp;6, 1968.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Carolina Susana Curzi</font></i> is a lawyer from the Universidad de Buenos Aires. She is an alternate member of Telecom&#180;s Board of Directors since January&nbsp;31, 2018. She is a partner at &#147;Errecondo, Gonz&#225;lez&nbsp;&amp; Funes- Abogados&#148; law firm. She also is a member of the Board of Directors and of the supervisory committee of other Argentine companies, mainly in the energy and gas distribution sectors. She is a member of the Public Bar Association of the City of Buenos Aires. She was born on March&nbsp;14, 1976.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Santiago Luis Ibarz&#225;bal Murphy</font></i> is a business administrator from Universidad Cat&#243;lica Argentina and he also has a MBA from the IESE Business School, Universidad de Navarra. He has been an alternate director since April&nbsp;2017, as a proposal of the shareholders of Administraci&#243;n Nacional de la Seguridad Social (ANSES)-Fondo de Garant&#237;a de Sustentabilidad. He worked for Grupo Nestl&#233;, Johnson&nbsp;&amp; Johnson, Grupo Inditex and for Instituto de Vivienda de la Ciudad Aut&#243;noma de Buenos Aires. He currently is<i> Director Ejecutivo de la Agencia Nacional de Discapacidad</i>. He was born on August&nbsp;24, 1976.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Senior Management</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, Telecom&#146;s senior Management team includes the individuals listed below. Unless otherwise noted, these individuals are members of Telecom&#146;s senior Management as of the date of this Annual Report.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position&nbsp;(1)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date&nbsp;of&nbsp;Designation</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carlos A. Moltini</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer (&#147;CEO&#148;)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;16, 2017</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roberto O. N&#243;bile</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deputy Director General</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;16, 2017</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gabriel P. Blasi</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer (&#147;CFO&#148;)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;27, 2017</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hern&#225;n P. Verdaguer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director of Regulatory issues</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;27, 2017</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pedro L. L&#243;pez Matheu</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director of Government Relations, Communications and   Media</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;14, 2016</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pablo C. Casey</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director of Legal and institutional</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;16, 2017</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position&nbsp;(1)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date&nbsp;of&nbsp;Designation</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sebasti&#225;n Palla</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director of Procurement</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;8, 2016</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sergio D. Faraudo</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director of Human Capital</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;16, 2017</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gonzalo Hita</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Operating Officer (&#147;COO&#148;)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;16, 2017</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miguel A. Fernandez</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Technology Officer (&#147;CTO&#148;)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;16, 2017</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro Miralles</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Audit&nbsp;&amp; Compliance Officer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;16, 2017</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pablo Esses</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Information Officer (&#147;CIO&#148;)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;23, 2018</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gerardo Maurer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director of Security</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;27, 2014</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fernando Cravero</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director of International Operations</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;1,2018</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">The designation of Director does not imply that the officers mentioned above are members of the Board of Directors of Telecom Argentina, which is composed of the persons stated in &#147;&#151;Directors, Senior Management and Employees&#151;The Board of Directors&#148; above. The term of officer of Telecom&#146;s Senior Management is contractual in nature. Such contracts do not include a specified expiration date.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Carlos Alberto Moltini</font></i> is a Certified Public Accountant with a degree from the Universidad de Buenos Aires. He was appointed CEO of the Company in November&nbsp;2017. Until the merger between Cablevisi&#243;n S.A. and the Company, he has been a member of the Board of Directors of Cablevisi&#243;n S.A. since October&nbsp;2006 and General Manager also since October&nbsp;2006. Mr.&nbsp;Moltini was the General Manager of Multicanal S.A. for five years and, before that, he was the CFO of Arte Radiotelevisivo Argentino S.A. (&#147;Artear&#148;) for 7 years, a leading broadcasting channel in the Ciudad Aut&#243;noma de Buenos Aires, owned by Grupo Clar&#237;n. Previously, Mr.&nbsp;Moltini worked for Bagley Argentina S.A. and other broadcasting companies.&#160; He was born on November&nbsp;16, 1960.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Roberto Nobile</font></i> is a Certified Public Accountant with a degree from the Universidad de Buenos Aires and an AMP (Advanced Management Program) at Harvard Business School. He was appointed as General Sub - Director of the Company on November&nbsp;27, 2017. Previously, he had been COO of the Company since May&nbsp;2016 in charge of Marketing, Sales and Operations. Mr.&nbsp;Nobile has many years of experience in the telecommunications and media sector. In October&nbsp;2006, he joined Cablevisi&#243;n S.A., where he worked for 10 years, as COO and Deputy Managing Director. He joined Arthur Andersen in 1989. Subsequently, he worked at Honeywell as South Regional Controller (Brazil, Argentina and Chile). In 1997, he was CFO of Grupo Clar&#237;n. He was born on September&nbsp;27, 1967.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Gabriel P. Blasi</font></i> holds a degree in Business Administration and took post-graduate programs in Finance at Universidad del CEMA-Centro de Estudios Macroecon&#243;micos Argentinos and at IAE (Universidad Austral). He held several managerial positions in Investment Banking and Capital Markets at Citibank and Banco R&#237;o (BSCH). Before joining IRSA Inversiones y Representaciones Sociedad An&#243;nima, he was the CFO of Grupo Carrefour in Argentina and Goyaique S.A.C.I.F. y A. (Grupo P&#233;rez Companc). Until 2011, he was the CFO of IRSA Inversiones y Representaciones Sociedad An&#243;nima, Cresud S.A.C.I.F. y A. and Alto Palermo S.A. (APSA) and held several board positions in Argentina and abroad. He is currently the Chief Financial Officer of Telecom Argentina. He was born on November&nbsp;22, 1960.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Hern&#225;n P. Verdaguer</font></i> is a lawyer specialized in Corporate Law. He did a Postgraduate Program on Communications Law Update (Facultad de Derecho - Universidad de Buenos Aires) and a Postgraduate Program on Business Management (Universidad Argentina de la Empresa, UADE). He was appointed Director of Regulatory Affairs of the Company on November&nbsp;27, 2017. He joined Diario Clar&#237;n in 1994 and then with the creation of Grupo Clar&#237;n, he held several positions until becoming Manager of Regulatory Affairs. He held such position until November&nbsp;2017, when he joined Telecom Argentina. He was born on May&nbsp;16, 1968.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:24.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pedro Lopez Matheu</font></i> is a lawyer with a degree from the Universidad Cat&#243;lica Argentina. Mr.&nbsp;Lopez Matheu has 20 years of experience in the institutional relations in first-line multinational and national companies. From 1996 to 2006 worked at Grupo Clar&#237;n as Public Affairs Manager. He was Chairman of the Newspaper Publisher Association of the City of Buenos Aires, and of the Press Freedom Commission of ADEPA (Asociaci&#243;n de Entidades Period&#237;sticas Argentinas), Vice Chairman of the Association of Argentine Private Radios, and of other national and multinational entities of that sector. From 2006 to 2014 he was Corporate and Government Affairs at Kraft Foods and Mondelez, leading company of food and, for Argentina, Chile, Uruguay and Paraguay. Also, since 2014, he has been Corporate Affairs Director at AXION energy. He has skills at government relations, corporate and social responsibility, press and corporate communication, crisis management and internal communication. He was born on May&nbsp;23, 1966.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pablo C. Casey</font></i> is a lawyer from Universidad de Buenos Aires and holds a Master&#146;s Degree in Law and Economics from Universidad Torcuato Di Tella. He was appointed Director of Legal and Institutional Affairs of Telecom Argentina on November&nbsp;16, 2017. Previously, he was a member of the Board of Directors of Cablevisi&#243;n since October&nbsp;2006. He had worked at Grupo Clar&#237;n directly and indirectly since 1986 as Manager of Institutional Affairs. Mr.&nbsp;Casey worked at Estudio S&#225;enz Valiente y Asociados until 1997, where he worked directly with Grupo Clar&#237;n. Between 1997 and 2005, he was the Manager of Legal Affairs of Multicanal. Mr.&nbsp;Casey was also a member of the Board of Directors of Grupo Clar&#237;n. He was born on June&nbsp;20, 1967.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sebastian Palla</font></i> is an economist with a degree from the Universidad Torcuato Di Tella. He is Director of Procurement of Telecom Argentina since August&nbsp;8, 2016. He has 21 years of experience, from 2009 to 2016, he has worked at Macro Bank as an advisor of the Chairman first, later in the Investment Banking Management area and finally in the Government Banking Management area. From 2006 to 2009, he was in charge of AFJP, first as Executive Director, and later as a Chairman. From 2002 to 2005, he worked in the public administration, as a Chief of Advisors of the Ministry of Finance and then as Sub-secretary of Finance of the Ministry of Economy and Public Finance. Mr.&nbsp;Palla was honored as a member of the Young Global Leaders Forum in 2005 (created by the World Economic Forum), also a member of the Eisenhower Fellowship in 2008; and was chosen as one of the most influential people of 2007, in Luciana Vazquez&#146; s book &#147;The Education of Those Who Influence&#148;. He was born on June&nbsp;12, 1974.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM   6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sergio D. Faraudo</font></i> is a lawyer from Universidad Nacional de La Plata and holds a Master&#146;s Degree in Economics and Political Science from ESEADE. He has been the Director of Human Capital of Telecom Argentina since November&nbsp;2017. Between 2015 and 2017, he was the Corporate Director of Human Resources of Grupo Clar&#237;n. Between 2001 and 2015, he held managerial positions in Human Resources Areas at PSA Peugeot Citro&#235;n in Argentina, Spain, France and Brazil, including two years as Industrial Director of the local subsidiary. Between 1991 and 1995, he held a position in the Human Resources Management area at Telecom Argentina. Between 1987 and 1989, he was granted two scholarships from the French Government to study Law, New Technologies and Government Modernization. He published two novels and he is a yoga and meditation instructor. He was born on January&nbsp;7, 1964.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Gonzalo Hita</font></i> holds a Degree in Marketing from Universidad Argentina de la Empresa (UADE). He also took several specialization courses and programs for upper management at institutions such as IAE Business School (PAD), ESADE Business&nbsp;&amp; Law School, and Universidad del CEMA. He was appointed COO of the Company on November&nbsp;16, 2017 and has over 25 years of experience in the telecommunications industry. At Cablevisi&#243;n S.A., he held, among others, the position of COO and, previously, he had been the Commercial Director since 2000. Mr.&nbsp;Gonzalo Hita was born on June&nbsp;28, 1970.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Miguel Angel Fern&#225;ndez</font></i> is an Electronic Engineer from Universidad de Bah&#237;a Blanca and also holds an EMBA Program from IAE (2000 &#151; 2001). He was appointed CTO (Chief Technical Officer) of Telecom Argentina S.A. on November&nbsp;16, 2017. He had held the same position at Cablevisi&#243;n S.A. since 2007. Between 1994 and 2006, he was the Technical Manager of Multicanal, which evidences his vast experience in the telecommunications industry. Between 1990 and 1994, he was the Field Engineer at Western Atlas Petrolium Service Co. He was born on June&nbsp;10, 1963.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Alejandro Miralles</font></i> is an economist with a degree from the Universidad de Buenos Aires. He was appointed as Chief Audit&nbsp;&amp; Compliance Officer last November&nbsp;2017. Previously, he was the Director of Human Capital of Telecom Argentina since June&nbsp;6, 2016. Before that, he has been Client Partner for more than five years at Korn Ferry, the leader global people and organizational advisory firm. He has also worked as Chief Financial Officer at Cablevision for seven years and Chief Executive Officer at Teledigital Cable. Prior to that, he has been Investment Officer at CEI Citicorp Holdings and has worked at Citibank N.A. and at Manufacturers Hannover Trust. He was born on December&nbsp;29, 1963.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pablo Esses </font></i>has a Bachelor&#180;s Degree in Business Administration, graduated from Universidad de Buenos Aires. He participated in many specialization courses in management, technology and leadership at international scope in United States and Europe. He was appointed as CIO of Telecom Argentina on May&nbsp;2018. He has more than 25 years of experience in Business Consulting at Coopers&nbsp;&amp; Lybrand, PricewaterhouseCoopers and IBM in Latin America helping corporations to achieve competitive advantage through business transformation and innovative technology solutions across diverse industries in both national and international operations. He was born on February&nbsp;22, 1967.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Gerardo Maurer</font></i> is an engineer graduated from the Universidad de Buenos Aires. He joined Telecom Argentina in August&nbsp;2006 and since then he held various positions within Internal Audit and Corporate Security.&nbsp; In November&nbsp;2014, he was appointed as Corporate Security Director. Previously, he worked at United Nations Conference on Trade and Development (UNCTAD) in Geneve, Venezuela and Central America. He returned to Argentina in 1996 and joined the Audit Unit at La Caja de Ahorro y Seguro S.A. He was born on May&nbsp;11, 1959.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fernando Cravero</font></i> holds an undergraduate degree in Marketing, an MBA (Master in Business Administration) and a PAD (Program for Top Management) from IAE Business School (Universidad Austral). He has also attended courses at ESADE Business&nbsp;&amp; Law School. In March&nbsp;2018, he&nbsp;was appointed as Telecom Argentina&#146;s Director of International Operations. Previously, he held the position of Operations Manager at Cablevision for seven years, and he had also been appointed Regional Manager of Operations at Multicanal in 2000. He founded a CATV company, which was sold in 1997, and&nbsp;has also held several positions in the financial sector. He was born on March&nbsp;14, 1973.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Supervisory Committee</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine law requires any corporation with share capital in excess of P$50,000,000 or which provides a public service or which is listed on any stock exchange or is controlled by a corporation that fulfills any of the aforementioned requirements, to have a Supervisory Committee. The Supervisory Committee is responsible for overseeing Telecom Argentina&#146;s compliance with its bylaws and Argentine law and, without prejudice of the role of external auditors, is required to present a report on the accuracy of the financial information presented to the shareholders by the Board of Directors at the Annual Ordinary Shareholders&#146; Meeting. The members of the Supervisory Committee are also authorized:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to call ordinary or extraordinary Shareholders&#146; Meetings;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-align:justify;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to place items on the agenda for meetings of shareholders;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to attend meetings of shareholders; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.7pt;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>generally to monitor the affairs of Telecom Argentina.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s bylaws provide that the Supervisory Committee is to be formed by (i)&nbsp;five members and (ii)&nbsp;three or five alternate members, elected by the majority vote of all shareholders. Members of the Supervisory Committee are elected to serve one year terms and may be reelected.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table lists the members and alternate members of the Supervisory Committee as of December&nbsp;31, 2018 and as of the date of this Annual Report:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Position&nbsp;on&nbsp;the&nbsp;Supervisory&nbsp;Committee</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Profession</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pablo Buey Fern&#225;ndez</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pablo Gabriel San Mart&#237;n</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accountant</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mar&#237;a Ximena Dig&#243;n</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro H&#233;ctor Massa</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Member</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accountant</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eduardo J. Villegas Contte</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accountant</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Javier Alegr&#237;a</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rub&#233;n Su&#225;rez</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accountant</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mat&#237;as A. Fredriks</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delfina Lynch</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alfredo M. Segers</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Member</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lawyer</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pablo Andr&#233;s Buey Fern&#225;ndez</font></i> is a lawyer from the Universidad de Buenos Aires and has Master of Laws from Harvard University Law School. He has been a member of the Supervisory Committee of the Company since April&nbsp;2016. He is Managing Partner at the law firm Alegr&#237;a, Buey Fern&#225;ndez,&nbsp;Fissore and Montemerlo. Mr.&nbsp;Buey Fern&#225;ndez was an associate foreign lawyer at the firm Finley, Kumble, Wagner, Heine, Underberg, Manley&nbsp;&amp; Casey. He is a member of several professional associations. He was a professor at Master&#146;s Degrees programs, post-graduate courses and seminars at Escuela Superior de Econom&#237;a y Administraci&#243;n de Empresas, at the Facultad de Derecho and the Facultad de Ciencias Econ&#243;micas de la Universidad de Buenos Aires, and at the Facultad de Derecho of Universidad del Salvador. He was born on August&nbsp;8, 1957.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Pablo Gabriel San Mart&#237;n</font></i> has been a member of the Supervisory Committee since April&nbsp;2018. He is the President of SMS Latinoamerica and Partner Director of SMS &#151; San Martin, Suarez y Asociados. Mr.&nbsp;San Mart&#237;n serves as Chairman of the Audit Committee of the Transnational Auditors Committee of IFAC (International Federation of Accountants.) He served as auditor at the firm Pistrelli, D&#237;az y Asociados (Arthur Andersen). He is a member of several professional associations and of the steering committee of several binational business chambers and professional organizations. He was a professor at the School of Economic Sciences of Universidad de Buenos Aires and Universidad del Salvador. He wrote articles on subjects within his field of expertise and is regularly invited as lecturer and guest speaker at Argentine and foreign universities.&nbsp; He is a Certified Public Accountant graduated from Universidad de Buenos Aires. He was born on May&nbsp;1, 1963.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mar&#237;a Ximena Dig&#243;n</font></i> is a lawyer graduated with an Honor Diploma from Universidad Cat&#243;lica Argentina. She has been a member of Telecom&#180;s supervisory committee since 2017. She is a partner at &#147;Errecondo, Gonz&#225;lez&nbsp;&amp; Funes- Abogados&#148; law firm. She also is a member of the Board of Directors and of the supervisory committee of other Argentine companies, mainly in the energy and gas distribution sectors. She is a member of the Public Bar Association of the City of Buenos Aires. She was born on June&nbsp;11, 1975.</p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">144<a name="PB_144_112212_4141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Alejandro H&#233;ctor Massa</font></i> has been a member of the Supervisory Committee since April&nbsp;2018. He was a partner of Deloitte&nbsp;&amp; Co SRL from 1999 to 2017, after Morgan Benedit y Asociados became a member of Deloitte. He is a member of the Argentine Fiscal Association and was a member of the International Fiscal Association. He was a professor at courses and graduate studies in the School of Economic Sciences of Universidad de Buenos Aires, at graduate studies in Universidad Austral located in Rosario, and he served as author and speaker about subjects within his field of expertise. He is a Certified Public Accountant graduated from Universidad de Buenos Aires. He was born on November&nbsp;3, 1954.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Eduardo Javier Villegas Contte</font></i> has been a member of the Supervisory Committee since April&nbsp;2018. Mr.&nbsp;Villegas Contte served as Director of Internal Audit at AySA, Corporate Finance Manager at Grupo Metropol, General Manager at Aguas de Balcarce SA, Director of Administration and Finance at Metrogas SA. He worked at Pistrelli, D&#237;az y Asociados (member of Arthur Andersen&nbsp;&amp; Co) and at Arthur Andersen&nbsp;&amp; Co in Spain and Italy. He is a Certified Public Accountant graduated from Universidad de Buenos Aires. He also graduated from the Executive Development Program at Kellogg School of Management, Northwestern University &#151; Chicago &#151; USA. He was born on November&nbsp;22, 1955.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Javier Alegria</font></i> is a lawyer with a degree from the Universidad Cat&#243;lica Argentina. He is also a partner at the law firm Estudio Alegria, Buey Fern&#225;ndez, Fissore&nbsp;&amp; Montemerlo. He received a Master of Law from Northwestern University and a certificate in Business Administration from the Kellogg School of Management at Northwestern University. He acted as an international lawyer with Cleary, Gottlieb, Steen&nbsp;&amp; Hamilton LLP law firm from 2003 to 2004. Mr.&nbsp;Alegria is a member of the Public Bar Association of the City of Buenos Aires. He is a professor at the Universidad de Buenos Aires Law School and Universidad del CEMA. He was born on August&nbsp;7, 1974.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Rub&#233;n Su&#225;rez</font></i> has been an alternate member of the Supervisory Committee since April&nbsp;2018. He is a Director at SMS Latinoamerica and a Founding Partner of SMS &#151; San Martin, Suarez y Asociados. He was a professor at the School of Economic Sciences of Universidad de Buenos Aires and Universidad del Salvador. Permanent and alternate statutory auditor and member of the Supervisory Committee of other Argentine companies. He served as auditor at the firm Pistrelli, D&#237;az y Asociados (Arthur Andersen). He is a Certified Public Accountant graduated from Universidad de Buenos Aires. He was born on January&nbsp;14, 1961.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mat&#237;as A. Fredriks</font></i> has been an alternate member of the Supervisory Committee since April&nbsp;2018. He is a partner of the firm S&#225;enz Valiente&nbsp;&amp; Asociados. Mr.&nbsp;Fredriks is a lawyer graduated from Universidad Nacional de La Plata and holds a Postgraduate Degree in Administrative Law from Instituto de Estudios Judiciales de la Suprema Corte de Justicia de la Provincia de Buenos Aires and a Master&#146;s Degree in Human Resources Management from Instituto de Empresa 1991/1992-Madrid-Spain. Before joining the firm S&#225;enz Valiente in 1994, Mr.&nbsp;Fredriks worked as a lawyer in the Corporate and Legal Advisory division of the firm &#147;PRICE WATERHOUSE&nbsp;&amp; Co.&#148;, as an advisor of &#147;Uni&#243;n de Industriales de Quilmes&#148;, of &#147;Instituto de Previsi&#243;n Social de la Provincia de Corrientes&#148;, and of &#147;Direcci&#243;n Provincial de Personas Jur&#237;dicas de la Provincia de Buenos Aires&#148;. He worked on takeovers and transfers in several privatizations such as &#147;Yacimientos Carbon&#237;feros de R&#237;o Turbio&#148; and &#147;Centrales T&#233;rmicas de Generaci&#243;n de Energ&#237;a El&#233;ctrica del Noreste Argentino&#148;. In addition, he worked as Director of Labor Affairs of the Liquidation Commission of Empresa Nacional de Telecomunicaciones. Since he joined the firm S&#225;enz Valiente, he has worked in several litigation areas, being responsible for the department in charge of labor, trade associations and trade unions matters. Mr.&nbsp;Fredriks has served as director and statutory auditor at several companies before being appointed as an alternate member of the Supervisory Committee. He was born on August&nbsp;27, 1964.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Delfina Lynch </font></i>has been an alternate member of the Supervisory Committee since April&nbsp;2018. She is an associate of the law firm Errecondo, Gonz&#225;lez&nbsp;&amp; Funes. She is also an alternate member of the supervisory committee of other Argentine companies, mainly in the energy sector. Mrs.&nbsp;Lynch graduated as a lawyer with honors from Universidad Cat&#243;lica Argentina. She is a member of the Bar Association of the City of Buenos Aires. She was born on April&nbsp;21, 1991.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Alfredo Mario Segers</font></i> has been a member of the Supervisory Committee of Telecom Argentina S.A. since April&nbsp;2018. He graduated as a lawyer from Universidad Austral and conducted part of his studies at the University of California, Hastings College of the Law. Mr.&nbsp;Segers obtained a Masters&#146; Degree in Economic and Business Law from Universidad Cat&#243;lica Argentina and has been a member of the Bar Association of the City of Buenos Aires since 2012. He was born on September&nbsp;13, 1986.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is no family relationship between any director, alternate director, member of the Supervisory Committee or executive officer and any other director, alternate director, member of the Supervisory Committee or executive officer.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The compensation of the members of the Board of Directors and the Supervisory Committee is established for each fiscal year at the Annual Ordinary Shareholders&#146; Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aggregate compensation paid by Telecom to the members of the Board of Directors and the Supervisory Committee, acting since April&nbsp;25, 2018, and the executive officers described under &#147;&#151;Senior Management&#148; above, was approximately P$209 million for the year ended December&nbsp;31, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the accrued compensation to the members of the Board of Directors and Supervisory Committee in connection with their duties performed since April&nbsp;25, 2018 was approximately P$83 million and P$12 million, respectively. Such accrued compensation is subject to approval by the Annual Ordinary Shareholders&#146; Meeting of 2019.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, compensation paid as advance payments to members of the Board of Directors and Supervisory Committee acting since April&nbsp;25, 2018 was P$36 million and P$7 million, respectively. Those advance payments were authorized by the Annual Ordinary Shareholders&#146; Meeting held on April&nbsp;25, 2018 and will be deducted from the final compensation determined by the Annual Ordinary Shareholders&#146; Meeting of 2019, based on the amount proposed by the Board of Directors to the shareholders, with the prior opinion of the Audit Committee of Telecom Argentina (the &#147;Audit Committee&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation for the executive officers described under &#147;&#151;Senior Management&#148; above, amounted to approximately P$324 million for the year ended December&nbsp;31, 2018 (including fixed and variable compensation, retention plan benefits and, in some cases, severance payments), of which approximately P$167 million were paid as of December&nbsp;31, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s managers (including Senior Management) receive fixed and variable compensation. A manager&#146;s fixed compensation corresponds with the level of responsibility required for his or her position and the market rate for similar positions. Variable compensation is tied to annual performance goals. Certain managers are beneficiaries of retention plan benefits.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amounts detailed below are determined </font>in terms of the currency of the transactions dates.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the year ended December&nbsp;31, 2018, Telecom Argentina was not required to set aside or accrue any amounts to provide pension, retirement or similar benefits.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina has no stock option plans for its personnel, or for its members of the Board of Directors or the Supervisory Committee.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Board Practices</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, directors have the obligation to perform their duties with loyalty and the diligence of a prudent business person. Directors are jointly and severally liable to Telecom Argentina, our shareholders and third-parties for the improper performance of their duties, for violations of law, our bylaws or regulations and for any damage caused by fraud, abuse of authority or gross negligence. Under Argentine law, specific duties may be assigned to a director by the bylaws or regulations or by resolution of the </font>Shareholders&#146; Meeting. In these cases, a director&#146;s liability will be determined with reference to the performance of these duties, provided that certain recording requirements are met. Under Argentine law, directors are prohibited from engaging in activities in competition with Telecom Argentina without express authorization of a Shareholders&#146; Meeting. Certain transactions between directors and Telecom Argentina are subject to ratification procedures established by Argentine law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Supervisory Committee is responsible for overseeing our compliance with our bylaws and Argentine law and, without prejudice to the role of external auditors, is required to present to the shareholders at the Annual Ordinary General </font>Shareholders&#146; Meeting a report on the accuracy of the financial information presented to the shareholders by the Board of Directors. See &#147;&#151;Supervisory Committee&#148; for further information regarding the Supervisory Committee.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;22, 2001 the Argentine government issued Decree No.&nbsp;677/01, entitled &#147;Regulation of Transparency of the Public Offering,&#148; or the &#147;Transparency Decree</font>&#148; (replaced since January&nbsp;28, 2013 by equivalent articles included in Law No.&nbsp;26,831. See &#147;Item 9&#151;The Offer and Listing&#151;The Argentine Securities Market&#151;Capital Markets Law &#151; Law No.&nbsp;26,831&#148; below). The intention of this decree, which is also stated within Law No.&nbsp;26,831, was to move towards the creation of an adequate legal framework that may strengthen the level of protection of investors in the market. The main objectives of the Transparency Decree were to promote the development, liquidity, stability, solvency and transparency of the market, generating procedures to guarantee the efficient reallocation from savings to investments and good practices in the administration of corporations.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;11, 2018, Productive Financing Law No.&nbsp;27,440 was published in the Official Gazette. This law established several amendments to the Capital Markets Law No.&nbsp;26,831 regarding the extent of the powers of the CNV; the exercise of preemptive rights on shares offered through public offering in the case of capital increases; private placements; public tender offers; the jurisdiction of the federal commercial courts of appeals to review the resolutions issued or sanctions imposed by the CNV, among other amendments.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With regard to public tender offers, under the previous regime, the offeror was obliged to formulate a &#147;fair&#148; price to be fixed by weighing the results of different company valuation methods, with a minimum floor related to the average market price for the six-month period immediately preceding the date of the agreement. Pursuant to the amendments introduced by Law No.&nbsp;27,440 to the Capital Markets Law, the obligation is objective and consists in offering the higher of two existing prices: the price that the offeror would have paid or agreed during the 12 months immediately preceding the first day of the public tender offer period, and the average price of the securities subject to the offer during the semester immediately preceding the date of the announcement of the transaction under which the change of control is agreed upon.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;28, 2018 CNV Resolution 779/2018 was published in the Official Gazette through which the CNV Rules&nbsp;were modified in relation to public tender offers.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;26,831 (previously, the Transparency Decree) </font>vests in members of the Board of Directors:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the duty to disclose certain events, such as any fact or situation capable of affecting the value of the securities or the course of negotiation;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the duty of loyalty and diligence;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the duty of confidentiality; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the duty to consider the general interests of all shareholders over the interest of the controlling shareholder.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A director will not be liable if, notwithstanding his or her presence at a meeting at which a resolution was adopted or his or her knowledge of the resolution, a written record exists of his opposition thereto and he or she reports his opposition to the Supervisory Committee before any complaint against him or her is brought before the Board of Directors, the Supervisory Committee, the Annual Ordinary </font>Shareholders&#146; Meeting, the competent governmental agency or the courts. Any liability of a director vis-&#224;-vis Telecom Argentina terminates upon approval of the directors&#146; performance by the Shareholders&#146; Meeting, provided that shareholders representing at least 5% of our capital stock do not object and provided that this liability does not result from a violation of the Telecom Argentina&#146;s bylaws, the Argentine law or regulations.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally,</font> Law No.&nbsp;26,831 provides that those who infringe upon the provisions set forth therein shall be subject, in addition to civil and criminal liability (as applicable), to certain sanctions including warnings, fines, disqualification, suspension or prohibition from acting under the public offering regime.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;28, 2016 Decree No.&nbsp;894/16 was published, which modifies Decree No.&nbsp;1,278/12, establishing that in those companies whose shares integrate the investment portfolio of the FGS, the corporate, political, and economic rights pertaining to such shares shall not be exercised by the </font>Secretary of Economic Policy and Development Planning, but they are to be exercised by the ANSES.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Decree No.&nbsp;894/16 established that the directors appointed by the ANSES shall have the functions, duties and powers set out by the GCL, the Law of Capital Market No.&nbsp;26,831 and its complementary and regulatory provisions, all the regulations applicable to the company in which they perform duties, their bylaws and internal regulations, and shall have all the responsibilities they might be liable for under these rules; as a result the provisions of Decrees No.&nbsp;1,278/12 and No.&nbsp;196/15 (the latter in respect of delimitation of responsibility) are no longer applicable.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina maintains an officers&#146; and directors&#146; insurance policy covering claims brought against the officers and/or directors relating to the performance of their duties. At present, the total amount covered by this insurance is US$75,000,000.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In May&nbsp;2004, the Board of Directors of Telecom Argentina resolved to create the Steering Committee (&#147;Consejo de Direcci&#243;n&#148;), which served as an internal body of the Board of Directors and was comprised of four members of the Board of Directors. The Steering Committee ceased its functions on January&nbsp;31, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Executive Committee</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s bylaws grant the Board of Directors the power to appoint an Executive Committee formed by some of its members and be in charge of Telecom Argentina&#146;s day-to-day affairs, in each case under the supervision of the Board of Directors. The Board of Directors decided to appoint an Executive Committee on January&nbsp;1, 2018. On January&nbsp;31, 2018 the Board of Directors approved the Rules&nbsp;of the Executive Committee (&#147;Reglamento de Facultades y Funcionamiento&#148;) and on that date the Executive Committee started functions. </font>The Executive Committee members are: Alejandro Alberto Urricelqui, Dami&#225;n Fabio Cassino, Sebasti&#225;n Bardengo, Mariano Marcelo Ib&#225;&#241;ez y Germ&#225;n Horacio Vidal.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Operating Committee</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In April&nbsp;2013, the Boards of Directors of Telecom Argentina and Personal decided to create the Operating Committee as an internal body of both entities, with the following duties: (i)&nbsp;approving any transactions determined by the authorization regime within the limits that may be prescribed, as a tier above the level assigned to the CEO and prior to the Board of Directors; and (ii)&nbsp;approving transactions with related parties up to P$10,000,000. The Operating Committee ceased its functions on January&nbsp;31, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Audit Committee</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;26,831 </font>provides that companies with publicly-listed shares shall appoint an Audit Committee to be formed by three or more members of the Board of Directors. Under CNV rules, the majority of the members of the Audit Committee must be independent. In order to qualify as independent, the director must be independent with respect to the company, any controlling shareholders or any shareholders that are significant participants in the company and cannot carry out executive duties for the company. A member of the Board of Directors cannot qualify as an independent director if he or she is a relative of a person who would not qualify as an independent director if such relative were appointed as a member of the Board of Directors.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to General Resolution No.&nbsp;400/02 of the CNV, published in the Official Gazette on April&nbsp;5, 2002, the provisions of the Transparency Decree, which are now part of Law No.&nbsp;26,831, relating to the Audit Committee </font>were applicable for the financial years beginning on or after January&nbsp;1, 2004.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the Board of Directors meeting held on April&nbsp;29, 2004, the Board of Directors resolved the final composition of the Audit Committee, and the Audit Committee came into effect.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the Regulation for the implementation of the Audit Committee (&#147;<i>Normativa de Implementaci&#243;n del Comit&#233; de Auditor&#237;a</i>&#148;) which is a set of guidelines for the Audit Committee filed with the CNV, in case of resignation, dismissal, death or lack of capacity of any of the members of the Audit Committee, the Board of Directors shall immediately appoint a replacement, who shall remain in office until the following Annual Shareholders Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to Law No.&nbsp;26,831 the duties of the Audit Committee are:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>providing the market with complete information on transactions in which there might be a conflict of interest with the members of the corporate bodies or controlling shareholders;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>giving an opinion on the fulfillment of legal requirements and reasonableness of the conditions for the issuance of shares or securities convertible into shares, in the case of capital increases where preemptive rights have been excluded or limited;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>giving an opinion regarding transactions with related parties in certain cases;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>supervising internal control systems and verifying the fulfillment of norms of conduct; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;giving an opinion regarding the Board of Directors&#146; proposal to designate external auditors and evaluating their independence, among others.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, according to the Regulation for the Implementation of the Audit Committee, the Audit Committee also reviews the plans of internal auditors, supervisi</font>ng and evaluating their performance.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On Januay 1, 2018, Telecom Argentina&#180;s Board of Directors appointed Mr.&nbsp;Carlos Alejandro Harrison, Mr.&nbsp;Germ&#225;n Horacio Vidal and Mr.&nbsp;Mart&#237;n Hector D&#180;Ambrosio as members of Telecom Argentina&#180;s Audit Committee and they were reelected both as Board members and as Audit Committee members at the Shareholders&#180; Meeting and at the Board of Directors&#180; Meeting held on January&nbsp;31, 2018, respectively and as Audit Committee members at the meeting of the Board of Directors held on April&nbsp;25</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>, 2018. Furthermore, the Board of Directors determined that Mr.&nbsp;Harrison qualifies as the audit committee financial expert under SEC guidelines.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under SEC and NYSE regulations, Mr.&nbsp;Carlos Alejandro Harrison, Mr.&nbsp;Mart&#237;n Hector D&#146;Ambrosio and Mr.&nbsp;Germ&#225;n Horacio Vidal qualify as independent directors. Under CNV regulations, only Mr.&nbsp;Harrison and Mr.&nbsp;D&#146;Ambrosio qualify as independent directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the Board of Directors&#146; meeting for the appointment of the Audit Committee members for the fiscal year 2019 has not yet been held. Therefore, as of the date of this Annual Report, the following members of Telecom Argentina&#146;s Audit Committee are still in office: Mr.&nbsp;Carlos Alejandro Harrison, Mr.&nbsp;Mart&#237;n Hector D&#146;Ambrosio and Mr.&nbsp;Germ&#225;n Horacio Vidal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Law No.&nbsp;26,831, the Audit Committee may seek the advice of lawyers and other outside professionals at Telecom Argentina&#146;s expense, so long as the shareholders have approved expenditures for the services of such professionals. For fiscal year 2018, a budget of P$4,000,000 was approved for Audit Committee expenditures. As of the date of this Annual Report, the Annual Shareholders&#146; Meeting approving the Audit Committee expenditures for year 2019 has not yet been held.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Risk Management Committee</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2012, the Board of Directors of Telecom Argentina approved the implementation of an Enterprise Risk Management Process at Telecom, and the creation of a Risk Management Committee as of the date of issuance of this Annual Report. The Committee is chaired by the CEO, and is composed by Senior Managers and the Chief Audit&nbsp;&amp; Compliance Officer, led and coordinated by the CFO. The Board of Directors of Telecom Argentina also approved the creation of the Risk Management function (at the managerial level), whose responsible person also serves as Secretary of the Risk Management Committee and reports to the CFO.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The duties of this committee include reviewing and implementing policies, mechanisms and procedures to identify, to measure and to mitigate risks for Telecom Argentina, and also recommend any steps or adjustments it deems necessary to reduce the risk profile of the organization.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company follows the guidelines provided under the Enterprise Risk Management &#151; Integrated Framework 2004 issued by COSO,</font> in order to carry on its Enterprise Risk Management process. Financial reporting risks are reviewed and certified under section 404 of the Sarbanes Oxley Act.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina has different action plans that endeavor to mitigate, in whole or in part, high impact risks for Telecom. However, it cannot be assured that such plans are totally effective, or other events, unforeseen at the date of this Annual Report, could arise and affect the performance of the Telecom Group.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Employees and Labor Relations</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Following the Merger, our employees are represented by different trade unions and labor organizations, including FATEL (Argentine Federation of Telecommunications) and FOEESITRA (Argentine Federation of Workers, Specialists and Employees of the Telecommunications Industry and Services), both federations are comprised of different trade unions, UPJET (Union representing the Senior Staff of Telecommunication Companies), FOPSTTA (Argentine Federation of Unions representing the Technical and Supervisory Staff of Telephone Companies) and CEPETEL (Union of Telecommunications Professionals), associations that represent senior and professional staff and SATSAID (Argentine Union of Television, Audiovisual,&nbsp;Interactive and Data Services), a single union that represents both workers and the senior staff, as well as unions representing trade employees, traveling salespeople, announcers and press workers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina, as surviving company of Cablevisi&#243;n, fosters freedom of association and complies with the different collective bargaining agreements executed by the latter with SATSAID, SAL and the different unions that represent press workers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Telecom actively promoted communication with all trade unions and with the different stakeholders involved, creating formal and informal communication channels, at national and local level, with union leaders and internal committees. It encouraged and fostered working in shared spaces with all the trade unions, convening joint and ongoing work meetings to address the following topics: Occupational Health and Safety, the Environment, Training, Diversity and Occupational Guidance and Work Organization. All the union representations attended and actively participated in those meetings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We conducted wage negotiations with all the trade unions aiming to adjust salaries to the significant increase in inflation rates. Wage negotiations were conducted in a peaceful environment and we were not the object of strikes or other direct action measures. Collective bargaining agreements were executed with the Argentine Association of Cable Television for the employees represented by SATSAID and SAL, and directly with the Trade Union Unity that groups the different telephone trade unions (FATEL, FOEESITRA, FOPPSTA, CEPETEL), UPJET and press worker unions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Share Ownership</font></b></p>
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<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Share Ownership by directors, executive officers, and Supervisory Committee members</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Obligations or capital stock of Telecom Argentina held by members of the Board of Directors and Supervisory Committee:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Alejandro Urricelqui: 310,445 Class&nbsp;B shares</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Mariano Ib&#225;&#241;ez: 4,370 ADR&#180;s</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Ignacio Saenz Valiente: (indirectly) 11,925 Class&nbsp;B shares and 450 ADR&#180;s.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Dami&#225;n Cassino: 1,300 ADRs</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Baruki Gonz&#225;lez: 32,500 ADRs</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Saturnino Funes: 25,497 Class&nbsp;B shares</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font> Pablo G. San Mart&#237;n: 4,350 Class&nbsp;B shares</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Roberto Nobile holds 7,000 Class&nbsp;B shares of Telecom Argentina, Mr.&nbsp;Gabriel Blasi holds 3,500 ADR&#146;s of Telecom Argentina, Mr.&nbsp;Fernando Cravero holds 20,000 Class&nbsp;B shares and 1,200 ADR&#180;s, Mr.&nbsp;Pablo Esses holds 1,150 ADR&#180;s and Mr.&nbsp;H&#233;ctor D. Cazzasa holds 500 ADR&#180;s. No other member of Telecom Argentina&#146;s senior management holds obligations or capital stock of Telecom Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">150<a name="PB_150_114206_9392"></a></p>
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<p style="margin:0in 0in .0001pt 17.85pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Share Ownership Plan</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the time of the privatization of ENTel in 1990, the Argentine government created a Share Ownership Plan (&#147;SOP&#148;), for the employees of ENTel and CAT, which were acquired by Telecom Argentina, Telintar and Startel. Pursuant to the Privatization Regulations, 10% of Telecom Argentina&#146;s then-outstanding shares, consisting of 98,438,098 Class&nbsp;C Shares, were transferred by the Argentine government to Telecom Argentina, Telintar, and Startel employees previously employed by ENTel and CAT. This transfer was made through a general transfer agreement signed on December&nbsp;29, 1992 (the &#147;General Transfer Agreement&#148;). Our Class&nbsp;C Shares consist exclusively of shares originally sold in connection with the SOP. According to applicable law, to be eligible to continue to participate in the SOP, the employees had to remain employed by Telecom Argentina, Telintar and Startel. Employees who terminated their employment with Telecom Argentina, Telintar or Startel before the deferred purchase price was fully paid were required to sell their Class&nbsp;C Shares to another employee under the SOP or, if no other employee was available to purchase these shares, to a guaranty and repurchase fund (the &#147;Guaranty and Repurchase Fund&#148;) at a price calculated according to a formula provided in the General Transfer Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;9, 1999, Decree No.&nbsp;1,623/99 was issued, authorizing the accelerated repayment of the outstanding balance of the deferred purchase price for all Class&nbsp;C Shares, and lifting the transfer restrictions on the Class&nbsp;C Shares upon the satisfaction of certain precedent conditions. However, the shares held in the Guaranty and Repurchase Fund were still subject to transfer restrictions until an injunction prohibiting the trading or selling of these shares was lifted. Decree No.&nbsp;1,623/99 provided that once the injunction was lifted, the sale of an amount of shares in the Guaranty and Repurchase Fund, would take place in order to cancel the debt owed to the former employees for the acquisition of shares transferred to the Guaranty and Repurchase Fund. The remaining shares held in the Guaranty and Repurchase Fund would then be distributed in accordance with the decision of the majority of the employees taken in a special meeting of the SOP.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with Decree No.&nbsp;1,623/99, at the extraordinary and special Class&nbsp;C Shareholders&#146; Meeting held on March&nbsp;14, 2000, Telecom Argentina&#146;s shareholders approved the conversion of up to 52,505,360 Class&nbsp;C Shares into Class&nbsp;B Shares in one or more tranches from time to time, as determined by the trustee of the SOP, Banco de la Ciudad de Buenos Aires, based on the availability of Class&nbsp;C Shares that were not affected by judicial restrictions on conversion.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A first tranche of 50,978,833 Class&nbsp;C Shares was converted into Class&nbsp;B Shares for public resale. This transaction was authorized in Argentina by the CNV and was registered in the United States with the SEC on May&nbsp;3, 2000. The rest of the Class&nbsp;C Shares authorized for conversion were converted into Class&nbsp;B Shares in four more tranches ending in 2005.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As requested by the Executive Committee of the SOP, the Ordinary, Extraordinary and Special Class&nbsp;C Shareholders&#146; Meetings held on April&nbsp;27, 2006, approved the delegation of authority to Telecom Argentina&#146;s Board of Directors for the conversion of up to 41,339,464 ordinary Class&nbsp;C Shares into an equal quantity of Class&nbsp;B Shares, in one or more conversions. As of December&nbsp;31, 2011, all the 41,339,464 shares were converted into Class&nbsp;B Ordinary Shares in eleven tranches.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The remaining 4,593,274 Class&nbsp;C Shares were affected by an injunction measure recorded in file <i>&#147;Garc&#237;as de Vicchi, Amerinda y otros c/ Sindicaci&#243;n de Accionistas Clase C del Programa de Propiedad Participada s/nulidad de acto jur&#237;dico</i>&#148;, which has been lifted. Therefore, the General Ordinary and Extraordinary and Special Class&nbsp;C Shares Meetings held on December&nbsp;15, 2011 approved the delegation of authority to Telecom Argentina&#146;s Board of Directors for the conversion of up to 4,593,274 Class&nbsp;C ordinary shares into an equal quantity of Class&nbsp;B ordinary shares in one or more tranches. As a result, 4,382,408 Class&nbsp;C Shares have been converted to Class&nbsp;B Shares in eleven tranches. As of the date of this Annual Report, the outstanding number of Class&nbsp;C Shares is 210,866.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 6 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 7.</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b><a name="ITEM7_MAJORSHAREHOLDERSANDRELATE_114254"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ownership of Telecom Argentina Common Stock</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets forth, as of December&nbsp;31, 2018, each beneficial owner of 5% or more of each class of Telecom Argentina&#146;s shares.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of&nbsp;Shares</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Percent&nbsp;of</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Percent&nbsp;of<br>   Total&nbsp;Capital</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Owned</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Class</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Stock&nbsp;(1)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Class&nbsp;A   Ordinary Shares:</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Telecom   LLC</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31.53</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:54.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Class&nbsp;B   Ordinary Shares </font></b><i>(listed in BCBA)</i><b>:</b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANSES - FGS</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">246,018,839</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38.25</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.34</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:54.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasury Shares</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,221,373</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.37</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.70</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Others (2)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">381,935,048</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59.38</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.61</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:54.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Class&nbsp;C   Ordinary Shares:</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Others</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">210,866</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.00</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.01</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:54.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Class&nbsp;D   Ordinary Shares:</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:54.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n   Holding S.A</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">406,757,183</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48.33</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.75</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.5%;">
<p style="margin:0in 0in .0001pt 20.2pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VLG S.A.U.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">434,909,475</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51.67</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.06</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(1)</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="1" style="font-size:8.0pt;">&nbsp;Represents the respective percentage over the total of Telecom Argentina&#146;s ordinary shares, regardless of their class.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(2)</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160; </font><font size="1" style="font-size:8.0pt;">&nbsp;Includes 186,999,612&#160; Class&nbsp;B Shares in the form of ADSs owned by Fintech representing 29.07% of total Class&nbsp;B Common Shares (including Treasury Shares) and 8.62% of Telecom Argentina&#146;s total capital stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;&nbsp;31, 2018, there were approximately 65.9 million American Depositary Shares outstanding (representing rights to 329.5 million Class&nbsp;B Shares or 52.48% of total Class&nbsp;B Shares, excluding Treasury Shares). Further, as of December&nbsp;31, 2018, there were approximately 74 registered holders of American Depositary Shares in the United States and approximately 18,000 holders of Class&nbsp;B Shares in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because some Class&nbsp;B Shares are held by representatives, the number and domicile of registered shareholders may not exactly reflect the number and domicile of beneficial shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All shares have equal voting rights. Nevertheless, pursuant to Section&nbsp;221 of the GCL, the rights of any shares, while held by Telecom Argentina, shall be suspended. Further, Class&nbsp;A Shares and Class&nbsp;D Shares have certain veto rights, as described in </font>&#147;&#151;The Telecom Shareholders&#146; Agreement.&#148;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Major Shareholders</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until November&nbsp;30, 2017, Nortel owned all of Telecom Argentina&#146;s Class&nbsp;A Ordinary Shares (which represented 51% of our total capital stock) and approximately 7.64% of our Class&nbsp;B Ordinary Shares (which represented 3.74% of our total capital stock, including 15,221,373 Class&nbsp;B Shares that we held as treasury stock).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In turn, Nortel&#146;s capital stock was comprised of (i)&nbsp;shares of common stock (78.38% of Nortel&#146;s total capital stock) all of them owned by Sofora, and (ii)&nbsp;Preferred Series&nbsp;B shares (21.62% of Nortel&#146;s the capital stock), without voting rights.</font> As of November&nbsp;30, 2017, 100% of Sofora&#146;s shares were owned by Fintech Telecom LLC (see &#147;Amortization of Sofora Shares&#148;). On November&nbsp;30, 2017, pursuant to the Reorganization, Sofora, Nortel and Telecom Personal merged into Telecom Argentina.&#160; After giving effect to the Reorganization, Fintech Telecom LLC became a direct holder of 34.64% of Telecom Argentina&#146;s total capital stock (equivalent to 35.190 of its outstanding capital).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Telecom LLC is a Delaware (United States) limited liability company, and is a wholly-owned direct subsidiary of Fintech Advisory Inc. Its primary purpose is to hold, directly and indirectly, the securities of Telecom Argentina. Fintech Advisory Inc., a Delaware (United States) corporation, is directly controlled by Mr.&nbsp;David Mart&#237;nez. Fintech Advisory Inc. is an investor and investment manager in equity and debt securities of sovereign and private entities primarily in emerging markets.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Amortization of Sofora Shares</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In March&nbsp;2017, in two tranches Sofora accepted WAI&#146;s offer to amortize 140,704,640 shares of Sofora owned by WAI, representing 32% of Sofora&#146;s capital stock, in accordance with the provisions of Sections 223 and 228 of the GCL. As a result of the amortization, Sofora agreed to pay WAI an amount equal to the par value of WAI&#146;s shares of capital stock issued by Sofora ($140,704,640), and to issue to WAI one or more dividend certificates (&#147;Class&nbsp;&#147;A&#148; Bonos de Goce&#148;) evidencing WAI&#146;s right to receive US$461.3 million out of any dividends paid by Sofora going forward.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;23, 2017, Sofora amortized 74,749,340 of its shares owned by WAI, representing 17% of Sofora&#146;s capital stock.</font> Sofora paid WAI $74,749,340 and issued a Class&nbsp;&#147;A&#148; Bono de Goce to WAI which granted the holder the right to receive US$ 245.0 million out of any dividends paid by Sofora thereafter.&#160; In connection with that amortization, all members and alternate members of the Board of Directors and of the Supervisory Committee of Telecom Argentina, Personal, Nortel and Sofora that had been appointed by WAI tendered their resignations. On May&nbsp;23, 2017, WAI and Fintech terminated the effect of the clauses related to the governance to Telecom under their shareholders&#146; agreement related to Sofora. As of June&nbsp;22, 2017, Sofora amortized all of its shares previously held by WAI and it ceased to be a shareholder of Sofora. As a result, the shareholders&#146; agreement among the Sofora shareholders terminated by its terms. On June&nbsp;6, 2017, our shareholders appointed two directors, two alternate directors, one member of the Supervisory Committee and one alternate member of the Supervisory Committee to complete the term of duties of the resigning members and alternate members of our Board of Directors and our Supervisory Committee.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon obtaining ENACOM&#146;s approval of the Reorganization, on June&nbsp;22, 2017, Sofora amortized the remaining 65,955,300 shares owned by WAI. As a result of this amortization, Sofora paid WAI $65,955,300 and issued an additional Class&nbsp;&#147;A&#148; Bono de Goce which granted the holder the right to receive US$ 216.3 million out of any dividends paid by Sofora thereafter. As of the date of this Annual Report, the holders of the Class&nbsp;&#147;A&#148; Bonos de Goce have collected the full amount of dividends to which they were entitled.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The Reorganization</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;31, 2017, Sofora, Personal, Nortel and Telecom Argentina entered into a preliminary reorganization agreement (the &#147;Preliminary Reorganization Agreement&#148;) providing for the merger of each of Nortel, Sofora and Personal into Telecom Argentina according to the provisions of sections 82 and 83 of the GCL.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">O</font>n May&nbsp;23, 2017, our shareholders approved the following actions:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>the conversion of up to 161,039,447 Class&nbsp;A Common Shares, par value $1 entitled to one vote per share into 161,039,447 Class&nbsp;B Common Shares, par value $1 and entitled to one vote per share, to be delivered to the holders of Nortel&#146;s Series&nbsp;B preferred Shares (the conversion was effective on December&nbsp;15, 2017); and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>the amendment of provisions of our Bylaws describing our share capital and certain exchange mechanisms; and the removal of restrictions on the transfer of our Class&nbsp;&#147;A&#148; common shares.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our</font> bylaws as amended by the Shareholders&#180; Meeting held on May&nbsp;23, 2017 were registered with the <i>Inspecci&#243;n General de Justicia</i> on March&nbsp;21, 2018.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The </font>Reorganization was conditioned on regulatory approvals by ENACOM, all of which were obtained by November&nbsp;24, 2017. The Reorganization became effective on December&nbsp;1, 2017.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the Reorganization, Telecom Argentina succeeded in all rights, obligations and responsibilities of any nature to Personal, Sofora and Nortel, which were dissolved without liquidation. Telecom Argentina assumed all of Sofora&#146;s obligations under the Class&nbsp;&#147;A&#148; Bonos de Goce and all of Personal&#146;s obligations under the notes issued under its Notes Global Program. As of the date of this Annual Report, the Class&nbsp;&#147;A&#148; Bonos de Goce have collected the full amount of dividends to which they were entitled.</font> Personal&#146;s Series&nbsp;I,&nbsp;II,&nbsp;III and IV notes were paid in full on their due date.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;21, 2018, the Reorganization and the dissolution without liquidation of each of the absorbed companies were registered with the IGJ.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to</font> the Reorganization:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">340,994,852   Class&nbsp;&#147;A&#148; Common Shares of Telecom Argentina were distributed to Fintech   as the only holder of Sofora Common Shares,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">161,039,447   Class&nbsp;&#147;A&#148; of Telecom Argentina were converted into Telecom Argentina   Class&nbsp;&#147;B&#148; Common Shares,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Class&nbsp;&#147;B&#148;   Common Shares of Telecom Argentina owned by Nortel (including any   Class&nbsp;&#147;B&#148; Shares resulting from the conversion mentioned above) were   distributed to the holders of Nortel Series&nbsp;B preferred Shares.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina did not issue any new Class&nbsp;B Common Shares or Class&nbsp;A Common Shares in connection with the Reorganization.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The Merger</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;30, 2017, Telecom Argentina and Cablevisi&#243;n executed a preliminary merger agreement providing that Telecom Argentina would absorb Cablevisi&#243;n, in accordance with the provisions of Sections 82 and 83 of the GCL, subject to prior satisfaction or waiver of certain conditions stated in the Preliminary Merger Agreement, including certain regulatory approvals (the &#147;Merger&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n S.A.&#146;s capital stock was owned, directly and indirectly, by Cablevisi&#243;n Holding S.A. (60%) (&#147;CVH&#148;) and Fintech Media (LLC) (40%).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n Holding S.A. is an Argentine corporation and its primary purpose is to hold capital stock in corporations whose object and purpose is to provide Information and Communication Technology Services (ICT Services) and to provide Audiovisual Communication Services (ICT Services). Its controlling shareholder, in turn, is GC Dominio S.A, another Argentine corporation.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant t</font>o the terms of the Merger, and to the provisions of Section&nbsp;83, item c) of the GCL, the holders of one common share of Cablevisi&#243;n S.A. received 9,871.07005 new common shares of Telecom Argentina, an exchange that was considered fair from a financial perspective by two independent valuation experts.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:30.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;7, 2017, Fintech Telecom, certain of its affiliates and CVH entered into an agreement, including provisions relating to our governance, which would become effective upon the Merger becoming effective, and provisions regarding share transfers and other matters that became effective immediately. See &#147;&#151;The Telecom Shareholders&#146; Agreement.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Fintech Telecom and certain of its related parties entered into an Option Agreement, dated July&nbsp;7, 2017 with CVH, which provided CVH the option to purchase, directly or indirectly, 13.51% of the total outstanding capital of Telecom Argentina (after giving effect to the Reorganization but prior to the Merger), which could be exercised until the earlier of: i) 60 days after the regulatory approval of the Merger; (ii)&nbsp;five business days prior to the effective date of the Merger and (iii)&nbsp;July&nbsp;7, 2018. On October&nbsp;5, 2017, CVH made an advance payment of the call option price for an aggregate amount of US$634,275,282. On December&nbsp;27, 2017, CVH exercised the call option and, upon the effectiveness of the Merger, became the owner of additional shares issued by Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">154<a name="PB_154_114827_7672"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All the conditions to which the Merger was subject </font>were satisfied and the Merger was consummated on January&nbsp;1, 2018.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s capital stock as of January&nbsp;1, 2018 was comprised of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Outstanding&nbsp;shares</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Treasury&nbsp;shares</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;capital&nbsp;stock</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:42.52%;">
<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shares</font></u></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.52%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;A&#148;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">683,856,600</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:42.52%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;B&#148;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">627,930,005</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,221,373</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">643,151,378</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.52%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;C&#148;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">234,748</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">234,748</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:42.52%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;&#147;D&#148;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">841,666,658</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.52%;">
<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2,153,688,011</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">15,221,373</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2,168,909,384</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the Merger Effective Date, Telecom Argentina succeeded in all of the assets and liabilities (including registered assets, licenses, rights and obligations) of Cablevisi&#243;n and will continue the operations of Cablevisi&#243;n, generating the corresponding operative, accounting and tax effects.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have accounted for the Merger as a business combination using the acquisition method of accounting under IFRS 3. The Merger constituted a &#147;reverse acquisition,&#148; pursuant to which Cablevisi&#243;n (the legal absorbed entity) was considered the accounting acquirer and Telecom Argentina (the surviving entity) was considered the accounting acquiree.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .1pt;text-align:justify;text-indent:26.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The factors that were considered in determining that Cablevisi&#243;n should be treated as the accounting acquirer in the Merger were:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.75pt;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></u><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>the relative voting rights in the surviving entity (55% for the former shareholders of Cablevisi&#243;n and 45% for the former shareholders of Telecom);</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.8pt;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></u><font size="1" style="font-size:8.5pt;">&#160;&#160; </font>the composition of the board of directors in the surviving entity and other committees (audit, supervisory and executive);</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.8pt;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></u><font size="1" style="font-size:8.5pt;">&#160; </font>the relative fair value assigned to Cablevisi&#243;n and Telecom; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.8pt;text-align:justify;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font></u><font size="1" style="font-size:8.5pt;">&#160; </font>the composition of the key senior management of the surviving entity.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, Cablevisi&#243;n&#146;s assets and liabilities were recognized and measured in the consolidated financial statements at their pre-Merger carrying amounts, while the identifiable assets and liabilities of Telecom Argentina were recognized at fair value as of the Merger effective date. Goodwill resulting from the application of the acquisition method was measured as the excess of the fair value of the consideration paid over the net fair value of Telecom Argentina&#146;s identifiable assets and liabilities. The retained earnings and other equity balances recognized in the consolidated financial statements of the combined entity are the sum of the respective amounts of the individual financial statements of Telecom Argentina and Cablevisi&#243;n immediately before the Merger (with some exceptions (see Note 4.a) to our Consolidated Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial figures are restated in terms of the current currency of December&nbsp;31, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Telecom Shareholders&#146; Agreement</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;7, 2017, Fintech Telecom, LLC (&#147;FTL&#148;), certain of its affiliates and CVH entered into a shareholders agreement (&#147;TEO Shareholders Agreement&#148;), which regulates certain matters as to the corporate governance of Telecom Argentina which became effective upon completion of the Merger, while other provisions became effective simultaneously upon execution of the Telecom Shareholders&#146; Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Telecom Shareholders&#146; Agreement provides, among other matters, the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Any shareholders party to the Telecom Shareholders&#146; Agreement (any such shareholder, a &#147;SHA Party&#148;) are subject to restrictions on the transfer of all their Telecom Argentina shares including (i)&nbsp;the right of first refusal to purchase such shares from a selling SHA Party, (ii)&nbsp;certain tag-along rights of each other SHA Party and (iii)&nbsp;so long as a SHA Party holds at least a certain minimum amount of shares, such SHA Party will be entitled to certain drag-along rights pursuant to which it will be able to require the other SHA Parties to sell, together with the dragging SHA Party, a number of shares that represents in the aggregate at least fifty-one percent (51%) of our shares;</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>FTL and CVH have undertaken to execute a voting trust agreement (the &#147;Voting Trust Agreement&#148;) pursuant to which each (i)&nbsp;will deposit certain shares (in the case of CVH&#146;s shares, the &#147;Class&nbsp;D Trust Shares&#148; and in the case of FTL&#146;s shares, the &#147;Class&nbsp;A Trust Shares&#148;) in a voting trust (the &#147;CVH Voting Trust&#148;), which, when added to the shares held by CVH, will exceed fifty percent (50%) of the outstanding shares, and (ii)&nbsp;will appoint a co-trustee who will be designated to vote the shares in accordance with the terms of the Voting Trust Agreement. The CVH Voting Trust will cause its shares to be voted pursuant to the instructions of the CVH co-trustee, except with respect to certain veto matters, in which case the FTL co-trustee will determine how the shares subject to the Voting Trust will be voted. As of the date of issuance of this Annual Report, the Voting Trust Agreement is in the process of formalization;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>The Board of Directors of Telecom Argentina will consist of an odd number of members between 11 to 17.&#160; Each of FTL, CVH and the Voting Trust will vote or cause to be voted, their shares, whether held directly or indirectly, in favor of the election of directors designated by FTL and CVH, a majority of which will be designated by CVH, subject to CVH and FTL satisfying certain ownership thresholds of the shares;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Subject to CVH and FTL satisfying certain ownership thresholds of the shares, CVH will be entitled to designate the Chief Executive Officer and all key employees of Telecom and its subsidiaries other than the CFO and the Internal Auditor, including the Chief Operating Officer, Chief Technical Officer, Director of Supply, Legal Director, Human Resources Director, Regulatory Affairs Director,&nbsp;Institutional Relationship Director, Chief of Compliance, any other officer or employee having a direct line of reporting to the CEO or a joint line of reporting to the CEO and the Vice Chairman of the Board or the Deputy CEO and any other officer or employee holding commensurate responsibilities. FTL will be entitled to designate the Chief Financial Officer and the Internal Auditor;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>An executive committee of Telecom will be established consisting of five members, of which three will be designated by CVH and two will be designated by FTL, in each case subject to the SHA Party maintaining certain ownership thresholds. In addition, CVH will be entitled to designate two members of our statutory audit committee and three members of our statutory supervisory committee (<i>comisi&#243;n fiscalizadora</i>) and FTL will be entitled to designate one member of the statutory audit committee and two members of the statutory supervisory committee;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Prior to each of our shareholder meetings or any other meeting upon which certain veto matters will be decided, CVH and FTL agree to hold meetings at which their representatives will determine how CVH and FTL, and the Voting Trust, if in effect, will vote their shares at such meeting in accordance with the provisions of the TEO Shareholders Agreement;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>We are required to maintain a listing of the Class&nbsp;B Shares and the ADSs representing the Class&nbsp;B Shares on the Securities Market of Buenos Aires (<i><font style="font-style:italic;">Bolsas</font> y Mercados Argentinos</i>) and the New York Stock Exchange, respectively;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Each SHA Party and its respective affiliates is prohibited from acquiring any of our capital stock from a third party without (i)&nbsp;proper notice to the other SHA Parties and (ii)&nbsp;the right for such other SHA Parties to purchase fifty percent (50%) of the shares to be purchased from the third-party; provided that CVH may acquire an additional two percent (2%) of our shares without complying with the foregoing obligations;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>In the event that a tender offer (<i>oferta p&#250;blica de adquisici&#243;n</i>) was required in connection with the Merger, CVH would launch such tender offer to acquire Class&nbsp;B Shares, and FTL would be jointly and severally liable for payment for, and would receive following the closing of such tender offer, fifty percent (50%) of any of our Class&nbsp;B shares tendered in such tender offer; subject to the right of CVH to acquire 100% of the shares tendered until it acquired shares (including any Telecom shares acquired (other than from FTL and its affiliates) since the Merger Effective Date) representing up to 2% of Telecom&#146;s total capital stock, see &#147;Public tender offer due to change of control&#148;;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Subject to satisfying certain ownership thresholds, each of FTL and CVH, and certain other shareholders that subsequently become a SHA Party, will have certain veto rights over our corporate governance matters;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>The SHA Parties agree to cause us to declare and pay dividends if its consolidated operating cash flows exceed a certain threshold, after taking into consideration certain adjustments; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Each SHA Party will have certain registration rights with respect to our Class&nbsp;B Shares subject to the SHA Party satisfying certain ownership thresholds.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the Telecom Shareholders Agreement has been filed with the SEC and can be found as Exhibit&nbsp;99.3 incorporated by reference into the Schedule 13D filed on January&nbsp;2, 2018. As a result of the Merger and the arrangements resulting from the Telecom Shareholders Agreement, CVH has been considered to have acquired control of us.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Public Tender Offer due to change of control</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;21, 2018, the Company was informed of the promotion and formulation by CVH (or the &#147;Offeror&#148;) of a Mandatory Public Tender Offer (&#147;PTO&#148;) for all the Class&nbsp;&#147;B&#148; common shares issued by Telecom Argentina listed on Bolsas y Mercados Argentinos S.A. (&#147;BYMA&#148;) (including the Class&nbsp;&#147;C&#148; common shares issued by Telecom Argentina that might be converted into Class&nbsp;&#147;B&#148; common shares within the stipulated term) (the &#147;Shares&#148;, or in singular, the &#147;Share&#148;), which CVH was obliged to launch as a result of the change of control in the Company. CVH attached a copy of the public announcement of the PTO, pursuant to applicable regulations, which was published in Diario Clar&#237;n on June&nbsp;23, 24 and 25 and in BYMA&#146;s Daily Bulletin on June&nbsp;21, 2018 (the &#147;PTO Announcement&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In said PTO Announcement, CVH informed that, notwithstanding the fact that Fintech Telecom LLC is not obliged under the applicable regulatory framework to promote, formulate or launch a PTO and that it has not taken part in the determination or formulation of any of the terms and conditions of the PTO, pursuant to the shareholders agreement executed between the shareholders of Telecom Argentina, Fintech Telecom LLC has undertaken to pay for and acquire 50% of the shares tendered under the PTO (notwithstanding CVH&#146;s right to acquire by itself the first 43,073,760 Class&nbsp;&#147;B&#148; shares).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The price offered in the PTO Announcement for the Shares not directly or indirectly held by CVH or Fintech Telecom LLC tendered by their holders for its acquisition during the Offer Reception Period was One Hundred Ten Pesos and Eighty-Five Cents (Pesos 110.85) per Share (less any cash dividend per share as may be payable by Telecom Argentina from the date of the PTO Announcement to the date of actual payment of the PTO price and other expenses such as fees for transfer, rights, fees, commissions, taxes, rates or contributions) (the &#147;PTO Price&#148;), which will be paid in pesos in Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;5, 2018, the Board of Directors of Telecom Argentina, in compliance with the provisions of article 3 c), Chapter II, Title III of the Rules&nbsp;of the CNV, issued a favorable opinion on the adequacy of the Offer Price of Ps. 110.85 per Class B Share, under the requirements of Argentine law, and recommended that holders of Class B Shares make their decision to accept or reject the PTO depending on whether the trading price of the Class B Shares, in the volume that each investor intends to sell at that time, is below or above the PTO Price, respectively. </font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;21, 2018, the Company received a notice from CVH informing the issuance of a resolution on September&nbsp;20, 2018, in the case of &#147;Cablevisi&#243;n Holding S.A. against/National Securities Commission s/Precautionary Measures&#148; Expte. 7998/2018 in process in the Federal Civil and Commercial Court No.&nbsp;3, pursuant to which, as an interim precautionary measure, the CNV must refrain from issuing and ruling on the authorization of the PTO promoted and formulated by CVH on the June&nbsp;21, 2018, until the precautionary measure requested is resolved once the provisions of art. 4 of the Law No.&nbsp;26,854 are fulfilled.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;28, 2018, CVH notified the Company of the decision issued on November&nbsp;27, 2018 in the case &#147;Cablevisi&#243;n Holding S.A. v. Comisi&#243;n Nacional de Valores s/Precautionary Measures&#148; File 7,998/2018, pending before Federal Civil and Commercial Court No.&nbsp;3, whereby the Court deemed accepted (as a requirement of admissibility) the bond required under the decision rendered on November&nbsp;1, 2018, which had granted the request filed by CVH. It ordered, as a precautionary measure&#160; (injunction), CNV to refrain from issuing any decision on the authorization of the PTO submitted and formulated by CVH on June&nbsp;21, 2018, for a period of six months. The CNV has appealed this decision, which is still pending.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the terms of the PTO have not been approved yet by the CNV.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">157<a name="PB_157_115932_4688"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Related Party Transactions</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have been involved in a number of transactions with our related parties since the Transfer Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our policy is to make transactions with related parties on arm&#146;s-length basis. In addition, Section&nbsp;72 of Law No.&nbsp;26,831 provides that before a publicly-listed company may enter into an act or contract involving a &#147;relevant amount&#148; with a related party or parties, the publicly-listed company must obtain approval from its Board of Directors and obtain a valuation report from its Audit Committee or two independent valuation firms that demonstrates that the terms of the transaction are consistent with those that could be obtained at an arm&#146;s-length basis. If the Audit Committee or two independent valuation firms do not find that the terms of the contract are consistent with those that could be obtained on an arm&#146;s-length basis, approval must be obtained from the shareholders. &#147;Relevant amount&#148; means an amount which exceeds 1% of the issuers&#146; equity as contained in the latest approved financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transactions with related parties of Grupo Clar&#237;n for the year ended December&nbsp;31, 2018 resulted in income for telecommunication services rendered by us of approximately P$124 million and expenses for services received of approximately P$2,913 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transactions with other related parties resulted in income of P$48 million as of December&nbsp;31, 2018. Additionally, Transactions with other related parties resulted in expenses of P$24 million as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, we had no loans outstanding to the executive officers of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Interests of Experts and Counsel</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">158<a name="PB_158_120000_2983"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 8.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>FINANCIAL INFORMATION</b><a name="ITEM8_FINANCIALINFORMATION_114024"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Consolidated Statements and Other Financial Information</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Item 18 for Telecom Argentina&#146;s Consolidated Financial Statements. For a description of events that have occurred since the date of the Company&#146;s Financial Statements, see &#147;Item 4&#151;Information on the Company&#151;Introduction&#151;Recent Developments.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Legal Proceedings</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are parties to several civil, tax, commercial, labor and regulatory proceedings and other claims that have arisen in the ordinary course of business. As of December&nbsp;31, 2018, Telecom has established provisions, excluding asset retirement obligations, in an aggregate amount of P$3,716 million to cover potential losses related to these claims and proceedings in its Consolidated Financial Statements included under liabilities. In addition, as of December&nbsp;31, 2018, the Company had P$155 million deposited in its bank accounts and restricted for some judicial proceedings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Note 18 to our Consolidated Financial Statements for additional information.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Labor Claims</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Profit-Sharing Bonds</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Various legal actions are brought, mainly by former employees of the Company against the Argentine government and Telecom Argentina, requesting that Decree No.&nbsp;395/92 &#151; which expressly exempted Telef&#243;nica and the Company from issuing the profit sharing bonds provided in Law No.&nbsp;23,696 &#151; be struck down as unconstitutional. The plaintiffs also claim the compensation for damages they suffered because such bonds have not been issued.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In August&nbsp;2008, the Argentine Supreme Court of Justice found Decree No.&nbsp;395/92 unconstitutional when resolving a similar case against Telef&#243;nica.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since the Argentine Supreme Court of Justice&#146;s judgment on this matter, the Divisions of the Courts of Appeal ruled that Decree No.&nbsp;395/92 was unconstitutional. As a result, in the opinion of the legal counsel of the Company, there is an increased probability that the Company has to face certain contingencies, notwithstanding the right of reimbursement that attends Telecom Argentina against the National State.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Said Court decision found the abovementioned Decree unconstitutional and ordered that the proceedings be remanded back to the court of origin so that such court could decide which defendant was compelled to pay &#151;the licensee and/or the Argentine government- and the parameters that were to be taken into account in order to quantify the remedies requested (percent of profit sharing, statute of limitations criteria, distribution method between the program beneficiaries,&nbsp;etc.). It should be mentioned that there is no uniformity of opinion in the Courts in relation to each of those concepts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Later, in &#147;Ramollino Silvana c/Telecom Argentina S.A.&#148;, the Argentine Supreme Court of Justice, on June&nbsp;9, 2015, ruled that the profit sharing bonds do not correspond to employees who joined Telecom Argentina after November&nbsp;8, 1990 and that were not members of the PPP.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This judicial precedent is consistent with the criteria followed by the Company for estimating provisions for these demands, based on the advice of its legal counsel, which considered remote the chances of paying compensation to employees not included in the PPP.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding profit sharing bonds two cases initiated against Telef&#243;nica set precedents as described below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1. </font></i><i>Legal action&#146;s statute of limitations criteria: Argentine Supreme Court of Justice ruling &#147;Dominguez c/ Telef&#243;nica de Argentina S.A.&#148;</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In December&nbsp;2013, the Argentine Supreme Court ruled on a similar case to the above referred legal actions, &#147;Dom&#237;nguez c/ Telef&#243;nica de Argentina S.A&#148;, overturning a lower court ruling that had barred the claim as having exceeded the applicable statute of limitations since ten years had passed since the issuance of Decree No.&nbsp;395/92.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Argentine Supreme Court of Justice ruling states that the Civil and Commercial Proceedings Court must hear the case again to consider statute of limitations arguments raised by the appellants that, in the opinion of the Argentine Supreme Court of Justice, were not considered by the lower court and are relevant to the resolution of the case.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After the Argentine Supreme Court of Justice&#146;s ruling and until the date of issuance of this Annual Report, two chambers of the Civil and Commercial Federal Proceedings Court have issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice in its ruling, acknowledging that the statute of limitations must be applied periodically &#151;as of the time of each balance sheet- but limited to five years; and Chamber III ruled, by a majority of votes, that the statute of limitations must not be applied periodically, but that instead, was exceeded ten years after the issuance of Decree No.&nbsp;395/92.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2. </font></i><i>Criteria for determining the relevant profit to calculate compensation: ruling of the Civil and Commercial Federal Proceedings Court in Plenary Session &#147;Parota c/ Estado Nacional y Telef&#243;nica de Argentina S.A.&#148;</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;27, 2014, the Civil and Commercial Appeals Court issued its decision in plenary session in the case &#147;Parota, C&#233;sar c/ Estado Nacional&#148;, as a result of a complaint filed against Telef&#243;nica, ruling: <i>&#147;that the amount of profit sharing bonds the corresponding to former employees of Telef&#243;nica de Argentina S.A. should be calculated based on the taxable income of Telef&#243;nica de Argentina S.A. on which the income tax liability is to be assessed&#148;.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Court explained that in order to make such determination: <i>&#147;it is necessary to clarify that &#147;taxable income&#148; (pre-tax income) means the amount of income subject to the income tax that the company must pay, which generally means gross income, including all revenue obtained during the fiscal year (including contingent or extraordinary revenue), minus all ordinary and extraordinary expenses accrued during such fiscal year&#148;.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the Company&#146;s Management, with the advice of its legal counsel, has recorded the provisions for contingencies that it estimates are sufficient to cover the risks associated with these legal actions, having considered the available legal background as of the date of issuance of this Annual Report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Labor claims brought by employees of suppliers, </i><i>contractors and </i><i>commercial agents</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain contractors&#146; and subcontractors&#146; employees have continued initiating lawsuits against contractors and Telecom Argentina claiming direct or indirect liability based on a broad interpretation of the rules&nbsp;of labor law. The plaintiffs claim for the application of the telecommunications collective labor agreement instead of the telecommunication section of the construction collective labor agreement, which result in wage differences.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Similar legal actions have been brought by employees of commercial suppliers and agents, who have also requested the application of the telecommunications collective labor agreement instead of collective labor agreement applicable to them.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, Company&#146;s Management, based on the advice of its legal counsel</font>, has recorded provisions that it estimates are adequate to hedge the risks associated with these claims.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In certain circumstances and in accordance to certain jurisprudence and regulations, the Company may be obliged to assume labor liabilities in connection with claims initiated by suppliers&#146; employees against the supplier and/or the Company. Although the Company seeks the recovery from suppliers of any amount it had to pay in its behalf, </font>we cannot assurance that the Company may succeed in recovering these amounts from the relevant supplier.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Telecommunication unions claim</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some telecommunication unions have initiated claims against Telecom Argentina seeking compensation for </font>the alleged non-compliance of certain provisions of the respective collective bargaining agreements that could allow them to negotiate the inclusion of some suppliers&#146; employees in their collective bargaining agreements. The claims are for unspecified amounts. The Company believes there are strong defenses by which the claims would not be sustained.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Former sales representative claims of Personal and Nextel</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Former sales representatives of Personal and Nextel have brought legal actions for alleged improper termination of their contracts and have submitted claims for payment of different items such as commission differences, value of the customers&#146; portfolio and lost profit, among other matters. The Company&#180;s Management believes, based on the advice of its legal counsel, that certain items included in the claims would not be sustained while other items, if sustained, would result in lower amounts than those claimed. As of the date of issuance of this Annual Report, some legal actions are in the discovery phase and with expert opinions in progress.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s Management, based on the advice of its legal counsel, has recorded provisions that it estimates are sufficient to cover the risks associated with these claims, which are considered that would not have a negative impact on the Company&#146;s results and financial position.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Federaci&#243;n Argentina de las Telecomunicaciones and others against Telecom Argentina S.A. in relation to worker shareholding participation</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, on June&nbsp;3, 2013 Telecom Argentina was notified of a lawsuit filed by four unions claiming the issuance of a profit sharing bonds (hereinafter &#147;the bonds&#148;) for future periods and for periods for which the statute of limitations is not expired. To enforce this claim, the plaintiffs require that Decree No.&nbsp;395/92 should be declared unconstitutional.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This collective lawsuit is for an unspecified amount. The plaintiffs presented the criteria that should be applied for the determination of the percentage of participation in the Company&#146;s profit. The lawsuit requiring the issuance of a profit sharing bond represents an obligation with potential future economic impact for Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;2013, the Company filed its answer to the claim, arguing that the labor courts lack of jurisdiction. On October&nbsp;30, 2013, the judge rejected the lack of jurisdiction plea, established a ten year period as statute of limitation and deferred ruling on the defenses of res judicata, lis pendens and on the third party citation required after a hearing is held by the court. Telecom Argentina has appealed the judge&#146;s ruling.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;12, 2013 this hearing took place and the intervening court differed the defense of statute of limitations filed by the Company to the moment of the final ruling, among other matters. It also ordered the plaintiff to establish that they have permission to bring the case on behalf Telecom Argentina&#146;s employees included in the claim; meanwhile the trial proceeding will be suspended. The plaintiff appealed the decision and the judge deferred this issue to the time of sentencing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;20, 2017, the Court of First Instance on Labor Matters No.&nbsp;19 dismissed the claim on the grounds that the claimant lacks of active legitimization because it is an individual claim, not a collective one. The claimant filed an appeal, which is pending before Chamber 7 of the Court of Appeals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company, based on the advice of its legal counsel, believes that there are strong arguments to defend its rights in this claim based, among other things, in the expiration of the statute of limitations of the claim for the unconstitutionality of Decree No.&nbsp;395/92, the lack of active legal standing for collective claim for bonds issuance -due to the existence of individual claims-, among other reasons regarding lack of active legal standing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tax Matters</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Tax matters relating to Telecom Argentina</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In December&nbsp;2008, the National Congress passed Law No.&nbsp;26,476, the &#147;Law on Tax Regularization and Repatriation of Capital&#148; establishing a regime for the regularization of tax liabilities, the repatriation of funds and the registration of employees. Title I of the law provides taxpayers a complete exemption from penal responsibilities in tax matters and from fines, and a partial exemption from interest arising out of tax or social security liabilities prior to December&nbsp;31, 2007.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As discussed in previous Annual Reports, Telecom Argentina was party to various legal proceedings arising from claims by AFIP with regard to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;AFIP&#146;s claim for income tax for fiscal years 1993 to 1999 arising from its disagreement with Telecom Argentina&#146;s calculation of the depreciation of its fiber optic network;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;AFIP&#146;s claims for income tax for fiscal years 1997 to 2000 challenging Telecom Argentina&#146;s certain deductions it made for bad debt expenses; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:20.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;AFIP&#146;s claims regarding invoices for certain kinds of services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon detailed analysis of the regularization regime, on April&nbsp;30, 2009, Telecom Argentina decided to settle the AFIP&#146;s claims in the time frame established by Title I of Law No.&nbsp;26,476. The settlement for the abovementioned tax claims was complete except for item (b), which was partially settled.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to qualify for the regularization regime, Telecom Argentina had to voluntarily dismiss legal proceedings previously initiated against AFIP&#146;s claims. As a result of the regularization regime, regarding the matter mentioned in item (c)&nbsp;above, Telecom Argentina has requested the respective court to suspend the penal proceedings and dismiss the claims against officers and employees who had been called to give testimony, since the law provides for the suspension of penal proceedings upon adoption of the regularization regime, and complete extinguishment of a penal case upon cancellation of all amounts due under the payment plan pursuant to the regularization regime. In October&nbsp;2014, the court declared the extinguishment of the penal proceedings despite not having cancelled the installments of the payment plan. The prosecutor appealed such resolution. In September&nbsp;2015, the appeals court ratified the trial court&#146;s ruling, resulting in the termination of the penal proceeding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s compliance with the regularization regime generated recognition of a debt owed to AFIP in the amount of P$38 million (nominal value) payable in 120 monthly installments at an annual interest rate of 9%. Telecom Argentina also recognized a debt for legal fees in connection with these regularized processes in the amount of P$14 million (nominal value). The value of both liabilities has been set forth under the captions &#147;Income Tax Payables&#148; and &#147;Other Liabilities&#148; classified by the nature and due date of each liability.&nbsp;As of December&nbsp;31, 2018, such liabilities amounted to P$2 million and P$4 million, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Provincial taxes</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some provincial tax authorities have filed claims regarding turnover tax and stamp tax. As of the date of this Annual Report, the Company&#146;s management has recorded provisions that it estimates are adequate to hedge these risks.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;26, 2017 the Supreme Court has ruled in a company case against Corrientes province (&#147;Telecom Argentina S.A. c/Corrientes provincia de s/acci&#243;n declarativa&#148;) that in the case of international calls the entire price collected from a local client is taxed in turnover tax. The Company&#146;s management has recorded provisions that it estimates are adequate to cover the probable claims from the provincial tax authorities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Municipal fees</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since 2005, the Company has seen a noticeable increase in legal and extrajudicial claims seeking the collection of various municipal fees in the City of Buenos Aires and various municipalities. As of the date of this Annual Report, the Company has recorded provisions that estimate sufficient to cover these claims.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Income tax - Action for recourse filed with the AFIP</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article&nbsp;10 of Law No.&nbsp;23,928 and Article&nbsp;39 of Law No.&nbsp;24,073 suspended the application of the provisions of Title VI of the Income Tax Law relating to the income tax inflation adjustment since April&nbsp;1, 1992.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, Telecom Argentina and its domestic subsidiaries determined its income tax obligations in accordance with those provisions, without taking into account the income tax inflation adjustment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">162<a name="PB_162_114553_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After the economic crisis of 2002, many taxpayers began to question the legality of the provisions suspending the income tax inflation adjustment. Also, the Argentine Supreme Court of Justice issued its opinion in the case &#147;Candy&#148; (07/03/2009) in which it ruled that, for the fiscal year 2002 in particular and considering the serious state of disturbance at that time, the taxpayer could demonstrate that not applying the income tax inflation adjustment resulted in confiscatory income tax rates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">More recently, the Argentine Supreme Court of Justice applied a similar criteria to the 2010, 2011 and 2012 fiscal years in the cases &#147;Distribuidora Gas del Centro&#148;, enabling the application of income tax inflation adjustment for periods not affected by a severe economic crisis, such as 2002.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the above-mentioned new legal background of which Telecom Argentina had knowledge during 2015, and after making the respective assessments, in fiscal year 2015, 2016, 2017 and 2018 Telecom Argentina filed actions for recourse with the AFIP to claim the full tax overpaid for fiscal year 2009, 2010, 2011, 2012 and 2013 estimated in an amount of P$722 million plus interests, alleging that the lack of application of the income tax inflation adjustment is confiscatory.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the actions for recourse filed are pending of resolution by the AFIP. However, Telecom Argentina&#146;s management, with the assessment of its tax advisor, considers that the arguments presented in this recourse follows the same criteria as the established by the Argentine Supreme Court of Justice jurisprudence mentioned above, among others, which we believe should allow Telecom Argentina to obtain a favorable resolution of the actions for recourse filed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consequently, the income tax determined in excess qualifies as a tax credit in compliance with IAS 12 and Telecom Argentina recorded a non-current tax credit of P$818 million as of December&nbsp;31, 2018. For the calculation of the tax credit, Telecom Argentina has estimated the amount of the tax determined in excess for all fiscal years not covered by the statute of limitation (2009-2017), weighting the likelihood of certain variables according to the jurisprudential antecedents known until December&nbsp;31, 2018 Telecom Argentina&#146;s management will assess the AFIP&#146;s resolutions related to actions of recourse filed as well as the jurisprudence evolution in order to at least annually remeasure the tax credit recorded.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Additional rate for the &#147;Impuesto a la Renta Comercial,&nbsp;Industrial o de Servicios&#148; (Tax on Commercial,&nbsp;Industrial or Services Revenues or &#147;IRACIS&#148;)</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;5, 2017, a subsidiary of the Company received a notice from the Under-Secretary of Taxes of the Republic of Paraguay, whereby that subsidiary was informed that it had failed to determine the additional IRACIS rate on the retained earnings of the companies merged in 2014.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#180;s subsidiary considers that it has strong arguments to support its position, but no assurance can be given on the final outcome of this claim.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Regulatory Proceedings</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Regulator&#146;s Penalty Activities</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is subject to various penalty procedures, in most cases promoted by the Regulatory Authority, for delays in the reparation and installation of service to fix-line customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although generally a penalty considered on an individual basis does not have a material effect on Telecom Argentina&#146;s equity, there is a significant disproportion between the amounts of the penalty imposed by the Regulatory Authority and the revenue that the affected customer has generated to Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In determining the provisions for regulatory charges and sanctions, the Telecom Argentina&#146;s Management, with the assessment&#160; of its legal counsel, determines the likelihood of such sanctions being imposed, the amount thereof based on historical information and judicial precedents, also contemplating various probable scenarios of statute of limitation for charges and sanctions received, the current levels of execution of sanctions and the eventual results of legal actions that Telecom Argentina has undertaken to demonstrate, among other things, the disproportionate sanctions imposed by the Regulatory Authority since 2013.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">163<a name="PB_163_114702_2897"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina has recorded provisions that it deems sufficient to cover the abovementioned sanctions and charges, estimating that they should not prosper in amounts individually higher than 200 thousand UT (P$9,380) per each alleged violation against its clients in the normal course of business, in accordance with the legal and regulatory analysis performed as of December&nbsp;31, 2018. If Telecom Argentina and its legal advisors&#146; arguments do not prevail, the Management of Telecom Argentina estimates that the amount of provisions for regulatory charges and sanctions might be increased in approximately P$62 million as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Radioelectric Spectrum Fees</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In October&nbsp;2016 Personal modified the criteria used for the statement of some of its commercial plans (&#147;Abono fijo&#148;) for purposes of paying the radioelectric spectrum fees (derecho de uso de espectro radioel&#233;ctrico or &#147;DER&#148;), taking into account certain changes in such plans&#146; composition. This meant a reduction in the amount of fees paid by Personal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In March&nbsp;2017, the ENACOM demanded Personal to rectify its statements, requiring that such plans&#146; statements continue to be prepared based on the previous criteria. Personal&#146;s Management believes that it has strong legal arguments to defend its position, which are actually confirmed by Resolution ENACOM No.&nbsp;840/18. On August&nbsp;15, 2017, Personal received a note for the differences owed, and on August&nbsp;31, 2017 presented the corresponding administrative note. However, it cannot be assured that such arguments will be accepted by the ENACOM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The difference resulting from both sets of liquidation criteria is of approximately P$717 million since October&nbsp;2016, plus interests as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;27, 2018, Resolutions Nos. 840/18 and No.&nbsp;1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of issuance of this Annual Report Telecom has submitted the rectifying affidavits corresponding to the months of March&nbsp;and April&nbsp;2018 (due in April&nbsp;and May&nbsp;2018), and has paid (under protest) the respective amounts. It also started to comply with, as from September&nbsp;2018, the filing and payment (under protest) of the corresponding affidavits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Claims of some Content Providers to the Company</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the framework of the general reorganization of the content business started out by Personal in 2016, and given the expiration of agreements with content providers, some of the latter have been notified that such agreements will not be renewed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By virtue of that communication, four of those companies initiated and obtained in court, precautionary measures against Personal, in order to avoid that the duly notified decision of not renewing the agreements be effective, and thus, forcing Personal to refrain from disconnecting or interrupting the contractual relationship on the scheduled dates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;24, 2017, the ENACOM notified Personal the Resolution 2017-1122-APN-ENACOM # MCO (Resolution No.&nbsp;1,122), which set out that Mobile Operators providers of audiotext and mass calling Value Added Services may receive, in every respect, a percentage that should not exceed 40% of the services invoiced on behalf and to the order those providers. In addition, the Resolution sets forth a 30-day period to file under the ENACOM the interconnection contracts or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;22, 2017, Personal&#146;s Management, with the assistance of its legal advisors and due to its solid grounds, filed an administrative appeal against Resolution No.&nbsp;1,122 before the former Ministry of Communications. In addition, Personal has brought legal actions to safeguard its rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the other hand, it should be noted that the Company has renewed the commercial agreements with most of the providers of these contents, which are still in force.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;29, 2017, the ENACOM notified Personal with ENACOM Resolution No.&nbsp;2,408/17, whereby it rejected the reconsideration appeals filed by Movistar and Claro against Resolution No.&nbsp;1,122, and the suspension of the effects of said resolution requested by Personal, Movistar and Claro. In addition, in the same act, it rejected the reconsideration appeal filed by Personal against ENACOM Note No.&nbsp;29/17 (in connection with the supplier MOVICLIPS). The appeal filed by Personal against Resolution No.&nbsp;1,122 with the former Ministry of Communications is still pending resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Resolution No.&nbsp;50/10 and subsequent ones of the Secretariat of Domestic Trade of the Nation (&#147;SCI&#148;)</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCI Resolution No.&nbsp;50/10 approved certain rules&nbsp;for the sale of pay television services. These rules&nbsp;provide that cable television operators must apply a formula to calculate their monthly subscription prices. The price arising from the application of the formula was to be informed to the Office of Business Loyalty (Direcci&#243;n de Lealtad Comercial) between March&nbsp;8 and March&nbsp;22, 2010, having cable television operators to adjust such amount semi-annually and inform the result of such adjustment to such Office.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, it should be noted that as of the date of this Annual Report, according to the decision issued on August&nbsp;1, 2011 in re &#147;LA CAPITAL CABLE S.A. c/ Ministerio de Econom&#237;a-Secretar&#237;a de Comercio Interior de la Naci&#243;n&#148;, the Federal Court of Appeals of the City of Mar del Plata has ordered the SCI to suspend the application of Resolution No.&nbsp;50/10 with respect to all cable television licensees represented by the Argentine Cable Television Association (&#147;ATVC&#148;). Upon being notified to the SCI and the Ministry of Economy on September&nbsp;12, 2011, such decision became fully effective and may not be disregarded by the SCI. The National Government filed an appeal against the decision issued by the Federal Court of Appeals of Mar del Plata to have the case brought before the Supreme Court. Such appeal was dismissed, for which the National Government filed a direct appeal to the Supreme Court, which has also been dismissed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Between March&nbsp;2011 and October&nbsp;2014 were published in the Official Gazette successive resolutions based on Res. 50/2010 that regulated the prices that Cablevisi&#243;n should charge in those months to users. These resolutions were challenged and are suspended due to the aforementioned injunction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;23, 2014, the Court issued a decision in re &#147;Municipalidad de Berazategui c/ Cablevisi&#243;n&#148; ordering the remission of the cases relating to these resolutions to the jurisdiction of the Federal Court of Mar del Plata, that had issued the decision on the collective action in favor of ATVC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Currently, all the claims relating to this matter are pending before the Federal Court of Mar del Plata. The judge has not yet ordered discovery proceedings in respect of the main claim, &#147;La Capital Cable v. National Government s/ Ordinary Proceeding&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decisions made on the basis of this Annual Report shall consider the potential impact that the above-mentioned resolutions might have on the Company and its subsidiaries, and the Company&#146;s Annual Report should be read in light of such uncertainty.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#180;s Management, with the assistance of its legal advisors, considers that it has strong arguments for its defense.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">General Proceedings</font></i></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Environmental proceedings</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 1999, the Argentine national environmental agency (<i>Secretar&#237;a de Medio Ambiente y Desarrollo Sustentable</i>) initiated an administrative proceeding against us in connection with our waste management. This agency alleged that there were problems with our liquid drainage at an underground chamber, and such problem was in violation of Argentine environmental law. The agency sought to require Telecom Argentina&#146;s registration with the National Register of Generators and Operators of Hazardous Waste. This registration would require Telecom Argentina to pay an annual fee calculated in accordance with a formula that takes into consideration the extent of a hazard and the quantity of waste. Telecom Argentina believes that its activities did not generate the alleged waste, and that the waste in the underground chamber was generated by other parties. Telecom Argentina nonetheless removed the liquid drainage in accordance with environmental law. We have filed the requisite official responses, and we believe that we will not have to register with any environmental agency as a result of this liquid drainage.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In February&nbsp;2009, Telecom Argentina received a notification from the Argentine national environmental agency requesting that Telecom Argentina be registered in the National Registry of Generators and Operators of Hazardous Waste. In March&nbsp;2009, Telecom Argentina filed a request for administrative review seeking to obtain rejection of the agency&#146;s notification. As of the date of this Annual Report, there has yet to be a resolution on the matter. Notwithstanding that the said order has not yet been resolved, we cannot guarantee that the order will be canceled or that a similar order will not be initiated.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, from the merger between the former - Cablevision S.A. and the former Telecom Argentina S.A., Telecom Argentina is conducting a review of its operating processes and is carrying out registrations with the environmental agencies of some of its establishments, taking into account the activity developed within them. Based on the information available to us, we believe that the environmental proceedings and the registration of some of the Telecom Argentina&#180;s establishments will&nbsp;not have a significant impact on our financial position, results of operations and cash flows.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Considering the evolution </font><i>Secretar&#237;a de Medio Ambiente </i>&#160;related agencies, Telecom Argentina is in the process of reviewing its interpretation in relation to the registration as a hazardous waste generator that in any case will refer to a reduced number of materials that we use in our operations. Based on the information available to us, we believe that the environmental proceedings and the potential registration of Telecom Argentina as a hazardous waste generator will&nbsp;not have a significant impact on our financial position, results of operations and cash flows.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Task Solutions against/ Telecom Personal S.A. S/ Ordinario and Task Solutions against/Telecom Argentina S.A. S/ Ordinario</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Task Solutions S.A., a company whose main activity was the contact center, promoted a lawsuit against Telecom Argentina and Telecom Personal, claiming the amount of $408,721,835 for damages and losses suffered during the contractual relationship between those companies, as well as the non-renewal of the relationship between them. Task Solutions S.A. maintains that its only contractual relationship was with the defendant companies and that the non-renewal of their relationship caused its cessation of payments. On August&nbsp;27, 2018, the claims were answered, the facts and the compensation claimed were denied and the Company requested the unconstitutionality of the punitive damages claimed. The Company reproved the amounts already paid in relation to labor items. Likewise, a claim was made for the amounts that eventually will have to be paid for that same concept in the future. Such estimation may be modified in relation to the proof that is produced in the case.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the Company&#146;s Management, with the assistance of its legal advisors, has established provisions that it considers sufficient to cover the risks arising from the judgments indicated, taking into account the arguments and jurisprudential background available at the date of issuance of this Annual Report.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Claim for damages between Supercanal Holding S.A. and Cablevisi&#243;n</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Multicanal has filed several legal actions seeking the nullity of: i) all the ordinary shareholders&#146; meetings held by Supercanal Holding S.A. from the year 2000 until February&nbsp;2018; and ii) the sureties granted by Supercanal S.A. securing bank loans granted exclusively for the benefit of the controlling group of Supercanal Holding S.A. (Grupo Uno S.A. and its affiliates). In addition, a legal action was filed seeking the dissolution and liquidation of Supercanal Holding S.A. together with a legal action seeking the removal of all the members of the Board of Directors and the Supervisory Committee and the dissolution of Supercanal Capital N.V. Supercanal Holding S.A. On March&nbsp;29, 2000 Supercanal Holding S.A. filed for concurso preventivo (judicial restructuring proceedings) with National Court of First Instance on Commercial Matters No.&nbsp;20, Clerk&#146;s Office No.&nbsp;40, and the proceedings began on March&nbsp;27, 2001.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the revocation of an injunction initially granted in favor of Multicanal S.A. in the case entitled &#147;Multicanal S.A. c/Supercanal Holding S.A. s/sumario&#148;, where it sought to nullify the January&nbsp;25, 2000 Extraordinary Shareholders&#146; Meeting of Supercanal Holding S.A. where it was resolved to reduce the capital stock of Supercanal Holding S.A. to $12,000 pesos and a subsequent increase thereof to $83,012,000 pesos, Multicanal S.A. was notified on December&nbsp;12, 2001 of the filing by Supercanal Holding S.A. of a claim for the damages allegedly caused to it by the issue of the injunction that was subsequently revoked. The alleged damage is that the suspension of the effects of the meeting of January&nbsp;25, 2000 would have led Supercanal Holding S.A. to suspend payments. Multicanal S.A. answered to such claim by denying all liability on the grounds that Supercanal Holding S.A.&#146;s inability to pay its obligations when due had begun before the date of the suspension of the shareholders meeting according to documentation provided by the plaintiff itself. Furthermore, the suspension of the meeting did not prevent the capitalization of Supercanal Holding S.A. through other alternative means. Based on the factual and legal findings of the case, Cablevisi&#243;n, as Multicanal&#146;s continuing company considers that the claim should be rejected in its entirety, and that the legal costs should be borne by the plaintiff. The case is in the discovery period. In addition, the court of First Instance has dismissed Supercanal Holding S.A.&#146;s request that it be allowed to sue without paying court fees or costs and that decision has been confirmed by the National Court of Appeals.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;15, 2018, Telecom Argentina, Grupo Clar&#237;n, Supercanal and Am&#233;rica TV executed a settlement agreement in order to terminate the claims existing among the parties. Those companies executed a framework agreement whereby, among other issues, Am&#233;rica TV expressly waived its claim for the exhibition of its signals &#147;Am&#233;rica TV&#148; and &#147;A24&#148; in Cablevisi&#243;n&#146;s (now Telecom Argentina&#146;s) programming grid, waiving its right to bring any claims in that regard and recognizing that it has nothing to claim against Telecom Argentina for any other cause as of the date of the agreement. In addition, a share transfer agreement was executed whereby Telecom Argentina -in its capacity as successor of Cablevisi&#243;n-absorbing company of Multicanal- assigned in favor of Supercablecanal S.A. the shares- and all the rights inherent to them- it holds and owns in Supercanal and Supercanal Holding S.A. as of the date of execution of the agreement. Pursuant to the settlement agreement, the parties have agreed that all costs of the proceedings shall be borne by Supercanal S.A.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Resolution No.&nbsp;16,765 of the CNV</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;16, 2012, CNV issued Resolution No.&nbsp;16,765 whereby it ordered the conduction of a preliminary investigation (sumario) against Cablevisi&#243;n, its directors and members of the Supervisory Committee for an alleged failure to comply with its reporting duties. The CNV considers that this deprived investors of the possibility to become fully aware of the decision issued by the Supreme Court of Argentina in re &#147;Recurso de Hecho deducido por el Estado Nacional Ministerio de Econom&#237;a y Producci&#243;n en la causa Multicanal S.A. y otro c/ CONADECO Dto. 527-05&#148; (which as of this date has been resolved) and that a series of issues relating to the information required by the CNV regarding the Extraordinary Meeting of Class&nbsp;1 and 2 Noteholders held on April&nbsp;23, 2010 would not have been disclosed.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;4, 2012, the Company filed a response requesting that its defenses be sustained and that all charges against it be dismissed. The discovery stage has been closed and the legal brief has been submitted.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company and its legal advisors believe that the Company has strong arguments in its favor. Nevertheless, the Company cannot assure that the outcome of the preliminary investigation proceeding will be favorable.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Resolution No.&nbsp;17,769 of the CNV</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On August&nbsp;28, 2015, Cablevisi&#243;n was served notice of Resolution No.&nbsp;17,769 dated August&nbsp;13, 2015 whereby the CNV the conduction of a preliminary investigation (sumario) against Cablevisi&#243;n and its directors, members of the Supervisory Committee and the Head of Market Relations for an alleged delay in the submission of the required documentation relating to the registration of the authorities appointed in the General Meeting of Shareholders of Cablevisi&#243;n held on April&nbsp;30, 2000 and the update of the particulars of its registered office in the Autopista de Informaci&#243;n Financiera.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;20, 2016, the preliminary hearing was held pursuant to Section&nbsp;138 of Law No.&nbsp;26,831 and Section&nbsp;8, Subsection b.1. of Section&nbsp;II, Chapter II, Title III of the Regulations (amended text of 2013).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company and its advisors believe that same has strong arguments in its favor on this matter, but no assurance can be given that the outcome of the preliminary investigation proceeding will be favorable.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Consumer Trade Union Proceedings</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has been notified of the following complaints filed by consumer trade unions. Although the Company believes there are strong defense arguments for which the claims should not succeed, in the absence of jurisprudence on the matter, The Company&#146;s management, with the assistance of its legal counsel, has classified the claims as possible until a judgment is rendered:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i)&#160; <i>&#147;Consumidores Financieros Asociaci&#243;n Civil para su Defensa&#148; claim</i>:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In November&nbsp;2011, Personal was notified of a lawsuit filed by the &#147;Consumidores Financieros Asociaci&#243;n Civil para su Defensa&#148; claiming that Personal made allegedly abusive charges to its customers by implementing per-minute billing and setting an expiration date for prepaid telecommunication cards.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The plaintiff claim Personal to: i) cease such practices and bill its customers only for the exact time of telecommunication services used; ii) reimburse the amounts collected in excess in the ten years preceding the date of the lawsuit; iii) credit its customers for unused minutes on expired prepaid cards in the ten years preceding the date of the lawsuit; iv) pay an interest equal to the lending rate charged by the Banco de la Naci&#243;n Argentina; and v) pay punitive damages provided by Section&nbsp;52 bis of Law No.&nbsp;24,240.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal responded in a timely manner, arguing the grounds by which the lawsuit should be dismissed, with particular emphasis on the regulatory framework that explicitly endorses Personal&#146;s practices, now challenged by the plaintiff in disregard of such regulations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This claim is at a preliminary stage as of the date of issuance of this Annual Report. However, the judge has ordered the accumulation of this claim with two other similar claims against Telef&#243;nica M&#243;viles Argentina S.A. and AMX Argentina S.A. So, the three legal actions will continue within the Federal Civil and Commercial Court No.&nbsp;9.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with this lawsuit, the Secretariat of Commerce canceled the registration of CONSUMIDORES FINANCIEROS ASOCIACI&#211;N CIVIL PARA SU DEFENSA, therefore, the Company is awaiting the resolution of the intervening court.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The plaintiffs are seeking damages for unspecified amounts. Although the Company believes there are strong defenses according to which the claim should not succeed, in the absence of jurisprudence on the matter, the Company&#146;s Management (with the advice of its legal counsel) has classified the claim as possible until a judgment is rendered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii)<i> Lawsuit against Personal on changes in services prices:</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;2012 the consumer trade union &#147;Proconsumer&#148; filed a lawsuit against Personal claiming that the company did not provide the clients with enough information regarding the new prices for the services provided by Personal between May&nbsp;2008 and May&nbsp;2011. It demands the reimbursement to certain customers &#151; Abono Fijo - of an amount of a period of two months since the alleged inconsistencies of the plaintiff.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The Company&#146;s Management considers that Personal had </font>adequately informed its clients the modifications of the terms and conditions in which the service would be provided</font>, and therefore, believes that this lawsuit should not succeed.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company answered the complaint and made a proposal that was rejected by the Supreme Court of Justice of the Nation, which ordered that the case continued in commercial courts. The cause was open to trial and the parties are producing the evidence offered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s Management considers that there are strong arguments for the favorable resolution of this lawsuit, but, in the event it is resolved unfavorably, it would not have a significant impact on Telecom&#146;s results and financial position.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">iii) Proceedings related to value added services - mobile contents:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October&nbsp;1, 2015 Personal was notified of a claim seeking damages for unspecified amounts initiated by consumer trade union &#147;Cruzada C&#237;vica para la defensa de los consumidores y usuarios de Servicios p&#250;blicos&#148;. The plaintiff invokes the collective representation of an undetermined number of Personal customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The </font>plaintiff </font>claims the way that content and trivia are contracted, in particular the improper billing of messages sent offering those services and their subscription. Additionally, it proposes the application of a punitive damages to Personal.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This claim is substantially similar to other claims made by a consumer association (Proconsumer) where collective representation of customers is also invoked. As of the date of issuance of this Annual Report, this claim is at preliminary stage since the demand notifications of everyone involved have not yet been finalized.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">168<a name="PB_168_115416_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal has answered the claims through the presentation of legal and factual defenses, subpoenaing third parties involved in the provision of VAS. Likewise, with the advice of its legal counsel, Telecom believes to have strong arguments for its defense in these lawsuits. However, given the absence of jurisprudential precedents, the final outcome of these claims cannot be assured.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">iv) Claim by &#147;Asociaci&#243;n por la Defensa de Usuarios y Consumidores c/Telecom Personal S.A</font></i><i>.&#148;:</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2008 the &#147;Asociaci&#243;n por la Defensa de Usuarios y Consumidores&#148; sued Personal, seeking damages for unspecified amounts, claiming the billing of calls to the automatic answering machine and the collection system called &#147;send to end&#148; in collective representation of an undetermined number of Personal customers. The claim is currently about to dictate sentence.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2015 the Company took knowledge of an adverse court ruling in a similar trial, promoted by the same consumers association against other mobile operator. Currently it is pending judgment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s Management, with the advice of its legal counsel, believes that it has strong arguments for its defense, but given the new jurisprudential precedent, the outcome of this claim cannot be ensured.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">v) Claim by Trade Unions for Union Contributions and Payments</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The unions FOEESITRA, SITRATEL, SILUJANTEL, SOEESIT, FOETRA, SUTTACH and the Union of telephony workers and employees of Tucum&#225;n (Sindicato de Obreros y Empleados Telef&#243;nicos de Tucum&#225;n) filed 7 legal actions against Telecom Argentina claiming the union contributions and payments set forth in the respective Collective Bargaining Agreements (&#147;CBA&#148;) corresponding to the third party employees rendering services to Telecom Argentina, for the not prescribed term of 5 years, plus the damages caused by the lack of payment of such items. (The items claimed are the Special Fund and the Solidarity Contribution).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The unions mentioned sustain that Telecom Argentina is jointly liable for the payment of the above-mentioned contributions and payments, based on the provisions of sections 29 and 30 of the Labor Contract Law and the nonperformance of the CBA as to its obligation to inform the Union on the hiring of third parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All claims were answered and procedural terms are suspended. In all cases, new hearings were appointed in the terms of art. 80 and the parties requested a new suspension of terms as a result of possible extrajudicial negotiations. The suits </font>are for an undetermined amount.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although the Company&#146;s management considers that there are strong arguments for these actions to be decided on its favor, as there is no case law in the matter, no assurance can be given on the final outcome of these claims.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is evaluating a negotiation with the trade unions to reach a settlement agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">vi) Asociaci&#243;n por la Defensa de Usuarios y Consumidores v. Cablevisi&#243;n on expedited summary proceeding:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;29, 2018 the Company was notified of a lawsuit initiated by the Asociaci&#243;n por la Defensa de Usuarios y Consumidores, requesting that the defendant 1) cease to prevent customers to rescind Internet and cable TV services at the time of request; 2) reimburse to each user the amounts collected for the period of 5 years and until Cablevisi&#243;n fulfills the request mentioned in 1); and 3) pay punitive damages for each of the affected customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;19, 2018, the Company filed a response. In its plea, it requested the extension of the period of the statutes of limitation (biennial term) and the declaration of the lack of standing to sue of the association. Likewise, the Company argued that the class to be represented had not been established and that it had not contravened the Antitrust Law and gave a detailed description of the termination procedure used by Cablevisi&#243;n highlighting its compliance with Articles 10 ter and 10 quater of said law. It also challenged the application of the punitive damages claimed by the plaintiff and the Company also produced documentary evidence. It requested that the claim be rejected in its entirety, and that the legal costs be borne by the plaintiff.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The probability of occurrence of the lawsuit has been deemed as possible and the amount has still not been set yet.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">169<a name="PB_169_120544_8807"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Remote Proceedings</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom faces other legal proceedings, fiscal and regulatory considered normal in the development of its activities. The Company Directors and its legal advisors estimate it will not generate an adverse impact on their financial position and the result of its operations, or its liquidity. In accordance with IAS 37 &#147;Provisions&#148;, not any provision has been constituted and/or disclosed additional information in this Annual Report related to the resolution of these issues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Contingency Asset</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.4pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>&#147;AFA Plus Project&#148; Claim</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;20, 2012, the Company entered into an agreement with the Argentine Football Association (&#147;AFA&#148;), for the provision of services to a system called &#147;Argentine Football System Administration&#148; (&#147;AFA Plus Project&#148;) related to the secure access to first division football stadiums whereby Telecom Argentina should provide the infrastructure and systems to enable the AFA to manage the aforementioned project. The recovery of investments and expenses incurred by Telecom Argentina and its profit margin would come from charging AFA with a referring price stated in 20% of the popular ticket price per each football fan that attend the stadiums during the term of the agreement, so the recoverability of the Company&#146;s assets related to the Project depended on AFA implementing the &#147;AFA Plus Project&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From 2012 and in compliance with its contractual obligations, the Company made investments and incurred in expenses amounting to P$269 million, of which P$211 million are included in PP&amp;E for the provision and installation of equipment and the execution of civil works for improving the football stadiums, registration centers equipment, inventories and material storage and attend other expenses directly associated with AFA Plus Project.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For several specific reasons of the Project, the football environment and the country context, the AFA Plus system was not implemented by the AFA, not even partially. Accordingly, Telecom Argentina has not been able to begin collecting the agreed price.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, throughout the agreement, Telecom Argentina received no compensation from AFA for the services provided and the work performed. In September&nbsp;2014, the AFA notified the Company of its decision to terminate the agreement with Telecom Argentina, modifying the AFA Plus Project, and also informed that it will assume the payment of the investments and expenditures incurred by the Company. Accordingly, negotiations between the parties have started.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In February&nbsp;2015, AFA made a proposal to compensate the investments and expenditures incurred by the Company through advertising exchange exclusively related to the AFA Plus Project (or the one that replaces this Project in the future), in the amount of US$12.5 million. The proposal considered that if the advertising compensation was not realized in one year, AFA would pay to Telecom the agreed amount. The Company analyzed the quality of the assets offered by the AFA in its offer of advertising exchange, and rejected the offer as insufficient.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New negotiations were conducted in 2015 to improve the mentioned offer (requiring a combination of cash payments and advertising) but a satisfactory agreement was not reached and negotiations were suspended for AFA internal affairs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In October&nbsp;2015, the Company formally demanded that AFA pay the amounts due (P$179.2 million plus interest from its implementation). The AFA rejected the claim but agreed to resume negotiations for a closing agreement which then was suspended by the AFA electoral process.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In January&nbsp;2016 both parties resumed conciliatory negotiations, while the Company reserved its right to exercise legal claims on the amounts due.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;2016 the Company initiated a compulsory pre-judicial mediation procedure. The first audience, held on July&nbsp;12, 2016, was attended by both parties. A second audience was held on August&nbsp;3, 2016 and a third and the last one was held on August&nbsp;23, 2016, which resulted in no agreement between the parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In February&nbsp;2018, the Company initiated a new mandatory prejudicial mediation procedure which was finished without agreement. On December&nbsp;19, 2018, a claim was brought against AFA for $ 353,477,495.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s Management with the assistance of its external advisor believes that they have strong legal arguments for claiming and are evaluating the actions to be followed for recovering the investments and expenses made.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">170<a name="PB_170_120648_7091"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is worth mentioning that the impairment recorded by the Company arising from the uncertainties related to the recoverable value of assets recognized by the AFA Plus Project (Works in Progress and Materials amounting to P$211 million) have been only recorded for the purpose to comply with accounting standards and in no way involves giving up or limiting the rights given to the Company as a genuine creditor for the AFA Plus Project agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dividend Policy</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The declaration, amount and payment of dividends are determined by a majority vote at a shareholders&#146; ordinary meeting of Telecom Argentina&#146;s capital stock. Under the GCL, dividends may only be declared out of liquid and realized profits determined based on non-consolidated financial statements prepared in accordance with GAAP effective in Argentina (IFRS in the case of listed companies as Telecom Argentina) and other applicable regulations issued by the CNV and other regulatory bodies. Furthermore, liquid and realized profits can only be distributed when all accumulated losses from past periods have been absorbed and the legal reserve has been constituted or reconstituted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the rules&nbsp;of the CNV (as approved by General Resolution No.&nbsp;622/13, as amended and supplemented (collectively, the &#147;CNV Rules&#148;), Shareholders&#146; Meetings that approve financial statements in which retained earnings are positive must make a specific determination on the use of such earnings in accordance with the GCL and, as a result, must resolve on its distribution as cash dividends, capitalization with issuance of paid-in shares, use to create reserves other than statutory reserves, or a combination of such alternatives. As a result of this rule&nbsp;the balance of retained earnings after the allocation approved by the Annual Shareholders&#146; Meeting should be zero.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In preparing the Annual Report in compliance with Argentine requirements, at the end of each fiscal year, the Board of Directors analyzes Telecom Argentina&#146;s economic and financial position and its compliance with the abovementioned restrictions. The Board of Directors also takes into account the funds needed for operative purposes for the following fiscal year. The Board of Directors then proposes a course of action with respect to retained earnings, which may or may not include a dividend distribution. The decision with regards to the proposal of the Board of Directors is made by Telecom Argentina&#146;s shareholders at the Shareholders&#146; Meeting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s Board of Directors, at its meeting held on March&nbsp;19, 2019, convened an Ordinary and Extraordinary Shareholders&#146; meeting to be held on April&nbsp;24, 2019, to consider among other issues the allocation of Telecom Argentina&#146;s retained earnings as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Directors proposes:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">In&nbsp;Pesos</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Retained   Earnings as of December&nbsp;31, 2018</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">26,918,365,656</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Legal Reserve</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(265,906,251</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Cash   Dividends</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,300,000,000</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Facultative   reserve for future cash dividends</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,300,000,000</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Facultative   reserve to maintain the level of investments in capital assets and the   current level of solvency of the Company</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14,052,459,405</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">To New   Fiscal Year</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#151;</font></b></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(a)&#160;&#160;&#160; An amount that adjusted for inflation in accordance with CNV General Resolution No. 777/2018 results in $6,300,000,000 in Cash Dividends.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding this proposal, it should be taken into account that since the enactment of General Resolution CNV No.&nbsp;777/2018 (published in the Official Gazette on December&nbsp;28, 2018), the restatement method for the financial statements in homogenous currency is applicable for issuer companies, as established by the IAS 29.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regarding the distribution of earnings, the aforementioned CNV General Resolution No.777/2018, established that&nbsp;<b><i style="font-weight:bold;">&#147;The distribution of earnings must be treated in the currency of the date of the Shareholders&#146; Meeting by means of the price index corresponding to the month prior to their meeting.&#148;&nbsp;</i></b><i>(section 3, item 1, subsection e), Chapter III, Title IV of the CNV RULES (NT 2013),&#148;Expression in constant currency of the earnings distributions&#148;).</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Therefore, it should be noted that this proposal of distribution of earnings corresponds to figures in current currency of December&nbsp;31, 2018, leaving to the resolution of the Shareholders&#146; Meeting the determination of the amount that can be distributed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">171<a name="PB_171_121932_455"></a></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Board of Directors proposes i) that the cash dividends be made available to shareholders in three (3)&nbsp;equal installments, being payable the first installment within thirty (30) calendar days of their approval by the Shareholders&#146; Meeting, and the second and third installments within ninety (90) and one hundred and eighty (180) consecutive days of their approval by the Shareholders&#146; Meeting, respectively, or on the previous date determined by the Board of Directors; ii) that powers be delegated into the Board of Directors of the Company so that, depending on the evolution of the business, it may order the withdrawal, totally or partially, in one or more times, of an amount of up to $6,300,000,000 from the &#147;Facultative reserve for future cash dividends&#148; and its distribution to shareholders as cash dividends, being these delegated powers able to be exercised until December&nbsp;31, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Significant Changes</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as identified in this Annual Report, no undisclosed significant changes have occurred since the date of the Consolidated Financial Statements. See &#147;Item 3&#151;Key Information&#151;Risk Factors&#148; and &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Years ended December&nbsp;31, 2018, 2017 and 2016&#151;Factors Affecting Results of Operations.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 8 FINANCIAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">172<a name="PB_172_122402_4141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 9.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>THE OFFER AND LISTING</b><a name="ITEM9_THEOFFERANDLISTING_122415"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The number of shares as of December&nbsp;31, 2018, was as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Class&nbsp;of&nbsp;shares&nbsp;(*)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Outstanding<br>   Shares</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Treasury<br>   shares</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total<br>   capital&nbsp;stock</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A   Shares</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;B   Shares</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">627,953,887</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,221,373</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">643,175,260</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;C   Shares</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">210,866</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">210,866</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;D   Shares</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:46.5%;">
<p align="center" style="margin:0in 0in .0001pt 10.1pt;text-align:center;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2,153,688,011</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">15,221,373</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2,168,909,384</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(*) Ordinary share (nominal value P$1 each) with 1 vote each</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Class&nbsp;B Shares are currently listed on the BYMA. The ADSs are currently listed on the NYSE under the symbol &#147;TEO&#148;. Each ADS issued by the Depositary represents rights to five Class&nbsp;B Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The ADSs issued by the Depositary under the Deposit Agreement dated as of November&nbsp;8, 1994, among Telecom Argentina, the Depositary and the registered holders from time to time of the ADSs issued thereunder (the &#147;Deposit Agreement&#148;) trade on the NYSE. Each ADS represents rights to five Class&nbsp;B Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;22, 2013, Telecom Argentina&#146;s Board of Directors, based on the authority delegated by the Ordinary Shareholders&#146; meeting held on May&nbsp;21, 2013 to allocate the Voluntary Reserve for Capital Investments, approved the terms and conditions of Telecom Argentina&#146;s Treasury Shares Acquisition Process. The acquisition process has to be made in Argentine pesos in the market in order to avoid any possible damages to Telecom Argentina and its shareholders derived from fluctuations and imbalances between the shares&#146; price and Telecom Argentina&#146;s solvency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The main terms and conditions of the Treasury Shares acquisition process are:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Date of announcement: May&nbsp;22, 2013.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Maximum amount to be invested: P$1,200 million.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Maximum amount of shares subject to the acquisition: the amount of Class&nbsp;B Ordinary Shares of Telecom Argentina, P$1 of nominal value and with one vote each, that may be acquired with the maximum amount to be invested, which amount may never exceed a limit of 10% of the capital stock.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Price to be paid by share: between a minimum of P$1 and a maximum of P$32.50 per share. On August&nbsp;29, 2013, the maximum price was raised by Telecom Argentina&#146;s Board of Directors to P$40 per share.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Deadline for the acquisition process: April&nbsp;30, 2014.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section&nbsp;67 of Law No.&nbsp;26,831, Telecom Argentina must sell its treasury shares within three years of the date of acquisition, unless such period is extended by a decision of the Shareholders&#146; Meeting. The Telecom Argentina&#146;s Shareholders Meeting held on April&nbsp;29, 2016 resolved to extend for three years the period for which the treasury shares are held. Pursuant to Section&nbsp;221 of the GCL, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&#146; Meetings. No restrictions apply to Retained Earnings as a result of the creation of a specific reserve for such purposes named &#147;Voluntary Reserve for Capital Investments.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The last acquisition made by Telecom Argentina was on November&nbsp;5, 2013. The total treasury shares acquired were 15,221,373 by a total amount of P$461 million (P$30.29 average per share) &#151; P$1,795 million in current currency of December&nbsp;31, 2018-. Such acquisitions were recorded at the acquisition cost and deducted from equity under the caption &#147;Treasury shares acquisition cost.&#148; No profit or loss resulting from holding the treasury shares has been recognized in the income statement. </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 9 THE OFFER AND LISTING</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">173<a name="PB_173_122719_4701"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Plan of Distribution</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Argentine Securities Market</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Originally, the securities market in Argentina was composed of eleven securities exchanges, of which five (including the BCBA) had affiliated stock markets which were authorized to quote publicly-offered securities. The oldest and largest of these exchanges was the BCBA, founded in 1854. </font>However, this system was affected by the enactment of Law No.&nbsp;26,831, Decree No 1,203/2013 issued by the National Executive Office and the new regulations issued by the CNV, mainly contained in Resolution No.&nbsp;622/2013, as amended, which stated that securities can only be listed and exchanged in stock markets authorized to function as such by the CNV. For the year ended December&nbsp;31, 2018, the ten most actively traded equity issues represented approximately 67% of the total volume of equity traded on the market.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;17, 2017, BYMA, a stock market authorized by CNV, who shall succeed the Mercado de Valores de Buenos Aires S.A. or MERVAL, started the automatic transfer of all the species listed in the MERVAL to BYMA.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BYMA was created as a result of the spin off (<i>escisi&#243;n</i>) of certain assets of the MERVAL, including its holdings in Caja de Valores S.A., the local clearing house for traded securities, and a capital contribution by the BCBA of its holdings in Caja de Valores S.A. Securities may also be listed and traded on the <i>Mercado Abierto Electr&#243;nico S.A.</i> (the &#147;MAE&#148;), an electronic over-the-counter market trading system that functions independently from the BCBA and MERVAL or BYMA. However, in March&nbsp;1992, the BCBA, the MERVAL and representatives of the dealers on the MAE implemented an agreement that causes trading in equity and equity-related securities to be conducted exclusively on the MERVAL, now BYMA, while all corporate debt securities listed on the BCBA may also be traded on the MAE. Trading in Argentine government securities, which are not covered by the agreement, is expected to be conducted principally on the MAE. The agreement does not extend to other Argentine stock exchanges.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The CNV is responsible for the regulation and supervision to ensure the correct application of the rules&nbsp;governing the Argentine Securities Market, which acts under the regulatory framework described as follows.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Capital Markets Law &#151; Law No.&nbsp;26,831</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;28, 2012, the Capital Markets Law No.&nbsp;26,831 was published in the Official Gazette. Law No.&nbsp;26,831 eliminates capital markets&#146; self-regulation and grants new powers to the CNV, including the ability to request reports and documents, conduct investigations and inspections of natural and legal persons under its control, call to testify and take informative and testimonial declaration. Likewise, if as a result of investigations performed, it is determined that non-controlling interests or the interests of holders of securities subject to public offering have been harmed, the CNV, according to the severity of the harm determined, may appoint overseers with the power to veto resolutions adopted by the Board of Directors and/or discontinue the Board of Directors for a maximum period of 180 days until deficiencies found are remedied.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No.&nbsp;26,831 supersedes Law No.&nbsp;17,811 and Decree No.&nbsp;677/01, among other rules, and became effective on January&nbsp;28, 2013.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In August&nbsp;2013, the PEN issued Decree No.&nbsp;1,023/13 regulating certain sections of Law No.&nbsp;26,831, and in September&nbsp;2013, the CNV issued the Resolution No.&nbsp;622/13 which established the new comprehensive rules&nbsp;of the CNV and also implements regulation related to certain sections of Law No.&nbsp;26,831.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;11, 2018, Productive Financing Law No.&nbsp;27,440 was published in the Official Gazette. This law established several amendments to the Capital Markets Law No.&nbsp;26,831 regarding the extent of the powers of the CNV; the exercise of preemptive rights on shares offered through public offering in the case of capital increases; private placements; public tender offers; the jurisdiction of the federal commercial courts of appeals to review the resolutions issued or sanctions imposed by the CNV, among other amendments.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 9 THE OFFER AND LISTING</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">The Buenos Aires Stock Market (MERVAL / BYMA)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The MERVAL, entity succeeded by the BYMA, is the largest stock market in Argentina. The MERVAL is a corporation, whose approximately 183 shares are held by individuals and entities authorized to trade in the securities listed on the BCBA. Trading on the BYMA is conducted by continuous open auction, from 11:00 a.m.&nbsp;to 5:00 p.m.&nbsp;each business day. The BYMA also operates a continuous electronic market system each business day, on which privately arranged trades are registered and made public.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although the BCBA is one of Latin America&#146;s largest securities exchanges in terms of market capitalization, it remains relatively small and illiquid compared to major world markets, and therefore, is subject to greater volatility. To control price volatility, the BYMA operates a system which suspends dealing in a particular issuer&#146;s shares for fifteen minutes when the price changes 10% with respect to that day&#146;s opening price. Once trading resumes, the trading is then suspended for another fifteen minutes if the price changes more than 15% with respect to that day&#146;s opening price. If the price then changes 20% with respect to that day&#146;s opening price, and for every 5% fluctuation in price thereafter, the trading of such shares is interrupted for an additional ten minutes. Investors in the Argentine securities market are mostly individuals, mutual funds and companies. Institutional investors that trade securities on the BYMA, which represent a relatively small percentage of trading activity, consist of a limited number of investment funds.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain historical information regarding the BCBA is set forth in the table below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="36%" valign="bottom" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2015</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2014</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market   capitalization (P$&nbsp;billions) (1)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,524</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,877</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,512</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,292</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,893</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As percent of   GDP (2)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">85</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Volume (P$&nbsp;million)   (1)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,144,621</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,712,799</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,333,260</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">749,829</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">621,831</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average daily   trading volume (P$&nbsp;million) (1)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,056</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,983</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,420</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,098</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,580</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="36%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of traded   companies (including Cedears)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">183</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">184</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">189</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">194</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">202</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">End-of-period figures for trading on the BCBA (includes domestic and non-domestic public companies).</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">According to INDEC revised figures of GDP at current prices for the selected period, published as of March&nbsp;2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Source: Instituto Argentino de Mercado de Capitales</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr>
<td width="59%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:59.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 9 THE OFFER AND LISTING</font></p>    </td>
<td width="40%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">175<a name="PB_175_122947_7906"></a></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Selling Shareholders</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;22, 2017, Telecom Argentina filed a registration on Form&nbsp;F-3 (File No.&nbsp;333-216890) through the selling shareholder to be identified in a prospectus supplement may offer and sell from time to time our Class&nbsp;B Shares underlying ADSs or ADSs. As of the date of this Annual Report, this registration statement has not been declared effective by the SEC. On August&nbsp;13, 2018, the Company has filed with the SEC </font>a request for withdrawal of Telecom Argentina&#146;s Registration Statement on Form&nbsp;F-3.&#160; In the request, Telecom Argentina confirmed that no securities under the Registration Statement have been sold.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dilution</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Expenses of the Issue</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="59%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:59.28%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I -   ITEM 9 THE OFFER AND LISTING</font></p>    </td>
<td width="40%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">176<a name="PB_176_123015_3736"></a></p>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 10.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>ADDITIONAL INFORMATION</b><a name="ITEM10_ADDITIONALINFORMATION_123032"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MEMORANDUM AND ARTICLES OF ASSOCIATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Register</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s bylaws were registered before the IGJ on July&nbsp;13, 1990, under number 4,570, book 108, volume &#147;A&#148; of Corporations. Telecom Argentina&#146;s bylaws with all subsequent amendments were registered before the IGJ on November&nbsp;15th, 2018, under number 22160, book 92 of Corporations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Object and Purpose</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Article&nbsp;I, Section&nbsp;3 of Telecom Argentina&#146;s bylaws was amended by Ordinary and Extraordinary Shareholders&#146; Meeting held on June&nbsp;22, 2015, with the approval of AFTIC. Pursuant to this amendment, Telecom Argentina&#146;s object and purpose is to provide, directly or through third parties, or in association with third parties,&nbsp;ICT Services, whether these ICT services are fixed, mobile, wired, wireless, national or international, with or without its own infrastructure, and to provide Audiovisual Communication Services (&#147;AC Services&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to its object and purpose, Telecom Argentina may supply, lease, sell and market in any manner, all kinds of equipment, infrastructure, goods and services related to or supplementary with ICT Services and AC Services. Telecom Argentina may undertake works and provide all kinds of services, including advisory and safety services, in connection with ICT Services and AC Services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To fulfill its object and purpose, Telecom Argentina has full legal capacity to acquire rights, undertake obligations and take any action that is not forbidden by law and by its bylaws, including the capacity to borrow funds, publicly or privately, through the issue of debentures and negotiable obligations. Telecom Argentina may constitute companies, acquire equity interests in other companies and enter into any kinds of association agreements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any amendment to the corporate object and purpose shall be in compliance with the respective legal regulations in force.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;18, 2004, Telecom Argentina&#146;s shareholders voted to change the company&#146;s name to &#147;Telecom Argentina S.A.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telecom Argentina&#146;s capital stock</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a summary of the rights of the holders of Telecom Argentina shares. These rights are set out in Telecom Argentina&#146;s <i>estatutos sociales </i>(bylaws) or are provided for by applicable Argentine law. These rights may differ from those typically provided to shareholders of U.S. companies under the corporation laws of some states of the United States.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Limited liability of shareholders</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, a shareholder&#146;s liability for losses of a company is generally limited to the value of his or her shareholdings in the company. Under Argentine law, however, a shareholder who votes in favor of a resolution that is subsequently declared void by a court as contrary to Argentine law or a company&#146;s bylaws (or regulations, if any) may be held jointly and severally liable for damages to such company, to other shareholders or to third parties resulting from such resolution. In connection with recommending certain actions for approval by shareholders, the Board of Directors of Telecom Argentina occasionally obtained opinions of internal and/or external counsel concerning the compliance of the actions with Argentine law and our bylaws (or regulations, if any). We currently intend to obtain similar opinions in the future as the circumstances require it. Although the issue is not free from doubt, based on advice of counsel, we believe that a court in Argentina in which a case has been properly filed would hold that a non-controlling shareholder voting in good faith and without a conflict of interest in favor of such a resolution based on the advice of counsel that such resolution is not contrary to Argentine law or our bylaws or regulations, would not be liable under this provision.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Voting Rights</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant Telecom Argentina&#146;s bylaws, each share entitles the holder thereof to one vote at the shareholders&#146; meetings. All of Telecom Argentina&#146;s directors are appointed jointly by shareholders in an Ordinary General Shareholders&#146; Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">177<a name="PB_177_123145_9621"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, shareholders are entitled to cumulative voting rights for the election of up to one-third of the vacancies to be filled on the Board of Directors and the Supervisory Committee. If any shareholder notifies the company of its decision to exercise its cumulative voting rights not later than three business days prior to the date of the Shareholders&#146; Meeting, all shareholders are entitled, but not required, to exercise their cumulative voting rights as well.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through the exercise of cumulative voting rights, the aggregate number of votes that a shareholder may cast is multiplied by the number of vacancies to be filled in the election, and each shareholder may allocate the total number of its votes among a number of candidates not exceeding one-third of the number of vacancies to be filled. Shareholders not exercising cumulative voting rights are entitled to cast the number of votes represented by their shares for each candidate. The candidates receiving the most votes are elected to the vacancies filled by cumulative and non-cumulative voting. In case of tie between the candidates voted under the same system, the two candidates that received the most votes will participate in a run-off election, and the candidate receiving the most votes in the run-off election will be deemed elected.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, any person who enters into a voting agreement with other shareholders in a public company must inform the CNV of that voting agreement and must file a copy of that voting agreement before the CNV.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Shareholders&#146; Meetings</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders&#146; Meetings may be ordinary meetings or extraordinary meetings. Telecom Argentina is required to hold an Annual Ordinary Shareholders&#146; Meeting in each fiscal year to consider the matters outlined in Article&nbsp;234 of the GCL, Article&nbsp;71 of Law No.&nbsp;26,831 and CNV rules, including but not limited to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>approval of Telecom Argentina&#146;s financial statements and general performance of the directors and members of the Supervisory Committee for the preceding fiscal year;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>election, removal and remuneration of directors and members of the Supervisory Committee;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>allocation of profits; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>appointment of external auditors.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Matters which may be considered at these or other ordinary meetings include, but are not limited to:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>consideration of the responsibility of directors and members of the Supervisory Committee; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>capital increases and the issuance of negotiable obligations.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Extraordinary Shareholders&#146; Meetings may be called at any time to consider matters beyond the scope of the ordinary shareholder&#146;s meetings, including amendments to the bylaws, issuances of certain securities that permit profit sharing, anticipated dissolution, merger and transformation from one type of company to another,&nbsp;etc.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders&#146; Meetings may be convened by the Board of Directors or the members of the Supervisory Committee. The Board of Directors or the members of the Supervisory Committee are also required to convene shareholders&#146; meetings upon the request of any shareholder or group of shareholders holding at least 5% in the aggregate capital stock of Telecom Argentina. If the Board of Directors or the members of the Supervisory Committee fail to do so, the meeting may be called by the CNV or by the Argentine courts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of the Shareholders&#146; Meeting must be published in the Official Gazette of the Republic of Argentina (the &#147;Official Gazette&#148;) and in a widely circulated newspaper in Argentina, at least twenty days before the shareholder&#146;s meeting. In order to attend a meeting, shareholders must submit proper evidence of their ownership of shares via book-entry account held at the Caja de Valores S.A. If entitled to attend the meeting, a shareholder may be represented by proxy.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of ADSs are not entitled to attend or vote at a shareholders&#180;s meeting but its Deposit Agreement provides for certain procedures to instruct the Depositary to vote deposited Class&nbsp;B Shares in accordance with instructions provided by the holders of the ADSs. For voting instructions to be valid, the depositary must receive them on or before the date indicated in the relevant notice. There is no guarantee that an ADS holder will receive voting materials in time to instruct the depositary to vote.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The quorum for Ordinary Shareholders&#146; Meetings consists of a majority of the capital stock entitled to vote. In Ordinary Shareholders&#146; Meetings, resolutions may be adopted by the affirmative vote of a majority of the shareholders present that have issued a valid vote, without counting voluntary abstentions. If there is no quorum at the meeting, a second Ordinary Shareholders&#146; Meeting may be called. The meeting in a second call can be held whatever the number of the shareholders at the meeting, and resolutions may be adopted by a majority of the shareholders present.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The quorum for Extraordinary Shareholders&#146; Meetings is 60% of the capital stock entitled to vote. If there is no quorum at the extraordinary shareholders&#146; meeting, a second extraordinary shareholders&#146; meeting may be called. The quorum for extraordinary shareholders&#146; meeting in a second call is the 30% of the present capital stock. In both cases, decisions are adopted by a majority of valid votes, except for certain fundamental matters, including:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>mergers and spin-offs, when Telecom Argentina is not the surviving entity;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>anticipated liquidation;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>change of Telecom Argentina&#146;s domicile to a domicile outside Argentina;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>total or partial repayment of capital; or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a substantial change in the corporate object and purpose.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of these actions requires a favorable vote of more than 50% of all the capital stock entitled to vote.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In some of these cases, a dissenting shareholder is entitled to appraisal rights.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any resolution adopted by the shareholders at Ordinary or Extraordinary Shareholders&#146; Meetings that affects the rights of one particular class of capital stock must also be ratified by a special meeting of that class of shareholders. The special meeting will be governed by the rules&nbsp;for Ordinary Shareholders&#146; Meetings.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, and pursuant to the amendment to the bylaws approved on August&nbsp;31, 2017, a favorable resolution by a special meeting of the Class&nbsp;A and/ or the Class&nbsp;D will be required in order to approved any Supermajority Matter.&#160; That special meeting will be required to the extent the Class&nbsp;A or the Class&nbsp;D represent more than 15% of the capital stock, respectively, or 20% of the capital stock if the decision involves the approval of the Business Plan or the Annual Budget.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Dividends</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends can be lawfully paid and declared only out of our realized and liquid profit.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For these purposes, the Board of Directors must submit our financial statements for the previous fiscal year, together with a report thereon by the Board of Directors, to the shareholders for their approval at an Ordinary Shareholders&#146; Meeting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the approval of the financial statements, the shareholders determine the allocation of Telecom Argentina&#146;s net profits (if any). Under CNV rules, a Shareholders&#146; Meeting convened to approve the financial statements in which retained earnings are positive must make a specific decision on the use of such earnings in accordance with the GCL. The Shareholders&#146; Meeting must resolve on its distribution as cash dividends, capitalization with issuance of paid-in shares, use to create reserves other than statutory reserves, or a combination of such alternatives. In addition, the GCL requires Argentine companies to allocate 5% of any net profits to a legal reserve, until the amount of this reserve equals 20% of our capital stock. The legal reserve is not available for distribution. The remainder of net profits may be paid as dividends on common stock or retained as a voluntary reserve or other account, or a combination thereof, all as determined by the shareholders. As provided by CNV Resolution No.&nbsp;609/12, positive retained earnings generated by the mandatory adoption of IFRS as from January&nbsp;1, 2012, should be assigned to a special reserve that can only be utilized for its capitalization or to absorb negative retained earnings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends may not be paid if the legal reserve has been impaired, nor until it has been fully replenished. Shareholders&#146; rights to collect dividends expire three years after the distribution date pursuant to Section&nbsp;17 of Telecom Argentina&#146;s bylaws, as amended by the Shareholders&#146; Meeting held on April&nbsp;24, 2002.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine law permits the Board of Directors of certain companies, such as Telecom Argentina, to approve the distribution of anticipated dividends on the basis of financial statements especially prepared for the purpose of paying such dividends, provided that both the external auditors and the Supervisory Committee have issued an opinion report. The actual payment of these dividends is made on an interim basis, and they are paid on account of the dividends to be determined in the Annual Ordinary Shareholders&#146; Meeting on the basis of the financial statements for the year.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Note 30 to our consolidated financial statements regarding restrictions on distributions of profits and dividends.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Capital increase and reduction</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina may increase its capital upon authorization of an Ordinary Shareholders&#146; Meeting. All capital increases must be conformed by the CNV, published in the Official Gazette and recorded with the IGJ. Capital reductions may be voluntary or mandatory. Shares issued in connection with any capital increase must be divided among the various classes in proportion to the number of shares of each class outstanding at the date of the issuance, provided that the number of shares of each class actually issued may vary based on the exercise of preemptive rights and additional accretion rights in accordance with the procedure described under &#147;&#151;Preemptive Rights&#148; below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A voluntary capital reduction must be approved by an Extraordinary Shareholders&#146; meeting and may take place only after notice thereof is published and creditors are given an opportunity to obtain payment or collateralization of their claims, or attachment, except in redemption cases (with liquid and realized profits).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with Article&nbsp;206 of the GCL, reduction of a company&#146;s capital stock is mandatory when losses have exceeded reserves and at least 50% of the stated capital (capital stock plus inflation adjustment).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Currently, Telecom Argentina is not required to reduce its capital stock.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Preemptive Rights</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, holders of a company&#146;s common shares of any given class have preferential or preemptive rights, proportional to the number of shares owned by each shareholder, to subscribe for any shares of capital stock of the same class as the shares owned by the shareholder or for any securities convertible into such shares issued by the company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of a capital increase, shareholders of Telecom Argentina of any given class have a preemptive right to purchase any issue of shares of such class in an amount sufficient to maintain their proportionate ownership of Telecom Argentina&#146;s capital stock. For any shares of a class not preempted by any holder of that class, the remaining holders of the class will assume <i>pro rata</i> the preemptive rights of those shareholders that are not exercising their preemptive rights. Pursuant to Telecom Argentina&#146;s bylaws, if any Class&nbsp;B or Class&nbsp;C Shares are not preempted by the existing shareholders of each such class, the other classes may preempt such class. However, if any shares of the other Classes of Shares are not preempted by the existing holders of such class, holders of Class&nbsp;B or Class&nbsp;C Shares shall have no preemptive rights with respect to such shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A notice to the shareholders of their opportunity to preempt the capital increase must be published for three days in the Official Gazette and a widely circulated newspaper in Argentina. The period for the exercise of preemptive rights is 30 days following the last day of publication and may be reduced to 10 days by resolution of an extraordinary shareholders&#146; meeting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the GCL, preemptive rights may only be restricted or suspended in certain particular and exceptional cases by a resolution of an Extraordinary Shareholders&#146; Meeting when required by the interest of the company.</font></p>
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<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Conflicts of Interest</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A shareholder that votes on a business transaction in which its interest conflicts with that of Telecom Argentina may be liable for damages under Argentine law, but only if the transaction would not have been approved without his or her vote. See &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Argentina&#151;Our Shareholders may be subject to liability under Argentine law for certain votes of their securities.&#148; See also &#147;&#151;Powers of the Directors&#148; below for a description of conflict of interest regarding Directors.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Redemption or Repurchase</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s stock is subject to redemption in connection with a reduction of capital by a majority vote of shareholders at an Extraordinary Shareholders&#146; Meeting. Pursuant to the GCL, Telecom Argentina may repurchase the stock with liquid and realized profits or available reserves, upon a determination of the Board of Directors that the repurchase is necessary in order to avoid severe damage to our business (subject to shareholder consideration) or in connection with a merger or acquisition. In addition, Telecom Argentina can purchase up to 10% of its capital stock in the BCBA pursuant to Law No.&nbsp;26,831, complying with the requirements and procedures stated therein. If the purchase is made pursuant to Law No.&nbsp;26,831, Telecom Argentina must resell the repurchased shares within three years and its shareholders will have preemptive rights to purchase the shares, except in case of an employee compensation program or plan, or in case the shares are distributed among all the shareholders proportionately or regarding the sale of an amount of shares that in any period of 12 months does not exceed 1% of the Telecom Argentina&#146;s capital stock. In such cases, the three-year period can be extended with the previous approval by a Shareholders&#146; Meeting.</font></p>
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<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Appraisal Rights</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever certain extraordinary resolutions are adopted at an Extraordinary Shareholders&#146; meeting, such as a merger of Telecom Argentina into another entity, a change of corporate object and purpose, transformation from one type of corporate form to another, or the voluntary withdrawal from the public offering regime or listing of Telecom Argentina&#146;s shares , any shareholder dissenting from the adoption of any resolution may withdraw from Telecom Argentina and receive the book value of his or her shares determined on the basis of Telecom Argentina&#146;s annual financial statements (as approved by the Annual Ordinary Shareholders&#146; Meeting), provided that the dissenting shareholder exercises its appraisal rights within five days following the Shareholders&#146; Meeting at which the resolution was adopted. This right may be exercised within 15 days following the meeting if the dissenting shareholder was absent and provided he or she can prove that he or she was a shareholder on the day of the Shareholders&#146; Meeting at which the resolution was adopted. In the case of a merger of Telecom Argentina or a spin-off of Telecom Argentina, no appraisal rights may be exercised if Telecom Argentina is the surviving company or if the shares that Telecom shareholders&#146; would receive as a result of such merger or spin-off would also be admitted to the public offering regime or listed in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appraisal rights are extinguished if the resolution is subsequently overturned at another Shareholders&#146; Meeting held within sixty days of the expiration of the time period during which absent shareholders may exercise their appraisal rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment on the appraisal rights must be made within one year of the date of the Shareholders&#146; Meeting at which the resolution was adopted. In the case of voluntary withdrawal from the public offering regime or listing of Telecom Argentina&#146;s shares, the payment period is reduced to sixty days from the date of the approval of the voluntary withdrawal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, should Telecom Argentina decide to voluntarily withdraw its shares from the public offering regime or listing in Argentina, pursuant to Article&nbsp;97 of Law No.&nbsp;26,831, a tender offer by Telecom Argentina at a fair price (<i>precio equitativo)</i> to be determined in accordance with certain parameters must be conducted before such withdrawal.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Liquidation</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon liquidation of Telecom Argentina, one or more liquidators may be appointed to wind up its affairs. All outstanding shares of common stock will be entitled to participate equally in any distribution upon liquidation.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of liquidation, the assets of Telecom Argentina shall be applied to satisfy its debts and liabilities. If any surplus remains, it shall be distributed to the holders of shares in proportion to their holdings.</font></p>
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<p style="margin:0in 0in .0001pt 21.3pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Acquisitions of 5% or more of the voting stock of a public company</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Argentine law, any person acquiring 5% or more of the voting stock of a public company must inform the CNV in writing of the acquisition of such voting stock. Additionally, such person must inform the CNV in writing of each additional acquisition of 5% of the voting stock of that particular company, until such person acquires control of that company.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">181<a name="PB_181_114139_7056"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Powers of the Directors</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The bylaws of Telecom Argentina do not contain any provision regarding the ability to vote on a proposal, arrangement or contract where a director is an interested party. Under Argentine law, a director may sign contracts with the company related to the company&#146;s activities so long as the conditions are on an arm&#146;s-length basis. If such contract does not meet such conditions, the agreement may only be subscribed with the prior approval of the Board of Directors or, in absence of quorum, with the approval of the Supervisory Committee. Such transactions must be dealt with at the following Shareholders&#146; Meeting, and if such meeting does not approve them, the Board of Directors or the Supervisory Committee (as the case may be) are jointly responsible for any damages caused to the company. Argentine law also requires that if a director has a personal interest contrary to Telecom Argentina&#146;s, he or she must notify the Board of Directors and to the Supervisory Committee. The director must refrain from participating in any deliberations or he or she may be held jointly and severally liable for all damages caused to Telecom Argentina as a result of the conflict of interests.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, Law No.&nbsp;26,831 dictates that the contracts between a company and a director (that qualifies as a &#147;related party&#148;) when they exceed 1% of the shareholders&#146; equity of the company, it must be submitted to prior approval of the Audit Committee or of two independent evaluation firms to ensure that the transaction is in accordance with market conditions. Such transactions must also be approved by the Board of Directors and reported to the CNV and the exchanges on which the shares of the company are listed. If the Audit Committee or the independent evaluation firms have not determined the terms of the transaction to be &#147;according to market conditions&#148;, then the contract in question must be submitted for consideration at a Shareholders&#146; Meeting.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10 of the bylaws of Telecom Argentina establishes that the remuneration of the members of the Board of Directors is to be determined by the shareholders at their Annual Ordinary Shareholders&#146; Meeting. The Audit Committee is to issue a prior opinion on the reasonability of the proposed remuneration, which the Board of Directors submits for approval to the shareholders. Directors cannot vote on the resolution concerning their compensation or the compensation of any other director.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The bylaws of Telecom Argentina do not contain any provision regarding the possibility of granting loans to members of the Board of Directors or to the company executives.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Members of the Board of Directors of Telecom Argentina or its subsidiaries or parent company cannot be appointed as members of the Supervisory Committee.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The bylaws of Telecom Argentina do not establish a maximum age to be member of the Board of Directors.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither the bylaws of Telecom Argentina nor any Argentine law require the members of the Board of Directors to be shareholders.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Limitations on foreign investment in Argentina</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Argentine Foreign Investment Law, as amended (the &#147;FIL&#148;), the purchase of stock by an individual or legal entity domiciled abroad or by a local company of foreign capital (as defined in the FIL) constitutes a foreign investment subject to the FIL. Foreign investments generally are unrestricted. However, foreign investments in certain industries, such as broadcasting, are restricted as to percentage. No approval is necessary to purchase Class&nbsp;B Shares. The FIL does not limit the right of non-resident or foreign owners to hold or vote the Class&nbsp;B Shares, and there are no restrictions in Telecom Argentina&#146;s bylaws limiting the rights of non-residents or non-Argentines to hold or to vote on Telecom Argentina&#146;s Class&nbsp;B Shares. Notwithstanding the foregoing, regulations implemented by the CNV require that all shareholders that are companies who are registered to participate at a Shareholders&#146; Meeting should provide details of their registration with the Argentine Public Registry of Commerce. To acquire participation in a company in Argentina, non-Argentine companies are required to comply with the share ownership registration requirements with the Argentine Registry of Commerce as provided for under Section&nbsp;123 of the GCL.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change of Control</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no provisions in the bylaws of Telecom Argentina which may have the effect of delaying, deferring or preventing a change in control of Telecom Argentina and that would only operate with respect to a merger, acquisition or corporate restructuring involving Telecom Argentina or any of its subsidiaries, except for the regulatory authorization required for the transfer of Nortel&#146;s Class&nbsp;A Shares stated in Section&nbsp;9 of our Bylaws. Section&nbsp;9 of our Bylaws has been eliminated as authorized by ENACOM as regulatory authority and decided by the Ordinary and Extraodinary Shareholders&#180; Meeting held on May&nbsp;23, 2017, which was conformed by the CNV and recorded with the IGJ on March&nbsp;21, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Law No.&nbsp;26,831,modified by Law N&#176; 27,440, a party which has individually or through &#147;actuaci&#243;n concertada&#148; (concerted action) attained control in a publicly traded corporation must offer a fair price (<i>precio equitativo</i>) as defined in Law No.&nbsp;26,831, as amended, to acquire all shares of such corporation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under Decree No.&nbsp;764/2000, as amended by Decree No.&nbsp;267/2015, the loss of control of a licensee company such as Telecom Argentina is subject to the approval of ENACOM.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MATERIAL CONTRACTS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For information regarding the Telecom Shareholders&#146; Agreement, see &#147;Item 7&#151;Major Shareholders and Related Party Transactions&#151;Major Shareholders&#151;The Telecom Shareholders&#146; Agreement.&#148; We are not a party to the Telecom Shareholders&#146; Agreement.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOREIGN INVESTMENT AND EXCHANGE CONTROLS IN ARGENTINA</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Due to the deterioration of the economic and financial situation in Argentina throughout 2001, the difficulties in dealing with the servicing of the public foreign debt and the decrease of the total level of deposits in the financial system, the Argentine government issued Decree No.&nbsp;1,570/01, which, as of December&nbsp;3, 2001, established a number of monetary and currency exchange control measures that included restrictions on the free disposition of funds with banks and restrictions on transferring funds abroad, with certain exceptions for transfers related to foreign trade and certain other transfers subject to the prior authorization of the BCRA.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;8, 2002, the BCRA issued tight restrictions on the transfer of funds abroad in order to make payments of principal and/or interest by requiring prior authorization from the BCRA. Since 2003, these restrictions were progressively curbed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In June&nbsp;2005, through Decree No.&nbsp;616/2005, the Argentine government imposed certain restrictions on inflows and outflows of foreign currency to the local foreign exchange market. New indebtedness entered into the foreign exchange market and debt renewals with non-Argentine residents from the private sector entered in the local foreign exchange market had to be agreed upon and canceled in terms not shorter than 365 calendar days (the &#147;Minimum Holding Term&#148;), whatever the form of cancellation thereof (i.e. with or without access to the local foreign exchange market). The following transactions, among others, were exempted from this restriction: (i)&nbsp;foreign trade financings (i.e., exports advance payments, pre-financing of exports and imports financing); (ii)&nbsp;balances of foreign exchange transactions with correspondent exchange entities (which are not credit lines); and (iii)&nbsp;primary debt security issuances with a public offering and listing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, certain inflow of funds were subject to the creation of a nominative, nontransferable and non-compensated deposit, for 30% of the amount involved in the relevant transaction (the &#147;Mandatory Deposit&#148;), for a term of 365 calendar days, pursuant to the terms and conditions established in the regulations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, beginning in December&nbsp;17, 2015, the Argentine government implemented a series of measures to progressively deregulate and implement more flexible rules&nbsp;for foreign exchange controls. The following amendments, along with certain other reforms, were introduced by </font>communications including Communications &#147;A&#148; 5850, &#147;A&#148; 5861, &#147;A&#148; 5899, &#147;A&#148; 6037, &#147;A&#148; 6058, &#147;A&#148; 6067, &#147;A&#148; 6137, &#147;A&#148; 6150 and &#147;A&#148; 6174 in each case as amended. Collectively, these new regulations are referred to as the &#147;New Regulations.&#148;</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;4, 2017, the Ministry of the Treasury eliminated the mandatory minimum stay period applicable to (i)&nbsp;the inflow of funds to the local foreign exchange market arising from certain foreign indebtedness and (ii)&nbsp;any entry of funds to the foreign exchange market by non-residents. On January&nbsp;20, 2017, the SCI extended the period for the proceeds from the export of goods to be transferred and settled through the MULC, from five to ten years. In addition, on May&nbsp;19, 2017, the Central Bank eliminated most of the foreign exchange restrictions in place until then by means of Communication &#147;A&#148; 6244, effective as of July&nbsp;1, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;1, 2017, the PEN enacted Decree No.&nbsp;893/17 which partially repealed Decrees No.&nbsp;2,581/64, No.&nbsp;1,555/86 and No.&nbsp;1,638/01, and eliminated the obligation of Argentine residents to transfer to Argentina and sell in the MULC the proceeds of their exports of goods. On November&nbsp;10, 2017, the Central Bank issued Communication &#147;A&#148; 6363, that eliminated all restrictions applicable to Argentine residents related to the transfer and sale of proceeds in the MULC resulting from the export of goods.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, on December&nbsp;28, 2017, by virtue of Communication &#147;A&#148; 6401, the Central Bank replaced the reporting regimes set forth by Communications &#147;A&#148; 3602 and &#147;A&#148; 4237 with a new, unified regime applicable for information as of December&nbsp;31, 2017. </font>As of the date hereof, in accordance with current regulations, all individuals and legal persons, assets and other universities may operate freely in the MULC and foreign exchange transactions shall be carried out at the exchange rate freely agreed between the parties. All exchange and/or arbitrage operations must be carried out through financial or exchange entities authorized by the Central Bank, and must comply in all cases with the provisions applicable to each transaction. Transactions that do not fall within the scope of the foreign exchange regulations will be subject to the Foreign Exchange Regime Law.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a description of the main aspects of BCRA&#146;s regulations concerning inflows and outflows of funds in Argentina as of the date hereof. Additional information regarding all current foreign exchange restrictions and exchange control regulations and regarding the applicable rules&nbsp;mentioned herein, as well as any amendments and complementary regulations, is available at the Ministry of the Treasury&#146;s website: www.economia.gob.ar, or the BCRA&#146;s website: www.bcra.gov.ar.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Inflow of capital</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Foreign financial indebtedness</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Inflow and settlement through the foreign exchange market</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign financial indebtedness incurred by the private non-financial sector, the financial sector and Argentine local governments are no longer subject to the requirement of having the proceeds from such indebtedness transferred and settled through the </font>foreign exchange market (Communication &#147;A&#148; 6037).</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Outflow of capital</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Payment of interest, earnings, dividends, services and import of goods</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No limitations are imposed to access the foreign exchange market to pay interests, earnings, dividends, services, import of goods and non-financial non-produced assets acquisition, under whichever concept it may be (shipping, insurance, royalties, technical advice, professional fees,&nbsp;etc.) abroad.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-residents have access to the foreign exchange market for payment of, among others, services, earnings and current transfers collected in Argentina according to the specific regulations that apply to non-residents to access the foreign exchange market.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cancellation of services of foreign financial debts</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the case of access to the foreign exchange market for capital services of foreign financial indebtedness, including cancellation of financial standby arrangements granted by Argentine banking entities, applicable regulations require: (i)&nbsp;a sworn affidavit by the debtor confirming the presentation, if applicable, of the &#147;Report of Issuances of Securities and Other Foreign Indebtedness of the Private Financial and Non-Financial Sector&#148; established by Communication &#147;A&#148; 3602 (as amended and supplemented).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Transactions by non-residents</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The New Regulations, as amended, sets forth the regulations applicable to access to the foreign exchange market by non-residents.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In this respect, financial entities can grant access to the foreign exchange market to non-residents. For this purpose, financial entities must require the taxing identification number of the non-resident client (or passport number for individuals) or the taxing identification number of the argentine resident who acts as a representative of the non-resident person, in this case, the representative must in addition inform to the financial entity the complete identification information of the non-resident.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Before accessing the foreign exchange market, the intervening authority must ensure that the requirements established by the regulations are complied with.</font></p>
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<p style="margin:0in 0in .0001pt 21.3pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reporting Regimes</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the unified reporting regime of direct investments and debt created by Communication &#147;A&#148; 6401 only Argentine residents (both legal entities or natural persons) whose flow of balance of foreign assets or debts during the previous calendar year reaches or exceeds the equivalent of US$1 million in Argentine Pesos are required to report foreign holding of (i)&nbsp;shares and other capital participations; (ii)&nbsp;debt; (iii)&nbsp;financial derivatives; and (iv)&nbsp;real estate, on an annual basis. Argentine residents whose flow or balance of foreign assets or debts reaches or exceeds the equivalent of US$50 million in Argentine Pesos, shall comply with the report on a quarterly basis.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TAXATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Argentine taxes</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following summary of certain Argentine tax matters is based upon the tax laws of Argentina and regulations thereunder as of the date of this </font>Annual Report and is subject to any subsequent changes in Argentine laws and regulations which may come into effect after such date. This summary does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a holder of such securities. No assurance can be given that the courts or tax authorities responsible for the administration of the laws and regulations described in this Annual Report will agree with this interpretation. Holders should carefully read &#147;Item 3&#151;Key Information&#151;Risk Factors&#151;Risks Relating to Telecom Argentina&#146;s Shares and ADSs&#151;Changes in Argentine tax laws may adversely affect the tax treatment of our Class&nbsp;B Shares underlying ADSs or ADSs for transactions made until December&nbsp;31, 2018&#148; in this Annual Report and consult their tax advisors regarding the tax treatment of the Class&nbsp;B Shares underlying ADSs and ADSs.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Taxation </font></i><i>of Dividends</i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;26,893, dividends and other profits paid in cash or in kind &#151;except for stock dividends&#151;by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law (the &#147;Income Tax Law&#148;), Sections 69 (a)(1), (2), (3), (6)&nbsp;and (7), and Section&nbsp;69(b), were subject to income tax at a 10% rate except for those beneficiaries that were domestic corporate taxpayers. Law No.&nbsp;27,260 repealed this withholding tax as of July&nbsp;23, 2016. Consequently, no withholding tax is to be levied on dividends distributed to either Argentine or non-Argentine resident shareholders since then. This treatment applies only to dividends to be distributed at any time out of retained earnings accumulated until the end of the last fiscal year starting before January&nbsp;1, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Likewise, the portion of those dividends exceeding the company&#146;s accumulated net taxable income (as determined by application of the Argentine Income Tax Law), if any, is subject to a 35% withholding tax on such excess (the &#147;Equalization Tax&#148;). For purpose of the Equalization Tax, the amount of accumulated net taxable income to be considered shall be determined by (1)&nbsp;deducting the income tax paid by the company, and (2)&nbsp;adding the dividends and profits not subject to tax received as distributions from other corporations. If the distribution is in-kind, then the corporation must pay the tax to the Argentine tax authorities and will be entitled to seek reimbursement from the shareholders.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends to be distributed out of earnings accrued in fiscal years starting on or after January&nbsp;1, 2018, are to be subject to a tax&nbsp;treatment different from the one previously described, based on the recent enactment of a comprehensive tax reform -Law No.&nbsp;27,430-, published in the Official Gazette on December&nbsp;29, 2017, and generally effective since January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;27,430, dividends and other profits paid in cash or in kind &#151;except for stock dividends&#151;by companies and other entities incorporated in Argentina referred to in the Argentine Income Tax Law (the &#147;Income Tax Law&#148;), Sections 69 (a)(1), (2), (3), (6), (7)&nbsp;and (8), and Section&nbsp;69(b)&nbsp;out of retained earnings accumulated in fiscal years starting on or after January&nbsp;1, 2018, will be subject to withholding tax at a 7% rate (on profits accrued during fiscal years starting January&nbsp;1, 2018 to December&nbsp;31 2019), and at a 13% rate (on profits accrued in fiscal years starting January&nbsp;1, 2020 and onwards), provided that they are distributed to Argentine resident individuals and foreign shareholders. No dividend withholding tax applies if dividends are distributed to the aforementioned Argentine corporate entities required to assess the dividend withholding tax.&#160; In addition, the Equalization Tax is not applicable to this dividends .</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Capital gains</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The results derived from the transfer of shares and other equity interests, bonds and other securities of Argentine companies are subject to Argentine capital gains tax, regardless of the type of beneficiary who realizes the gains.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital gains obtained by Argentine corporate taxpayers (in general, entities organized or incorporated under Argentine law and local branches of non-Argentine entities) derived from the sale, exchange or other disposition of shares are subject to income tax at the corporate rate on net income. Recently, Law No.&nbsp;27,430 decreased the corporate income tax rate from 35% to 30% for fiscal years beginning on January&nbsp;1, 2018 to December&nbsp;31, 2019, and to 25% for fiscal years beginning on January&nbsp;1, 2020 and onwards.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Individual resident&#146;s capital gains tax</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 established that as from January&nbsp;1, 2018, gains realized by Argentine resident individuals&#160; from the sale, transfer or disposition of shares, securities representing shares and certificates of deposit of shares are exempt from capital gains tax in the following cases: (i)&nbsp;when the shares are placed through a public offering authorized by the CNV, (ii)&nbsp;when the shares are traded in stock markets authorized by the CNV, under segments that ensure priority of price-time and interference of offers, or (iii)&nbsp;when the sale, exchange or other disposition of shares is made through an initial public offering and/or exchange of shares authorized by the CNV. For periods prior to 2018, it is currently under discussion the extent of the exemption (established by Law 26,893 and its implementing decree 2334/2013) applicable to the sale of shares and other securities through a stock exchange market, so as to determine whether it applies <i>only</i> sales of securities made in stock exchanges duly authorized by the CNV or in any stock exchanges.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant Decree N&#176; 1170/2018 the conversion process by which individual residents change ADRs by excepted shares, will be considered a levied transaction at its value market price.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Nonresident&#146;s capital gains tax</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;26,893, capital gains obtained by non-Argentine residents from the sale, exchange or other disposition of shares and other equity interests, bonds and other securities of Argentine companies were subject to capital gains tax until December&nbsp;30, 2017, even if those transactions were entered into between nonresidents.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Law No 27,430 provides that the capital gains tax applicable to nonresidents for transactions entered into between September&nbsp;23, 2013 (when Law No.&nbsp;26,893 became effective) and December&nbsp;30, 2017, is still due and further regulations stated the mechanism to have it paid. However, no taxes will be claimed to nonresidents with respect to past sales of Argentine shares or other securities traded in CNV&#146;s authorized markets (such as ADSs) as long as the cause of the non-payment was the absence of regulations stating the mechanism of tax collection at the time the transaction was closed. </font>General Resolution (AFIP) 4.227, which came into effect on April&nbsp;26, 2018, stipulates that the income tax should be paid to the AFIP under the following procedures: (i)&nbsp;in case the securities were sold through an Argentine stock exchange market, and the withholding has been made, then the withholder must pay the tax, (ii)&nbsp;in case the securities were sold but not through an Argentine stock exchange market and there is an Argentine buyer involved, then the Argentine buyer should pay the income tax; and (iii)&nbsp;when both the seller and the buyer were foreign beneficiaries and the sale was not performed through an Argentine stock exchange market, the person liable for the tax is the buyer and the payment shall be made through an international bank via wire transfer to the AFIP. The payment of capital gains tax applicable for transactions entered into before December&nbsp;30, 2017 was due on June&nbsp;11, 2018.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In turn, Law 27,430 and Decree 279/2018, maintain the 15% capital gains tax (calculated on the actual net gain or a presumed net gain equal to 90% of the sale price) on the disposal of shares or securities by nonresidents. However, nonresidents are exempt from the capital gains tax on gains realized from the sale of (a)&nbsp;Argentine shares in the following cases: (i)&nbsp;when the shares are placed through a public offering authorized by the CNV, (ii)&nbsp;when the shares were traded in stock markets authorized by the CNV, under segments that ensure priority of price-time and interference of offers, or (iii)&nbsp;when the sale, exchange or other disposition of shares is made through an initial public offering and/or exchange of shares authorized by the CNV; and (b)&nbsp;depositary shares or depositary receipts issued abroad, when the underlying securities are shares (i)&nbsp;issued by Argentine companies, and (ii)&nbsp;with authorization of public offering. The exemptions will only apply to the extent the foreign beneficiaries reside in, or the funds used for the investment proceed from, jurisdictions considered as cooperating for purposes of the exchange of tax information.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, it is clarified that, from 2018 onward, gains from the sale of ADSs will be treated as from Argentine source.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case the exemption is not applicable and, to the extent foreign beneficiaries do not reside in, or the funds do not arise from, jurisdictions not considered as cooperative for purposes of fiscal transparency, the gain realized from the disposition of shares would be subject to Argentine income tax at a 15% rate on the net capital gain or at a 13.5% effective rate on the gross price. In case such foreign beneficiaries reside in, or the funds arise from, jurisdictions not considerd as cooperative for purposes of fiscal transparency, a 35% tax rate on the net capital cagin or at a 31.5% effective rate on the gross price should apply. As per the law, the Executive Power will be required to publish a list of &#147;non-cooperating&#148; jurisdictions. Meanwhile, to determine if a jurisdiction is &#147;cooperating or not,&#148; the list published by AFIP according to Decree 589/2013 should be consulted.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In such scenarios, according to General Resolution (AFIP) 4227, the income tax should be withheld and paid to the AFIP under the following procedures: (i)&nbsp;in case the securities were sold by a foreign beneficiary, through an Argentine stock exchange market, the custodian entity should withhold and pay the tax if it is involved in the payment process; if it is not involved in the payment process but there is an Argentine buyer involved, the Argentine buyer should withhold the income tax (ii)&nbsp;in case the securities were sold by a foreign beneficiary, but not&#160; through an Argentine stock exchange market and there is an Argentine buyer involved, the Argentine buyer should withhold the income tax; and (iii)&nbsp;when both the seller and the buyer are foreign beneficiaries and the sale is not performed through an Argentine stock exchange market, the person liable for the tax shall be the legal representative of the seller of the shares or securities being transferred or directly by the seller, in the event that there was no local legal representative. In this case, the payment shall be made through an international bank via wire transfer to the AFIP.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders are encouraged to consult a tax advisor as to the particular Argentine income tax consequences derived from the holding and disposing of ADSs or Class&nbsp;B Shares</font>.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:2.7pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Personal assets tax</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine companies, such as us, have to&nbsp;assess and&nbsp;pay the personal assets tax corresponding to their shareholders that are Argentine individuals and non-Argentine resident persons. The tax rate in effect through December&nbsp;31, 2015 was 0.50%. As of December&nbsp;31, 2016, Law No.&nbsp;27,260 lowered the rate to 0.25%, which is to be assessed on the proportional net worth value (<i>valor patrimonial proporcional</i>), of the shares as per the Argentine entity&#146;s last financial statements prepared under Argentine GAAP. Pursuant to the Personal Assets Tax Law, the Argentine company is entitled to seek reimbursement of such paid tax from the applicable Argentine domiciled individuals and/or foreign domiciled shareholders.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and comply with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. </font>The request for this tax exemption should be filed before March&nbsp;31, 2017. Telecom Argentina has already filed this request and has been granted the exemption for the referred fiscal years. Notwithstanding, in the future, Telecom Argentina may not be exempt from the payment of the personal assets tax.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2019, the rate at which Argentine companies, such as us, have to assess and pay the personal assets tax corresponding to their shareholders that are Argentine individuals and non-Argentine resident persons (natural and legal persons) will be 0.25%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Value added tax</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The sale, exchange or other disposition of Telecom Argentina shares and ADSs, and the distribution of dividends in connection therewith are exempted from the value added tax.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Tax on deposits to and withdrawals from bank accounts</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The tax on deposits to and withdrawals from bank accounts under Law No.&nbsp;21,526 applies to certain deposits to and withdrawals from bank accounts with Argentine financial institutions and to other transactions that, due to their special nature and characteristics, are similar or could be used in lieu of a deposit to or withdrawal from a bank account. Therefore, any deposit to or withdrawal from a bank account opened in an institution regulated by Law No.&nbsp;21,526, or any transaction deemed to be used in lieu of a deposit to or withdrawal from a bank account, is subject to the tax on deposits and withdrawals, unless a particular exemption is applicable. The tax rate in effect since August&nbsp;1, 2001 has been 0.6% of the transaction volume.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decree No.&nbsp;534/04 provides that owners of bank accounts subject to the general tax rate of 0.6% may take into account as a tax credit of 34% of the tax originated in credits on such bank accounts. This amount may be computed as a credit for the income tax and tax on minimum presumed income. The amount computed as a credit is not deductible for income tax purposes.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Law No 27,432 &nbsp;The National Executive Power may decide that the percentage of the tax that on the date of entry into force of this law is not computable as payment on account of income tax, will be progressively reduced by up to twenty percent (20%) per year as of January&nbsp;1, 2018, and also may decide that, in 2022, the tax provided for in Law 25,413 and its amendments as a payment on account of income tax will be computed in full.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">188<a name="PB_188_114724_7608"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;7, 2018, Decree 409/2018 was published. It established that for transactions reached at the general tax rate, it can be take into account as a tax credit 33% of the tax originated in both the accredited amounts and the debited and for the other taxable events achieved by the tax. In the case of operations taxed at a reduced rate, the computation as credit of the tax will be 20%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These provisions are applicable to advances and balances of income tax corresponding to fiscal periods beginning on or after January&nbsp;1, 2018, for tax credits originated in taxable events that occurred since that date.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Tax on minimum presumed income</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Companies located in Argentina are required to pay an amount equal to the greater of the income tax or the tax on minimum presumed income. The tax on minimum presumed income is computed based on 1% of the value of our assets. The value of our assets is determined in accordance with the criteria established under Argentine tax laws. The amount of any income tax paid during the fiscal year may be applied against the tax on minimum presumed income that would be payable in such fiscal year. The amount of any tax on minimum presumed income paid in excess of the income tax for such fiscal year may be carried forward for a period of up to ten years. This excess may be treated as a credit to be applied against the income tax payable in a future year to the extent the tax on minimum presumed income for the year does not exceed income tax payable for such future year.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to Law No.&nbsp;27,260, the tax on minimum presumed income is abolished for the fiscal years beginning from January&nbsp;1, 2019.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Turnover tax</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:24.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, gross turnover tax could be applicable to Argentine residents on the transfer of shares and on the collection of dividends by our shareholders to the extent such activity is conducted on a regular basis within an Argentine province or within the City of Buenos Aires. However, under the Tax Code of the City of Buenos Aires, any transactions with shares, as well as the perception of dividends are exempt from gross turnover tax. Holders of the Class&nbsp;</font>A, B, C and D Shares or ADSs are encouraged to consult a tax advisor as to the particular Argentine gross turnover tax consequences derived from holding and disposing of the Class&nbsp;A, B, C and D Shares or ADSs or ADSs.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Stamp taxes</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:24.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stamp tax is a provincial tax that is levied based on the formal execution of public or private instruments. Documents subject to stamp tax include, among others, all types of contracts, notarial deeds and promissory notes. Each Argentine province and the City of Buenos Aires have its own stamp tax legislation. Stamp tax rates vary according to the jurisdiction and type of agreement involved.</font> On January&nbsp;2, 2018, Law 27,429 enforced a &#147;Fiscal Consensus&#148; signed between the National Executive Power and representatives of the Provinces and the City of Buenos Aires. Among other issues, the provinces assumed the commitment to apply tax rates not higher than those for each activity and period In the stamp tax, for certain acts and contracts, not higher than 0.75% as of January&nbsp;1, 2019 with a gradual reduction until its complete elimination as of January&nbsp;1, 2022. Law No.&nbsp;27,469 postponed these dates for one year.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other taxes</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no Argentine federal inheritances or succession taxes applicable to the ownership, transfer or disposition of </font>Class&nbsp;A, B, C and D Shares.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Tax treaties</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina has signed tax treaties for the avoidance of double taxation with several countries, although there is currently no tax treaty or convention in effect between Argentina and the United States. On December&nbsp;23, 2016, Argentina and the United States signed an agreement for the exchange of information relating to taxes, which entered into force on November&nbsp;13, 2017, so the first fiscal period with respect to which information could be exchanged would be 2018.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">United States federal income taxes</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following discussion is a summary of certain U.S. federal income tax consequences for a U.S. holder (as defined below) of the acquisition, ownership and disposition of our ADSs or </font>Class&nbsp;B Shares underlying ADSs, but it does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a holder of such securities, including alternative minimum tax and Medicare contribution tax on net investment income. This summary applies only to U.S. holders that hold ADSs or Class&nbsp;B Shares underlying ADSs as capital assets for U.S. federal income tax purposes and does not address investors that are members of a class of holders subject to special rules, such as:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.1pt;text-align:justify;text-indent:-24.5pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>financial institutions;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>dealers in securities or currencies;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>dealers or traders in securities who use a mark-to-market method of tax accounting;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>life insurance companies;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons that hold ADSs or Class&nbsp;B Shares underlying ADSs that are a hedge or that are hedged against interest rate or currency risks;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons that hold ADSs or Class&nbsp;B Shares underlying ADSs as part of a hedging transaction, straddle, wash sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to the ADSs or Class&nbsp;B Shares underlying ADSs;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>tax-exempt entities;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons that own or are deemed to own 10% or more of the stock of Telecom Argentina, measured by voting power or value;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons who acquired ADSs or Class&nbsp;B Shares underlying ADSs pursuant to the exercise of an employee stock option or otherwise as compensation; or</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>persons holding ADSs or Class&nbsp;B Shares underlying ADSs in connection with a trade or business conducted outside of the United States.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an entity that is classified as a partnership for U.S. federal income tax purposes holds ADSs or </font>Class&nbsp;B Shares underlying ADSs, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding ADSs or Class&nbsp;B Shares underlying ADSs and partners in such partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of holding and disposing of the ADSs or Class&nbsp;B Shares underlying ADSs.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary is based on the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), its legislative history, existing and proposed regulations promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject to change, possibly on a retroactive basis.&nbsp;In addition, this summary assumes the deposit agreement, and all other related agreements, will be performed in accordance with their terms. As mentioned above, there is currently no income tax treaty or convention in effect between Argentina and the United States.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. holders should consult their tax advisors regarding the U.S., Argentine or other tax consequences of the acquisition, ownership and disposition of ADSs or Class&nbsp;B Shares underlying ADSs in their particular circumstances, including the effect of any state or local tax laws.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">190<a name="PB_190_115257_8863"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used herein, the term &#147;U.S. holder&#148; means a holder that, for U.S. federal income tax purposes, is a beneficial owner of ADSs or </font>Class&nbsp;B Shares underlying ADSs and is:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a citizen or individual resident of the United States;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a U.S. domestic corporation; or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.9pt;text-align:justify;text-indent:-24.6pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>otherwise subject to U.S. federal income tax on a net income basis with respect to income from the ADS or Class&nbsp;B Share.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In general, for U.S. federal income tax purposes, holders of ADSs will be treated as the owners of the underlying </font>Class&nbsp;B Shares represented by those ADSs. Accordingly, no gain or loss will be recognized if such holder exchanges ADSs for the underlying Class&nbsp;B Shares represented by those ADSs.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These statements assume that Telecom Argentina is not, and will not become, a Passive Foreign Investment Company (PFIC), as described below.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:2.7pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Distributions</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:20.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent paid out of current or accumulated earnings and profits </font>of Telecom Argentina (as determined in accordance with U.S. federal income tax principles), the gross amount of distributions made with respect to ADSs or Class&nbsp;B Shares underlying ADSs will generally be included in the income of a U.S. holder as ordinary dividend income. Because Telecom Argentina does not maintain calculations of its earnings and profits under U.S. federal income tax principles, U.S. holders should expect that a distribution will generally be treated as a dividend. Dividends will not be eligible for the &#147;dividends-received deduction&#148; generally allowed to U.S. corporations under the Code. Dividends will be included in a U.S. holder&#146;s income on the date of the U.S. holder&#146;s (or in the case of ADSs, the depositary&#146;s) receipt of the dividend. The amount of the distribution will equal the U.S. dollar value of the pesos received (including amounts withheld in respect of Argentine taxes), calculated by reference to the exchange rate in effect on the date such distribution is received (which, for holders of ADSs, will be the date such distribution is received by the depositary), whether or not the depositary or U.S. holder in fact converts any pesos received into U.S. dollars. If the distribution is converted into U.S. dollars on the date of receipt, U.S. holders should not be required to recognize foreign currency gain or loss in respect of the dividend income. Any gains or losses resulting from the conversion of pesos into U.S. dollars after the date on which the distribution is received will be treated as ordinary income or loss of the U.S. holder and will be U.S.-source income or loss for foreign tax credit purposes.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:24.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to certain exceptions for short-term (60 days or less) and hedged positions, the U.S. dollar amount of dividends paid to certain individuals or other non-corporate U.S. holders will be taxable at the preferential rates if the dividends are &#147;qualified dividends.&#148; Dividends paid on the ADSs are generally treated as &#147;qualified dividends&#148; if (1)&nbsp;the ADSs are readily tradable on a securities market in the United States (such as the NYSE, where our ADSs are currently traded) and (2)&nbsp;we were not, in the year prior to the year in which the dividend was paid, and are not in the year in which the dividend is paid, a PFIC. Based on our consolidated financial statements and relevant market data, we believe that Telecom Argentina was not a PFIC for U.S. federal income tax purposes with respect to our 2017 taxable year. In addition, based on our current expectations regarding the value and nature of our assets, the sources and nature of our income, and relevant market data, we do not anticipate becoming a PFIC for our 2018 taxable year or the foreseeable future, although there can be no assurance in this regard. If we were a passive foreign investment company for U.S. federal income tax purposes for any taxable year, U.S. holders of our ADSs could be subject to adverse U.S. federal income tax consequences. Based on existing guidance, it is not entirely clear whether dividends received with respect to the Class&nbsp;B Shares underlying ADSs will be treated as qualified dividends, because the Class&nbsp;B Shares underlying ADSs are not themselves listed on a U.S. exchange. U.S. holders should consult their tax advisors regarding the availability of the preferential dividend tax rates in light of their particular circumstances.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions of additional shares in respect of ADSs or Class&nbsp;B Shares underlying ADSs that are made as part of a pro rata distribution to all of our shareholders generally will not be subject to U.S. federal income tax.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">191<a name="PB_191_115334_7091"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sale or other disposition</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gain or loss realized by a U.S. holder on the sale or other disposition of ADSs or Class&nbsp;B Shares underlying ADSs will be subject to U.S. federal income tax as U.S.-source capital gain or loss, and will be long-term capital gain or loss if the U.S. holder has held the ADSs or Class&nbsp;B Shares underlying ADSs for more than one year. The amount of the gain or loss will be equal to the difference between the U.S. holder&#146;s tax basis in those ADSs or Class&nbsp;B Shares and the amount realized on the disposition, in each case as determined in U.S. dollars. Long-term capital gains recognized by non-corporate taxpayers are subject to reduced tax rates.&nbsp;The deductibility of capital losses is subject to limitations. If an Argentine tax is withheld, or otherwise paid, on the sale or disposition of ADSs or </font>Class&nbsp;B Shares underlying ADSs, a U.S. holder&#146;s amount realized will include the gross amount of the proceeds of the sale or disposition before deduction of the Argentine tax. See &#147;&#151;Argentine Taxes&#151;Capital gains&#148; for a description of when a disposition may be subject to taxation by Argentina.</p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:3.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Foreign tax credit considerations</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividend distributions with respect to ADSs or Class&nbsp;B shares generally will be treated as &#147;passive category&#148; income from sources outside the United States for purposes of determining a U.S. holder&#146;s U.S. foreign tax credit limitation. Subject to the limitations and conditions provided in the Code and the applicable U.S. Treasury Regulations, a U.S. holder may be able to claim a foreign tax credit against its U.S. federal income tax liability in respect of any Argentine income taxes withheld at the appropriate rate applicable to the U.S. holder from a dividend paid to such U.S. holder if the tax is treated for U.S. federal income tax purposes as imposed on the U.S. holder.&#160; Alternatively, the U.S. holder may be able to deduct such Argentine income taxes from its U.S. federal taxable income, provided that the U.S. holder elects to deduct rather than credit all foreign income taxes for the relevant taxable year. The rules&nbsp;with respect to foreign tax credits are complex and involve the application of rules&nbsp;that depend on a U.S. holder&#146;s particular circumstances. Accordingly, U.S. holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital gains realized by a U.S. holder on the sale or other disposition of ADSs or Class&nbsp;B Shares underlying ADSs are generally exempt from tax under current Argentine law. However, if such tax is imposed in the future, it is possible that U.S. holders would be eligible to claim foreign tax credits in respect of such tax, subject to generally applicable restrictions under U.S. law. However, any gain realized on the sale or other disposition of ADSs or Class&nbsp;B Shares underlying ADSs will be treated as U.S. source income.&#160; Accordingly, even if foreign tax credits otherwise are available, an investor generally would not be able to use the foreign tax credit arising from any Argentine tax imposed on such disposition unless such credit can be applied (subject to applicable limitations) against tax due on other income treated as derived from foreign sources.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, amounts paid on account of the personal assets tax (as described in &#147;&#151;Argentine </font>Taxes&#151;Personal assets tax&#148;) generally will not be treated as an income tax for U.S. federal income tax purposes and will consequently not be eligible for credit against a U.S. holder&#146;s federal income tax liability. The rules&nbsp;governing foreign tax credits are complex, and U.S. holders should consult their tax advisors regarding the creditability and deductibility of foreign taxes in their particular circumstances.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:3.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Foreign financial asset reporting</font></i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain U.S. holders that own &#147;specified foreign financial assets&#148; with an aggregate value in excess of US$50,000 are generally required to file an information statement along with their tax returns, currently on Form&nbsp;8938, with respect to such assets. &#147;Specified foreign financial assets&#148; include any financial accounts held at a non-U.S. financial institution, as well as securities issued by a non-U.S. issuer that are not held in accounts maintained by financial institutions. </font>Higher reporting thresholds apply to certain individuals living abroad and to certain married individuals. Regulations extend this reporting requirement to certain entities that are treated as formed or availed of to hold direct or indirect interests in specified foreign financial assets based on certain objective criteria. U.S. holders that fail to report the required information could be subject to substantial penalties. In addition, the statute of limitations for assessment of tax would be suspended, in whole or in part. Prospective investors are encouraged to consult with their own tax advisors regarding the possible application of these rules, including the application of the rules&nbsp;to their particular circumstances.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-indent:2.9pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Information reporting and backup withholding</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless the U.S. holder (1)&nbsp;provides a correct taxpayer identification number and certifies that it is not subject to backup withholding or (2)&nbsp;otherwise establishes an exemption from backup withholding. The amount of any backup withholding from a payment to a U.S. holder will be allowed as a credit against such holder&#146;s U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the internal revenue service.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DOCUMENTS ON DISPLAY</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may request a copy of these filings by writing or telephoning the offices of Telecom Argentina at Alicia Moreau de Justo 50, (C1107AAB) Buenos Aires, Argentina. Telecom Argentina&#146;s telephone number is 54-11-4968-4000. </font>Our internet address is www.telecom.com.ar.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina maintains a website at www.telecom.com.ar. The contents of the website are not part of this Annual Report.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I - ITEM 10 ADDITIONAL INFORMATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 11.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b><a name="ITEM11_QUANTITATIVEANDQUALITATIV_115520"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Summarized below are the financial instruments we held as of December&nbsp;31, 2018, that are sensitive to changes in foreign exchange rates and interest rate, if any. As a matter of policy, we may enter into forward exchange contracts, foreign currency swaps or other derivatives to manage the exposure attributed to foreign exchange rate and interest rate fluctuations associated with the principal amount of our liabilities in foreign currencies. We use these instruments to reduce risk by creating offsetting market exposures. The instruments we hold are not held for financial trading purposes. No foreign exchange forward or other derivatives for speculative purposes were outstanding during the reporting periods covered by this Annual Report.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not have any other material market risk exposure.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; Foreign Exchange Rate Risk</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign exchange exposure arises from our funding operations and, to a lesser extent, our capital expenditures and expenses denominated in foreign currencies. The peso/U.S. dollar exchange rate is determined by a free market with certain controls. See &#147;Item 10&#151;Additional Information&#151;Foreign Investment and Exchange Controls in Argentina.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our results of operations are sensitive to changes in the peso/dollar exchange rates because our primary assets are in Argentina and most of our revenues are denominated in pesos (our functional currency) while some part of our liabilities are denominated in foreign currencies. However, Telecom Argentina, as well as Telecom Argentina in its capacity of absorbing company of Personal and N&#250;cleo had commercial debt nominated in U.S. dollars and Euros. Moreover, overdrafts and Series&nbsp;1 to 3 of Personal Notes are denominated in their functional currencies (pesos and guaran&#237;es, respectively) and accrue interest at a variable rate. In addition, Personal (entity absorbed by Telecom Argentina) maintains financial debt denominated in U.S. dollars at a variable rate and Series&nbsp;4 of Notes is also denominated in U.S. dollars, but at a fixed rate, while N&#250;cleo maintains guaran&#237; denominated financial debt and accrues interest at a fixed rate. See &#147;Item 5&#151;Operating and Financial Review and Prospects&#151;Liquidity and Capital Resources&#151;Sources and Uses of Funds&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally the Company has cash and cash equivalents, and investments denominated in U.S. dollars and Euros that are also sensitive to changes in peso/U.S. dollar exchange rates and contribute to reduce the exposure to commercial and financial obligations in foreign currency.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Actions taken by the Argentine government could cause future exchange rates to vary significantly from current or historical exchange rates. Fluctuations in exchange rates may adversely affect the value, translated or converted into U.S. dollars, of our net assets, earnings and any declared dividends. We cannot give any assurance that any future movements in the exchange rate of the peso against the U.S. dollar and other foreign currencies will not adversely affect our results of operations, financial condition and cash flows. However, we believe that a significant depreciation in the peso against major foreign currencies may have a material adverse impact on our capital expenditure program and in our operating expenses denominated in foreign currencies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; Sensitivity to Interest Rate Risk</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within its structure of financial debt, Telecom and its subsidiaries have bank overdrafts denominated in argentine pesos accruing interest at rates that are reset at maturity, notes and foreign bank loans denominated in U.S. dollar and guaran&#237;es that bear interest at a variable and fixed rate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has financial debts at variable rate, which amounts approximately to P$52,767 million as of December&nbsp;31, 2018.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to reduce the effect of changes in interest rates, Telecom has NDF that amounts to US$440 million (equivalent to P$16,588 million) as of December&nbsp;31, 2018, that convert variable rate into fixed rate, therefore the net financial debt not hedged amounts to P$36,179 million as of December&nbsp;31, 2018. Management believes that any variation of 10 bps in the agreed interest rates would generate an impact on a financial result of P$36 million.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This analysis is based on the assumption that this change in interest rates occurs at the same time and for the same periods.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This sensitivity analysis provides only a limited point of view of the sensitivity to market risk of certain financial instruments. The actual impact of changes in interest rates of financial instruments may differ significantly from this estimate.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">PART&nbsp;I - ITEM 11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT   MARKET RISK</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; Sensitivity to Exchange Rates Risk</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on the composition of the consolidated statement of financial position as of December&nbsp;31, 2018, which is a net liability position in foreign currency of P$73,106 million equivalent to US$1,939 million, Management estimates that every variation in the exchange rate of $1 peso against the U.S. dollar and proportional variations for Euro and Guaran&#237;es against the Argentine peso, plus or minus, would result in a variation of approximately P$1,939 million of the consolidated amounts of foreign currency position.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we consider only the portion not covered by derivative financial instruments, the net liability position totaled P$66,848 million equivalent to approximately US$1,773 million, and a variation of the exchange rate of $1 peso as described in the previous paragraph, would generate a variation of approximately P$1,773 million in the consolidated financial position in foreign currency.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This analysis is based on the assumption that this variation of the Argentine peso occurred at the same time against all other currencies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This sensitivity analysis provides only a limited, point-in-time view of the market risk sensitivity of certain of the financial instruments. The actual impact of market foreign exchange rate changes on the financial instruments may differ significantly from the impact shown in the sensitivity analysis.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See Note 26 to our Consolidated Financial Statements for a description of financial risk management.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">PART&nbsp;I - ITEM 11 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT   MARKET RISK</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 12.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b><a name="ITEM12_DESCRIPTIONOFSECURITIESOT_115953"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Depositary Fees and Charges</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JPMorgan Chase Bank, N.A. (formerly Morgan Guaranty Trust Company of New York), as depositary for the ADSs (the &#147;Depositary&#148;) collects its fees for delivery directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal. The Depositary also collects taxes and governmental charges from the holders of ADSs. The Depositary collects these fees and charges by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees (after attempting by reasonable means to notify the holder prior to such sale).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Persons depositing or withdrawing shares must pay US$5.00 for each 100 ADSs or portion thereof for issuances of ADSs, including issuances resulting from a distribution, sale or exercise of shares or rights or other property. Investors depositing shares or holders withdrawing deposited securities are charged fees and expenses in connection with stock transfers, taxes and other governmental charges, cable, telex and facsimile transmission and delivery charges imposed at such person&#146;s request, transfer or registration fees for the registration of transfer of ADSs on any applicable register in connection with the deposit or withdrawal of ADSs and the Depositary&#146;s expenses in connection with the conversion of foreign currency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Depositary reimburses Telecom Argentina for certain expenses we incur in connection with the American depositary receipt program (the &#147;ADR program&#148;), subject to the agreement between us and the Depositary from time to time. These reimbursable expenses currently include listing fees, investor relations expenses and fees payable to service providers for the distribution of material to ADR holders. For the year ended December&nbsp;31, 2018, the Depositary reimbursed Telecom Argentina approximately US$142.9 thousand (gross amount of withholding tax) in connection with the ADR program.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART I - ITEM 12   - DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;II</font></b><a name="PARTII_010455"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 13.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b><a name="ITEM13_DEFAULTSDIVIDENDARREARAGE_120120"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, none of Telecom Argentina and its subsidiaries are in default on any outstanding indebtedness.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 14.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b><a name="ITEM14_MATERIALMODIFICATIONSTOTH_120122"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 15.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>CONTROLS AND PROCEDURES</b><a name="ITEM15_CONTROLSANDPROCEDURES_120124"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Evaluation of disclosure controls and procedures</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s Management, with the participation of our chief executive and financial officers, evaluated the effectiveness of the Company&#146;s &#147;disclosure controls and procedures&#148; (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) as of December&nbsp;31, 2018 (the &#147;Evaluation Date&#148;). Based upon that evaluation, our chief executive and financial officers have concluded that as of the Evaluation Date, the Company&#146;s disclosure controls and procedures were effective.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Management&#146;s Report on Internal Control over Financial Reporting</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s Management is responsible for establishing and maintaining adequate internal control over financial reporting for Telecom as defined in Exchange Act Rule&nbsp;13a-15(f)&nbsp;and 15d-15(f). Our internal control over financial reporting was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB. </font>Internal control over financial reporting includes those policies and procedures that:</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.65pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Telecom;</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.65pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that receipts and expenditures of Telecom are being made only in accordance with authorizations of Management and directors of Telecom; and</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.65pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Telecom&#146;s assets that could have a material effect on the financial statements.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom&#146;s Management conducted an evaluation of the effectiveness of Telecom&#146;s internal control over financial reporting based on the framework in Internal Control&#151;Integrated Framework 2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission (the &#147;COSO 2013&#148;). Based on this evaluation, Telecom&#146;s Management concluded that Telecom&#146;s internal control over financial reporting was effective as of December&nbsp;31, 2018. The effectiveness of Telecom&#146;s internal control over financial reporting as of December&nbsp;31, 2018 has been audited by PriceWaterhouse&nbsp;&amp;&nbsp;Co. S.R.L., an independent registered public accounting firm, as stated in their report which is included herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Changes in Internal Control Over Financial Reporting</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We completed the Merger on January&nbsp;1, 2018. We have also been augmenting our company-wide controls to reflect the risks inherent in a business combination of the magnitude and complexity of the Merger.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other than as described in the foregoing paragraph, there were no other changes in our internal controls over financial reporting that occurred during the year ended December&nbsp;31, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16A.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>AUDIT COMMITTEE FINANCIAL EXPERT</b><a name="ITEM16A_AUDITCOMMITTEEFINANCIALE_120144"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;1<font style="position:relative;top:-3.0pt;">st</font>, 2018, as ratified on January&nbsp;31, 2018 and April&nbsp;25, 2018, the Board of Directors of Telecom Argentina appointed the members of the Audit Committee acting until this year&#180;s Annual Shareholders&#180; Meeting and determined that Carlos Alejandro Harrison qualifies as Audit Committee financial expert. In conducting this evaluation, the Board of Directors took into account Mr.&nbsp;Harrison&#146;s professional background and educational training.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Annual Report, the Board of Directors&#146; meeting for the appointment of the Audit Committee members for the fiscal year 2019 has not yet been held. Therefore, as of the date of this Annual Report, Carlos Alejandro Harrison, Mart&#237;n Hector D&#146;Ambrosio and Germ&#225;n Horacio Vidal remain members of the Audit Committee. See &#147;Item 6&#151;Directors, Senior Management and Employees&#151;The Board of Directors.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;II</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16B.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>CODE OF ETHICS</b><a name="ITEM16B_CODEOFETHICS_120209"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;18, 2018, the Board of Directors of Telecom Argentina approved a new release of Code of Ethics and Conduct and Antifraud Policy. These documents provide, respectively: (i)&nbsp;the ethical principles to which Telecom Argentina S.A. and all members of the Board of Directors, the Supervisory Committee, the CEO, Managers and in general all those who work in the Company must abide and (ii)&nbsp;the framework for the prohibition of fraudulent practices. These updated versions incorporate the new ethic policy and alternative contact channels, managed by an internationally recognized firm that receives and assures that all complaints are properly recorded. Additionally, an Ethics Committee is created in order to follow the treatment of all cases and conclude on the result of the investigations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjustments made to regulations in recent years and in matters of corporate governance, organization and implementation of preventive measures aimed at reducing the risk of conflict of interest and corrupt practices, and that are applicable to Telecom Argentina S.A. as company subject to regime of public offering both in Argentina and the United States, have been taken into account for the formulation and approval of the Code of Ethics and Conduct and the Policies. In turn, it has reflected changes occurred in the organizational structure of the Company with the purpose of defining the responsibilities in the management of this Code of Ethics and Conduct and associated policies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No waivers, express or implicit, have been granted to any senior officer or member of the Board of Directors of Telecom Argentina S.A. with respect to any provision of the Code of Ethics and Conduct.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;2017 Telecom Argentina approved a Third-Party Code of Ethics and Conduct in order to ensure that its business relationships with third parties meet the highest standards of ethics and integrity, governing relations with people we relate commercially.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Code of Ethics and Conduct is available on our website at www.telecom.com.ar and the latest update was filed with the SEC on Form&nbsp;6-K on December&nbsp;18, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Board of Directors of Telecom Argentina approved on December&nbsp;18, 2018, the update of the anti-fraud policy (the &#147;Anti-Fraud Policy&#148;), this update was limited exclusively to the mention of the </font>new ethic line website. The Anti-Fraud Policy aims to establish guidelines that promote a culture of transparency and prevention against any dishonest conduct or fraudulent acts and irregularities that could affect the interests of the Company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16C.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>PRINCIPAL ACCOUNTANT FEES AND SERVICES</b><a name="ITEM16C_PRINCIPALACCOUNTANTFEESA_120213"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table provides information on the aggregate fees for services rendered by our principal accountants (in millions of pesos) for the years ended December&nbsp;31, 2018 and 2017. Figures are not restated for inflation.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2017&nbsp;(4)</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit fees (1)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73.0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36.6</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit related   fees</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax fees (2)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All other fees   (3)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33.1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.3</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">109.3</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38.7</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">&nbsp;Includes fees related to the integrated audit of the Consolidated Financial Statements as of December&nbsp;31, 2018 and 2017, limited reviews of interim financial statements presented during 2018 and 2017, SEC filing reviews and other attestation services.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">&nbsp;Includes fees for permitted tax compliance and tax advisory services.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Includes primarily fees paid for consulting services provided in connection with the review on technical and methodological issues regarding the SAP Central Finance and&#160; S4 HANA SAP projects and&#160; the review of human resources systems to be implemented by the Company.</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">Correspond to fees of Telecom Argentina as of December&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;II</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">198<a name="PB_198_120454_8715"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.35pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Audit Committee Pre-approval Policies and Procedures</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;22, 2004, Telecom Argentina&#146;s Board of Directors approved policies and procedures relating to the pre-approval of auditors&#146; services and other permitted services (collectively, &#147;Pre-Approval Procedures&#148;) for the engagement of any service provided by external auditors to Telecom Argentina and its subsidiaries. Telecom Argentina&#146;s Board of Directors performed Pre-Approval Procedures until April&nbsp;2004. As of April&nbsp;2004, the date on which the Audit Committee came into effect, Pre-Approval Procedures were performed by the Audit Committee. Consequently, since that date, all auditors&#146; services were pre-approved by the Audit Committee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Pre-Approval Procedures provide for services that require:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>specific pre-approval&#151;to be approved on a case-by-case basis; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>general pre-approval&#151;any category or general kind of service that come within the guidelines established to safeguard auditor independence and come within the maximum amounts set by the Audit Committee.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Pre-Approval Procedures also provide for the following categorization of services:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Prohibited services&#148; are those services that external auditors are not allowed to provide based on prohibitions contained in the statutory rules&nbsp;of Argentina and the United States (i.e., bookkeeping; financial information system design and implementation; appraisal or valuation services, fairness opinions or contribution-in-kind reports; actuarial services; internal audit outsourcing services; management functions; broker/dealer, investment adviser, or investment banking services; or expert services unrelated to the audit).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Permitted Services&#148; include (i)&nbsp;audit services; (ii)&nbsp;audit-related services; (iii)&nbsp;tax services; and (iv)&nbsp;other services such as permitted internal control advice. Moreover, the services included in each category were also detailed, and, where appropriate, any limits imposed on the provision thereof to ensure external auditors&#146; independence.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Pre-Approval Procedures also require pre-approval for the following services:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Annual audit and quarterly reviews of Telecom Argentina&#146;s financial statements: the Audit Committee is required to approve the terms for the engagement and remuneration of such services.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Other &#147;Audit Services&#148;: the Audit Committee is required to define the services that will be subject to general pre-approval on an annual basis, setting the annual service fee amount, or the annual amount allocated to each individual service category, or to each service, within which fee caps the provision shall receive general pre-approval.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;Audit-related Services&#148; and &#147;Tax Services&#148;: the Audit Committee is required to define the categories or types of services that will receive general pre-approval, provided that they fall within the annual fee cap set for that service and establish the guidelines for prior engagement of these services.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Other Permitted Services: are not subject to general pre-approval, and any other services require specific pre-approval by the Audit Committee for each service.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Delegation: the Audit Committee may solely delegate the specific pre-approval of services with any of its members that qualify as an independent director. An independent director must immediately report to the Audit Committee after engaging any service by delegation. Under no circumstances may the authority to either approve or pre-approve services be delegated to the Management.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosure of overall billed fees: external auditors shall include in their audit reports the information about the relationship between the overall fees paid in respect of Audit Services and in respect of services other than Audit Services. In addition, the Audit Committee shall, on a yearly basis, prepare a report to the Board of Directors, which will be included in this Annual Report, providing a detailed account of all fees invoiced by external auditors to Telecom Argentina and to its subsidiaries, grouped into four categories, namely: audit fees, audit related fees, tax consultation fees and all other fees.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;II</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">199<a name="PB_199_120601_563"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Additional requirements: the Audit Committee is required to adopt additional measures to fulfill its supervisory obligations related to external auditors&#146; duties, in order to ensure the independence from the Company, such as the review of a formal written statement by the external auditors outlining all relations existing between them and Telecom Argentina, in accordance with Rule&nbsp;No.&nbsp;1 of the Independence Standards Board, and discussions with the external auditors and the methods and procedures that have been designed to ensure their independence.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amendments: the Audit Committee has authority to amend the pre-approval procedures (the &#147;Pre-Approval Procedures&#148;), rendering an account of any such amendment to the Board of Directors during the first meeting of the Board of Directors held after making the amendments.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Telecom Argentina&#146;s external auditors are to provide any service, the service must either be granted as general pre-approval or specific pre-approval under the Pre-Approval Procedures. The Pre-Approval Procedures require the Audit Committee to consider whether the services to be provided are consistent with the legal and professional rules&nbsp;in effect in Argentina and the United States relating to external auditors&#146; independence.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16D.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b><a name="ITEM16D_EXEMPTIONSFROMTHELISTING_120627"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16E.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>PURCHASES OF EQUITY SECURITIES BY THE COMPANY AND AFFILIATED PURCHASERS</b><a name="ITEM16E_PURCHASESOFEQUITYSECURIT_120630"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16F.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>CHANGE IN REGISTRANT&#146;S CERTIFYING ACCOUNTANT</b><a name="ITEM16F_CHANGEINREGISTRANTSCERTI_120632"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16G.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>CORPORATE GOVERNANCE</b><a name="ITEM16G_CORPORATEGOVERNANCE_120634"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina&#146;s corporate governance practices differ from corporate governance practices of U.S. companies. Telecom Argentina maintains a detailed description of the significant differences in corporate governance practices on its website at www.telecom.com.ar, last updated in February&nbsp;2018</font>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a summary of the material aspects in which Telecom Argentina&#146;s corporate governance policies differ from those followed by U.S. companies under NYSE listing standards.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Composition of the Board of Directors: The NYSE requires each Board of Directors to be composed of a majority of independent directors. Although this is not required under Argentine law, as of the date of this Annual Report, the eleven-member Board of Directors of Telecom Argentina has three regular directors and two alternate directors who qualify as &#147;independent&#148; according to SEC Rules.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Annual Self-Evaluation of the Board of Directors: The NYSE requires the Boards of Directors of listed companies to conduct a self-evaluation at least annually, and report thereon, informing whether it and its committees are functioning effectively. Under Argentine law, the Board of Directors&#146; performance is evaluated at the Annual Ordinary Shareholders Meeting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Nominating/Corporate Governance Committee: NYSE listed companies are required to have a nominating/corporate governance committee. Neither Argentine law nor Telecom Argentina&#146;s Bylaws require the creation of a nominating/corporate governance committee. In Argentina, it is unusual (though possible) for the Board of Directors to nominate new directors and the Board of Directors of Telecom Argentina refrains from making such proposals. Under Argentine law, the right to nominate and appoint directors is granted to shareholders. On certain occasions, the GCL delegates the right to designate directors to the Supervisory Committee.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Compensation committee: NYSE listed companies are required to have a compensation committee composed entirely of independent directors. Neither Argentine law nor Telecom Argentina&#146;s Bylaws require the creation of a Compensation committee. Telecom Argentina&#146;s executive compensation matters are undertaken by Executive Committee and the Board of Directors. The compensation of the members of Telecom Argentina&#146;s Board of Directors is determined by the shareholders at the Annual Ordinary Shareholders&#146; Meeting.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;II</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Audit Committee hiring policies: The NYSE requires listed companies to have an Audit Committee which sets clear hiring policies for employees or former employees of the independent auditors. There is no such provision regarding the hiring of external auditors&#146; employees contained in Argentine law or Telecom Argentina&#146;s bylaws.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the provisions of Annex IV, Title IV of CNV Rules&nbsp;Telecom Argentina prepares and submits to the CNV, on an annual basis, a report which indicates and details the CNV&#146;s recommended corporate governance practices as set forth in the CNV public offer regime, explains the practices followed by Telecom Argentina, and the reasons for any variation from practices recommended by the CNV. Telecom Argentina&#146;s 2018 Corporate Governance Report was submitted to the CNV as part of the Statutory Annual Report dated March&nbsp;7, 2019. Telecom Argentina&#146;s Corporate Governance Reports submitted to the CNV can be accessed through the CNV&#146;s website, www.cnv.gob.ar and Telecom Argentina&#146;s website, www.telecom.com.ar.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16H.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>MINE SAFETY DISCLOSURE</b><a name="ITEM16H_MINESAFETYDISCLOSURE_120753"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;II</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;III</font></b><a name="PARTIII_121116"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 17.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>FINANCIAL STATEMENTS</b><a name="ITEM17_FINANCIALSTATEMENTS_121117"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant has responded to Item 18 in lieu of responding to this Item.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 18.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>FINANCIAL STATEMENTS</b><a name="ITEM18_FINANCIALSTATEMENTS_121120"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is made to pages&nbsp;F-1 through F-106.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following financial statements are filed as part of this Annual Report:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telecom Argentina S.A.:</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ReportofIndependentRegisteredPub_124316" title="Click to goto ">Report of Independent Registered Public Accounting   Firm</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFFINANCIA_092739" title="Click to goto ">Consolidated Statements of Financial Position</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-3</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDINCOMESTATEMENTS_092731" title="Click to goto ">Consolidated Income Statements</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFCOMPREHE_093818" title="Click to goto ">Consolidated Statements of Comprehensive Income</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-5</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CONSOLIDATEDSTATEMENTSOFCHANGESI_103524" title="Click to goto ">Consolidated Statements of Changes in Equity</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-6</font></p>    </td>   </tr>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-8</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Glossaryofterms_104116" title="Click to goto ">Glossary of Terms</a></font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-9</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#NOTE1DESCRIPTION_101424" title="Click to goto ">Notes to the Consolidated Financial Statements</a></font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-11</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 19.</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>EXHIBITS</b><a name="ITEM19_EXHIBITS_121127"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Exhibits:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="http://www.sec.gov/Archives/edgar/data/932470/000110465918075145/a18-42165_16k.htm"><i>Estatutos</i> Sociales (Bylaws) of Telecom Argentina, as   amended and restated (English translation) (incorporated by reference to   Telecom&#146;s report on Form&nbsp;6-K filed on December&nbsp;28, 2018).</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deposit Agreement,   dated November&nbsp;8, 1994 (incorporated by reference to Telecom&#146;s   registration statement on Form&nbsp;F-6 (No.&nbsp;333-07452)).</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Amendment   No.&nbsp;1 to Deposit Agreement, dated August&nbsp;28, 1997 (incorporated by   reference to Telecom&#146;s registration statement on Form&nbsp;F-6   (No.&nbsp;333-07452)).</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex4d3.htm#Exhibit4_3_114108" title="Click to goto ">Amended and Restated Indenture between Cablevisi&#243;n   S.A. as issuer, and Deutsche Bank Trust Company Americas, as trustee, paying   agent, registrar and transfer agent, dated December&nbsp;11, 2017.</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex4d4.htm#Exhibit4_4_024427" title="Click to goto ">Supplemental Indenture to the Amended and Restated   Indenture between Telecom Argentina S.A. (as successor to Cablevisi&#243;n S.A.)   as issuer, Deutsche Bank Trust Company Americas, as trustee, paying agent,   registrar and transfer agent and Banco Comafi S.A. (as successor to Deutsche   Bank S.A.), as Argentine registrar and transfer agent, Argentine paying agent   and representative of the trustee in Argentina, dated July&nbsp;12, 2018.</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex8d1.htm#Exhibit8_1_072026" title="Click to goto ">List of Subsidiaries.</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex12d1.htm#Exhibit12_1_054311" title="Click to goto ">Certification of Carlos Moltini of Telecom Argentina   S.A. pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex12d2.htm#Exhibit12_2_054310" title="Click to goto ">Certification of Gabriel Blasi of Telecom Argentina   S.A. pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.1</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex13d1.htm#Exhibit13_1_054418" title="Click to goto ">Certification of Carlos Moltini and Gabriel Blasi   pursuant to U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906   of the Sarbanes-Oxley Act of 2002.</a></font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.1</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="http://www.sec.gov/Archives/edgar/data/932470/000110465917044172/a17-16047_2ex99d32.htm">Telecom   Shareholders&#146; Agreement among VLG Argentina LLC, CVH, Fintech Telecom, LLC,   Fintech Media, LLC and Fintech Advisory Inc., dated July&nbsp;7, 2017   (previously filed as Exhibit&nbsp;32 to Telecom&#146;s Schedule 13D filed on   July&nbsp;10, 2017 and incorporated by reference herein).</a></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;III</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">202<a name="PB_202_121522_5598"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.2</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="http://www.sec.gov/Archives/edgar/data/932470/000110465917033291/a17-12147_1f4.htm">Preliminary   Reorganization Agreement among Telecom, Nortel, Sofora and Personal, dated   March&nbsp;31, 2017 (included as Annex A of the registration statement on   Form&nbsp;F-4 filed by Telecom on May&nbsp;17, 2017 and incorporated by   reference herein).</a></font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.3</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="http://www.sec.gov/Archives/edgar/data/932470/000110465917053731/a17-12147_17ex99d2.htm">Preliminary   Merger Agreement between Telecom and Cablevisi&#243;n, dated June&nbsp;30, 2017,   and the related exhibits thereto (previously furnished on Form&nbsp;6-K (File   No.&nbsp;001-13464) on August&nbsp;28, 2017 and incorporated by reference   herein).</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.4</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="http://www.sec.gov/Archives/edgar/data/932470/000110465918025642/a18-5108_1ex15d4.htm">Term   Loan Agreement between Telecom Argentina and Citibank, N.A., HSBC M&#233;xico   S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero   HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase   Bank, N.A. and Banco Santander, S.A, as lenders, Citigroup Global Markets   Inc., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero   HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase   Bank, N.A. and Banco Santander, S.A. as joint bookrunners and lead arrangers,   Citibank N.A., as administrative agent, and the Branch of Citibank N.A., established   in the Republic of Argentina, as onshore custody agent, dated   February&nbsp;2, 2018 (included as Exhibit&nbsp;15.4 of the Form&nbsp;20-F   filed by Telecom Argentina on April&nbsp;20, 2018 and incorporated by   reference herein).</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.5</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex15d5.htm#Exhibit15_5_072733" title="Click to goto ">Amendment Agreement to the Term Loan Agreement,   between Telecom Argentina and Citibank, N.A., HSBC M&#233;xico   S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero   HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase   Bank, N.A., Banco Santander, S.A, Citigroup Global Markets Inc. and the   Branch of Citibank N.A., established in the Republic of Argentina, dated October&nbsp;8,   2018.</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.6</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex15d6.htm#Exhibit15_6_032532" title="Click to goto ">Syndicated Loan Agreement between Telecom Argentina   and Citibank, N.A., HSBC M&#233;xico S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple,   Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited,   Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., as   lenders, Citibank N.A., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca   M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China   Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander   S.A., as joint bookrunners and lead arrangers, Citibank N.A., as   administrative agent and the Branch of Citibank N.A., established in the Republic   of Argentina, as onshore custody agent, dated October&nbsp;8, 2018.</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.7</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex15d7.htm#Exhibit15_7_080752" title="Click to goto ">Amendment Agreement to the Syndicated Loan Agreement   between Telecom Argentina and Citibank, N.A., HSBC M&#233;xico   S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero   HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC)   Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., as lenders,   Citibank N.A., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo   Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai   (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander S.A., as joint   bookrunners and lead arrangers, Citibank N.A., as administrative agent and   the Branch of Citibank N.A., established in the Republic of Argentina, as   onshore custody agent, dated February&nbsp;11, 2019.</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.8</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex15d8.htm#Exhibit15_8_010931" title="Click to goto ">DB Loan Agreement between Telecom Argentina and   Deutsche Bank AG, London Branch, as initial lender, sole book-runner and lead   arranger and Deutsche Bank Trust Company Americas, as administrative agent,   dated November&nbsp;8, 2018.</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.9</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex15d9.htm#Exhibit15_9_052153" title="Click to goto ">Lender Accession Agreement between Telecom Argentina   and CPPIB Credit Investments Inc., Deutsche Bank AG, London Branch and   Deutsche Bank Trust Company Americas, as sole book-runner and lead arranger,   dated November&nbsp;14, 2018</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.10</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a19-2958_1ex15d10.htm#Exhibit15_10_021443" title="Click to goto ">Loan Agreement between Telecom Argentina and   International Finance Corporation, dated March&nbsp;4, 2019.</a></font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.INS</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Instance Document</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.SCH</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Taxonomy Extension   Schema</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.CAL</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Taxonomy Extension   Calculation Linkbase</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.DEF</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Taxonomy Extension   Definition Linkbase</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.LAB</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Taxonomy Extension   Label Linkbase</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.PRE</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.94%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XBRL Taxonomy Extension   Presentation Linkbase</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;III</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">203<a name="PB_203_121720_5250"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant hereby certifies that it meets all of the requirements for filing on Form&nbsp;20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 145.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ G</font><font size="1" style="font-size:8.0pt;">ABRIEL</font> B<font size="1" style="font-size:8.0pt;">LASI</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font> Gabriel Blasi</p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font> Chief Financial Officer</p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Date:&#160;&#160;&#160;&#160;&#160; March&nbsp;&nbsp;26, 201</font>9</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">204<a name="PB_204_121850_7672"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Consolidated Financial Statements as of December&nbsp;31, 2018 and 2017 and for the years ended December&nbsp;31, 2018, 2017 and 2016</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Alicia Moreau de Justo 50</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">(1107) Ciudad Aut&#243;noma de Buenos Aires</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Argentina</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">$: Argentine peso</font></b></p>
<p style="margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">US$: US dollar</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.45in;"><b><font size="4" face="Arial" style="font-size:15.0pt;font-weight:bold;">$37.70 = US$1</font></b><b><font face="Arial" style="font-weight:bold;"> as of December&nbsp;31, 2018</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><a name="ReportofIndependentRegisteredPub_124316"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Report of Independent Registered Public Accounting Firm</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the Board of Directors and Shareholders of Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Opinions on the Financial Statements and Internal Control over Financial Reporting</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have audited the accompanying consolidated statements of financial position of Telecom Argentina S.A. and its subsidiaries (the &#147;Company&#148;) as of December&nbsp;31, 2018 and 2017, and the related consolidated income statements, consolidated statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December&nbsp;31, 2018, including the related notes (collectively referred to as the &#147;consolidated financial statements&#148;). We also have audited the Company&#146;s internal control over financial reporting as of December&nbsp;31, 2018, based on criteria established in <i>Internal Control - Integrated Framework </i>(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December&nbsp;31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December&nbsp;31, 2018 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December&nbsp;31, 2018, based on criteria established in <i>Internal Control - Integrated Framework </i>(2013) issued by the COSO.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Basis for Opinions</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the Management&#146;s Report on Internal Control Over Financial Reporting appearing under Item 15. Our responsibility is to express opinions on the Company&#146;s consolidated financial statements and on the Company&#146;s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#147;PCAOB&#148;) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules&nbsp;and regulations of the Securities and Exchange Commission and the PCAOB.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Dispute of SCI&#146;s Resolution 50/10</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As discussed in Note 18.2.j. to the consolidated financial statements, the Company has disputed the fundamentals of Resolution 50/10 of the Secretariat of Homeland Trade which provides for a mechanism to calculate monthly cable television subscriber fees.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Definition and Limitations of Internal Control over Financial Reporting</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ PRICE WATERHOUSE&nbsp;&amp; CO. S.R.L.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="right" style="margin:0in .05in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Partner)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Carlos Alberto Pace</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 14.2pt;text-indent:-14.2pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 14.2pt;text-indent:-14.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Buenos Aires, Argentina</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;19, 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have served as the Company&#146;s auditor since 2006.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">1</font></b><a name="PB_1_042040_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONTENTS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Page</font></u></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#CONSOLIDATEDSTATEMENTSOFFINANCIA_092739" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Consolidated   Statements of Financial Position</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-3</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#CONSOLIDATEDINCOMESTATEMENTS_092731" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Consolidated   Income Statements</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-4</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#CONSOLIDATEDSTATEMENTSOFCOMPREHE_093818" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Consolidated   Statements of Comprehensive Income</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-5</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#CONSOLIDATEDSTATEMENTSOFCHANGESI_103524" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Consolidated Statements of Changes in Equity</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-6</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#CONSOLIDATEDSTATEMENTSOFCASHFLOW_104108" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Consolidated Statements of Cash Flows</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-8</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#Glossaryofterms_104116" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Glossary of terms</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-9</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE1DESCRIPTION_101424" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 1 &#150; Description of business and basis of preparation   of the consolidated financial statements</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-11</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE2REGULATORYFRAMEWORK_101442" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 2 &#150; Regulatory framework</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-17</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE3SIGNIFICANTACCOUNTINGPOLICI_095527" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 3 &#150; Significant accounting policies</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-34</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE4ACQUISITION_081903" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 4 &#150; Acquisition of companies and corporate   reorganization processes</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-56</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE5CASHANDCASHEQUIVALENTSANDIN_025836" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 5 &#150; Cash and cash equivalents and Investments.   Additional information on the consolidated statements of cash flows</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-65</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE6TRADERECEIVABLES_025849" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 6 &#150; Trade receivables</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-68</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE7OTHERRECEIVABLES_025854" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 7 &#150; Other receivables</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-69</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE8INVENTORIES_025857" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 8 &#150; Inventories</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-69</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE9GOODWILL_025905" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 9 &#150; Goodwill</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-70</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE10PROPERTYPLANTANDEQUIPMENT_025907" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 10 &#150; Property, plant and equipment</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-70</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE11INTANGIBLEASSETS_025922" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 11 &#150; Intangible assets</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-71</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE12TRADEPAYABLES_025925" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 12 &#150; Trade payables</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-72</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE13FINANCIALDEBT_025927" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 13 &#150; Financial debt</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-72</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE14SALARIESANDSOCIALSECURITYP_025937" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 14 &#150; Salaries and social security payables</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-76</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE15DEFERREDINCOMETAXASSETSLIA_025941" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 15 &#150; Deferred income tax assets/liabilities</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-77</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE16TAXESPAYABLES_025957" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 16 &#150; Taxes payables</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-78</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE17OTHERLIABILITIES_030000" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 17 &#150; Other liabilities</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-79</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE18PROVISIONS_030002" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 18 &#150; Provisions</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-80</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE19COMMITMENTS_030047" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 19 &#150; Commitments</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-90</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE20EQUITY_030051" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 20 &#150; Equity</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-90</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE21FINANCIALINSTRUMENTS_030057" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 21 &#150; Financial instruments</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-93</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE22REVENUES_030113" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 22 &#150; Revenues</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-97</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE23OPERATINGEXPENSES_030115" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 23 &#150; Operating expenses</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-97</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE24FINANCIALRESULTSNET_030122" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 24 &#150; Financial results, net</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-99</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE25EARNINGSPERSHARE_030120" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 25 &#150; Earnings per share</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-99</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE26FINANCIALRISKMANAGEMENT_030125" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 26 &#150; Financial risk management</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-99</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE27BALANCESANDTRANSACTIONSWIT_030132" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 27 &#150; Balances and transactions with Companies under   Section&nbsp;33 - Law No.&nbsp;19,550 and Related Parties</font></a></font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.92%;">
<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-102</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><a href="#NOTE28RESTRICTIONSONDISTRIBUTION_030147" title="Click to goto "><font size="1" face="Arial" style="font-size:9.0pt;">Note 28 &#150; Restrictions on distribution of profits</font></a></font></p>    </td>
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<p align="center" style="margin:4.0pt 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">F-106</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">2</font></b><a name="PB_2_042040_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFFINANCIA_092739"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos </font><font size="1" face="Arial" style="font-size:8.0pt;">in current currency</font><font size="1" face="Arial" style="font-size:8.0pt;"> - Note 1.e)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">As   of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ASSETS</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Current Assets</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,891</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,517</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,371</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">162</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade receivables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">17,415</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,588</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other receivables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,073</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,223</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventories</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">8</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,737</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">136</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total current assets</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">33,487</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10,626</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Non-Current Assets</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade receivables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">6</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">61</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other receivables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">7</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,722</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">353</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred income tax assets</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">78</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">66</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,595</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">735</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Goodwill</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">9</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">120,449</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">31,954</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Property, plant and equipment</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">10</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">150,476</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">45,701</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">11</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">59,870</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4,635</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total non-current assets</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">338,251</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">83,444</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL ASSETS</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">371,738</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">94,070</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">LIABILITIES</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Current Liabilities</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade payables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">22,854</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,737</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial debt</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">20,044</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,383</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Salaries and social security payables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">5,947</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,585</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Taxes payables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,319</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">2,743</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividends payables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">27</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">6,021</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other liabilities</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,537</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">152</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Provisions</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">18</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">744</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total current liabilities</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">53,445</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">18,621</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Non-Current Liabilities</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade payables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">12</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">570</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial debt</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">59,268</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">14,626</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Salaries and social security payables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">14</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">347</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred income tax liabilities</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">24,542</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,982</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Taxes payables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">16</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">26</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">4</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Other liabilities</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">17</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,159</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">198</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Provisions</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">18</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">3,468</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">1,611</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total non-current liabilities</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">89,380</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">20,421</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL LIABILITIES</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">142,825</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">39,042</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">EQUITY</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity attributable to Controlling Company</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">225,686</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">54,182</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity attributable to non-controlling interest</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">3,227</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">846</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL EQUITY</font></b><i><font face="Arial" style="font-style:italic;">(See Consolidated Statements   of Changes in Equity)</font></i></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">20</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">228,913</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">55,028</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">TOTAL LIABILITIES AND EQUITY</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">371,738</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">94,070</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="border:none;font-size:10.0pt;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">3</font></b><a name="PB_3_042040_8146"></a></p>
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<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED INCOME STATEMENTS</font></u></b><a name="CONSOLIDATEDINCOMESTATEMENTS_092731"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency, except per share data in Argentine pesos in current currency - </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;">
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="31%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:31.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">For the years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">22</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">168,046</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">66,649</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">60,405</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Employee benefit expenses and severance   payments</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(30,048)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,665)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10,603)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Interconnection and transmission costs</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,525)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,311)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,360)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Fees for services, maintenance,   materials and supplies</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(16,261)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,254)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,912)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Taxes and fees with the Regulatory   Authority</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(13,609)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,859)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,341)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Commissions and advertising</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,210)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,691)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,464)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Cost of equipment and handsets</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,667)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(493)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(882)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Programming and content costs</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,156)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,116)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,778)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Bad debt expenses</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,527)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(901)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(741)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Other operating income and expenses</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,675)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,246)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,125)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Depreciation, amortization and impairment of   PP&amp;E and Intangible assets</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(35,111)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,804)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,883)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">21,257</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14,309</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">12,316</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Earnings from associates</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">236</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">353</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">221</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Debt financial expenses</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">24</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(33,972)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(217)</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(595)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other financial results, net</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">24</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">15,177</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">930</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,619</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Income before income tax benefit (expense)</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,698</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">15,375</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">16,561</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Income tax benefit (expense)</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">15</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,838</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,516)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,015)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net income for the year</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,536</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,859</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10,546</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Controlling Company</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,294</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,731</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,457</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Non-controlling interest</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">242</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">128</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">89</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,536</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,859</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10,546</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.3%;">
<p style="margin:0in 0in .0001pt 5.75pt;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Earnings per share   attributable to Controlling</font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">  </font></b><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Company - Basic and diluted</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">25</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2.46</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8.21</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8.83</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">See Note 23 for additional information on operating expenses per function.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="border:none;font-size:10.0pt;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">4</font></b><a name="PB_4_042040_7091"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCOMPREHE_093818"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency - </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;">
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="32%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:32.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">For the years ended December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Net income for the year</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">5,536</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">9,859</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">10,546</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other components of the Statements of Comprehensive Income (loss)</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><u><font size="1" face="Arial" style="font-size:9.0pt;">Will be reclassified subsequently to profit or loss</font></u></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:9.0pt;">Currency translation adjustments (no effect on Income   Tax)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,198</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(713)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,567)</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:9.0pt;">NDF effects classified as hedges</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">128</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:9.0pt;">Income Tax effects on NDF classified as hedges</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(36)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><u><font size="1" face="Arial" style="font-size:9.0pt;">Will not be reclassified subsequently to profit or loss</font></u></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:9.0pt;">Actuarial results</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">38</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:9.0pt;">Tax effect</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(11)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other components of the comprehensive income (loss), net of tax</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">1,317</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(713)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(1,567)</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total comprehensive income for the year</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6,853</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">9,146</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,979</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:9.0pt;">Controlling Company</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">6,425</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">9,090</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">8,922</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:9.0pt;">Non-controlling interest</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">428</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">56</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">57</font></p>    </td>   </tr>
<tr>
<td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.86%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">6,853</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">9,146</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.72%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">8,979</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="border:none;font-size:10.0pt;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">5</font></b><a name="PB_5_042040_455"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCHANGESI_103524"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency - </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="17%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" colspan="5" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:23.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Owners   contribution</font></b></p>    </td>
<td width="30%" colspan="6" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Reserves</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Outstanding   shares</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Treasury   shares</font></b></p>    </td>
<td width="5%" rowspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Treasury <br>   shares <br>   acquisition <br>   cost</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Capital   <br>   nominal <br>   value <br>   (1)</font></b></p>    </td>
<td width="4%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:4.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Inflation   <br>   adjustment</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Capital <br>   nominal <br>   value</font></b></p>    </td>
<td width="4%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Inflation <br>   adjustment</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Conntributed<br>   Surplus</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Legal <br>   reserve</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Special <br>   reserve for <br>   IFRS <br>   implementation</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Voluntary <br>   reserve for <br>   capital <br>   investments</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Facultative   <br>   (2)</font></b></p>    </td>
<td width="5%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Voluntary <br>   reserve for <br>   future <br>   dividends <br>   payments</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Other <br>   comprehensive <br>   results</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Other <br>   deferred</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Retained <br>   earnings</font></b></p>    </td>
<td width="4%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Equity <br>   attributable <br>   to non-<br>   controlling<br>   interest</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Total Equity</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances as of   January&nbsp;1, 2016</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">198</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,637</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,266</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">99</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">107</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">11,261</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">295</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">96</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">33,112</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">48,071</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">733</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">48,804</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Capital reduction (3)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">2</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Facultative reserve   constitution (4)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,588</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(3,588)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Dividends (4)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,563)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,563)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,563)</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Surplus capitalization (5)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">137</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1,129</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,266)</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Facultative reserve partial   reversal (5)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">866</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">825</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,691)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Facultative reserve partial   reversal (6)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,464)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,464)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,464)</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Share on reserve of Controlled companies</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(83)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(83)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(83)</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><u><font size="1" face="Arial" style="font-size:6.0pt;">Comprehensive income:</font></u></p>
<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:3.0pt 0in .0001pt .25in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Net income for the year</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">10,457</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">10,457</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">89</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">10,546</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .25in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Other comprehensive loss</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,535)</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,535)</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(32)</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,567)</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total Comprehensive Income</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,535)</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">10,457</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">8,922</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">57</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">8,979</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances as of   December&nbsp;31, 2016</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,200</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,590</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">99</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">107</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">11,696</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,240)</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">38,418</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">53,883</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">790</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">54,673</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Legal and facultative reserve   (7)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">347</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,887</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(4,234)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Dividends (7)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(2,770)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(2,770)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(2,770)</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Facultative reserve partial   reversal (8)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(6,021)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(6,021)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(6,021)</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt 16.6pt;text-indent:-10.1pt;"><u><font size="1" face="Arial" style="font-size:6.0pt;">Comprehensive income:</font></u></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .25in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Net income for the year</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">9,731</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">9,731</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">128</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">9,859</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .25in;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Other comprehensive loss</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(641)</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(641)</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(72)</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(713)</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total Comprehensive Income</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(641)</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">9,731</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">9,090</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">56</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">9,146</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances   as of December&nbsp;31, 2017</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,200</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,590</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.8%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">446</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">107</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">9,562</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,881)</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">13</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">41,145</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">54,182</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">846</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in 2.9pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">55,028</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 5.0pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(1)&nbsp;As of December&nbsp;31, 2017 and 2016, total shares (120,000), of $10,000 argentine peso of nominal value each, were issued and fully paid.</font></p>
<p style="background:white;margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(2)&nbsp;Corresponds to the Facultative Reserve to maintain the capital investments level and the current level of solvency.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(3)&nbsp;As approved by the General Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n held on January&nbsp;12, 2016.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(4)&nbsp;As approved by the General Ordinary and Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n held on April&nbsp;20, 2016.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(5)&nbsp;Capitalization of Capital Surplus and Contributed Surplus and Facultative reserve partial reversal for its capitalization as approved by the General Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n held on June&nbsp;30, 2016.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(6)&nbsp;For future dividends payments approved by the General Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n held on June&nbsp;30, 2016.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(7)&nbsp;As approved by the Ordinary and Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n held on March&nbsp;30, 2017.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(8)&nbsp;For future dividends payments approved by the General Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n held on December&nbsp;18, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">6</font></b><a name="PB_6_043635_7878"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="4" face="Arial" style="font-size:13.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONT.)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency - </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="17%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" colspan="5" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:23.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Owners   contribution</font></b></p>    </td>
<td width="30%" colspan="6" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Reserves</font></b></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Outstanding   shares</font></b></p>    </td>
<td width="9%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Treasury   shares</font></b></p>    </td>
<td width="5%" rowspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Treasury <br>   shares <br>   acquisition <br>   cost<br>    </font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">(2)</font></b></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Capital   <br>   nominal <br>   value <br>   (1)</font></b></p>    </td>
<td width="4%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:4.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Inflation   <br>   adjustment</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Capital <br>   nominal <br>   value<br>    </font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">(1) (2)</font></b></p>    </td>
<td width="4%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Inflation <br>   adjustment<br>    </font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">(2)</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Conntributed   <br>   Surplus</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Legal <br>   reserve</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Special <br>   reserve for <br>   IFRS <br>   implementation</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Voluntary <br>   reserve for <br>   capital <br>   investments <br>   (3)</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Facultative   <br>   (3)</font></b></p>    </td>
<td width="5%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Voluntary <br>   reserve for <br>   future <br>   dividends <br>   payments</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Other <br>   comprehensive <br>   results</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Other <br>   deferred</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Retained <br>   earnings</font></b></p>    </td>
<td width="4%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:4.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Equity <br>   attributable <br>   to non-<br>   controlling<br>   interest</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;">Total Equity</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances as of   January&nbsp;1, 2018</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">1,200</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">3,590</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">446</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">107</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">9,562</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">(1,881)</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">13</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">41,145</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">54,182</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">846</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">55,028</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Incorporation of the Net Equity of the acquiree   (Note 1.a)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">969</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">39,604</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">15</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">152</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(1,795)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">1,819</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">869</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">3,300</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">22,414</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(316)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(5)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(384)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">66,642</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">1,171</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">67,813</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Retained earnings adjustment (Note 3.u and 3.v.)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">24</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">24</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(21)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">3</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Merger effect (Note 1.a)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(15)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(45)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">127,343</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">316</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">5</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">127,604</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">808</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">128,412</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Call option reserve (4)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(132)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(132)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">(132)</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Dividends (5)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(14,111)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(14,711)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(28,822)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">(28,822)</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Facultative reserve (6)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">1,769</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">2,681</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(4,450)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:6.0pt;">Increase in CV Berazategui shareholding (Note 3.d.6)</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(237)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(237)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">(5)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">(242)</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:3.0pt 0in .0001pt 30.0pt;text-indent:-10.0pt;"><u><font size="1" face="Arial" style="font-size:6.0pt;">Comprehensive income:</font></u></p>
<p style="margin:0in 0in .0001pt 30.25pt;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:2.0pt 0in .0001pt 8.65pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Net income for the year</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">5,294</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">5,294</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">242</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:3.0pt .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">5,536</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt 8.65pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Other comprehensive income</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">1,131</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">-</font></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">1,131</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:5.5pt;">186</font></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">1,317</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total   Comprehensive Income</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">1,131</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">5,294</font></b></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">6,425</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">428</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">6,853</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balances   as of December&nbsp;31, 2018</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">2,154</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.82%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">43,149</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.54%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">15</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">152</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">(1,795)</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">127,343</font></b></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">2,265</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">976</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.4%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">3,300</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.42%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">11,331</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.68%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">10,984</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">(750)</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">(356)</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">26,918</font></b></p>    </td>
<td width="4%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.5%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">225,686</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">3,227</font></b></p>    </td>
<td width="5%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:5.5pt;font-weight:bold;">228,913</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(1)&nbsp;As of December&nbsp;31, 2018 total shares (2,168,909,384), of $1 argentine peso of nominal value each, were issued and fully paid. As of December&nbsp;31, 2018, 15,221,373 were treasury shares.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(2)&nbsp;Corresponds to 15,221,373 shares of $1 argentine peso of nominal value each, equivalent to 0.70% of total capital. The treasury shares acquisition costs amounted to 1,795. See Note 20 to these consolidated financial statements.</font></p>
<p style="background:white;margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(3)&nbsp;Correspond to the Facultative Reserves to maintain the capital investments level and the current level of solvency.</font></p>
<p style="margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(4)&nbsp;Call option reserve of non-controlling interest (See Note 3 d.4 to the consolidated financial statements).</font></p>
<p style="background:white;margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(5)&nbsp;As approved by the Company&#146;s Board of Directors on January&nbsp;31, 2018. Includes 14,711 of advanced dividends which were subsequently ratified by the General Ordinary Shareholders&#146; Meeting held on April&nbsp;25, 2018.</font></p>
<p style="background:white;margin:0in 0in .0001pt 2.15pt;"><font size="1" face="Arial" style="font-size:5.0pt;">(6)&nbsp;As approved by the General Ordinary Shareholders&#146; Meeting held on April&nbsp;25, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">7</font></b><a name="PB_7_043946_6121"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></u></b><a name="CONSOLIDATEDSTATEMENTSOFCASHFLOW_104108"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(In millions of Argentine pesos in current currency &#150; </font><font size="1" face="Arial" style="font-size:8.0pt;">Note 1.e</font><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">For the years ended December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Note</font></u></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES</font></u></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net income for the year</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,536</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,859</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10,546</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Adjustments to reconcile net income to net cash   flows provided by operating activities</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Allowances deducted from assets and   provisions</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,622</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">874</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">735</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Depreciation of property, plant and   equipment</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">27,643</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">9,698</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,719</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Amortization of intangible assets</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,378</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">106</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">164</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings from associates</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5.a</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(236)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(353)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(221)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Impairment of PP&amp;E and Intangible   assets</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">23</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,090</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Disposals of PP&amp;E and consumption   of materials</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">579</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,687</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,951</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial results and others</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">14,775</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,334</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,930</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax (benefit) expense</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">15</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,838)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,516</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6,015</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax paid</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,935)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,365)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,698)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net (increase) decrease in assets</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5.b</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,997)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,113)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">197</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net increase (decrease) in   liabilities</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5.b</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,191)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,435)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,354)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total cash flows provided by operating   activities</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">42,426</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">22,808</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">25,984</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES</font></u></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Property, plant and equipment   acquisitions</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(39,574)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(19,116)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(19,404)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Intangible asset acquisitions</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,906)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(807)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(24)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Acquisition in shareholdings</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(244)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(33)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,040)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Proceeds from dividends</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5.b</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">56</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash incorporated by the merger</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4.a</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,180</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">393</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">324</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Proceeds from the sale of property,   plant and equipment and intangible assets</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">6</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">13</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">16</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Investments not considered as cash   and cash equivalents</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">7,197</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,467</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(833)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total cash flows used in investing activities</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(31,285)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(17,083)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(23,920)</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES</font></u></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Proceeds from financial debt</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5.b</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">27,769</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,264</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">15,305</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Payment of financial debt</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5.b</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,512)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,623)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,679)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Payment of interests and related   expenses</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5.b</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,724)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,292)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,834)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Payment of cash dividends</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5.b</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(34,130)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,454)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,005)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total cash flows used in financing activities</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(14,597)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,105)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2,213)</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">NET INCREASE (DECREASE) IN CASH AND CASH   EQUIVALENTS</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3,456)</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,620</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(149)</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF   THE YEAR</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,517</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,840</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,065</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">NET FOREIGN EXCHANGE DIFFERENCES AND RECPAM ON CASH AND CASH   EQUIVALENTS</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,830</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">57</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">924</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.76%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR</font></b></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,891</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,517</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,840</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">See Note 5.b for additional information on the consolidated statements of cash flows.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 0in 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">8</font></b><a name="PB_8_044205_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Glossary of terms</font></u></b><a name="Glossaryofterms_104116"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">The following explanations are not technical definitions, but to assist the general reader to understand certain terms as used in these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">&#147;Abono fijo&#148;: </font></i><font face="Arial">Under the &#147;Abono fijo&#148; plans, a subscriber pays a set monthly bill and, once the contract minutes per month have been used, the subscriber can obtain additional credit by recharging the phone card through the prepaid system.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">AFIP (Administraci&#243;n Federal de Ingresos P&#250;blicos):</font></i><font face="Arial"> The Argentine federal tax authority</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">AMBA (&#193;rea Metropolitana de Buenos Aires): </font></i><font face="Arial">the Metropolitan Area of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ADS</font></i><font face="Arial"> Telecom Argentina&#146;s American Depositary Share, listed on the New York Stock Exchange, each representing 5 Class&nbsp;B Shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">BYMA (Bolsas y Mercados Argentinos): </font></i><font face="Arial">Buenos Aires Stock Exchange.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">BCRA (Banco Central de la Rep&#250;blica Argentina): </font></i><font face="Arial">The Central Bank of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Cablevisi&#243;n:</font></i><font face="Arial"> Company absorbed by Telecom since January&nbsp;1, 2018, whose activities are continued by Telecom (Note 4.a).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CAPEX: Capital expenditures.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">COMFER (Comisi&#243;n Federal de Radiodifusi&#243;n):</font></i><font face="Arial"> Argentine Commission of Broadcasting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CNC (Comisi&#243;n Nacional de Comunicaciones):</font></i><font face="Arial"> The Argentine National Communications Commission.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CNDC (Comisi&#243;n Nacional de Defensa de la Competencia): </font></i><font face="Arial">The Argentine Antitrust Commission.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CNV (Comisi&#243;n Nacional de Valores):</font></i><font face="Arial"> The Argentine National Securities Commission.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Company or Telecom Argentina</font></i><font face="Arial">: Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CONATEL (Comisi&#243;n Nacional de Telecomunicaciones del Paraguay): </font></i><font face="Arial">The Regulatory Authority of Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CPCECABA (Consejo Profesional de Ciencias Econ&#243;micas de la Ciudad Aut&#243;noma de Buenos Aires): </font></i><font face="Arial">The Professional Council of Economic Sciences of the City of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CPP: </font></i><font face="Arial">Calling Party Pays.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">CVH:</font></i><font face="Arial"> Cablevisi&#243;n Holding S.A., controlling company of Telecom since January&nbsp;1, 2018 (Note 27.a).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ENACOM (Ente Nacional de Telecomunicaciones): </font></i><font face="Arial">The Telecommunications Regulatory Authority of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ENARD (Ente Nacional de Alto Rendimiento Deportivo): National High Sport Performance Organization.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">ENTel (Empresa Nacional de Telecomunicaciones): </font></i><font face="Arial">Argentine State Telecommunication Company, which was privatized in November, 1990.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">FACPCE (Federaci&#243;n Argentina de Consejos Profesionales en Ciencias Econ&#243;micas):</font></i><font face="Arial"> Argentine Federation of Professional Councils of Economic Sciences.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">FFSU or SU Fund (Fondo Fiduciario del Servicio Universal): </font></i><font face="Arial">Universal Service Fiduciary Fund</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Fintech: </font></i><font face="Arial">Fintech Telecom LCC, a Telecom shareholder</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IAS</font></i><font face="Arial">:&#160; International Accounting Standards.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IASB</font></i><font face="Arial">:&#160; International Accounting Standards Board.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IDEN:</font></i><font face="Arial"> Integrated Digital Enhanced Network</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IFRS</font></i><font face="Arial">:&#160; International Financial Reporting Standards, as issued by the International Accounting Standards Board.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">IGJ (Inspecci&#243;n General de Justicia): </font></i><font face="Arial">General Board of Corporations<i>.</i></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">LAD (Ley Argentina Digital): </font></i><font face="Arial">Argentine Digital Law No.&nbsp;27,078.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">LGS (Ley de General de Sociedades): </font></i><font face="Arial">Argentine Corporations Law No.&nbsp;19,550 as amended. Since the enforcement of the new Civil and Commercial Code its name was changed to &#147;General Corporations Law&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">NDF: </font></i><font face="Arial">Non-Deliverable Forward.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Nortel:</font></i><font face="Arial"> Nortel Inversora S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">NYSE: New York Stock Exchange.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">OCI: </font></i><font face="Arial">Other Comprehensive Income.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PCS (</font></i><font face="Arial">Personal Communications Service): A mobile communications service with systems that operate in a similar manner to cellular systems.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">9</font></b><a name="PB_9_044205_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PEN: National Executive Power.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PPP (Programa de Propiedad Participada): </font></i><font face="Arial">Share Ownership plan.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">PP&amp;E: Property, plant and equipment.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RECPAM (Resultado por exposici&#243;n a los cambios en el poder adquisitivo de la moneda):</font></i><font face="Arial"> Inflation Adjustment Gain (Loss)</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Regulatory Authority:</font></i><font face="Arial"> Previously, the SC and the CNC. Since the issuance of the Decree of Need and Urgency No.267/15, the Regulatory Authority is the National Communications Agency (ENACOM).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Roaming:</font></i><font face="Arial"> a function that enables mobile subscribers to use the service on networks of operators other than the one with which they signed their initial contract. The roaming service is active when a mobile device is used in a foreign country (included in the GSM network).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RT:</font></i><font face="Arial">&#160; Technical resolutions issued by the FACPCE.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">RT 26</font></i><font face="Arial">: Technical resolution No, 26 issued by the FACPCE, amended by RT29 and RT43.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SBT (Servicio b&#225;sico telef&#243;nico): Basic telephone service.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SC (Secretar&#237;a de Comunicaciones):</font></i><font face="Arial"> The Argentine Secretary of Communications.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:17.25pt;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SCMA (Servicio de Comunicaciones M&#243;viles Avanzadas):</font></i><font face="Arial"> Mobile Advanced Communications Service.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SEC:</font></i><font face="Arial"> Securities and Exchange Commission of the United States of America.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SRCE (Servicio Radioel&#233;ctrico de Concentraci&#243;n de Enlaces):</font></i><font face="Arial"> Radioelectric Service of Concentration of Links.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SRMC (Servicio de Radiocomunicaciones M&#243;vil Celular): </font></i><font face="Arial">Cellular Mobile Radiocommunications Service.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SRS (Servicio de Radiodifusi&#243;n por Suscripci&#243;n por v&#237;nculo f&#237;sico y/o radioel&#233;ctrico.): </font></i><font face="Arial">Subscription Broadcasting Service by physical and / or radioelectric link.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SMS:</font></i><font face="Arial"> Short message systems.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Sofora:</font></i><font face="Arial"> Sofora Telecomunicaciones S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">STM (Servicio de Telefon&#237;a M&#243;vil): </font></i><font face="Arial">Mobile Telephone Service.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SU:</font></i><font face="Arial"> The availability of Basic telephone service, or access to the public telephone network via different alternatives, at an affordable price to people within a country or specified area.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telecom</font></i><font face="Arial">: Telecom Argentina and its consolidated subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telecom Italia Group:</font></i><font face="Arial"> Telecom Italia S.p.A and its consolidated subsidiaries, except where referring to the Telecom Italia Group as Telecom Argentina&#146;s operator in which case it means Telecom Italia S.p.A and Telecom Italia International, N.V.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telecom Personal/Personal/Micro Sistemas/Telintar/Pem/CV Berazategui//Cable Imagen/ &#218;ltima Milla/AVC Continente Audiovisual/Inter Radios: </font></i><font face="Arial">Names corresponding to limited companies or limited responsibility companies that are directly or indirectly controlled according to the definition of the </font><font face="Arial">General Corporations Law</font><font face="Arial">, or were controlled by the Company, directly or indirectly: Telecom Personal S.A., Micro Sistemas S.A.U., Telecomunicaciones Internacionales de Argentina Telintar S.A., Pem S.A., CV Berazategui S.A., Cable Imagen S.R.L., &#218;ltima Milla S.A., AVC Continente Audiovisual S.A.,&nbsp;Inter Radios S.A.U.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telecom USA/N&#250;cleo/Personal Env&#237;os/Tuves Paraguay / Televisi&#243;n Dirigida / Adesol: </font></i><font face="Arial">Names corresponding to foreign companies Telecom Argentina USA,&nbsp;Inc., N&#250;cleo S.A., Personal Env&#237;os S.A., Tuves Paraguay S.A., Televisi&#243;n Dirigida S.A. y Adesol S.A., respectively, companies that are directly or indirectly controlled according to the definition of the General Corporations Law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Telef&#243;nica: </font></i><font face="Arial">Telef&#243;nica de Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">TLRD (Terminaci&#243;n Llamada Red Destino):</font></i><font face="Arial"> Termination charges from third parties&#146; wireless networks.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">VAS (Value-Added Services):</font></i><font face="Arial"> Services that provide additional functionality to the basic transmission services offered by a telecommunications network such as SMS, Video streaming, Personal Video, Personal Cloud, M2M (Communication Machine to Machine), Social networks, Personal Messenger, Contents and Entertainment (content and text subscriptions, games, music ringtones, wallpaper, screensavers, etc), MMS (Mobile Multimedia Services) and Voice Mail, among others.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">VAT</font></i><font face="Arial">: Value-Added Tax</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">VLG: VLG S.A.U. (formerly VLG Argentina LLC</font><font face="Arial">), a company that is a shareholder of the Company and controlled by CVH.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">WAI:</font></i><font face="Arial"> W de Argentina &#150; Inversiones S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In these Consolidated Financial Statements, unless otherwise stated, Argentine peso amounts are stated in millions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">10</font></b><a name="PB_10_044205_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 51.85pt;text-indent:-51.85pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 1 &#150; DESCRIPTION <a name="NOTE1DESCRIPTION_101424"></a>OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">a)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">The Company and its Operations</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina was created through the privatization of ENTel, the state-owned company that provided telecommunication services in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina&#146;s license, as originally granted, was exclusive to provide telephone services in the northern region of Argentina since November&nbsp;8, 1990 through October&nbsp;10, 1999. As from such date, the Company also began providing telephone services in the southern region of Argentina and competing in the previously exclusive northern region.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company provides mainly fixed-line public and mobile telecommunication services, international long-distance service, data transmission and Internet services in Argentina and through its subsidiaries, mobile telecommunications services in Paraguay and international wholesale services in the United States of America.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of the merger between the Company and Cablevisi&#243;n (Note 4.a), Telecom Argentina, as surviving entity, develops, as from January&nbsp;1, 2018, the operations of Cablevisi&#243;n.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The core business of Cablevisi&#243;n and some of its subsidiaries was the operation of the cable television networks installed in different regions of Argentina and Uruguay and the provision of telecommunication services and data transmission.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cablevisi&#243;n exploited cable television services through licenses original granted by the Federal Broadcasting Committee (COMFER) and telecommunication services through licenses granted by the SC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Information on Telecom&#146;s licenses and on the regulatory framework is described under Note 2.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the following are the subsidiaries included in the consolidation process and the respective equity interest owned by Telecom Argentina:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="95%" style="border:none;border-collapse:collapse;margin-left:21.4pt;">
<tr>
<td width="21%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="39%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Main Activity</font></b></p>    </td>
<td width="19%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Country</font></b></p>    </td>
<td width="19%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Telecom   Argentina&#146;s<br>   direct/indirect interest<br>   in capital stock and<br>   votes</font></b></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">N&#250;cleo</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile telecommunications Services</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Paraguay</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">67.50%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Personal Env&#237;os</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile financial services</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Paraguay</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">67.50%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Tuves Paraguay</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Telecommunications services</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Paraguay</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">67.50%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Microsistemas</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Services related to   the use of electronic payment media</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Pem</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Investment</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">CV Berazategui (a)</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Closed-circuit television</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Cable Imagen (b)</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Closed-circuit television</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Televisi&#243;n Dirigida</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Cable television services</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Paraguay</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Adesol (c)</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Holding</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Uruguay</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">&#218;ltima Milla</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Services for telecommunication</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">AVC Continente Audiovisual</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Broadcasting services</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">60.00%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Inter Radios</font></p>    </td>
<td width="39%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Broadcasting services</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Argentina</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:8.0pt;">Telecom USA</font></p>    </td>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:39.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Telecommunication services</font></p>    </td>
<td width="19%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">USA</font></p>    </td>
<td width="19%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">100.00%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">The Company owned 70% indirectly through Pem until April&nbsp;4, 2018 when the remaining 30% was acquired directly (See Note 3.d.6).</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">The data about the issuer arise from non-accounting information.</font></p>
<p style="margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Includes the interest in the following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel S.A. and Visi&#243;n Satelital S.A. See Note 3 d.4).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The information presented on a comparative basis of the fiscal years ended December&nbsp;31, 2017 and 2016 corresponds to the consolidated information of Cablevisi&#243;n, due to the treatment of the &#147;reverse acquisition&#148; described under Note 1.c), therefore:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">NEXTEL Communications Argentina S.R.L. (&#147;Nextel&#148;) is included in the consolidation until it was merged into Cablevisi&#243;n, effective as of October&nbsp;1, 2017 (See Note 4.d), and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Telecom USA, N&#250;cleo, Personal Env&#237;os, Tuves Paraguay and Microsistemas (subsidiaries of Telecom before its merger with Cablevisi&#243;n) are not included in the consolidation of the comparative amounts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">11</font></b><a name="PB_11_044205_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">b)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Segment information</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">An operating segment is defined as a component of an entity or a Group that engages in business activities from which it may earn revenues and incur expenses, and whose financial information is available, held separately, and evaluated regularly by the chief operating decision maker. In the case of the Company, the Executive Committee and the Chief Executive Officer (&#147;CEO&#148;) are responsible for controlling recourses and for the economic and financial performance of Telecom.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Executive Committee and the CEO have a strategic and operational vision of Telecom as a single business unit in Argentina, according to the current regulatory context of the converged ICT services industry (adding to the same segment both the activities related to the mobile services, internet services, cable television and fixed telephony services, services governed by the same regulatory framework of ICT services). To exercise its functions, both the Executive Committee and the CEO receive periodically the economic-financial information of Telecom and its subsidiaries (in historical values), that is prepared as a single segment and evaluate the evolution of business as a unit of generation of results, administrating the resources in a unique way to achieve the objectives. Regarding to costs, they are not specifically appropriate to a type of service, considering that the Company has a single payroll and operating expenses that affect all services in general (non-specific). On the other hand, decisions on CAPEX affect all the types of services provided by Telecom in Argentina and not specifically to one of them. Based on what was previously described and under the current accounting principles (IFRS as issued by the IASB), it is defined that the Company has a single segment of operations in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, Telecom carries out its activities abroad (Paraguay, United States of America and Uruguay). These operations are not analyzed as a separate segment by the Executive Committee and the CEO, who analyze the consolidated information of companies in Argentina and abroad (in historical values), taking into account that the activities of foreign companies are not significant for Telecom. The operations that Telecom carries out abroad do not meet the aggregation criteria established by the standard to be grouped within the &#147;Services rendered in Argentina&#148; segment, and considering that they do not exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments, they are grouped within the category &#147;Other abroad segments&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Presented below is the Segment financial information for the years ended December&nbsp;31, 2018, 2017 and 2016. The following tables include segment results presented to the chief operating decision maker in millions of nominal Argentine pesos, together with a reconciliation to such amounts on a price level adjusted basis restated in accordance with the provisions of IAS 29:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#160;</font><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Consolidated Income Statement as of December&nbsp;31, 2018</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;margin-left:.25pt;">
<tr>
<td width="25%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina &#150;<br>   Inflation<br>   restatement</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other abroad<br>   segments</font></b></p>    </td>
<td width="10%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other<br>   abroad<br>   segments &#150;<br>   Inflation<br>   restatement</font></b></p>    </td>
<td width="10%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other   abroad<br>   segments<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="8%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:8.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="7%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:7.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">129,836</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">29,165</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">159,001</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">7,894</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">1,855</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">9,749</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(704)</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">168,046</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Operating costs without depreciation, amortization   and impairment of PP&amp;E</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(85,942)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(19,753)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(105,695)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(5,414)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(1,273)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(6,687)</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">704</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(111,678)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Depreciation, amortization and impairment of   PP&amp;E</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(20,416)</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(12,478)</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(32,894)</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(1,753)</font></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(464)</font></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(2,217)</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(35,111)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">23,478</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(3,066)</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">20,412</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">727</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">118</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">845</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">21,257</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Earnings from associates</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">236</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Debt financial expenses</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(33,972)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other financial results, net</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">15,117</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Income before income tax expense</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,698</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Income tax expense</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,838</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net income</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5,536</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Controlling Company</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">5,294</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Non-controlling interest</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">242</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5,536</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">12</font></b><a name="PB_12_044205_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Consolidated Income Statement as of December&nbsp;31, 2017</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;margin-left:.25pt;">
<tr>
<td width="25%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina &#150;<br>   Inflation<br>   restatement</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other abroad<br>   segments</font></b></p>    </td>
<td width="10%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other<br>   abroad<br>   segments &#150;<br>   Inflation<br>   restatement</font></b></p>    </td>
<td width="10%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other   abroad<br>   segments<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="8%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:8.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="7%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:7.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">39,870</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">25,596</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">65,466</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">1,074</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">117</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">1.191</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(8)</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">66,649</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Operating costs without depreciation, amortization   and impairment of PP&amp;E</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(25,082)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(16,673)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(41,755)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(711)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(78)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(789)</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">8</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(42,536)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Depreciation, amortization and impairment of   PP&amp;E</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(3,880)</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(5,806)</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(9,686)</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(106)</font></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(12)</font></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(118)</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(9,804)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">10,908</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">3,117</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">14,025</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">257</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">27</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">284</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">14,309</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Earnings from associates</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">353</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Debt financial expenses</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(217)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other financial results, net</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">930</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Income before income tax expense</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">15,375</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Income tax expense</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(5,516)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net income</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">9,859</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Controlling Company</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">9,731</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Non-controlling interest</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">128</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">9,859</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.6pt;text-indent:-14.2pt;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font face="Arial" style="font-style:italic;font-weight:bold;">Consolidated Income Statement as of December&nbsp;31, 2016</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;margin-left:.25pt;">
<tr>
<td width="25%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 1.45pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina &#150;<br>   Inflation<br>   restatement</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Services<br>   rendered in<br>   Argentina<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other abroad<br>   segments</font></b></p>    </td>
<td width="10%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other<br>   abroad<br>   segments &#150;<br>   Inflation<br>   restatement</font></b></p>    </td>
<td width="10%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Other   abroad<br>   segments<br>   restated for<br>   inflation</font></b></p>    </td>
<td width="8%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:8.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Eliminations</font></b></p>    </td>
<td width="7%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:7.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">29,726</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">29,804</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">59,530</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">819</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">62</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">881</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">(6)</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">60,405</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Operating costs without depreciation, amortization   and impairment of PP&amp;E</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(19,106)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(20,483)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(39,589)</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(579)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(44)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(623)</font></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">6</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(40,206)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Depreciation, amortization and impairment of   PP&amp;E</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(2,519)</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(5,285)</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(7,804)</font></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(73)</font></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(6)</font></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(79)</font></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">(7,883)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating income</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">8,101</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">4,036</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">12,137</font></b></p>    </td>
<td width="9%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">167</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">12</font></b></p>    </td>
<td width="10%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">179</font></b></p>    </td>
<td width="8%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">12,316</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Earnings from associates</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">221</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Debt financial expenses</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(595)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other financial results, net</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">4,619</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Income before income tax expense</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">16,561</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt 11.5pt;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Income tax expense</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,015)</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net income</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">10,546</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Attributable to:</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Controlling Company</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">10,457</font></p>    </td>   </tr>
<tr>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Non-controlling interest</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.66%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">89</font></p>    </td>   </tr>
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<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.26%;">
<p style="margin:0in 0in .0001pt .1in;text-indent:-5.75pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.34%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.16%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.26%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.08%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.96%;">
<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">10,546</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information per geographical area required under IFRS 8 (Operating Segments) is disclosed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Sales revenues from customers located in Argentina amounted to $158,221, $64,891 and $58,783 during the years ended December&nbsp;31, 2018, 2017 and 2016, respectively; while sales revenues from foreign customers amounted to $9,825, $1,758 and $1,622 for the years ended December&nbsp;31, 2018, 2017 and 2016, respectively;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">PP&amp;E, Goodwill and Intangible assets corresponding to the segment &#147;Services rendered in Argentina&#148; amounted to $319,014 and $80,817 as of December&nbsp;31, 2018 and 2017, respectively; while PP&amp;E, Goodwill and Intangible Assets corresponding to the segment &#147;Other abroad segments&#148; amounted to $11,781 and $1,475 as of December&nbsp;31, 2018 and 2017, respectively.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">13</font></b><a name="PB_13_044205_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">c)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Basis of Presentation</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As required by the CNV, the Company&#146;s consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB, and in accordance with RT 26 (as amended by RT 29 and RT 43) of FACPCE as adopted by the CPCECABA. IFRS also includes the International Accounting Standards or &#147;IAS&#148;; the International Financial Reporting Interpretations Committee or &#147;IFRIC&#148;, the Standard Interpretations Committee or &#147;SIC&#148; and the conceptual framework modified in March&nbsp;2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The preparation of these consolidated financial statements in conformity with IFRS requires that the Company&#146;s Management make estimates that affect the figures disclosed in the financial statements or its supplementary information. Actual results may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where estimates are significant are disclosed under Note 3.w).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements (except for the statement of cash flows) are prepared on an accrual basis of accounting. Under this basis, the effects of transactions are recognized when they occur. Therefore, income and expenses are recognized at fair value on an accrual basis regardless of when they are received or paid. When significant, the difference between the fair value and the nominal amount of income and expenses is recognized as finance income or expense using the effective interest method.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements as of December&nbsp;31, 2018, were approved by resolution of the Board of Directors&#146; meeting held on March&nbsp;19, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Arial" style="font-size:10.0pt;">Effect of the Merger between Telecom and Cablevisi&#243;n under IFRS 3 (Business Combinations) on the Basis of Presentation</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the provisions of the final merger agreement executed between Telecom and Cablevisi&#243;n in October&nbsp;31, 2017 and effective as of January&nbsp;1, 2018 (Note 4.a) and the shareholder agreement executed between Fintech and CVH in July&nbsp;7, 2017 (Note 27.a), Telecom Argentina (surviving company for legal purposes) is deemed the acquiree for accounting purposes and Cablevisi&#243;n (the absorbed company for legal purposes) is deemed the acquirer for accounting purposes, which qualifies as a &#147;reverse acquisition&#148; pursuant to IFRS 3.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The grounds used to determine that Cablevisi&#243;n is to be considered the acquirer for accounting purposes under IFRS 3 in this merger were the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Relative voting rights in the surviving company (55% for the former shareholders of Cablevisi&#243;n S.A. and 45% for the former shareholders of Telecom Argentina S.A.),</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">2)&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">the composition of the Board of Directors of the surviving company and other committees (Audit Committee, Supervisory Committee and Executive Committee),</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The relative fair value allocated to Telecom Argentina and Cablevisi&#243;n and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The composition of the key senior management of the surviving company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Consequently, for the purposes of preparing these consolidated financial statements: i) the figures disclosed on a comparative basis as of December&nbsp;31, 2017 and 2016 arise from the consolidated financial statements of Cablevisi&#243;n as of the respective dates restated for inflation as indicated in Note 1.e); and ii) the consolidated information as of and for the year ended December&nbsp;31, 2018 incorporates, based on the consolidated figures corresponding to Cablevisi&#243;n, the effect of applying the acquisition method concerning Telecom Argentina to its fair value in accordance with IFRS 3 and the consolidated operations of Telecom Argentina as from January&nbsp;1, 2018. Note 4.a) describes specific matters related to the accounting treatment of this merger.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Consistently, certain comparative information that arises from the consolidated financial statements of Cablevisi&#243;n corresponding to the fiscal years ended December&nbsp;31, 2017 and 2016 restated for inflation as indicated in Note 1.e), was adequated to ensure the uniform reporting criteria with those used for 2018 for help the comprehension of the users of these consolidated financial statements.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">d)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Consolidated Financial Statement Formats</font></u></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The financial statement formats adopted are consistent with IAS 1. </font><font face="Arial">In particular:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of financial position</font></u><font color="black" face="Arial" style="color:black;"> have been prepared by classifying assets and liabilities according to the &#147;current and non-current&#148; criterion. Current assets and liabilities are those that are expected to be realized/settled within twelve months after the year-end;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" face="Arial" style="color:black;">the consolidated income statements</font></u><font color="black" face="Arial" style="color:black;"> have been prepared by classifying operating expenses by nature of expense as this form of presentation represents the way that the business is monitored by the Executive Committee and the CEO and, additionally, are in line with the usual presentation of expenses in the ICT services industry;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of comprehensive income</font></u><font color="black" face="Arial" style="color:black;"> include the profit (or loss) for the year as shown in the consolidated income statement and all components of other comprehensive income;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of changes in equity</font></u><font color="black" face="Arial" style="color:black;"> have been prepared showing separately (i)&nbsp;income (loss) for the year, (ii)&nbsp;other comprehensive income (loss) for the year, and (iii)&nbsp;transactions with shareholders (owners and non-controlling interest);</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color="black" face="Arial" style="color:black;">the consolidated statements of cash flows</font></u><font color="black" face="Arial" style="color:black;"> have been prepared</font><font face="Arial"> by presenting cash flows from operating activities according to the &#147;indirect method&#148;, as permitted by IAS<font color="black" style="color:black;"> 7.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements contain all material disclosures required under IFRS as issued by the IASB and<font style="background:white;"> in accordance with the accounting framework established by the CNV</font>. Some additional disclosures required by the LGS and/or by the CNV have been also included, among them, complementary information required in the last paragraph of Section&nbsp;1 Chapter III Title IV of the CNV General Resolution No.&nbsp;622/13. Such information is disclosed in Notes 5, 6, 7, 8, 10, 11, 18, 23 and 26 to these consolidated financial statements, as admitted by IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">e)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Measuring Unit - IAS 29 (Financial reporting in hyperinflationary economies)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">IAS 29 establishes the conditions under which an entity shall restate its financial statements if it is located in an economic environment considered hyperinflationary. This Standard requires that the financial statements of an entity that reports in the currency of a highly inflationary economy shall be stated in terms of the measuring unit current at the closing date of the latest reporting period, regardless of whether they are based on a historical cost approach or a current cost approach. To this end, in general terms, the inflation rate must be computed in the non-monetary items as from the acquisition date or the revaluation date, as applicable. These requirements also comprise the comparative information of the financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">To determine the existence of a highly inflationary economy under the terms of IAS 29, the standard details a series of factors to consider, including a cumulative inflation rate over three years that is close to or exceeds 100%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It is important to highlight that the three-year accumulated inflation rate as of December&nbsp;31, 2018 reached 147.8%. On the other hand, the macroeconomic events that have taken place in the country during the year show that the country is complying with the qualitative factors provided for in IAS 29 to consider Argentina as a highly inflationary economy for accounting purposes. All this, consequently, originates the need to apply the restatement for inflation of the financial statements in the terms of IAS 29 for the year ended December&nbsp;31, 2018. The FACPCE issued Resolution No.&nbsp;539/18 dated September&nbsp;29, 2018</font><font face="Arial"> which defines the need to restate the financial statements of Argentine companies for reporting periods ended after July&nbsp;1, 2018, establishing specific issues in relation to the restatement for inflation such as, for example, the indexes to be used. This Resolution was approved, on October&nbsp;10, 2018, by the CPCECABA through Resolution No.&nbsp;107/2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, Law No.&nbsp;27,468 (published in the Official Gazette on December&nbsp;4, 2018) amended Section&nbsp;10 of Law No.&nbsp;23,928, as amended, providing that the repeal of all the laws and regulations that establish or authorize price indexation, currency restatement, cost variance and any other form of restatement of debts, taxes, prices or fees related to property, works or services does not apply to financial statements, which remain subject to Section&nbsp;62 of the General Associations Law, as amended. In addition, it repealed Decree No.&nbsp;1,269/2002, as amended, and delegated on the PEN, through its oversight agencies, the power to set the date as from which those regulations will come into effect in relation to the financial statements that are presented to them.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Therefore, through Resolution No.&nbsp;777/18 (published in the Official Gazette on December&nbsp;28, 2018), the CNV, the local regulatory agency, established the method to restate financial statements in current currency to be applied by issuers subject to its oversight, in accordance with IAS 29 for years/periods ended as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">15</font></b><a name="PB_15_044344_563"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="background:white;font-size:10.0pt;">In relation to the inflation index to be used, according to Resolution No.&nbsp;539/18, it will be determined according to the Internal Wholesale Price Index (IWPI) until the year 2016, considering for the months of November&nbsp;and December&nbsp;2015 the average variation of the Consumer Price Index (CPI) of the City of Buenos Aires, due to the fact that during those two months there were no IWPI measurements at national level. Then, from January&nbsp;2017, the National Consumer Price Index (National CPI) will be considered. The index as of December 31, 2018 amounts to 2,443.16. </font><font face="Arial">The tables below show the evolution of these indexes in the last three years and as of December&nbsp;31, 2018 according to official statistics (INDEC) following the guidelines described in Resolution No.&nbsp;539/18:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of December <br>   31, 2015</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of December&nbsp;<br>   31, 2016</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of December&nbsp;<br>   31, 2017</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of December&nbsp;<br>   31, 2018</font></u></b></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.02%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Variation in Prices</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Annual</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">17.2%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">34.6%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">24.7%</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">47.6%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accumulated 3 years</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">72.5%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">102.2%</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">96.6%</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">147.8%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of the aforementioned, these Financial Statements as of December&nbsp;31, 2018 were restated in accordance with the provisions of IAS 29.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company restated all the non-monetary items in order to reflect the impact of the inflation restatement reporting in terms of the measuring unit current as of December&nbsp;31, 2018. Consequently, the main items restated were Property, Plant and Equipment,&nbsp;Intangible assets, Goodwill,&nbsp;Inventories, certain Investments in associates and the Equity items. Each item must be restated since the date of the initial recognition in the Company&#146;s Equity or since the last revaluation. Monetary items have not been restated because they are stated in terms of the measuring unit current as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Comparative figures must also be presented in the current currency of December&nbsp;31, 2018 and are restated using the general price index of the current year. Therefore, comparative figures for the previous reporting periods have been restated by applying a general price index, so that the resulting comparative financial statements are presented in terms of the current unit of measurement as of the closing date of the reporting period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As far as results are concerned, there was an increase in Amortization and depreciation arising from the restatement of non-monetary assets, and an improvement in financial income and expense due to the positive result of the exposure to inflation from the excess of monetary liabilities over monetary assets, with the consequent impact on income tax.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Arial" style="font-size:10.0pt;">Restatement of the Income Statement and the Statement of Cash Flows</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In the Income Statement, items shall be restated from the dates when the items of income and expense were originally recorded. To this end, the Company shall apply the variations in a general price index.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effect of inflation on the monetary position is included in the Income Statement under Other financial results, net.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The items of the Statement of Cash Flows must also be restated in terms of the measuring unit current at the closing date of the Statement of Financial Position. IAS 29 para 33 states that all items in the statement of cash flows are expressed in terms of the measuring unit current at the end of the reporting period. The gain arising from the restatement has an impact on the Income Statement and must be eliminated from the Statement of Cash Flows because it is not considered cash or cash equivalent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Arial" style="font-size:10.0pt;">Restatement of the Statement of Changes in Equity</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">All components of the Statement of Changes in Equity, except reserves and retained earnings, must be restated from the dates on which the items were contributed or otherwise arose.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Arial" style="font-size:10.0pt;">Investments in Foreign Companies</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The subsidiaries, associates and companies under common control that use functional currencies other than the Argentine peso (mainly foreign companies with economies that are not considered to be hyperinflationary), must not restate for inflation their financial statements, in accordance with IAS 29.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Notwithstanding, and only for reporting and consolidation purposes, the comparative figures presented in Argentine pesos in the Income Statement corresponding to the current year and the previous year must be stated using the exchange rates at the transaction date. In addition, the initial items of the Statement of Changes in Equity must be reported at the closing rate without modifying the total figure due to the fact that it is translated into the closing exchange rate, which implies that a translation adjustment is recognized against Retained Earnings and Other Comprehensive Results.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 2 &#150; REGULATORY FRAMEWORK</font></b><a name="NOTE2REGULATORYFRAMEWORK_101442"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a) Regulatory Authority</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The activities of the Company that provides Information and Communication Technologies Services (&#147;ICT&#148;) are regulated by a set of rules&nbsp;and regulations that comprise the regulatory framework of the telecommunication sector.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Until the issuance of the LAD, which was published in the Official Gazette on December&nbsp;19, 2014 and has been in force since its publication, the telecommunication services provided by Telecom Argentina and its domestic subsidiaries were regulated by the CNC, a decentralized agency within the scope of the SC, which was also under the scope of the Ministry of Federal Planning, Public Investment and Services. Subsequently, through the LAD it was created the Federal Authority of Information and Communication Technologies (&#147;AFTIC&#148;), as a decentralized and autonomous agency within the scope of the PEN, which would act as the regulatory authority of the LAD and would replace, for all purposes, of the SC and the CNC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The LAD conferred the AFTIC the regulation, control, supervision and verification functions concerning ICT in general, and in particular of the telecommunications, postal service and all those matters integrated to its field in accordance with the provisions of the LAD.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In relation to the exploitation of subscription broadcasting services by physical and/or radioelectric link that were originally awarded under the regime established by Law No.&nbsp;22,285, the COMFER was the enforcement authority established by that law. Under Law No.&nbsp;22,285, subscription broadcasting companies in Argentina required a non-exclusive license from the COMFER in order to operate. Other approvals were also required, including, for some services, authorization by municipal agencies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Audiovisual communication services Law (Law No.&nbsp;26,522, &#147;LSCA&#148;) was passed and enacted on October&nbsp;10, 2009. Law No.&nbsp;26,522 provided for the replacement of the COMFER with the Audiovisual Communication Services Law Federal Enforcement Authority (&#147;AFSCA&#148;) as a decentralized and autonomous agency within the scope of the National Executive Branch, and vests the new agency with authority to enforce the law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">By the end of December&nbsp;2015, the PEN issued the Decree of Need and Urgency (&#147;<i>Decreto de Necesidad y Urgencia&#148;</i> or hereinafter the &#147;DNU&#148;) No.&nbsp;267/15 </font><font face="Arial">(&#147;DNU No.&nbsp;267/15&#148; </font><font face="Arial">published in the Official Gazette on January&nbsp;4, 2016). The DNU substantially amends Laws LSCA and LAD and also creates the ENACOM as a new regulatory authority of those laws. The ENACOM replaces the AFTIC and AFSCA. This new Authority acts as an autonomous agency within the scope of the Ministry of Communications.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Subsequently, and from Decree No.&nbsp;632 of August&nbsp;11, 2017 the ENACOM was within the scope of the Ministry of Modernization. On September&nbsp;5, 2018, the PEN issued Decrees No.&nbsp;801 and 802 through which the Law on Ministries was modified again and the organizational structure of the Public Administration, and it is established that the Ministry of the Chief of the Cabinet replaces of the Ministry of Modernization and the ENACOM continues within the scope. </font><font face="Arial">In addition, the Government created the office of Secretary of Modernization, who will act as Deputy Chief of Cabinet to assist the Chief of the Cabinet of Ministers in the establishment of cross-cutting modernization policies for the administration of the National Government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the subsidiary N&#250;cleo, with operations in the Republic of Paraguay, is supervised by the CONATEL and N&#250;cleo&#180;s subsidiary Personal Env&#237;os is supervised by the Banco Central de la Rep&#250;blica del Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom USA, Telecom Argentina&#146;s subsidiary in the United States, is supervised by the Federal Communications Commission (the &#147;FCC&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Adesol is a subsidiary of the Company organized in the Oriental Republic of Uruguay, which is a related party of Bersabel S.A. and Satelital Visi&#243;n S.A., two licensees that provide subscription broadcasting services in such country and are subject to the control of the Communication Services Regulatory Unit (&#147;URSEC&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b) Licenses</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">The Company</font></b><font face="Arial">, under the unique Argentina Digital license, currently provides the following services:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.55pt;text-align:justify;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Local fixed telephony,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.55pt;text-align:justify;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Public telephony,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.55pt;text-align:justify;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Domestic and international long-distance telephony,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.55pt;text-align:justify;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Domestic and international point-to-point link services,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.55pt;text-align:justify;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">VAS, data transmission, videoconferencing, transportation of audio and video signals and Internet access,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.55pt;text-align:justify;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STM, SRMC, PCS and SCMA. These services are also denominated Mobile Advanced Communications Services (&#147;SCM&#148;),</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.55pt;text-align:justify;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">SRS,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.55pt;text-align:justify;text-indent:-17.85pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">SRCE.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Licenses for the provision of SCM services were originally granted to Personal and were transferred to Telecom since the Reorganization according to the terms of the ENACOM Resolution No.&nbsp;4,545-E/2017. Such licenses have been granted to provide STM in the Northern Region of Argentina, SRMC in the AMBA area, the PCS service and the SCMA, throughout the national scope.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">SRCE licenses and authorizations were transferred to the Company, within the framework of the merger with Cablevisi&#243;n, pursuant to the terms of Resolution ENACOM No.&nbsp;5,644-E/2017 (see point f) of this Note).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Registry for the provision of Physical and/or Radioelectric Link Subscription Broadcasting and their respective area authorizations were transferred to the Company within the framework of the merger with Cablevisi&#243;n pursuant to the terms of Resolution ENACOM No.&nbsp;5,644-E/2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Licenses to Telecom Argentina&#146;s subsidiaries</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">N&#250;cleo</font></b><font face="Arial"> has been granted a license to provide mobile telecommunication services (STM and PCS) throughout Paraguay. In addition, N&#250;cleo has been granted a license for the installation and provision of Internet and Data services throughout Paraguay. All these licenses have been granted for renewable five-year periods. See additional information in Note 2.e), regarding the adjudication of the auction for 700 MHz band spectrum in Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Personal Env&#237;os</font></b><font face="Arial">, a company controlled by N&#250;cleo, is authorized by the Central Bank of the Republic of Paraguay to operate as an Electronic Payment Company (&#147;EMPE&#148;) through Resolution No.&nbsp;6 issued on March&nbsp;30, 2015, and its corporate purpose is restricted to such service.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Tuves Paraguay</font></b><font face="Arial">, a company controlled by N&#250;cleo, has a license for the provision of services of distribution of digital audio and television signals to homes (&#147;DATDH&#148;), for the term of five years. The license was granted in March&nbsp;2010 and renewed in March&nbsp;2015 for a term of five years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">c) Regulatory framework of the services provides by the Company</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Among the main rules&nbsp;that govern the services of the Company, it is worth mentioning:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The LAD, as amended by Decree of Need and Urgency No.&nbsp;267/15 and Decree No.&nbsp;1,340/16.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Law No.&nbsp;19,798 remains in force only to the extent that it does not conflict with the provisions set out under the LAD.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The Privatization Regulations that regulates the process.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The Transfer Agreement.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The Licenses for providing telecommunication services granted to the Company and the List of Conditions and their respective regulations.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Law No.&nbsp;22,285 and the different Bidding Terms and Conditions for the provision of Subscription Broadcasting Services during the term thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the exploitation of physical and/or radioelectric link subscription broadcasting services licenses held by the Company, granted in due time under the regime of Law No.&nbsp;22,285, are currently governed by the LAD, as from the issue of DNU No.&nbsp;267/15.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The only service that could be considered under the purview of the LSCA is the registration of the signal METRO, as this signal is marketed to be broadcasted through other services that acquire it for such purpose, and therefore it has a registration number issued by ENACOM that must be renewed on an annual basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Likewise, the Company annually renews with the ENACOM its Certificate to operate as Advertising Agency, Direct Advertiser and Advertising Producer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Law No.&nbsp;27,078 &#150; Argentine Digital Law </font></b><b><font face="Arial" style="font-weight:bold;">(LAD)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Enacted in December&nbsp;2014, the LAD maintained the single country-wide license scheme and individual registration of the services to be provided, but replaced the term telecommunications services for ICT Services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The LAD incorporated several modifications to the regulatory framework in force until December&nbsp;19, 2014, as regards telecommunications, among those that stand out:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">the rule&nbsp;on prices and rates establishing that the licensees of ICT Services shall set their prices which shall have to be fair and reasonable, cover the exploitation costs and tend to the efficient supply and reasonable operation margin.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">the amendments as regards Universal Service.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">the declaration of public interest the development of ICT and its associated resources in order to establish and ensure complete neutrality of networks and to guarantee every user the right to access, use, send, receive or offer any content, application, service or protocol through Internet without any restrictions, discrimination, distinction, blocking, interference, obstruction or degradation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">the possibility that the licensees of the ICT Services can supply audiovisual communication services (including the licensees included in the restrictions of the LSCA, among which was Telecom), with the exception of those provided through satellite link, in which case, the corresponding license must be requested from the proper authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, Law No.&nbsp;19,798 Telecommunications Act (passed in 1972), and its amendments, will continue in effect only with respect to those provisions that do not contradict the provisions of the new LAD (including, for example, Section&nbsp;39 of Law No.&nbsp;19,798 referred to exemption from all taxes on the use of soil, subsoil and airspace for telecommunications services).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The LAD also revoked Decree No.&nbsp;764/00, and its amendments, but provisions of the Decree that do not contradict the LAD will remain in effect during the time it takes to the regulatory authority to issue new licensing, interconnection services, universal service and spectrum regulations (see New Regulations in Note 2.f).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Decree No.&nbsp;267/15 &#150; Amendments to the LAD</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">On January&nbsp;4, 2016, Decree No.&nbsp;267/15 was published in the Official Gazette, amending Law No.&nbsp;26,522 (Audiovisual Communication Services) and Law No.&nbsp;27,078 (LAD). As mentioned above, ENACOM was created as the regulatory authority applicable of these laws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The main amendments to the LAD consist of:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">The incorporation of Broadcasting Services provided by subscription (physical or radioelectric link, such as Cable TV) as an ICT service within the scope of the LAD, and excluding it from Law No.&nbsp;26,522. Satellite Television Services will remain within the scope of Law No.&nbsp;26,522. Furthermore, Decree No.&nbsp;267/15 states that the ownership of a satellite television license provided by subscription is incompatible with having any other kind of ICT Services license.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">Broadcasting supplied by subscription licenses (such as Cable TV) issued before the application of Decree No.&nbsp;267/15 will be considered for all purposes as in compliance with LAD upon the respective registration for such service provision. Furthermore, also states a 10 years extension from January&nbsp;1, 2016, for the use of frequency spectrum to radioelectric link provided by subscription license holders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">Decree No.267/15 replaced the LAD&#146;s Section&nbsp;No.&nbsp;94, and states that SBT suppliers, fixed telephony license holders within the scope of Decree No.264/98, and mobile telecommunication license holders within the scope of Decree No.1,461/93 are prohibited from providing Broadcasting under subscription services </font><font face="Arial">(defined as any form of communication, primarily one-way, for the transmission of signals to be received by a determinable public, either by physical or by radio connection, for example, </font><font color="black" face="Arial" style="color:black;">video cable and IPTV services) until January&nbsp;1, 2018 (this term can be extended by 1 additional year). Also, replaces Section&nbsp;95 of the LAD and provides several obligations for fixed telephony licensees granted by Decree No.&nbsp;264/98 and mobile services providers with licenses granted by Decree No.1,461/93, which choose to provide broadcasting under subscription services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">In addition, shareholders of a 10% or more interest in companies that provide public services may not be holders of a subscription radio record. However, this will not apply in the following cases: (i)&nbsp;non-profit companies to whom the national, provincial or municipal State has granted the license, concession or permission to provide a public service (such as telecommunications cooperatives); (ii)&nbsp;those mentioned in section 94 (including the Company) who will be only able to provide the service after the expiration of the period specified therein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Section&nbsp;28 of Decree No.&nbsp;267/15 created, in the field of the Ministry of Communications, the Commission for the Elaboration of the Draft Law for the Reform, Updating and Unification of Laws </font><font color="black" face="Arial" style="color:black;">LSCA and LAD. The </font><font face="Arial">Commission is responsible for the study of the reform of both laws under the principles set out herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;1,098-E/16 published on October&nbsp;31, 2016, the Ministry of Communications extended for 180 days the deadline for the preparation of the draft reform of Laws <font color="black" style="color:black;">LSCA and LAD</font>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Subsequently, through MIDMOD Resolution No.&nbsp;490/2018, published in the Official Gazette on August&nbsp;13, 2018, the deadline for the analysis and publication of the ICT Project Law was extended for 90 days.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Finally, the Secretariat of Modernization, which reports to the Chief of the Cabinet of Ministers, issued Resolution RESOL-2018-131-APN-SGM#JGM, whereby it provided for a 1-year extension, counted as from the date of publication, or 90 business days subsequent to the final enactment of the Bill for the Promotion of Deployment of Infrastructure and Competition of Information Technology and Communication Services (ITCS), whichever occurs first, for the review process conducted for the creation and publication of the final bill for the amendment, updating and unification of Laws Nos. 26,522 and 27,078, to be submitted to the National Executive Branch.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Furthermore, the Decree provides that the transfers of licenses and equity interests involving the loss of company control must be approved by the ENACOM, stating a new procedure provided by section 8 of Decree No.&nbsp;267/15. Those transfers of licenses and equity interests or shares in licensees will be considered ad referendum of ENACOM approval.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Decree No.&nbsp;267/15 repealed Section&nbsp;15 and Section&nbsp;48 (second paragraph) of the LAD thus revoking: (i)&nbsp;the essential and strategic nature of public ICT services to be provided on a competitive basis regarding the use and access to telecommunications networks for and between ICT Services licensees; and (ii)&nbsp;the Regulatory Authority&#146;s power to regulate tariffs based on reasons of public interest.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;8, 2016, the Chamber of Representatives voted in favor of the validity of DNU No.&nbsp;267/15. According to this, it acquired the status of Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">It should be noted that pursuant to Section&nbsp;21 of Decree No.&nbsp;267/15 and until the enactment of a law that will unify the fee regime provided under Laws LSCA and LAD, the physical link and radio-electric link subscription broadcasting services will continue to be subject only to the fee regime provided under LSCA. Therefore, they shall not be subject to the investment contribution or the payment of the Control, Oversight and Verification Fee provided under Sections 22 and 49 of LAD.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Decree No.&nbsp;1,340/16 - Amendments to DNU No.&nbsp;267/15</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Decree No.&nbsp;1,340/16 issued by PEN and published in the Official Gazette on January&nbsp;2, 2017 provides the rules&nbsp;for achieving a greater convergence of networks and services under </font><font face="Arial">competitive conditions</font><font color="black" face="Arial" style="color:black;">, promoting the deployment of next generation networks and the penetration of Broadband Internet access throughout the national territory, in accordance with the provisions of </font><font color="black" face="Arial" style="color:black;">Laws LSCA and LAD. This Decree complements to DNU No.&nbsp;267/15, </font><font face="Arial">which has the status of Law</font><font color="black" face="Arial" style="color:black;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Among the most relevant provisions, it establishes:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">Fixing the 15-year-term, as from the publication of the Decree, as differential condition in the terms provided by section 45 of LAD, for the protection of last-mile fixed of new generation networks deployed by ICT licensees for Broadband regarding the regulations of open access to Broadband and infrastructure to be stated, notwithstanding the provisions of section 56 of LAD.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">That the Ministry of Communications or ENACOM, as appropriate, shall establish the rules&nbsp;for the administration, management, and control of the radio spectrum.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">That Operators included in section 94 of the LAD (among them, Telecom Argentina), may register the Broadcasting Service by subscription, by physical or radio connection as of the enforcement of this Decree, setting January&nbsp;1, 2018 as initial date for the provision of such service in the AMBA (and extended AMBA), and in the cities of Rosario (Santa Fe Province) and C&#243;rdoba (C&#243;rdoba Province). The Decree provides that, for the rest of the country, the initial date for the provision of the services of these operators shall be determined by the ENACOM (see ENACOM Resolution No.&nbsp;E 5,641 E/ 2017 in Note 2.f)).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">That ICT&#146;s licensees and Satellite Link Subscription Broadcasting licensees, who as of December&nbsp;29, 2016 simultaneously provided both services, </font><font face="Arial">may retain ownership of </font><font color="black" face="Arial" style="color:black;">both types of licenses.</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">That for the purposes of the provisions of section 92 of LAD and section 2, paragraph g) of Decree No.&nbsp;798 issued on June&nbsp;21, 2016, Ministry of Communications shall ensure the following principles on interconnection matters:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.4pt;text-align:justify;text-indent:-14.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">a)&nbsp;&nbsp;until the interconnection prices determination systems provided by the National Interconnection Regulation are implemented, averages of regional Latin America prices shall be considered for similar functions and facilities, corrected by parameters which comply with the conditions of the sector, as determined by the authority of application;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 35.4pt;text-align:justify;text-indent:-14.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">b)&nbsp;&nbsp;in accordance with section 46 of LAD, the National Interconnection Regulation shall provide asymmetric interconnection rates for mobile services for a 3 years period from the effective service implementation, extendable for a maximum of 18 months;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.4pt;text-align:justify;text-indent:-14.1pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">c)&nbsp;&nbsp;the National Interconnection Regulation shall provide rules&nbsp;</font><font face="Arial">concerning the automatic national roaming service</font><font color="black" face="Arial" style="color:black;">, forcing mobile services providers, for a maximum period of 3 years, to make such service available to other providers in areas where they do not have their own network coverage.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The temporary limitation provided in the previous paragraph </font><font face="Arial">shall not be enforceable </font><font color="black" face="Arial" style="color:black;">in those cases in which mobile services are provided by cooperatives and small and medium-sized companies with exclusively regional coverage.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Mobile service providers shall</font><font face="Arial"> freely</font><font color="black" face="Arial" style="color:black;"> enter into agreements to secure, among other issues, technical, economic, operational and legal conditions. Such agreements may not be discriminatory or may not establish technical conditions that prevent, delay or obstruct interconnection services.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The National Interconnection Regulation will enable ENACOM to define reference prices for a maximum period of 3 years, taking into </font><font face="Arial">consideration </font><font color="black" face="Arial" style="color:black;">the costs of the assets involved subject to exploitation and a reasonable return rate to ensure speed, neutrality, non-discrimination and balanced competition between mobile service providers. Likewise, they shall not contain technical, interconnection, operational or other conditions that delay, obstruct or create </font><font face="Arial">barriers for the remaining mobile services providers to access the market</font><font color="black" face="Arial" style="color:black;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d) Universal Service Regulation</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Decree No.&nbsp;764/00</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">With respect to Universal Service Regulation, Annex III of Decree No.&nbsp;764/00 required entities that receive revenues from telecommunications services to contribute 1% of these accrued revenues (net of taxes) to the Universal Service Fiduciary Fund (the &#147;SU Fund&#148;). The regulation also adopted a &#147;pay or play&#148; mechanism for compliance with the mandatory contribution to the SU Fund. The regulation also established the exemption to contribute to the FSU in the following events: (i)&nbsp;for local services provided in areas with teledensity lower than 15%, and ii) when certain conditions exists in connection with a formula which combines the foregone revenues and the market share of other operators than Telecom Argentina and Telef&#243;nica who provide local telephony. Likewise, the regulation created a committee responsible for the administration of the SU Fund and the development of specific SU programs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The SC issued Resolution No.&nbsp;80/07 which stipulated that until the SU Fund was effectively implemented, telecommunication service providers must open an account at Banco de la Naci&#243;n Argentina to deposit monthly the corresponding amounts. In August&nbsp;2007, Resolution No.&nbsp;2,713 of the former CNC was published, which provided details regarding the concepts that have been achieved and those that are deductible for the purpose of calculating the contribution obligation to the FFSU.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Decree No.&nbsp;558/08</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Decree No.&nbsp;558/08, published on April&nbsp;4, 2008, introduced certain changes to the SU Fund regime, replacing the Annex III of the Decree No.&nbsp;764/00.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Decree No.&nbsp;558/08 established that the SC would assess the value of service providers&#146; direct program contributions in compliance with obligations promulgated by Decree No.&nbsp;764/00. It would also determine the level of funding required in the SU Fund for programs pending implementation. In the same manner, in order to guarantee the continuity of certain projects, the SC was given the choice to consider as SU contributions certain other undertakings made by telecommunication services providers and compensate providers for these undertakings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It also established that the SC would review SU programs which were established under the previous</font><font face="Arial"> regulation, guaranteeing the continuity of those already being administered and implementing those that had been under review. The financing of SU ongoing programs which were recognized as such were determined by the SC, whereas telecommunications providers appointed to participate in future SU Programs were selected by competitive auction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Decree required telecommunications service providers to contribute 1% of their total revenues (from telecommunication services, net of taxes) to the SU Fund and kept the &#147;pay or play&#148; mechanism for compliance with the mandatory monthly contribution to the SU Fund or, to claim the corresponding receivable, as the case may be.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;11, 2010, the SC issued Resolution No.&nbsp;154/10 adopted the methodology for the deposit of the SU contributions to the trustee&#146;s escrow account. The Resolution included several provisions related to the determination of the contributions that correspond to the periods before and after Decree No.&nbsp;558/08 was issued. It also provided that until the SC determined the existence of programs, the amounts that would correspond to their implementation would be discounted by the telecommunication providers when determining their contribution to the SU Fund. If completed the verification from the SC there were unrecognized amounts, they should be contributed into the SU Fund or for the development of new works of the SU, with the approval of the SC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Amendments of the LAD to the SU Regulation</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The LAD introduced substantial modifications to the regulations of the SU issued by Decree No.&nbsp;558/08. Among its provisions, the LAD provides for the creation of a new FFSU and that the investment contributions corresponding to the SU programs are managed through such fund, whose patrimony is the National State.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The licensees of ICT Services are obliged to make investment contributions to the SU Fund equivalent to one per cent (1%) of the total accrued revenues for the provision of the ICT Services included in the scope of application of the law, net of imposed taxes and charges. The investment contribution shall not be transferred to the users whatsoever. In turn, the regulatory authority may dispose, once the SU objectives are reached, the total or partial, permanent or temporary exemption, of the obligation to perform said investment contributions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">This law also establishes that by virtue of that set forth by Sections 11.1 and 11.2 of the Management Trust Agreement of the SU Fund of Decree No.&nbsp;558/08, the resources therein foreseen in section 8 of Annex III of Decree No.&nbsp;764/00 and its amendments shall be integrated to the SU Fund created by the LAD in the conditions determined by the regulatory authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The SU Funds shall be applied by means of specific programs defined by the regulatory authority who may entrust the execution of these plans directly to the entities included in Section&nbsp;8, paragraph b), of Law No.&nbsp;24,156, or, complying with the selection mechanisms that may correspond, respecting publication and competition principles, to other entities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;10, 2015 Telecom Argentina and Personal filed before the AFTIC their respective SU contribution affidavits corresponding to the revenues recorded in July&nbsp;2015, clarifying that these presentations were made with the understanding that the operational rules&nbsp;related to the SU Fund contribution, regulated by Decree No.&nbsp;558/08 and related provisions, are in force. Additionally, Personal proceeded to deposit the corresponding contribution in the new SU Fund account reported through the Official Notice published by the AFTIC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In its filings, Telecom Argentina and Personal had stated that the filing of the affidavits and, in the case of Personal, the deposit did not imply explicit or implicit consent of the regulations issued by the LAD and expressly reserved their rights in relation to the unconstitutionality of the provisions set forth in Sections 21, 22, 91 and related provisions of said law, as well as the claim of any rights arising from the acknowledgement of this argument.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, the Company has not received any response to its filings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;2,642/16 approved the new SU Regulation, which was published on May&nbsp;31, 2016, in the context of the new disposals established by the LAD.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The new regulation retains the obligation of contributing 1% of total income related to the provision of ICT services net of taxes and fees, anticipating the possibility of granting exemptions, in which case the subjects liable for payment, must comply with the obligations established by the Regulatory Authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with ENACOM Resolution No.&nbsp;6,981-E/16 issued on October&nbsp;19, 2016, the FFSU and the FFSU Investment Contribution Settlement and Interest Report forms were approved and are in force since January&nbsp;1, 2017, being operationally implemented since March&nbsp;2017.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;4, 2017, ENACOM Resolution No.&nbsp;2,884/17 was published in the Official Gazette. This Resolution amends the Form&nbsp;of the FFSU contributions, adding, within the possible deductions, the &#147;Discount Annex. SC Resolution No.&nbsp;154/10 Section&nbsp;1, Sub-section B) i), second paragraph&#148;. Such Resolution allows deducting, until the regulatory authority expresses its opinion, any amounts that eventually may correspond to SU Initial Programs or other than those provided for in Annex III of Decree No.&nbsp;764/00, in accordance with the provisions of Section&nbsp;2 of Decree No.&nbsp;558/08 and Section&nbsp;6 of Annex III of Decree No.&nbsp;764/00, replaced by Decree No.&nbsp;558/08.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">SU Fund in Telecom Argentina in relation to its original license for the provision of the SBT</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Several years after the market&#146;s liberalization and the effectiveness of the SU regulations subsequently replaced by Decree No.&nbsp;558/08 and by the LAD, incumbent operators have not received any set-offs for providing services as required by the SU regime.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">As of the date of issuance of these consolidated financial statements and in compliance with SC Resolution No.&nbsp;80/07 and No.&nbsp;154/10 and CNC Resolution No.&nbsp;2,713/07, the Company has filed its monthly calculations since July&nbsp;2007 which estimated a receivable of $3,998 (unaudited) being both the programs and the valuation methodology that originates this receivable, pending approval by the Regulatory Authority. This receivable has not yet been recorded in these consolidated financial statements as of December&nbsp;31, 2018 since it is subject to the approval of the SU programs, the review of the Regulatory Authority and the availability of funds in the SU Trust as to compensate the incumbent operators.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">On April&nbsp;8, 2011, the SC issued Resolution No.&nbsp;43/11 notifying Telecom Argentina that investments associated with &#147;High-Cost Areas&#148; &#150; amounting </font><font face="Arial">to <font color="black" style="color:black;">approximately $3,849 since July&nbsp;2007 </font>to date <font color="black" style="color:black;">and which are included in the abovementioned receivable - did not qualify as an Initial Indicative Program. Telecom Argentina filed a claim on this resolution.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Telecom Argentina was notified of SC Resolutions No.&nbsp;53, 54, 59, 60, 61, 62, 69 and 70/12, pursuant to which the &#147;Special Service of Information 110&#148;, the &#147;Discounts for Retired People, Pensioners and Low Consumption Households&#148;, the services of &#147;Social Public Telephony and Loss-Making Public Telephony&#148;, the &#147;Services and Discounts relating to the Information Society Program argentin@internet.todos&#148;, the &#147;Services for Deaf-Mute People&#148;, the &#147;Free Access to Special Emergency Services and Special Community Services&#148;, the &#147;Value Added Service 0611 and 0612&#148; and the &#147;Long Distance Semipublic Service &#147;, respectively, did not qualify as an Initial Indicative Program, pursuant to the terms of Section&nbsp;26 of Annex III of Decree No.&nbsp;764/00, and that, they did not constitute different services involving a SU provision, and therefore they cannot be financed with SU Funds, pursuant to the terms of Section&nbsp;2 of Decree No.&nbsp;558/08.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina&#146;s<font color="black" style="color:black;"> Management, with the advice of its legal </font>counsel<font color="black" style="color:black;">, has filed appeals against SC Resolutions aforementioned presenting the legal arguments based on which such resolutions should be revoked. The deductions that were objected by the SC Resolutions amount to approximately $1,194 and are included in the credit balance mentioned in the second paragraph.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">As of the date of issuance of these consolidated financial statements the resolution of this appeal is still pending.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On<font color="black" style="color:black;"> September&nbsp;13, 2012, the CNC required Telecom Argentina to deposit approximately $208</font>. Telecom Argentina<font color="black" style="color:black;"> has filed a recourse refusing the CNC&#146;s request on the grounds that appeals against </font>the <font color="black" style="color:black;">SC Resolutions are still pending</font> of resolution<font color="black" style="color:black;">.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Although it cannot be assured that these issues will be favorably resolved at the administrative stage, Telecom Argentina&#146;s Management, with the assistance of its legal advisors, considers that it has strong legal and de facto arguments to support the position of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">SU Fund in Telecom Argentina in relation to the SCM originated in Personal</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Since January&nbsp;2001, Personal has recorded a liability related to its obligation to make contributions to the SU Fund. In addition, </font><font face="Arial">since July&nbsp;2007 and <font color="black" style="color:black;">in compliance with SC Resolution No.&nbsp;80/07 and No.&nbsp;154/10 and CNC Resolution No.&nbsp;2,713/07, Personal has filed its calculations and </font>deposited the correspondent contributions of approximately $112 into an account held under their name at the Banco de la Naci&#243;n Argentina in January&nbsp;2011.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;26, 2011, the SC issued Resolution No.&nbsp;9/11 establishing the &#147;Infrastructure and Facilities Program.&#148; The Resolution provided that telecommunication service providers could contribute to investment projects under this program, exclusively the amounts corresponding to their pending obligations of investment contributions born under Annex III of Decree No.&nbsp;764/00, before the effective date of Decree No.&nbsp;558/08.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;5, 2012, the SC issued Resolution No.&nbsp;50/12 pursuant to which it notified that the services referred to by the SCM Providers, which were filed as High Cost Areas or services provided in non-profitable areas, services provided to clients with physical limitations (deaf-mute and blind people), rural schools, and the request relating to the installation of radio-bases and/or investment in the infrastructure development in various localities, did not constitute items that may be discounted from the amount of contributions to the SU pursuant to the last part of Section&nbsp;3, of Resolution No.&nbsp;80/07, or Section&nbsp;2 of Decree No.&nbsp;558/08. It also provided that certain amounts already deducted would be used for investment projects within the framework of the Program of SC Resolution No.&nbsp;9/11, or deposited in the SU Fund, as applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Personal has filed an administrative </font><font face="Arial">action<font color="black" style="color:black;"> against SC Resolution No.&nbsp;50/12 requesting its nullity. As of the date of issuance of these consolidated financial statements</font>, this <font color="black" style="color:black;">matter is still pending.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;1, 2012, responding to an SC&#146;s requirement, Personal deposited under protest approximately $23 in the SU Fund, corresponding to the assessment of the SU services provided by Personal since the issuance of Decree No.&nbsp;558/08, reserving its right to take all actions it may deem appropriate to claim its reimbursement, as informed to the SC and the CNC on October&nbsp;15, 2012. Since August&nbsp;2012, Personal is paying under protest of those concepts in their monthly affidavits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina&#146;s<font color="black" style="color:black;"> Management</font> cannot assure<font color="black" style="color:black;"> that this issue would be favorably resolved </font>in<font color="black" style="color:black;"> the administrative stage.</font></font></p>
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<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">FFSU &#150;</font></b><b><font face="Arial" style="font-weight:bold;">  <i>SU Fund in Telecom Argentina in relation to the services originated in Cablevisi&#243;n</i></font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cablevisi&#243;n was not able to meet its contribution obligations during the period in which its license was revoked, but made the corresponding payment as soon as the revocation was declared null and void, for which no amount is owed by it on such account.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Regulatory Authority has yet to decide on the approval of the Project submitted by Cablevisi&#243;n on June&nbsp;21, 2011, within the framework of SC Resolution No.&nbsp;9/11, in order to meet the contribution obligation to the SU for the amounts accrued between January&nbsp;2001 and the effective date of Decree No.&nbsp;558/08.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">e)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Spectrum</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">SC Resolution No.&nbsp;38/14</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;31, 2014, the Public auction process approved by SC Resolution No.&nbsp;38/14 for the awarding of the remaining frequencies of the Personal Communication Services (PCS), of the SRMC, as well as those of the new spectrum for the SCMA were carried out. Personal presented its economic bids and was awarded Lots 2, 5, 6 and 8 by Resolution SC N&#176; 79/14 (SCMA) and Resolutions SC N &#176;80/14, 81/14, 82/14 and 83/14 (PCS and SRMC).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through SC Resolution No.&nbsp;25/15, issued on June&nbsp;11, 2015, Personal was assigned the rest of Frequency</font><font face="Arial"> Bands which composed Lot No.&nbsp;8. </font><font face="Arial">Personal stated that such Lot formed a unique and comprehensive block for purposes of complying with the obligations undertaken in connection with the deployment of the SCMA, also expressing that the Federal Government has the obligation to cause the awarded bands to be free from occupants and interferences.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Auction Terms and Conditions also established demanding coverage and network deployment obligations, demanding significant investments by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Auction Terms and Conditions provided authorizations for the use of the auctioned frequency bands for a period of fifteen (15) years from the notification of the award. After this deadline the Regulatory Authority could extend the terms of use upon formal request of the awarded operator (which price and conditions would be set forth by the Regulatory Authority). Subsequently, in Decree No.&nbsp;1,340/16, it was established that the term of authorizations for the use of frequencies of the SCMA, as well as the corresponding deployment obligations, will be computed from the actual migration of the services currently operating in such bands in the area of Area II (AMBA). On August&nbsp;30, 2018, the Resolution No.&nbsp;528/18 was issued, in which it was stated that on February&nbsp;27, 2018, the effective migration of such services has been verified.</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Regulations of Refarming with Financial Compensation and Shared Use of Frequencies</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;31, 2017, Resolution of the Ministry of Communications 171-E 2017 was issued, approving the &#147;</font><font face="Arial">Regulations of Refarming with Financial Compensation and Shared Use of Frequencies</font><font face="Arial">&#148; (</font><font face="Arial">Reglamento de Refarming con Compensaci&#243;n Econ&#243;mica y Uso Compartido de Frecuencias)</font><font face="Arial"> and modifies the spectrum cap, setting it in 140 MHz per provider for each area and/or operating location.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, ENACOM Resolution No.&nbsp;1,033-E/17, issued on February&nbsp;20, 2017 provided to allocate the frequency bands between 905-915 MHz, and 950-960 MHz to the Mobile Service with primary status, for the provision of SCMA, and throughout ENACOM Resolution No.&nbsp;1,034-E/17, also issued on February&nbsp;20, 2017, allocated the frequency band between 2,500-2,690 MHz to the Mobile Service with primary status, for the provision of SCMA in addition to current services when their coexistence is possible.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;7, 2017 ENACOM Resolution No.&nbsp;1,299-E/17 was published in the Official Gazette. This Resolution approved the Refarming Project with Financial Compensation and Shared Use of Frequencies to Nextel Communications Argentina SRL (&#147;Nextel&#148;), currently Telecom since the merger with Cablevisi&#243;n S.A. &#150;See Note 32 to our Consolidated Financial Statements, to provide the Advanced Mobile Communications Service, granting this company the registration for the provision of such service, and authorizing it to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.25pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Use frequencies between 905-915 MHz and 950-960 MHz in accordance with the provisions of ENACOM Resolution No.&nbsp;1,033-E/17 and channels 7 to 10, and 7&#146; to 10&#146; in FDD mode, provided in the Annex of Resolution No.&nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project approved by the Resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Use frequencies between 2,550-2,560 MHz, and between 2,670-2,680 MHz exclusively for migrating users from pre-existing services, for a 2-year period, term in which it should additionally resolve the final destination of those users. Once the migration is completed, or the 2-year term expires, whichever occurs last, Nextel may use channels 11 and 12, and the corresponding 11&#146; and 12&#146; in FDD mode, provided in the Annex to Resolution No.&nbsp;1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project hereby approved.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The implementation of the Project is subject to the issuance of the agreement specifying the terms, conditions, goals, obligations and other issues inherent to the provision of Advanced Mobile Communications Service.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">ENACOM Resolution No.&nbsp;3,687-E/17 call for the on-demand frequency allocation</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">ENACOM Resolution No.&nbsp;3,687-E/17, published in the Official Gazette on May&nbsp;12, 2017, provided the call for the on-demand frequency allocation of the 2,500 to 2,690 MHz radio spectrum, stating the procedure, obligations and compensations to be fulfilled by the Mobile Communications Service providers who qualify to participate, in accordance with the provisions of Section&nbsp;4 of Decree No.&nbsp;1,340/17. According to the characteristics of the 2,500 to 2,690 MHz band, the authorization of use of the frequency channels that compose each Lot must be issued by each locality.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;24, 2017, Personal filed to ENACOM the Envelope with its On-demand Allocation Request, according to the provisions of Resolution No.&nbsp;3,687-E/17.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;5, 2017, ENACOM notified Personal of its Resolution No.&nbsp;5,478-E/17 through which the frequencies included in Lot A were assigned to Telef&#243;nica M&#243;viles Argentina S.A., the frequencies included in Lot B were assigned to Am&#233;rica M&#243;vil S.A. and the frequencies included in Lot C were assigned to Personal (all of them stated in Annex I of ENACOM Resolution No.&nbsp;3,687 E/17), in the locations detailed in the respective Annexes (attached to Resolution No.&nbsp;5,478-E/17) as requested by each provider. The Resolution provides that the enforcement of its provisions will be operative, within the Departments of San Rafael, General Alvear and Malarg&#252;e, of the Province of Mendoza, once the judicial decision ordered by the Federal Court of San Rafael in the legal process entitled &#147;CABLE TELEVISORA COLOR S.A. c/ PEN AND OTHER S/ AMPARO Ley 19,986-File No.&nbsp;5,472/17&#148; had been revoked.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The spectrum allocation will last 15 years since CABA plus other 13 areas are free of interference over a total of 18 provincial capitals plus Rosario, Mar del Plata and Bahia Blanca and will demand payment of up to approximately US$55.9 million. The conditions for the spectrum allocation include certain obligations regarding the service launch by localities, penalty clauses for non-compliance with the deadlines established by localities (which would involve the frequency return plus a fine equivalent to 15% of the spectrum value of the locality involved) and certain guarantees required, among them, the deployment.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Spectrum in 700 MHz Band licenses (Paraguay)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;2017 the public consultation process was started for the auction of 700 MHZ band spectrum. The list of conditions was issued on October&nbsp;30, 2017 and in December&nbsp;of the same year the prequalification of offerers was done being N&#250;cleo one of the prequalified and having to pay a deposit of US$15 million in December&nbsp;2017. The process finished on January&nbsp;4, 2018 with the simultaneous auction of 7 sub-bands of 5 + 5 MHz each one, N&#250;cleo was awarded with two of them for an amount of US$12 million for each sub-band subject to the compliance with certain conditions provided by CONATEL&#146;s resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;27, 2018 the auction&#146;s price was cancelled for the remaining US$9 million in compliance with CONATEL&#146;s resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;6, 2018, by Resolution No.&nbsp;375/2018, CONATEL decided to grant the license for the provision of &#147;Cellular Mobile Telephony and Internet Access and Data Transmission Services&#148; in the 700 MHz frequency band, with coverage national, for a period of 5 years, renewable for an equal period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">f)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">OTHER RELEVANT REGULATORY MATTERS</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">ENACOM RESOLUTION NO. 5,641-E/17</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through this Resolution, published on December&nbsp;22, 2017, the ENACOM decided:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-24.3pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">To extend until January&nbsp;1, 2019 the term for the Licensees referred to in Section&nbsp;94 of Law No.&nbsp;27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, which have less than 80,000 inhabitants.</font><font face="Arial"> To extend until January&nbsp;1, 2019 the term for the Licensees referred to in Section&nbsp;94 of LAD to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, which have more than 80,000 inhabitants and where those services are rendered only by Cooperatives and Small-and-Medium Sized Companies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-24.3pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">To provide that in all those locations in Argentina that do not fall within the scope of the second paragraph of Section&nbsp;5 of Decree No.&nbsp;1,340/16, whatever the size of their population, where the Subscription Broadcasting Service by means of physical or radio-electric link is rendered by, at least, a licensee that has more than 700,000 subscribers nationwide, the Licensees mentioned in Section&nbsp;94 of LAD may start providing services as from January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-24.3pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The Licensees mentioned in Section&nbsp;94 of LAD (among them, Telecom) that are authorized to provide Subscription Broadcasting Service by means of physical or radio-electric link may not make an integrated offering to provide said service with the rest of the services that they are currently providing in those locations until January&nbsp;1, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 56.7pt;text-align:justify;text-indent:-24.3pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">To provide that in those locations in Argentina where subscription broadcasting services by means of physical or radio-electric link are not provided, the Licensees mentioned in Section&nbsp;94 of LAD may, as from January&nbsp;1, 2018, request authorization to provide services in the respective coverage areas, subject to an evaluation by the ENACOM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">GRID OF SIGNALS OF PHYSICAL AND/OR RADIOELECTRIC LINK BROADCASTING SERVICES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The General Rules&nbsp;approved by Resolution ENACOM No.&nbsp;1,394/16 order providers of both types of services (physical and radio-electric link) to guarantee their compliance with a programming grid in each Coverage Area.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Later, by means of Resolution No.&nbsp;5,160/2017, the ENACOM provided that the inclusion of broadcast television signals within the coverage area by the holders of a physical or radioelectric link subscription television registry will be subject to the conditions agreed upon with the holder of the broadcast television service and its retransmission will be mandatory only if they are delivered by its holders free of charge. In addition, the Resolution sets forth that the retransmission of cable news signals will only be mandatory for 24-hour news signals provided that they broadcast live programming during 12 of those 24 hours.</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-14.2pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">REGULATORY MATTERS IN URUGUAY</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Migration of services</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Adesol S.A. is a subsidiary of the Company organized in the Oriental Republic of Uruguay, which is contractually related to Bersabel S.A. and Satelital Visi&#243;n S.A., two licensees that provide subscription television services in such country and are subject to the control of the Communication Services Regulatory Unit (&#147;URSEC&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;11, 2018, Decree No.&nbsp;387/017 dated December&nbsp;28, 2017 was published in the Official Gazette. The Decree provides that all the subscription television services provided through the Codified UHF system shall be migrated to the TDH Satellite system without it entailing any changes to the original authorizations to operate or in the rest of the conditions established in the respective licenses. Such authorizations shall not undergo any changes in the authorized service areas for 18 months.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;9, 2018, Bersabel S.A. and Visi&#243;n Satelital S.A., two of the licensees contractually linked to Adesol who use UHF systems coded for the provision of their services, submitted to the URSEC the migration plan relating to their subscribers. In view of the foregoing, as well as the contractual relationship that binds Adesol to the provision of said services, the Company&#146;s subsidiary is, at the date of issuance of these consolidated financial statements, executing the technical plan for migration presented.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Audiovisual Communications Law of Uruguay</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;14, 2015, Law No.&nbsp;19,307 was published in the Official Gazette of the Republic of Uruguay, which regulates the provision of radio, television, and other audiovisual communication services (hereinafter, the &#147;Audiovisual Communications Law&#148;). Section&nbsp;202 of such law provides that the Executive Branch shall issue the implementing regulations for this law within a 120-day term as from the day following the publication of this law in the Official Gazette. As of the date of issuance of these consolidated financial statements, only Decree No.&nbsp;45/015 has been issued, and the implementing regulations for most of the sections of this law are still pending. Such Decree provides that the concession for the use and allocation of the radio-electric spectrum for non-satellite audiovisual communication services shall be granted for a term of 15 years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Section&nbsp;54 of the Audiovisual Communications Law sets forth that an individual or legal entity cannot be allocated the full or partial ownership of more than six authorizations or licenses to provide television services to subscribers in the national territory of the Oriental Republic of Uruguay, which limit is reduced to three if one of the authorizations or licenses includes the district of Montevideo. Section&nbsp;189 of this law sets forth that should such limits be exceeded as of the coming into force of the Law, the owners of those audiovisual communication services shall have to transfer the necessary authorizations or licenses so as not to exceed such limits within a term of 4 years as from the coming into effect of the Audiovisual Communications Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The subsidiary Adesol is analyzing the possible impact on its business that could be derived from the change in the regulatory framework and the eventual legal actions it may bring to safeguard its rights and those of its shareholders. That company is also monitoring the different unconstitutionality claims filed by other companies against certain sections of the above-mentioned law to consider if the decisions to be issued by the Supreme Court of Uruguay in those proceedings may be favorable to the position of Adesol in the future. As of April&nbsp;7, 2016, 28 unconstitutionality claims had been brought against the above-mentioned law. As of the date of issuance of these consolidated financial statements, the Supreme Court of Uruguay has issued 28 decisions, whereby it declared the unconstitutionality of Section&nbsp;39 subsection 3, Section&nbsp;55, Section&nbsp;56 subsection 1, Section&nbsp;60 paragraph C, Section&nbsp;98 subsection 2, Section&nbsp;117 subsection 2, Section&nbsp;143 and Section&nbsp;149 subsection 2 of Law No.&nbsp;19,307. It should be noted that in some of these judgments the Supreme Court dismissed the unconstitutionality claim filed by the claimant with respect to Section&nbsp;54 of that Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-14.2pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">NEW GENERAL RULES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:17.85pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">New General Rules&nbsp;Governing ICT Services Licenses</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;2, 2018, the Ministry of Modernization issued Resolution No.&nbsp;697/2017, whereby it approved the new General Rules&nbsp;Governing ICT services Licenses. This Resolution repealed the General Rules&nbsp;approved through Annex I of Decree No.&nbsp;764/2000, as from the date it became effective (February&nbsp;1, 2018), and it also repealed ENACOM Resolutions No.&nbsp;2,483/2016 and No.&nbsp;1,394/2016 (except for Section&nbsp;12 of its Annex I, which will remain in effect). The Company has made presentations appealing to some aspects of this Resolution, appeal which, to date, is still pending resolution.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">New General Rules&nbsp;Governing ICT Services Customers</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;4, 2018, the Ministry of Modernization issued Resolution No.&nbsp;733/2017, whereby it approved the new General Rules&nbsp;Governing ICT Services Customers. This Resolution became effective on March&nbsp;5, 2018, repealing SC Resolutions No.490/1997, and Annexes I and III of SC Resolution No.&nbsp;10,059/1999 and its supplementing regulations. Annex II of SC Resolution No.&nbsp;10,059/1999 shall remain in effect, as applicable, until the enactment of the penalty regime provided under Section&nbsp;63 of LAD. Such New General Rules&nbsp;repealed the general rules&nbsp;governing mobile and basic telephony services customers, thus becoming the only general rules&nbsp;that govern ICT services customers, including Internet access services and subscription broadcasting services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has made a presentation to the Ministry of Modernization in relation to some disposals that affect their rights in the marketing of services under their responsibility (such as the 180-day period during which prepaid credit can be used, Section&nbsp;56, which provides for compensation in favor of the customer, and Section&nbsp;79, which establishes the obligation to replace any channels eliminated from the programming grid with other channels of similar quality).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">MINMOD Resolution No.&nbsp;363/2018, published in the Official Gazette on June&nbsp;27, 2018, provided for amendments to the General Rules. Some of those amendments were related to the provisions challenged by Telecom in its filing. As of the date of issuance of these consolidated financial statements, the appeal filed by the Company is pending resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Number Portability Regulation</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;4, 2018, the Ministry of Modernization issued Resolution No.&nbsp;203/2018, whereby it approved the new General Rules&nbsp;Governing Number Portability, including fix telephony services, and approves the schedule of implementation of such services. This Resolution repeals Resolutions N&#176; SC 98/2010, SC 67/2011 y SC 21/2013 and the Ministry of Communications Resolution E-170/2017, and its supplementing regulations. Through Resolution No.&nbsp;401/2018, published on July&nbsp;11, 2018, the Ministry of Modernization decided to extend for ninety (90) business days the term for the implementation of &#147;Stage 1&#148; provided under the implementation schedule for fixed telephony service number portability. Said Resolution also provided that the ENACOM shall determine the way in which the Committee on Number Portability will be constituted and implemented.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;4,950/18 of August&nbsp;14, 2018, the Board of the ENACOM decided to delegate to the owner of the first operational level of the National Directorate of Planning and Convergence of that Agency, the powers to: (i)&nbsp;approve the Processes and Technical and Operational Specifications of the Number Portability, (ii)&nbsp;approve the specification model for the selection of the Administrator of the Contract Database to be held between the Portable Service Providers and the Database Administrator and propose the modifications pertinent to the Committee on Number Portability, (iii)&nbsp;intervene with binding character in the procedure of contracting the Administrator of the Database.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">This Resolution also provided that the Committee on Number Portability shall be composed of two representatives, a holder and an alternate, and approved the work schedule in order to carry out the correct implementation of the Number Portability.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Regulations Regarding New Interconnections and Accesses</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;18, 2018, the Resolution No.&nbsp;286/18 of the Ministry of Modernization was published in the Official Gazette, approving the new interconnection and access regulations, effective as of July&nbsp;3, 2018, repealing the one approved by Decree 764/00.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the new Regulation, the terms, conditions and prices of interconnection and access may be freely set by the parties. These agreements cannot be discriminatory or set technical conditions that prevent, delay or hinder interconnection. Notwithstanding the foregoing, within 60 working days from the effective date, ENACOM will set provisional interconnection charges, in accordance with the provisions of Decree 1,340/16.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition,&nbsp;ICT service providers will be obliged to provide interconnection at the request of another ICT service provider, under technical and economic conditions no less favorable than those granted to themselves or to third parties. Also, the same quality of services as the one provided must be guaranteed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Transparency in compensation must be guaranteed and ICT Providers of Services must not pay for functions or services that they do not need for the provision of their services.</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Finally, the following are considered Essential Facilities: a) Origination or Local Termination; b) Co-location; c) Local Transit Service; d) Port; e) Signaling Function; f) Loop and Local Customer Sub-loop; g) the Transportation Service (LD), when there is no substitute offer for contracting; and h) any other function or network element that the authority determines as such, ex officio or at the request of a party. These facilities must be provided separately and respecting the charges that the authority establishes. For this purpose, ENACOM will establish reference values, which will function as maximum values, and lower values, which may be agreed between the parties.</font></p>
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<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">From the entry into force of the regulation, on July&nbsp;4, 2018, Telecom had a period of 90 business days to present the Reference Offer to ENACOM, presentation that was duly made.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On August&nbsp;14, 2018, ENACOM issued Resolution No.&nbsp;4,952/18, establishing a provisional charge equivalent to US$0.0108 per minute of communication, without considering the different taxes and charges that may be applicable for the origination services or local termination in the mobile communications service networks. Likewise, it is established that for the purposes of applying the fixed charge, the unit of measurement will be the second. Through ENACOM Resolution No.&nbsp;1,161/2018 dated November&nbsp;27, 2018, the ENACOM set the same charge for SRCE network termination.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On this same date, ENACOM Resolution No.&nbsp;1,160/2018 was published in the Official Gazette, whereby the ENACOM set: (i)&nbsp;a provisional charge equivalent to forty-five ten-thousandths US dollars (US$ 0.0045) for local origination or termination services over fixed telephony service networks per minute of communication (ii)&nbsp;a provisional charge equivalent to ten ten-thousandths US dollars (US$ 0,0010) for local transit service per minute of communication (iii)&nbsp;a provisional charge equivalent to twenty-seven ten-thousandths US dollars (US$ 0,0027) for long distance transport service per minute of communication (iv)&nbsp;the second as the measuring unit for the purposes of applying the charges set under this Resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom filed an appeal with the ENACOM challenging those charges with the respective legal grounds to request the review of the above-mentioned Resolution by that agency. As of the date of issuance of these financial statements<font color="black" style="color:black;"> such appeal is still pending resolution.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Quality Rules&nbsp;for ICT Services.</font></b></p>
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<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;580/18, published in the Official Gazette on </font><font face="Arial">September&nbsp;6, 2018, the Ministry of Modernization approved the Quality Rules&nbsp;for ICT Services which came into force on January&nbsp;4, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">This Resolution repeals Resolution No.&nbsp;5/2013 issued by the former SC and Resolution No.&nbsp;3,797/2013 issued by the former CNC. In addition, the ENACOM is instructed to issue the implementing regulations within a term of 90 calendar days, which as of the date of issuance of these consolidated financial statements are still pending of resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Likewise, the Company is still analyzing the impact of the new rules&nbsp;issued on its operations.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">National Rules&nbsp;for Contingencies.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;51/18, published in the Official Gazette on November&nbsp;6, 2018, the Secretariat of Modernization approved the National Rules&nbsp;for Contingencies and ordered the ENACOM to issue the implementing procedures or Contingency Plan within a term of 90 calendar days as from its publication in the Official Gazette.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Although the term has expired, as of the date of issuance of these consolidated financial</font><font face="Arial"> statements, such procedure has not been issued.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Single Desk System.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Decree No.&nbsp;997/2018, published on November&nbsp;6, 2018, the Secretariat of Modernization established a single desk system for the installation of antenna support structures of any kind for rendering SCMA services in order to expedite the granting of authorizations and permits for the construction and installation of structures for the deployment of mobile services.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Implementation of the Online Proceedings (&#147;IOP&#148;) Platform for notices issued by the ENACOM.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;4,703/18, published on July&nbsp;24, 2018, the ENACOM provided for the use of the IOP Platform for requests and notices. In view of the legal and operating implications of this implementation, on August&nbsp;8, 2018, Telecom filed with the ENACOM an appeal against said resolution, which, to date, is still pending resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Implementation of the Rules&nbsp;for the Registration of SCM Customers.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;2, 2016, the ENACOM published Resolution No.&nbsp;8,507 - E/2016, whereby it approved the Rules&nbsp;for the Registration and Validation of the Identity of the Account Holder Users of Mobile Communication Services</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;466/2018, published in the Official Gazette on October&nbsp;19, 2018, the ENACOM extended until October&nbsp;31, 2018 the term for the registration and validation of all the preexisting prepaid customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has conducted all the necessary actions and implementations required to fulfill the guidelines for the registration of its customers, as ordered by said regulations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CONSULTATION DOCUMENT UNDER THE PROCEDURE FOR THE &#147;GENERAL RULES GOVERNING PUBLIC HEARINGS AND CONSULTATION DOCUMENTS FOR COMMUNICATIONS&#148; AND THE &#147;GENERAL RULES FOR THE PARTICIPATORY DEVELOPMENT OF RULES&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Procedure for the Public Consultation on Allocation of Shared-Use Frequency Bands</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;2/18, the SETIC ordered the beginning of the procedure provided under Article&nbsp;44 et seq of the General Rules&nbsp;Governing Public Hearings and Consultation Documents for Communications, with respect to the document &#147;Public Consultation on Allocation of Shared-Use Frequency Bands.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom submitted its opinions and observations about the Document under consultation on January&nbsp;10, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Public consultation procedure on Infrastructure Sharing</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution of the SETIC No.&nbsp;18/18<font color="#212121" style="color:#212121;">, </font>it was declared the opening of the procedure provided for in Article&nbsp;44 and following of the General Rules&nbsp;of Public Hearings and Consultation Documents for Communications, regarding the document &#147;Public Consultation on Infrastructure Sharing&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;8, 2018, Telecom presented its opinions and observations on the document in consultation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;29, 2019, Resolution-2019-3-APN-STIYC # JGM is published in the Official Gazette, which establishes the opening of the procedure settled in Article&nbsp;No.&nbsp;44 et seq of the General Rules&nbsp;Governing Public Hearings and Consultation Documents for Communications, &#147;The Regulation of Infrastructure Sharing&#148;. As of the date of issuance of these consolidated financial statements, the Company is analyzing the document in order to present pertinent opinions and observations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Procedure for the Public Consultation on Update of the Main Signaling Plan.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;2/18, the SETIC ordered the beginning of the procedure provided under Article&nbsp;44 et seq of the General Rules&nbsp;Governing Public Hearings and Consultation Documents for Communications, with respect to the document &#147;Public Consultation on Update of the Main Signaling Plan.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;10, 2019, Telecom submitted its opinions and observations about the Document under consultation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Procedure for Public Consultation on the Most Beneficial Conditions for Network Access and Use</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Through Resolution No.&nbsp;4/18, published in the Official Gazette on December&nbsp;18, 2018, the Secretariat of Modernization ordered the beginning of the procedure provided under Article&nbsp;44 et seq of the General Rules&nbsp;Governing Public Hearings and Consultation Documents for Communications, with respect to the document &#147;Public Consultation on the Most Beneficial Conditions for Network Access and Use.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company submitted its opinions and observations about the Document under consultation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-14.2pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">DECREE NO. 1,060/2017 - DEVELOPMENT OF MOBILE COMMUNICATION SERVICES NETWORKS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">This Decree, published in the Official Gazette on December&nbsp;21, 2017, provides for the facilitation of the development of mobile communication services networks, establishing, among other provisions, that the jurisdictions and agencies comprised in subsections a) and b) of Section&nbsp;8 of Law No.&nbsp;24,156 shall ensure TIC services and independent operators of passive infrastructure multiple or shared access, for consideration, to passive infrastructures for the deployment of networks under neutral, unbiased, transparent, fair and non-discriminatory conditions, without the possibility of granting any exclusiveness or preference whatsoever, in fact or in law, provided that such access does not compromise the continuity and security of the services provided by its holder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Decree also provides, among other issues, that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">1) The Ministry of Modernization:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">a.&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">shall issue comprehensive general rules&nbsp;with supplementary regulations for infrastructure sharing;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">b.&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">shall develop, within a term of 180 days, a multi-year spectrum plan in order to maximize and&#160;&#160;&#160; increase the radioelectric resources for the deployment of next-generation mobile networks and SCM in order to support traffic growth and improve service quality;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">c.&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">shall issue supplementary or clarifying regulations relating to Section&nbsp;29 of LAD, establishing efficient procedures and avoiding distortions in competition;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">d.&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial">shall identify radioelectric spectrum frequency bands for the development of new services and wireless applications and issue regulations allowing for their shared and unauthorized use.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">2) The frequencies that are allocated and authorized to SRCE may only be used to provide those services. The ENACOM may allocate frequencies to provide SCM and demand the return of the frequencies and migration of services pursuant to Section&nbsp;28 and 30 of LAD, and its regulations, or, at the request of the interested party, apply Section&nbsp;4, subsection b) of Decree No.&nbsp;1,340 dated December&nbsp;30, 2016, and its regulations, establishing an economic compensation in favor of the National Government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">3) SBT licensees may provide this service through the use of radioelectric spectrum frequencies using those allocated for the provision of 4G mobile services, notwithstanding the provision of fixed telephone service pursuant to Section&nbsp;2, subsection a) of the PCS General Rules&nbsp;approved as an annex to Section&nbsp;1 of Decree No.&nbsp;266 dated March&nbsp;10, 1998, through the execution of agreements with the licensees of those frequencies, which shall be reported to the ENACOM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">4) Delegate on the Ministry of Modernization the power to issue the penalty rules&nbsp;provided under Section&nbsp;63 of LAD, which shall repeal the current rules&nbsp;approved under Decree No.&nbsp;1,185 dated June&nbsp;22, 1990, as amended and supplemented.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-14.2pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><b><font face="Arial" style="font-weight:bold;">REGISTRATIONS AND AUTHORIZATIONS TO USE THE SPECTRUM THAT ARE NOW HELD BY THE COMPANY AS A RESULT OF CORPORATE REORGANIZATIONS OF TELECOM AND MERGER BY ABSORTION OF CABLEVISION (NOTES 4.f) AND 4.a) RESPECTIVELY):</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Personal:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;24, 2017, Telecom Argentina and Personal were served with ENACOM Resolution No.&nbsp;4,545-E/2017, whereby that agency decided:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)&nbsp;to authorize Telecom Personal to transfer in favor of Telecom Argentina the registrations of Mobile Telephone Services, Cellular Mobile Radiocommunications Services; Personal Communications Services Area I,&nbsp;II,&nbsp;III, and Mobile Advanced Communications Services, as well as the resources, permits and frequencies granted in its name;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)&nbsp;to revoke the licenses granted to Personal to render Data Transmission, Value Added and National and International Long-Distance Telephone Services;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)&nbsp;to authorize the transaction reported by Telecom whereby the controlling companies Sofora Telecomunicaciones S.A. and Nortel Inversora S.A. are dissolved without liquidation pursuant to the Bidding Terms and Conditions approved under Decree No.&nbsp;62/1990.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">31</font></b><a name="PB_31_044528_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Cablevisi&#243;n:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;22, 2017, the Company and Cablevisi&#243;n S.A. were served with ENACOM Resolution No.&nbsp;5,644-E/2017, whereby that agency decided, among other things, to authorize Cablevisi&#243;n S.A. to transfer in favor of Telecom Argentina:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-21.25pt;"><font size="1" face="Arial" style="font-size:9.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The Registration of physical and/or radioelectric link broadcasting services, including the permits/frequencies required to provide radioelectric link broadcasting services, as well as the area authorizations to provide those services (via physical and radioelectric link), which may operate in Area II, defined as provided under Decree No.&nbsp;1,461/93, as amended, and the city of Rosario, Province of Santa Fe, and the city of C&#243;rdoba, Province of C&#243;rdoba, as from January&nbsp;1, 2018, as provided under Section&nbsp;5 of National Decree No.&nbsp;1,340/2016, and in the rest of the areas authorized on the dates and in the modalities provided by ENACOM Resolution No.&nbsp;5641/2017 dated December&nbsp;20, 2017;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-17.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The Radioelectric Service of Concentration of Links (&#147;SRCE&#148;); and;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:-17.45pt;"><font size="1" face="Arial" style="font-size:9.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The authorizations and permits to use frequencies and allocations of numbering and sign-posting resources to provide the above-mentioned services held by Cablevisi&#243;n S.A., pursuant to effective regulations, and the agreement executed by Nextel Communications Argentina S.R.L., on April&nbsp;12, 2017 (IF-2017-08818737-APN-ENACOM#MCO), whereby Telecom Argentina, in its capacity as absorbing company of Cablevisi&#243;n S.A., shall, within a term of two years as from the date on which the merger is approved by the CNDC and the ENACOM or any agency that may substitute them in the future, return the radioelectric spectrum that exceeds the limit set under Section&nbsp;5 of Resolution No.&nbsp;171-E/17 issued by the Ministry of Communications and/or any regulation that may repeal it in the future. To those effects, the Company shall file with the ENACOM, no later than one year in advance upon the expiration of the two-year term, a proposal to conform to that limit. The ENACOM may accept the proposal, reject it and/or request a new filing with any changes it may deem appropriate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, through that Resolution, the ENACOM authorized the change of corporate control, pursuant to Section&nbsp;33 of the LGS, in Telecom Argentina once the merger became effective and the shareholders agreement dated July&nbsp;7, 2017 became effective, as a result of which CVH became the legal controlling company of Telecom Argentina as surviving company of Cablevisi&#243;n.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Such Resolution also approved:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:9.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The relinquishment of the services registrations that are currently non-operative that had been requested by Cablevisi&#243;n S.A. People Notice service (&#147;SAP&#148;), Community Repeater (&#147;SRC&#148;), Public Telephony (&#147;STP&#148;), Location of Vehicles (&#147;SLV&#148;) and Alarm by radioelectric link (&#147;SAVR&#148;) and by Telecom (SRC); and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:9.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The revocation of the licenses and registrations granted to Cablevisi&#243;n S.A., now held by&#160;&#160; Telecom.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, the Resolution provides that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:9.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Telecom shall comply with Section&nbsp;95 of Law No.&nbsp;27,078, which provides for the conditions under which it may operate the physical and/or radioelectric link subscription television service, transcribed below:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The Company shall create a business unit to provide the audiovisual communication service and manage it separately from the public utility business unit;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">It shall keep separate accounting records and bill the licensed services separately;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">It shall not conduct anti-competitive practices such as tie-in practices and cross subsidies with funds from public utilities to licensed services;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">It shall provide - when requested- to the competitors in licensed services access to its own support infrastructure, especially, posts, masts and ducts under market conditions. In the absence of agreement between the parties, the ENACOM shall intervene;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">It shall not conduct anti-competitive practices concerning the rights to broadcast contents over its networks and facilitate a growing percentage to be established by the ENACOM to the distribution of contents from independent third parties; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">It shall respect the professional competences and job classifications of the workers in the different activities it is engaged in.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">32</font></b><a name="PB_32_044528_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 53.85pt;text-align:justify;text-indent:-.5in;"><font size="1" face="Arial" style="font-size:9.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Telecom is declared to be an operator with a significant position in the retail market of Fixed Internet Access market in the locations detailed in the Report prepared by the National Directorate for the Development of Competition in Networks and Services of the ENACOM. As a result, it decided that:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Telecom shall, within 60 days as from the date the Resolution was issued, offer the Fixed Internet Access service in those locations at a price that may not be higher than the lowest price offered by the company in Area II for that service. If a similar service is not provided in that Area, it shall apply the lowest price offered at national level by the licensee for a similar service.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Telecom shall, within 60 days as from the date the Resolution was issued, report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service. Telecom shall ensure to other providers, under transparent, non-discriminatory and cost-oriented conditions, access to its own support infrastructure, especially, posts, masts and ducts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, the Company has complied with such provisions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">All the provisions mentioned above shall be in effect for a term of 2 years as from the notice of the authorization granted by ENACOM, or until it has been verified that there is effective competition in all or in some of the locations involved. The ENACOM may extend or revoke that term.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">With regard to the provision of Quadruple Play services, Section&nbsp;7 of Decree No.&nbsp;1,340 shall apply:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">SECTION&nbsp;7 - The providers of Information Technology and Communications Services that make joint service offerings shall detail the price of each of those services, including the breakdown of those prices and discounts or benefits applied to each service or product for the above-mentioned offerings. Pursuant to Section&nbsp;2, subsection i) of Law No.&nbsp;25,156 and to Section&nbsp;1,099 of the Civil and Commercial Code of Argentina, those providers may not subject, in any way and under any condition, the purchase of any service to the purchase of another service, thus preventing the customer from purchasing any service separately or individually.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;29, 2018, the Secretary of Commerce issued Resolution No.&nbsp;374/18, whereby it authorized the merger transaction in the terms of paragraph a) of Article&nbsp;13 of Law No.&nbsp;25,156. (For more information, see Note 4.a).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-14.2pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">&#147;ENACOM RESOLUTIONS NO. 840/18, NO. 1,196/18 AND NO. 4,353/18 &#150; NEW REGIME FOR RADIOELECTRIC SPECTRUM FEES&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;27, 2018, Resolutions Nos. 840/18 and No.&nbsp;1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with the provisions of Resolution No.&nbsp;4,353/18, published in the Official Gazette on May&nbsp;24, 2018, the new Regime for Radio-electric Rights and Tariffs will not have an impact until August&nbsp;31, 2018. This Resolution suspends the effects of Resolutions No.&nbsp;840/18 and No.&nbsp;1,196/18, from its publication until August&nbsp;31, 2018. During this period, the Radioelectric Rights corresponding to the Mobile Communications Services (SRMC, STM, PCS and SCMA) that are accrued will be paid in accordance with the regime prior to the one established by Resolutions No.&nbsp;840/18 and No.&nbsp;1,196/18. The affidavits corresponding to the Mobile Communications Services (SRMC, STM, PCS and SCMA), which expire in the months of April&nbsp;and May&nbsp;2018, that had not been prepared in accordance with the provisions of Resolution ENACOM No.&nbsp;840/2018, must be submitted rectified and pay the resulting differences on October&nbsp;10, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements Telecom has submitted the rectifying affidavits corresponding to the months of March&nbsp;and April&nbsp;2018 (due in April&nbsp;and May), and has paid (under protest) the respective amounts. It also started to comply with, as from September&nbsp;2018, the filing and payment (under protest) of the corresponding affidavits.</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#252;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">BUY ARGENTINE ACT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the provisions of Article&nbsp;1 of Law No.&nbsp;27,437, which is regulated by Decree No.800/2018 and Resolution No.&nbsp;91/2018 of the Secretariat of Industry, Telecom Argentina - as a public fixed telephone service licensee - and their respective direct subcontractors, in the procurement of provisions and public works and services shall give preference to the purchase or lease domestic goods and services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Article&nbsp;2 of the mentioned law provides that the preference established in Article&nbsp;1 to domestic goods or services will apply when, for identical or similar goods or services, under cash payment terms, the price is equal to or lower than the price of imported goods or services, increased by 15% when the offering of the good or services is carried out by companies qualified as Micro and SME, and 8% when the offering of the good or services is carried out by other companies. For comparison purposes, the price of imported goods shall include current import duties and taxes and all expenses required for its nationalization.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Article&nbsp;5 of the mentioned law establishes that a good is of national origin when it has been produced or extracted in Argentina, provided that the cost of imported raw materials, inputs or imported materials does not exceed 40% of its gross value of production.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Relating to services acquisitions, Law No.&nbsp;18,875 applies, which provides the obligation to hire only companies, consultants and domestic professionals, as defined in the mentioned Law. Any exceptions must be approved by the competent Ministry.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, Resolution No.&nbsp;2,350/04 of the former CNC, approves the &#147;Procedure for the accomplishment of the Buy Argentine Act&#148;, which includes the obligation to submit semiannual affidavits related to the compliance with the Act.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The regulatory body establishes economic, administrative and criminal sanctions for the alleged breach of the obligations of Buy Argentine Act.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It is worth mentioning that this Act provides to Telecom Argentina less operational flexibility related to, among other matters, authorizations management prior to acquisitions, investment of time in the assembly of the required presentations with respect to the obligation to inform the semiannual affidavits of compliance of the Buy Argentine Act and associated administrative expenses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES</font></b><a name="NOTE3SIGNIFICANTACCOUNTINGPOLICI_095527"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements have been prepared by applying the restatement criteria of financial statements established in IAS 29. For more information, see Note 1.e).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">a)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Going Concern</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The consolidated financial statements as of December&nbsp;31, 2018 and 2017 have been prepared on a going concern basis as there is a reasonable expectation that Telecom Argentina and its subsidiaries will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months from the end of the reporting period).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">b)&#160;&#160; <u>Foreign Currency Translation</u></font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Items included in the financial statements of each of the entities of Telecom are measured using the currency of the primary economic environment in which the entity operates (&#147;the functional currency&#148;). The consolidated financial statements are presented in Argentine pesos, which is the functional currency of all Telecom&#146;s companies located in Argentina. The functional currency for the foreign subsidiaries of Telecom is the respective legal currency of each country.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The financial statements of the Company&#146;s foreign subsidiaries are translated using the exchange rates in effect at the reporting date; for assets and liabilities while income and expenses are translated at the average exchange rates for the year. Exchange differences resulting from the application of this method are recognized in Other Comprehensive Income. The cash flows of foreign consolidated subsidiaries expressed in foreign currencies included in the consolidated financial statements are translated at the average exchange rates for each year.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">c)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Foreign Currency Transactions</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Transactions in foreign currencies are translated into the functional currency using the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate prevailing at the reporting date. Exchange differences are recognized in the consolidated income statement and are included in Debt financial costs and Other financial results, net.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">d)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Consolidation</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements include the consolidation of the assets, liabilities, results and cash flows of Telecom Argentina and its subsidiaries, as well as the consolidation in its financial statements of the assets, liabilities and results under joint control, according to the percentage of interest in the arrangements of the companies and joint ventures (&#147;Interests in joint operations,&#148; point d.2) jointly controlled by it; and, the interest owned by the Company in associates is recognized in one item (companies in which it exercises significant influence, see d.3) Investments in Associates.) Finally, structured entities with the specifications mentioned in point d.4) are included in these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d.1) Control</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Control exists when the investor has substantive power over the investee; exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power to affect the amount of returns. Subsidiaries are fully consolidated from the date on which control is transferred to the controlling company. They should be deconsolidated from the date that control ceases.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In the preparation of these consolidated financial statements, assets, liabilities, revenues and expenses of the consolidated subsidiaries are consolidated on a line-by-line basis. Non-controlling interests in the equity and in the profit (loss) for the period are disclosed separately under appropriate captions, respectively, in the consolidated statement of financial position, in the consolidated income statement and in the consolidated statement of comprehensive income.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">All intercompany accounts and transactions between Telecom and its subsidiaries have been eliminated in the preparation of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial statements of controlled companies are for the same period and has the same closing date of the parent&#146;s financial statements and are made using the same accounting policies of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Note 1.a) details the consolidated subsidiaries, together with the interest percentages held directly or indirectly in each subsidiary&#146;s capital stock and votes as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company considers transactions with non-controlling companies that do not result in a loss of control as transactions among shareholders. A change in the equity interests held by the Company is considered as an adjustment in the book value of controlling interests and non-controlling interests to reflect the changes in its relative interests. The differences between the amount for which non-controlling interests is adjusted and the fair value of the consideration paid or received and attributed to the shareholders of the controlling company will be directly recognized in equity under a specific reserve in the equity attributed to the parent company.</font></p>
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<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d.2) Interests in Joint Operations</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">A joint operation is a contractual arrangement whereby two or more companies undertake an economic activity that is subject to joint control, i.e., when the financial strategy and the operating decisions related to the company&#146;s activities require the unanimous consent of the parties sharing control.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In the cases of joint business arrangements executed through <i>Uniones Transitorias de Empresas</i> (&#147;UTE&#148;), considered joint operations under IFRS 11, the Company recognizes in its financial statements on a line-by-line basis the assets, liabilities and net income subject to joint control in proportion to its share in such arrangements. Telecom, upon absorbing the operations of Cablevisi&#243;n, holds a 50% share in the UTE Ertach &#150; Cablevisi&#243;n.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The UTE Ertach &#150; Cablevisi&#243;n is engaged in the provision of data transmission services and the order channels required to integrate the public administration agencies of the Province of Buenos Aires and its municipal agencies in a single data communication provincial network.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The UTE was created in April&nbsp;2005 by the Board of Directors of Prima (absorbed by Cablevisi&#243;n in 2016) and currently has an agreement, with the Ministry of the Chief of the Cabinet of Ministers of the Province of Buenos Aires which was approved under Decree No.&nbsp;2017-166-E-GDEBA-GPBA, that provides for the data transmission services for the Single Provincial Data Communication Network implemented under the original Bid for a term of 24 months since May&nbsp;1, 2017.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d.3) Investments in Associates</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">An associate is an entity over which the Company has significant influence, without exercising control, generally accompanied by equity holdings of between 20% and 50% of voting rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The associates&#146; assets, liabilities and net income are disclosed in the financial statements using the equity method. Under the equity method, the investment in an associate is initially recorded at cost and the book value will be increased or decreased to recognize the investor&#146;s share in the statement of income for the year or in other comprehensive income obtained by the associate, after the acquisition date. The dividends distributions received from the associate will reduce the book value of the investment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s investment in associates includes the goodwill identified at the time of the acquisition, net of any impairment losses. Goodwill is the excess of the acquisition cost over the Company&#146;s share in the net fair value of the associate&#146;s identifiable assets and liabilities (including contingent ones) measured at the acquisition date. Goodwill is included in the book value of the investment and tested for impairment as part of the investment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Unrealized gains or losses on transactions between the Company (and its subsidiaries) and the associates are eliminated considering the Company&#146;s interest held in the associates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">If necessary, adjustments are made, to the associates&#146; financial statements so that their accounting policies are in line with those used by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d.4) Consolidation of structured entities</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company, through one of its subsidiaries, has executed certain agreements with other companies for the purpose of rendering on behalf of and by order of such companies certain installation services, collections, administration of subscribers, marketing and technical assistance, financial and general business advising, with respect to cable television services in Uruguay. In accordance with IFRS 10 &#147;Consolidated Financial Statements&#148;, these consolidated financial statements include the assets, liabilities and results of these companies. Since the Company does not hold an equity interest in these companies, the offsetting entry of the net effect of the consolidation of the assets, liabilities and results of these companies is disclosed under the line items &#147;Equity attributable to non-controlling interests&#148; and &#147;Net Income attributable to non-controlling interests&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Arial" style="font-size:10.0pt;">Call Option Agreement of Adesol</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;22, 2016, Adesol S.A. entered into a call option agreement (the &#147;Call Option Agreement&#148;) with the majority shareholder of the special purpose entities, whereby, Adesol has the right to exercise, until December&nbsp;31, 2021, the irrevocable call option on the shares of those companies (the &#147;Call Option&#148;). If it exercises the Call Option, the purchase price has been preliminarily established in the amount of $128, subject to an eventual adjustment in case certain circumstances provided under the Call Option Agreement occur.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to the execution of the Call Option Agreement, Adesol S.A. paid to the grantor of the call option an option premium the amount of $45 (the amount restated to current currency of December&nbsp;31, 2018 amounts to $83). If Adesol S.A. does not exercise the Call Option, the seller shall irrevocably retain the amount paid by Adesol S.A., and the agreement will be terminated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">If it exercises the Call Option, the assignment, sale and transfer of the shares to Adesol shall be subject, as condition precedent, to the approval by the Communication Services Regulatory Agency of the Republic of Uruguay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, on December&nbsp;28, 2017, the parties executed an amendment to the Option Agreement and the Seller sent a notice to Adesol, whereby: (i)&nbsp;the Call Option Period was extended for two additional years, thus the expiration date is December&nbsp;31, 2023; (ii)&nbsp;the Purchase Price of the Shares was set precisely and definitively US$ 5,011,747 and $45; (iii)&nbsp;Adesol undertook to pay, within ten business days as from December&nbsp;30, 2017, a Supplement to the Option Premium in the amount of US$ 4,500,000; and (iv)&nbsp;in the event that Adesol S.A. has paid the Seller the Supplement to the Option Premium and Adesol S.A. does not exercise the Call Option within the Call Option Period, the Seller undertakes to return to Adesol S.A., within ten business days as from the expiration of the Call Option Period, the amount of US$ 2,500,000 received as partial payment of the Supplement to the Call Option Premium. In view of the above, on January&nbsp;16, 2018, Adesol S.A. paid to the Seller the Supplement to the Call Option Premium. Such amount was allocated under &#147;Other deferred&#148; in the statement of changes in equity and amounts to $91 at the exchange rate prevailing at the time of its payment (the amount restated to current currency of December&nbsp;31, 2018 amounts to $132).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d.5) Business Combinations</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company applies the acquisition method of accounting for business combinations. The consideration for each acquisition is measured at fair value (on the date of exchange) of the assets given, the liabilities incurred or assumed, and the equity instruments issued by the Company in exchange for the control of the acquired company. The costs related to the acquisition are expensed as incurred.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The consideration for the acquisition, if any, includes any asset or liability arising from a contingent consideration arrangement, measured at fair value at the acquisition date. Subsequent changes to such fair value, identified during the measurement period, are adjusted against the acquisition cost.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The identifiable assets, liabilities and contingent liabilities of the acquired company that meet the conditions for recognition under IFRS 3 are recognized at fair value at the acquisition date, except for certain particular cases provided by such standard.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Any excess of the acquisition cost over the Company&#146;s share in the net fair value of the acquired&#146;s identifiable assets, liabilities and contingent liabilities measured at the acquisition date is recognized as goodwill. Any excess of the Company&#146;s share in the net fair value of the identifiable assets, liabilities and contingent liabilities over the acquisition cost, after its measurement at fair value, is immediately recognized in the income statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="#212121" face="Arial" style="color:#212121;font-size:10.0pt;font-weight:bold;">d.6) Accounting treatment for the acquisition of the remaining shareholding (30%) of the subsidiary CV Berazategui</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;4, 2018, the Company acquired shares representing 30% of the capital stock and votes of CV Berazategui for a total amount of US$ 8,968,000, equivalent to $181 at the date of the transaction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The remaining 70% of the capital stock and votes of CV Berazategui are owned by Pem, a company controlled by Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">This operation represents a transaction between the controlling and non-controlling shareholders in the consolidated financial statements. For this reason, the non-controlling interest of $5, which represents 30% of the equity value of CV Berazategui, was adjusted and the difference between the purchase price of $181 and the non-controlling interest was recorded in &#147;Other deferred&#148; within Net Equity attributable to controlling shareholders as of December&nbsp;31, 2018, in accordance with IFRS 10 </font><font face="Arial">(the amount restated to current currency of December&nbsp;31, 2018 amounts to $237)</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">e)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Revenues</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues are recognized to the extent the sales agreement has commercial substance, provided it is considered probable that economic benefits will flow to the Company and their amount can be measured reliably.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues are stated net of discounts and returns (such as handset returns). The Company discloses its revenues into two large groups: Services and equipment. Revenues from services are recognized over the time services are rendered to the customers. Revenues from sales of equipment are recognized at the point in time when the control is transferred and the performance obligation is performed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues from transactions that include more than one item have been recognized separately to the extent they have commercial substance on their own.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The sale prices identified in the different sales transactions </font><font face="Arial">are net prices of discounts (list price less discounts or bonifications if applicable). In those cases in which the payment is delayed over time, as for example in construction contracts, the effect of the time value of money must be withdrawn.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Financed sales are recognized at the value of future income discounted at a market rate assessed at the beginning of the transaction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The main performance obligations of Telecom and its subsidiaries are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:11.0pt;">-</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Mobile Services</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom provides mobile services in Argentina and Paraguay through wireless networks.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Services revenues consist of monthly basic fees, airtime usage charges, roaming, TLRD, CPP charges (as from October&nbsp;1 these charges were no longer recognized as CPP and began to be recognized as a call termination charge), charges for VAS (among them, call waiting, voicemail, SMS and multimedia) and other services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Basic fees are generally billed monthly in advance, disclosed net of trade receivables until services are rendered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues from the sale of prepaid calling cards are recognized in the period during which traffic is used, or when the card expires, whichever occurs first. Remaining unused traffic for unexpired calling cards is shown as &#147;Deferred revenue on prepaid calling cards&#148; under Other liabilities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues from sales of mobile equipment consist mainly of the sale of handsets to customers and own agents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Generally, in cases of combined sales, the handset is sold with a discount in the price, but not when the handset is sold separately. In connection with mobile telephony service, it is generally offered at the same selling price, without any discount in case it is offered together with a handset. In those cases of combined sales,&nbsp;IFRS 15 (Revenue from Contracts with Customers), adopted by Telecom as from January&nbsp;1, 2018, requires to allocate the selling price to each performance obligation according to its proportional standalone selling price for the agreed-upon stipulated contractual term.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Taking into consideration that the customer pays for the handset the price net of the discount and that, under the application of the method detailed in the previous paragraph, the discount applied to the handset is assigned between handset sale revenues and service revenues, a contractual asset will be initially recognized. The contract of individuals is a contract for an indeterminate period and the payment of the handset is net of discounts. In such cases, the contractual asset will be reversed within a period of one month. In the case of large customers, the contractual asset will decrease to the extent service revenues are recognized, and will be fully derecognized in the 24th month, that is the stipulated contractual term for this type of customers. The method used provides a faithful representation of the transfer of goods or services in mobile services contracts in which more than one good or service is offered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:11.0pt;">-</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Internet Services</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Internet revenues mainly consist of monthly fees received from residential and corporate customers for data transmission (including private networks, dedicated lines, broadcasting signal transport and videoconferencing services) and Internet services (mainly high-speed subscriptions - broadband).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-refundable up-front connection fees (revenues at a point in time), generated at the beginning of the relationship with the customers, are deferred and charged to income over the term of the contract or, in the case of indefined period contracts, over the average period of the customer relationship.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:11.0pt;">-</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Cable Television Services</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cable Television Services comprise the operation of cable television networks installed in different locations of Argentina and Uruguay. In addition, Tuves holds a license for the provision of DATH services in Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cable television basic fees are billed in advance and are recognized as revenues when services are provided.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues from the installation (&#147;one-time&#148; revenues) non-refundable </font><font face="Arial">of these services are deferred and charged to income in the estimated average term of the relationship with the customer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:11.0pt;">-</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Fixed Telephony and Data services</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Domestic fixed telephony services revenues mainly consist of monthly fees, measured service and monthly fees for additional services (among others, call waiting, itemized billing and voicemail).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Basic fees are generally billed monthly in advance, disclosed net of trade receivables, and are recognized as revenues when services are provided.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-refundable up-front connection fees for fixed telephony and data services (one-time revenues), generated at the beginning of the relationship with the customers, are deferred and charged to income over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">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 up to an amount equal to or less than the amount of deferred revenues. Generally, reconnection revenues are higher than its associated direct expenses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues on construction contracts are recognized based on the stage of completion (percentage of completion method). This method provides a faithful representation of the transfer of assets in construction contracts, given that revenues are recognized to the extent of the progress of the construction. When the outcome of a construction contract can be estimated reliably, the revenues and costs associated with the construction contract are recognized as revenues and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. When it is probable that total contract costs will exceed total contract revenues, the expected losses are immediately recognized as expenses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018 revenues from construction contracts were recognized for $160 and cost of construction contracts were recognized for $155. In relation to construction contracts; $322 of deferred revenues and $537 of inventories were recognized as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">f)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Financial Instruments</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">f.1) Financial Assets</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Upon initial recognition, in accordance with IFRS 9, financial assets are subsequently measured at either amortized cost, or fair value, on the basis of:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(a)&nbsp;the Company&#146;s business model for managing the financial assets; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(b)&nbsp;the contractual cash flow characteristics of the financial asset.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">A financial asset shall be measured at amortized cost if both of the following conditions are met:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(a)&nbsp;the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(b)&nbsp;the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">A financial asset that is not measured at amortized cost according to the paragraphs above is measured at fair value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial assets include:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Cash and Cash Equivalents</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three months.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Time deposits are valued at their amortized cost.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net - Interest and Gains on investments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments in Government Bonds were valued at amortized cost or at fair value, depending on the business model established by the Company&#180;s Management.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Trade and Other Receivables</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for doubtful accounts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As mentioned in section e) </font><font face="Arial">Revenues, contractual assets originated by the application of IFRS 15, either current or non-current, are initially recognized at fair value and subsequently measured at amortized cost, less allowances for doubtful accounts, if any.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Investments</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Government Bonds include the Bonds issued by National, Provincial and Municipal Governments. Depending on the business model adopted by Management, Bonds may be valued at amortized cost or at fair value and its results are recognized under Other Financial Results, net - Interest and Gains on other investments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Time deposits are valued at amortized cost.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net - Interest and Gains on investments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Those National, Provincial and Municipal Governments bonds denominated in foreign currency whose initial intention is to keep them until their maturity, are measured at amortized cost and bear an interest in foreign currency. In this particular case, Management estimated the US Dollar denominated cash flows to be generated until maturity and compared that amount to the fair value of the instrument in US Dollars at the acquisition date. The acquisition cost in US Dollars has been adjusted by applying the Internal Rate of Return (IRR) and the resulting value was converted to Argentine pesos using the exchange rate as of the date of measurement. The exchange differences generated by these bonds are included in Other financial results, net - Foreign currency exchange gain (loss).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Other investments in Government Bonds are valued at fair value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The 2003 telecommunications fund was recorded at fair value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Impairment of Financial Assets</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">At the time of initial recognition of financial assets (and at each closing), the Company estimates the expected losses to be generated by the assets, with an early recognition of a provision, pursuant to IFRS 9.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">With regard to trade receivables, and using the simplified approach provided by such standard, the Company measures the allowance for doubtful accounts for an amount equal to the lifetime expected credit losses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The expected losses to be recognized are calculated based on a percentage of uncollectibility per maturity ranges of each financial credit. For such purposes, the Company analyzes the performance of the financial assets by type of market. Such historical percentage must contemplate the future collectibility expectations regarding those credits and, therefore, those estimated changes in performance.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Derecognition of Financial Assets</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company derecognizes a financial asset when the contractual rights to the cash flows of such assets expire or when it transfers the financial asset and, therefore, all the risks and benefits inherent to the ownership of the financial asset are transferred to another entity. If the Company retains substantially all the risks and benefits inherent to the ownership of the transferred asset, it will continue to recognize it and will recognize a liability for the amounts received.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">f.2) Financial Liabilities</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial liabilities comprise trade payables (excluding Derivatives, if applicable), financial debt, salaries and social security payables (see point n) below), Dividends payable and certain liabilities included in Other Liabilities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made, adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Derecognition of Financial Liabilities</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company shall derecognize a financial liability (or part of it) when it has been extinguished, i.e., when the obligation specified in the corresponding agreement is discharged, cancelled or expires.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">41</font></b><a name="PB_41_044635_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">f.3) Derivatives</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Derivatives are used by Telecom and its subsidiaries to manage its exposure to exchange rate and interest rate risks and to diversify the parameters of debt so that costs and volatility can be reduced to pre-established operational limits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">All derivative financial instruments are measured at fair value in accordance with IFRS 9. Derivative financial instruments qualify for Hedge Accounting if and only if all of the following conditions are met:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">a) The hedging relation consists only of hedging instruments and eligible hedged items;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">b) The hedging relation and the risk management strategy and purpose are formally designated and documented since its inception; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">c) the hedge is expected to fulfill the efficacy requirements described in Note 21.c &#150; Hedge Accounting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">When a derivative financial instrument is designated as a cash flow hedge the effective portion of any gain or loss on the derivative financial instrument is recognized directly in Other Comprehensive Income. The cumulative gain or loss is removed from OCI and recognized in the consolidated income statement at the same time as the hedged transaction affects the consolidated income statement. The gain or loss associated with the ineffective portion of a hedge is immediately recognized in the consolidated income statement. If the hedged transaction is no longer probable, the cumulative gains or losses included in OCI are immediately recognized in the consolidated income statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">If the hedged item is a prospective transaction that results in the recognition of a non-financial asset or liability or a firm commitment, the cumulative gain or loss that was initially recognized in OCI is reclassified to the carrying amount of such asset or liability.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">If Hedge Accounting is not appropriate, gains or losses arising from the fair value measurement of derivative financial instruments are immediately recognized in the consolidated income statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For additional information about derivatives operations during the years ended December&nbsp;31, 2018 and 2017, see Note 21.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">g)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Inventories</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventories are measured at the lower of restated cost and net realizable value. The cost is determined under the weighted average price method. The net realizable value represents the estimated selling price in the ordinary course of business less the applicable variable selling expenses. In addition, the Company estimates and records allowances for obsolete and slow-moving inventories.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The value of inventories does not exceed its recoverable value at the end of the year.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">h)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">PP&amp;E</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">PP&amp;E is stated at restated acquisition or construction cost. Subsequent expenditures are capitalized only when they represent an improvement, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The other subsequent costs are recognized as expenses for the period in which they are incurred. When a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items if they are significant.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">PP&amp;E cost also includes the expected costs of dismantling the asset and restoring the site if a legal or constructive obligation exists. The corresponding liability is recognized under Provisions line item at its present value. These capitalized costs are depreciated and charged to the consolidated income statement over the useful life of the related assets in the Depreciation, amortization and impairment of PP&amp;E and Intangible assets item line.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed on an annual basis. Changes in the above liability are recognized as an increase or decrease of the cost of the related asset and are depreciated prospectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, PP&amp;E costs include those related to the installation that allows the customer to connect to the service, in Fixed network and transportation. Those costs comprise labor costs and the materials required to install wiring.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Borrowing costs attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of these assets until they are ready for their intended use or sale, under IAS 23 (&#147;Borrowing Costs&#148;.) The assets in respect of which borrowing costs are capitalized are those that necessarily take a substantial period of time to get ready for their intended use (qualifying assets under IAS 23).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">42</font></b><a name="PB_42_044635_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The value of PP&amp;E does not exceed its recoverable value estimated at the end of the year.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Depreciation of PP&amp;E owned is calculated on a straight-line basis over the ranges of estimated useful lives of each class of assets. The ranges of the estimated useful lives of the main classes of PP&amp;E are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="66%" style="border-collapse:collapse;margin-left:1.25in;">
<tr>
<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Estimated Useful Life (in   years)</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Real Estate</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">50</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fixed Network and Transportation</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5 &#150; 10</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile Network Access</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3 &#150; 7</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Tower and Pole</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">10 &#150; 20</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Switching Equipment</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5 &#150; 7</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Computer Equipment</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">3 &#150; 5</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Vehicles</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Goods lent to customers at no cost</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2 &#150; 4</font></p>    </td>   </tr>
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<td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.62%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Power Equipment and Installations</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">2 &#150; 12</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Machinery, diverse equipment and tools</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">5 &#150; 10</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The depreciation rates are reviewed annually and revised if the current estimated useful life is different from that estimated previously taking into account, among others, technological obsolescence, maintenance and condition of the assets and different intended use from previous estimates. The effect of such changes is recognized prospectively in the income statement in the corresponding period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">i)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Intangible Assets</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets are recognized if and only if the following conditions are met: The asset is separately identifiable, it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and the cost of the asset can be measured reliably.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets with a finite useful life are stated at restated cost, less accumulated amortization and impairment losses, if any.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets with an indefinite useful life are stated at restated cost, less accumulated impairment losses, if any.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets comprise the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">- Incremental Costs from the Acquisition of Contracts</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Certain direct incremental costs incurred for the acquisition of new subscribers are capitalized as intangible assets to the extent the conditions for the recognition of an intangible asset are met, pursuant to IFRS 15, i.e. provided the Company expects to recover those costs and provided they are costs that the Company would not have incurred if the contract had not been successfully obtained.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Subsequently, said assets will be amortized under the straight-line method over the contractual relationship of the related transferred service. These costs are amortized over a period of two years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">- 3G/4G licenses</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As described in Note 2.e Spectrum, it includes 3G and 4G frequencies awarded by the SC to Personal in November&nbsp;2014 and June&nbsp;2015. In accordance with Section&nbsp;12 of the Auction Terms and Conditions, they were granted for a period of 15 years as from the date of awarding notification.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Consequently, the Company&#146;s management has concluded that the 3G and 4G licenses have a finite useful life and, therefore, they are amortized under the straight-line method over 180 months as from their award.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to Section&nbsp;4.d) of PEN Decree No.&nbsp;1,340/16 and Resolution No.&nbsp;528/2018, which is described in Note 2.e), the remaining useful life of the frequencies included in Lot 8 of the auction was re-estimated. In consequence, the 700Mhz bands will finish amortizing in January&nbsp;2033.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, the licenses that had been previously awarded to Nextel whose useful life is calculated as from the beginning of the provision of the Advanced Mobile Communication Services SCMA or upon expiration of the 18-month term provided under Section&nbsp;10.1, subsection a), Annex I, Decree No.&nbsp;764/2000 for the beginning of the provision of the Services, whatever occurs first.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">- PCS license (Argentina)</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management, based on an analysis of the relevant characteristics of this license, has considered the license having an indefinite useful life since there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. Therefore, this license is subject to a recoverability assessment at least on an annual basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">No impairment losses have been recorded for those intangible assets for any of the three years presented.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">- N&#250;cleo&#180;s licenses</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">PCS license is amortized under the straight-line method over 60 months, ending its amortization in fiscal year 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;2017, N&#250;cleo required the renovation of that license. Finally, and after that the CONATEL issued, according to the Telecommunication law, resolutions of precarious extensions in the second quarter 2018, the PCS license was renewed for approximately $64, which amortizes in 60 months.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The 700 MHz- band spectrum licenses acquired by N&#250;cleo during the first quarter of 2018 for US$24 million are amortized over a term of 10 years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">- SRCE License</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">SRCE License has indefinite useful life. </font><font face="Arial">At the end of the year, no impairment losses have been recognized on these intangible assets.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">- Customer relationship</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It comprises mainly contracts with Telecom&#146;s and Tuves Paraguay&#146;s customers that were incorporated as a result of the merger between Telecom and Cablevisi&#243;n (see Note 4.a)). They are amortized over the estimated term of the relationship with the acquired customers: for fixed-telephony customer such term was estimated at 10 years, for mobile telephony customers in Argentina it was estimated at 6 years, and for mobile telephony customers in Paraguay it was estimated at 5 years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">- Brands</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It includes the Brand Cablevisi&#243;n, which is amortized over 50 years, and the Brand Flow, which is amortized over 3 years. In addition, as a result of the Merger described under Note 4.a), the brands of Telecom (&#147;Telecom&#148;, &#147;ARNET&#148; and &#147;Personal&#148;, both in Argentina and in Paraguay) which are not amortized because they have been considered of indefinite useful life.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">- Other</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It includes Exclusivity Rights, Rights of Use, among others. The average useful life is estimated at 5 and 28 years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">j)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Goodwill</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Goodwill is recognized as a difference between the fair value of the consideration paid and the amount of the non-controlling interest, if any, less the fair value of the net assets identified in each business combination. Goodwill has indefinite useful life and its recoverable value must be assessed at least once a year.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">No impairment losses have been recorded for goodwill at year-end.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">k)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Leases</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Finance Leases</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Leases that transfer substantially all the risks and benefits incidental to ownership of the leased asset are classified as finance leases. All other leases are classified as operating.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018 Telecom and its subsidiaries do not have current financial lease agreements or residual value of fixed assets acquired by financial leases.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Operating Leases</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Lease payments under an operating lease are recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In the normal course of business, the Company leases cell sites, switch sites, satellite capacity and circuits, among others, under various non-cancellable operating leases. Rental expenses are included under Interconnection and transmission costs and Other operating income and expenses items lines in the consolidated income statement during the term of the lease.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">l)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Impairment of PP&amp;E,&nbsp;Intangible Assets and Goodwill</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company assesses whether there are any indicators of impairment of the assets that are subject to amortization. Both internal and external factors are considered for this purpose. Internal factors include, among others, obsolescence or physical damage of the asset, and significant changes in the extent to which, or manner in which, an asset is used or expected to be used and internal reports that may indicate that the economic performance of the asset is, or will be, worse than expected. External sources include, among others, the market value of the asset, significant changes in the legal, economic, technological or markets environment, increases in market interest rates and the cost of capital used to evaluate investments, and an excess of the carrying amount of the net assets of Telecom over market capitalization.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The carrying value of an asset is considered impaired by the Company when it is higher than its recoverable amount. In that event, a loss shall be immediately recognized in the statement of income.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The recoverable value of an asset is the higher of its fair value (less selling costs) or its value in use. In calculating the value in use of an asset, the estimated future cash flows are discounted to present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the evaluated asset.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit to which the asset belongs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets with an indefinite useful life and goodwill are not subject to amortization and are tested at least annually for impairment. The intangible assets with an indefinite useful life held by the Company as of December&nbsp;31, 2018 are the PCS license in Argentina, the brands acquired with the business combination (see Note 4.a) and the SRCE license. The intangible asset with indefinite useful life held by the Company as of December 31, 2017 is the SRCE license. Its recoverable amount is determined based on the value in use, which is estimated using discounted net cash flows projections.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For the years presented, the Company estimates that there is no indication of impairment of the assets that are subject to amortization, with the exception of, mainly, the impairment recognized for the brand Arnet for $1,623. The Company decided, <font color="#212121" style="background:white;color:#212121;">in the fourth quarter of 2018</font>, to discontinue the use of the <font color="#212121" style="background:white;color:#212121;">trademark</font> Arnet <font color="#212121" style="background:white;color:#212121;">for the commercialization of its broadband product during the year 2019</font>. The customers that currently use said brand will now use said service under the brand Fibertel. This will allow the Company to simplify its brand portfolio completing the alignment of products, and to establish a better and more direct communication with our customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The net effects of the constitution and recovery of the above-mentioned impairments are recorded under &#147;Impairment of PP&amp;E&#148;, which is described under Note 23.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">m)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Other Liabilities</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Pension Benefits</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Pension benefits shown under Other liabilities represent accrued benefits under collective bargaining agreements for employees who retire upon reaching normal retirement age, or earlier due to disability in Telecom Argentina. Benefits consist of the payment of a single lump sum equal to the salary of one month for each five years of service at the time of retirement due to retirement age or disability. The collective bargaining agreements do not provide for other post-retirement benefits such as life insurance, health care, and other welfare benefits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The net periodic pension costs are recognized in the income statement, segregating the financial component, as employees render the services necessary to earn pension benefits. However, actuarial gains and losses should be presented in the statements of comprehensive income. Actuarial assumptions and demographic data, as applicable, were used to measure the benefit obligation as required by IAS 19 revised. The Company does not make plan contributions or maintain separate assets to fund the benefits at retirement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The actuarial assumptions used are based on market interest rates, past experience and Management&#146;s best estimate of future economic conditions. Changes in these assumptions may impact future benefit costs and obligations. The main assumptions used in determining expense and benefit obligations are the:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>   </tr>
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<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">Discount Rate (1)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">6.4%-15.2%</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">4.6%-9.2%</font></p>    </td>   </tr>
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<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">Projected increase rate in compensation</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">10.0%-31.2%</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">8.0% - 16.3%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;text-indent:-14.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Represents estimates of real interest rate rather than nominal rate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additional information on pension benefits is provided in Note 17.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">45</font></b><a name="PB_45_043300_3155"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Deferred revenues on prepaid calling cards</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues from unused traffic and data packs for unexpired calling cards are deferred and recognized as revenue when the minutes and the data are used by customers or when the card expires, whichever happens first. For more information, see Note 3.e) Revenues &#150; Mobile services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Deferred revenues on connection fees</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Non-refundable up-front connection or installation fees for fixed telephony, data, cable and Internet services are deferred over the term of the contract, or in the case of indefinite period contracts, over the average period of customer relationship. For more information, see Note 3.e) Revenues &#150; Fixed Telephony and Data services,&nbsp;Internet services and Cable television services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Deferred Revenues related to Customer Loyalty Programs</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The fair value of the award credits regarding the Company and N&#250;cleo&#146;s customer loyalty program is accounted for as deferred revenue and recognized as revenue until the award credits are redeemed or expire, whichever occurs first.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Deferred Revenues on International Capacity Leases</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Under certain network capacity purchase agreements, the Company sells excess purchased capacity to other carriers. Revenues are deferred and recognized as services are provided.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Government grants for the acquisition of PP&amp;E</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Government grants for the acquisition of PP&amp;E must be recognized on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. In accordance with IAS 20 the government grants related to assets can be presented either as deferred income or as a reduction of the carrying amount of related asset. The Company, in relation to subsidies received by its subsidiaries, elected the first alternative provided by the standard considering that recognition as deferred income adequately reflects the business purpose of the transaction. Therefore, the related assets are recognized at the cost incurred in the construction of the engaged infrastructure and the government grant was accounted for as deferred income in Other liabilities - Other and recognized in profit or loss starting at the time the infrastructure becomes operative and throughout its useful life.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">n)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Salaries and Social Security Payables</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Include unpaid salaries, vacation and bonuses and its related social security contributions, as well as termination benefits. See Note f.2) for a description of the accounting policies regarding the measurement of financial liabilities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Termination benefits represent severance indemnities that are payable when employment is terminated in accordance with labor regulations and current practices, or whenever an employee accepts voluntary redundancy in exchange for these benefits. In the case of severance compensations resulting from agreements with employees leaving the Company upon acceptance of voluntary redundancy, the compensation is usually comprised of a special cash bonus paid upon signing the severance agreement, and in certain cases may include a deferred compensation, which is payable in monthly installments calculated as a percentage of the prevailing wage at the date of each payment (&#147;prejubilaciones&#148;). The employee&#146;s right to receive the monthly installments mentioned above starts on the date they leave the Company and ends either when they reach the legal mandatory retirement age or upon the decease of the beneficiary, whichever occurs first.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">o)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Taxes Payable</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Includes mainly: Income Tax, Other National Taxes, Provincial Taxes and Municipal Taxes. The main taxes that represent an expense for the Company are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Income Tax</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Income tax (national tax) is recognized in the consolidated income statement, except to the extent that they relate to items directly recognized in Other comprehensive income or directly in equity. In this case, the tax is also recognized in Other comprehensive income or directly in equity, respectively. The income tax expense for the period/year comprises current and deferred tax.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">If the income tax payments and withholdings exceed the amount to pay for the current tax, the excess shall be recognized as a tax credit, only if it is recoverable.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">46</font></b><a name="PB_46_043306_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As per Argentinean Tax Law, income taxes payables have been computed on a separate return basis (i.e., the Company is not allowed to prepare a consolidated income tax return).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company records income taxes in </font><font face="Arial">accordance with IAS 12. Deferred taxes are recognized using the liability method, which provides for the assessment of net deferred tax assets or liabilities based on temporary differences. Temporary differences arise when the tax base of an asset or liability differs from their carrying amounts in the statement of financial position, whose future reversal affects tax results. The deferred tax asset / liability is disclosed under a separate item of the Consolidated Financial Statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">A deferred income tax asset or liability is recognized on those differences, except for those differences related to investments in subsidiaries abroad that generate a deferred income tax liability due to the difference in the income tax rates, only in those cases where the timing of the reversal of the temporary difference is controlled by the Company and it is not probable that the temporary difference will reverse in the foreseeable future.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred tax assets relating to unused tax carryforwards are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets that may arise from investment in subsidiaries are recognized when it is probable that the temporary differences will be reversed in the foreseeable future and when future taxable income would be sufficient to apply those temporary differences.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">A deferred tax asset </font><font face="Arial">shall be subjected to a </font><font face="Arial">recoverability test at the end of every reporting period. The company shall reduce the carrying amount of the deferred tax asset if it is probable that future taxable income will not be available before its prescription that allows applying the tax deductions of the deferred tax asset. This reduction could be reversed in future periods, to the extent that the Company recovers the expectation of enough future taxable income to apply these deductions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The legal rate in force in the Argentine Republic for the current period is 30% (years beginning on January&nbsp;1, 2018 to December&nbsp;31, 2019, inclusive) established by Law No.&nbsp;27,430 of December&nbsp;29, 2017. This law establishes that from January&nbsp;1, 2020 onward, the legal rate will be 25%. The current legal rate for years ended December&nbsp;31, 2017 and 2016 was 35%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For the determination of the deferred tax as of December&nbsp;31, 2018, the Company has considered, according to the guidelines of IAS 12, the moments in which the temporary differences will be reversed in order to apply the corresponding rate based on the provisions by Law No.&nbsp;27,430.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The collection of dividends from the investment in a foreign company is achieved by the income tax at the general tax rate. Likewise, the Argentine legislation allows computing as a tax credit the sums paid for analogous taxes abroad.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In Uruguay, the statutory income tax rate is 25% for the years presented.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The statutory income tax rate in Paraguay was 10% for the years presented. As per Paraguayan Tax Law, dividends paid are computed with an additional income tax rate of 5%, representing an effective tax rate of 15%. In addition, a deferred tax liability is recognized in Telecom Argentina due to the effect of the difference in the profit tax rates between Argentina and Paraguay on N&#250;cleo accumulated profits because it is probable that these accumulated results flow as dividends and generate a future payment of income tax in Telecom Argentina in accordance with the Argentine law principle of &#147;worldwide income&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The statutory income tax rate in the United States was 39.5% for the year ended December&nbsp;31, 2017. Since January&nbsp;1, 2018, a new Income Tax Law is applicable, which modifies the flat federal rate to 21% changing the total legal income tax rate from 39.5% to 26.5%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Tax on Minimum Presumed Income</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In Argentina, the tax on minimum presumed income (<i>impuesto a la ganancia m&#237;nima presunta</i>) is supplementary to income tax. The Company assesses this tax at the effective rate of 1% on the taxable assets at year-end. The Company&#146;s tax liability for each year will be equal to the higher of the tax on minimum presumed income assessment or the income tax liability assessed at the legally effective rate on the estimated taxable income for the year. However, if the tax on minimum presumed income exceeds the income tax liability in any given fiscal year, the excess may be creditable against any excess of income tax liability over the tax on minimum presumed income in any of the following ten fiscal years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Notwithstanding the provisions of the law, pursuant to AFIP Instruction No.&nbsp;2/2017, companies shall not be subject to tax on minimum presumed income as long as they recognized accounting and tax losses in the relevant fiscal period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, Law No.&nbsp;27,260 establishes that tax on minimum presumed income will lose its effectiveness as from fiscal years beginning on or after January&nbsp;1, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During fiscal year 2018 Telecom is subject to tax on minimum presumed income tax since it has recognized accounting gains but income tax losses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the tax on minimum presumed income balance has been capitalized in the consolidated financial statements because we estimate that the amounts paid and to be paid for this tax will be recoverable within the statute of limitations, based on the Telecom and its subsidiaries&#146; current business plans.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Declaration as Fulfilled Taxpayer</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to Law No.&nbsp;27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and have complied with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should be filed before March&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina and Cablevisi&#243;n have already filed this request related to the payment of the tax on personal property as substitute taxpayer&#150; on behalf of Shareholders. The Company&#146;s Management believes that the requirements to obtain said exemptions were duly fulfilled. However, it cannot be assured that the Tax Authorities will not challenge said situation.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Provincial Taxes: Turnover Tax</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">This tax is levied on companies based in Argentina for the activities carried out in each province of the country. Rates differ depending on the jurisdiction where revenues are earned for tax purposes and on the nature of revenues (for example, sale of services and equipment).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Other taxes and levies</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Since the beginning of 2001, telecommunication services companies have been required to make a SU contribution to fund SU requirements (Note 2.d). The SU tax is calculated as a percentage of the total revenues received from the rendering of telecommunication services, net of taxes and levies applied on such revenues. The rate is 1% of total billed revenues and adopts the &#147;pay or play&#148; mechanism for compliance with the mandatory contribution to the SU fund.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Audiovisual Communication Services Law No.&nbsp;26,522 established a tax on audiovisual communication services. According to the law, the holders of those services must pay a tax proportional to the amount of gross revenues from the sale of traditional and non-traditional advertising, programs, signals, contents, subscriptions and any other item that arises from the exploitation.&nbsp;In the case of cable operators, the tax rate varies between 2% and 5% based on the number of inhabitants in the area where the service is rendered. In the case of licensees, permit holders, authorized entities and owners of the registered title of signals who are registered VAT payers and are also subject to the tax established by Law No.&nbsp;26,522, 100% of the amounts effectively paid under the tax established by the new law may be creditable against VAT.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, the Company makes payments for copyrights to several institutions such as AADI-CAPIF, SADAIC, ARGENTORES. Those rights are calculated on similar bases as those indicated in the previous paragraph and the rates range between 0.1% and 1%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;">Tax Reform and Consensus on - Laws No.&nbsp;27,429, 27,430, 27,432, 27,467 and amendments</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">1.</font></i><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font color="black" face="Arial" style="color:black;font-style:italic;">Tax Reform</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">On December&nbsp;29, 2017, the PEN issued Law No.&nbsp;27,430 - </font><font face="Arial">ruled through Regulatory Decree No.&nbsp;1170/2018, which establishes a comprehensive reform of the tax system effective as from 2018. Some of the changes implemented by this law were modified by other regulations during 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Among other things, were introduced modifications to income tax (both corporate and individual matters), Value Added Tax (&#147;VAT&#148;), excise taxes, employer&#146; social security contributions, the tax procedure regime and the criminal tax regime.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The main changes that have an impact on corporate income tax are the following:</font></p>
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<p style="margin:0in 0in .0001pt;"><i><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">Income tax</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font color="black" face="Arial" style="color:black;font-style:italic;">Changes to corporate income tax rate and withholding on distributed dividends</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Law No.&nbsp;27,430 reduced the corporate income tax rate from 35% to 30% for fiscal years beginning on or after January&nbsp;1, 2018 up to and including December&nbsp;31, 2019, and to 25% for fiscal years beginning on or after January&nbsp;1, 2020.</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In addition, it was established a withholding tax regime on distributed dividends at a rate of 7% for distributions of profits generated during fiscal years beginning on or after January&nbsp;1, 2018, and at a rate of 13% for those beginning on or after January&nbsp;1, 2020. The earnings generated in fiscal years ended on or before December&nbsp;31, 2017 do not fall within the withholding provision at the time of distribution. The withholding only applies to those shareholders that are individuals residing in Argentina and non-resident individuals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Additionally, the Law repeals the &#147;equalization tax&#148; (i.e., 35% withholding on dividend distributions exceeding accumulated taxable income) for distributions of profits generated during fiscal years beginning on or after January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font color="black" face="Arial" style="color:black;font-style:italic;">Gain/Loss on purchase-sale of shares.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Law maintains the 15% capital gains tax rate for Argentine resident individuals or foreign beneficiaries (in the case of foreign beneficiaries, it is calculated on the presumed net gain equal to 90% of the sale price). In the case of local legal entities, the Law establishes a general rate of 30% for fiscal years ended December&nbsp;31, 2018 and 2019, and 25% for the following years.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In the case of individuals and undivided estates residing in Argentina, however, the results derived from transfers of shares are exempted from income tax to the extent that the transfer consists in a public placement authorized by the CNV or if the transactions were carried out in markets authorized by that agency under segments that guarantee price/time priority and by crossing of offers (such as the shares of Telecom Argentina) or carried out through a public tender offering and/or exchange authorized by the </font><font face="Arial">CNV. Decree No.&nbsp;1,170/2018 provides that the conversion process whereby individuals or undivided estates residing in Argentina cease to be holders of non-exempted ADRs to become holders of the underlying exempted shares will be deemed a taxable transfer of ADRs at the fair value as of the conversion date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The foregoing exemption <font color="black" style="color:black;">will also be applicable to foreign beneficiaries to the extent that such beneficiaries, or, in its case, depositors, do not reside in, and the funds do not come from, non-cooperative jurisdictions. In the case of foreign beneficiaries, the exemption will also be applicable, among other things, to income from depositary receipts or certificates issued abroad when those shares, were issued by entities domiciled in Argentina (ADRs).</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font color="black" face="Arial" style="color:black;font-style:italic;">Assets - Tax Revaluation (optional)</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Law No.&nbsp;27,430 established the revaluation, on a general basis of the cost of several assets -in case of transfers- and the revaluation of the depreciation of property, plant and equipment, for all the acquisitions or investments made as from January&nbsp;1, 2018 based on the variation of the IWPI. However, Law No.&nbsp;27,468, published on December&nbsp;4, 2018, provides that the adjustment must be made based on the variation of the CPI.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In addition, an optional regime for the revaluation for tax purposes of assets located in Argentina that generate taxable income was established. In the case of the Company, the revaluation option is applicable to assets existing as of December&nbsp;31, 2017. Pursuant to the Law, the new tax value of the assets will be determined by applying a &#147;revaluation factor,&#148; set forth in the Law, according to the calendar year of the asset&#146;s acquisition or construction, on the tax value originally assessed, each year or period since the asset&#146;s acquisition or construction. In the case of real estate or movable property subject to amortization, the value may be assessed by an appraiser under certain conditions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Law imposes a one-time special tax on the amount of the revaluation. Such tax is not deductible from income tax. The applicable rate will vary depending on the type of assets:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.4pt;text-align:justify;"><font size="1" color="black" face="Symbol" style="color:black;font-size:8.0pt;position:relative;top:-1.0pt;">&#183;</font><font color="black" face="Arial" style="color:black;">&#160;Real estate (qualifying as property, plant and equipment) 8%</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.4pt;text-align:justify;"><font size="1" color="black" face="Symbol" style="color:black;font-size:8.0pt;position:relative;top:-1.0pt;">&#183;</font><font color="black" face="Arial" style="color:black;">&#160;Real estate (qualifying as inventories): 15%</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.4pt;text-align:justify;"><font size="1" color="black" face="Symbol" style="color:black;font-size:8.0pt;position:relative;top:-1.0pt;">&#183;</font><font color="black" face="Arial" style="color:black;">&#160;Shares, quotas and other participations owned by resident individuals: 5%</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.4pt;text-align:justify;"><font size="1" color="black" face="Symbol" style="color:black;font-size:8.0pt;position:relative;top:-1.0pt;">&#183;</font><font color="black" face="Arial" style="color:black;">&#160;All other assets: 10%</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The option must be exercised on all the taxpayer&#146;s assets that integrate the same category of assets. Once the option is exercised, the taxpayer is able to calculate the amortization and cost in the income tax over the revalued assets. Likewise, such revaluation was updated since January&nbsp;1, 2018 on the base of the variation of the CPI as provided by Law No.&nbsp;27,468.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The law requires taxpayers that opt for the special asset revaluation regime to waive any judicial or administrative claims for the purpose of requesting the application, for tax purposes, of adjustments of any kind, with respect to the period of the option and those in which depreciation of the revaluation amount is computed. Any taxpayers that have filed such claims with respect to fiscal years closed before the Law becomes effective, required to withdraw such claims and rights invoked. (See Note 15</font><font face="Arial">).</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Company has conducted analyses and calculations in order to assess the convenience of opting for the application of the asset revaluation regime and decided not to join the regime.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font color="black" face="Arial" style="color:black;font-style:italic;">Inflation Adjustment</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Notwithstanding the above-mentioned regime, Law No.&nbsp;27,430 and its amendment and Law No.&nbsp;27,468 provide that, effective as from fiscal years beginning on or after January&nbsp;1, 2018, the inflation adjustment procedure set out in Title VI of the income tax law shall be applicable in fiscal years in which the variation of the accumulated CPI in the 36 months immediately preceding the end of the relevant fiscal year, is higher than 100%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In the first, second and third year as from its effectiveness, this procedure shall be applicable as long as the accumulated variation of the CPI, calculated from the beginning of the first year to the end of each year, is 55%, 35% and 15% higher, respectively. <font style="background:white;">Likewise, it is foreseen that the restatement for positive or negative inflation, depending on the case, corresponding to the first, second and third fiscal year beginning on January&nbsp;1, 2018 that must be calculated in order to verify the anticipated assumptions, should be recognized one third in that fiscal period and the remaining two thirds, in equal parts, in the next two immediate fiscal periods.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;font-weight:bold;">Internal Taxes and Tax Collection ENARD</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="background:white;font-size:10.0pt;">The </font><font color="black" face="Arial" style="color:black;">Law No.&nbsp;27,430 also provides for an increase in the effective internal tax rate applicable to mobile telephone services from 4.16% to 5.26% in force for the taxable events ocurred as of March&nbsp;1, 2018. Likewise, such law repeals collection at source of the charge imposed for the benefit of the ENARD from the aforementioned date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">In addition, pursuant to Decree No.&nbsp;979/2017, as from November&nbsp;15, 2017, for the year ended December&nbsp;31, 2018, the effective tax rate (for internal taxes) on the sale of imported mobile phones and other wireless network equipment is reduced from 20.48% to 11.73%. Such rate, pursuant to Law No.&nbsp;27,430, will decrease gradually until its complete phase out as from January&nbsp;1, 2024 (for the year 2019 the rate will be 9.89%). In the case of goods manufactured in Tierra del Fuego, the rate is set at 0% as from November&nbsp;15, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;font-weight:bold;">Tax on deposits to and withdrawals from bank accounts</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Pursuant to Law No.&nbsp;27,432, the PEN may establish that the percentage of the tax rate on bank credit and debits that, to date may not be creditable against income tax, be gradually reduced up to 20% per year as from January&nbsp;1, 2018. The PEN may provide that, by 2022, it be fully creditable against income tax. On May&nbsp;7, 2018, Decree 409/2018 was published. It established that for transactions reached at the general tax rate, it can be computed as an advance payment up to 33% of the tax originated in both the accredited amounts and the debited and for the other taxable events achieved by the tax. In the case of operations taxed at a reduced rate, the computation as credit of the tax will be 20%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">These provisions are applicable to advances and balances of income tax corresponding to fiscal periods beginning on or after January&nbsp;1, 2018, for tax credits originated in taxable events that occurred since that date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;font-weight:bold;">Social Security</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Law No.&nbsp;27,430 gradually reduces the percentage of employers&#146; contributions to be paid by large companies </font><font face="Arial">from 21% to reach 19.5% in 2022.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;text-indent:45.75pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">It establishes a non-taxable base for calculating employers&#146; contributions of 2,400 Argentine pesos for 2018, which will increase since January&nbsp;2019 until reaching 12,000 Argentine pesos in 2022, based on the variations of the CPI. Pursuant to the provisions of RESOL-2018-3-APN-SESS#MSYDS the non-taxable base for 2019 will be 7,003.68 Argentine pesos. In addition, employer contributions that result in payment on account of VAT are gradually eliminated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Additionally, the National Budget Law for the year 2019, Law No.&nbsp;27,467, provides that entities that provide broadcast television or physical link and/or radio electric link subscription television services, audio broadcasting, cable television signals, newspaper, magazine or periodical publishing companies or companies engaged in digital journalism, and the distributors of those publishing companies, may all calculate employer&#146;s contributions paid in connection with the personnel engaged in said activities as tax credit on VAT. These contributions must have been accrued in the fiscal period and effectively paid at the moment of submitting the VAT return. As provided above, where the salaries that give rise to the contributions which may be calculated as tax credit on VAT are indistinctly related to other activities outside the scope of this benefit, they will be subject to the apportionment procedure. During 2018, the Company has applied a regime similar to that provided under Law No.&nbsp;27,467, based on final court decisions allowing its application.</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font face="Arial" style="font-style:italic;">Export duties</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Law No.&nbsp;27,467, granted to the PEN, until December&nbsp;31, 2020, the power to apply export duties on the services carried out in Argentina whose utilization or effective exploitation is carried out abroad, with a rate of up to 30% of the value of such services. In this sense, Decree No.&nbsp;1201/2018 established that such services are subject to an export duty at a rate of 12% with a with a maximum limit of $ 4 for each dollar of taxable value of said operation payable on a monthly basis according to the transactions billed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">This duty is applicable on export of services rendered and invoiced since January&nbsp;1, 2019 until December&nbsp;31, 2020, including services originated in contracts or transactions initiated before that date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-style:italic;">Tax Consensus</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">On the other hand, on January&nbsp;2, 2018, Law No.&nbsp;27,429 - &#147;Tax Consensus&#148; was published in the Official Gazette. Said Law approves the Tax Consensus signed between the National Executive Branch and the representatives of the Provinces and the Autonomous City of Buenos Aires.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The tax consensus seeks to harmonize the tax structures of the different jurisdictions to promote employment, investment and economic growth and to promote uniform policies. In this sense, both the National State and the Provinces and the Autonomous City of Buenos Aires agree to comply with certain commitments. Among the commitments undertaken by the Provinces, the most relevant are, with respect to Turnover Tax, the immediate elimination of differential treatments based on the place of business or the location of the taxpayer&#146;s establishment or the location where goods are manufactured and the establishment of exemptions and the application of tax rates that shall not exceed those set forth for each activity and period in the Annex to the Consensus (in the case of communications 5% in 2018, which will decrease to 3% by 2022, and in the case of mobile telephony 7% in 2018 decreasing to reach 5% in 2022).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">It was also ordered the repeal of all payroll taxes</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">As to stamp tax rates, it was agreed for certain activities and contracts, the establishment of a maximum stamp tax rate of 0.75% as from January&nbsp;1, 2019, with a gradual decrease until its complete phase out as from January&nbsp;1, 2022. However, this point was postponed for a year through Law No.&nbsp;27,469 &#147;2018 Tax consensus&#148; published in the Official Gazette on December&nbsp;4, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">p)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Provisions</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom records provisions when it has a present, legal or constructive obligation, to a third party, as a result of a past event, when it is probable that an outflow of resources will be required to satisfy the obligation and when the amount of the obligation can be estimated reliably.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">If the effect of the time value of money is material, and the payment date of the obligations can be reasonably estimated, provisions to be accrued are the present value of the expected cash flows, taking into account the risks associated with the obligation. The increase in the provision due to the passage of time is recognized as finance expenses. For more information, see Note 18.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Provisions also include the expected costs of dismantling assets and restoring the corresponding site if a legal or constructive obligation exists, as mentioned in h) above. The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed annually, at each financial year-end.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">q)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Dividends</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividends payable are reported as a change in equity in the year in which they are approved by the Shareholders&#146; Meeting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">r)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Debt Financial Costs and Other Financial Results, net</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Debt Financial costs and other financial results, net, are recorded as incurred and include, among others:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">interest accrued on the related financial assets and liabilities using the effective interest rate method;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">financial discounts on debt;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">changes in fair value of derivatives and other financial instruments measured at fair value through profit or loss;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">results from operations with notes and bonds;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">gains and losses on foreign exchange and financial instruments; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">interest on provisions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">s)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Acquisition of Treasury Shares</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In connection with the Treasury Shares Acquisition Process described in Note 20 d) to these consolidated financial statements, the Company has applied the guidance set forth in IAS 32, which provides, consistently with the CNV Regulations, that any instruments of its own equity acquired by the Company must be recorded at the acquisition cost and must be deducted from Equity under the caption &#147;Treasury shares acquisition cost&#148;. No profit or loss resulting from holding such instruments of own equity shall be recognized in the income statement. If the treasury shares are sold, the account &#147;Treasury shares acquisition cost&#148; shall be cancelled and the difference between the net realizable value of the treasury shares sold and its acquisition cost shall be recorded, if positive, within Equity under the &#147;Treasury shares negotiation premium&#148; caption. If such difference is negative, the resulting amount shall be recorded within Equity under the &#147;Treasury shares negotiation discount&#148; caption.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">t)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Earnings per Share</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Basic earnings per share are calculated by dividing the net income or loss attributable to owners of the Parent by the weighted average number of ordinary shares outstanding during the year (for more information, see Note 25).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">u)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Adoption of IFRS 15 (Revenue from Contracts with Customers)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As from January&nbsp;1, 2018, the Company adopted IFRS 15 (Revenue from Contracts with Customers.) The Company opted for the modified retrospective application of IFRS 15, as provided under such standard. Though the application is retrospective, the accumulated impact of the initial application is recognized as an adjustment to retained earnings initial balance of the year of initial application (only for contracts that are not completed contracts as of the date of initial application).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The allocation of the transaction price among different performance obligations required by IFRS 15 is one of the main issues that telecommunications companies have to assess, mainly because of the great variety of plans they offer to their customers by combining different services and equipment, mainly in mobile telephony contracts. Another relevant issue to the telecommunications industry is the capitalization of incremental costs of obtaining a contract if the entity estimates that they will be recovered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The standard requires assigning the total selling price to each performance obligation proportionally to its standalone selling price, being the main performance obligations of those contracts the handset and the service revenues, considering an estimated service term which varies depending on the contract&#146;s enforceability according to the type of customers (currently 24 months for large customers and indeterminate term for individuals).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These amendments introduced by the standard initially generated an early recognition of handset sales revenues with impact on retained earnings of $808, attributable to Telecom due to the partial retroactive application of the standard, against the recognition of an IFRS 15 contractual assets of $1,153 and deferred income tax liability of $345 as of January&nbsp;1, 2018. Such increase is due to the fact that the discounts given to the customer on handsets is assigned between the sale of handsets and the services. Before the application of this standard, said discount was allocated to the sale of handsets.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, this standard generated a reassignment of revenues, increasing equipment sales revenues $588 and reducing </font><font face="Arial">the recognition of services revenues $483, generating a net increase in revenues of $105 and a deferred income tax of $32 ($73 of net income, Argentine pesos 0.02 per share) for the year ended December&nbsp;31, 2018. The contractual asset as of December&nbsp;31, 2018 amounts to $85, which is disclosed under current and non-current trade receivables will decrease as the revenue from services is recognized until the end of the stipulated contractual term.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the capitalization of handset subsidies occasionally granted by Telecom and its subsidiaries to new postpaid subscribers was discontinued in light of the interpretations of the new standard maintaining the capitalization of the commissions paid for the acquisition of postpaid and &#147;Abono fijo&#148; customers in the mobile telephony and Internet segment as incremental costs of obtaining contracts under IFRS 15, because these costs are necessary to obtain new contracts with customers and only if they continue satisfying the capitalization conditions under the IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The decrease in the residual value of the capitalized handset subsidies generated an effect on Retained Earnings as of January&nbsp;1, 2018 in the amount of $90 (corresponds to lower retained earnings of $125 net of income tax of $35), of which $83 is attributable to controlling shareholders (that corresponds to $117, net of income tax for $34) and $7 to non-controlling interest (that corresponds to $8, net of income tax for $1). The non-capitalization of handset subsidies as from the year ended December&nbsp;31, 2018 generated an increase in the Cost of equipment and handsets of approximately $145 and a decrease in amortization of approximately $143 for year ended December&nbsp;31, 2018 (impact of a loss of $2, which net of income tax of $1, would amount to $1).</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">v)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Adoption of the Amendments to IFRS 9 &#147;Financial Instruments&#148;</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As from January&nbsp;1, 2018, the Company adopted the amendments to IFRS 9, which basically incorporate requirements related to the recognition of expected credit losses of financial assets, as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">In the case of trade receivables, the allowance for doubtful accounts must be measured in an amount equal to the lifetime expected credit losses.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">For the rest of the financial instruments, the expected credit losses for the next 12 months must be recognized (lifetime expected losses over the contractual payments of the financial instrument of which the default is estimated in the next 12 months), except the case of significant increase in the financial instrument&#146;s credit risk so the lifetime expected credit losses must be recorded, i.e. The expected credit losses for the full term of the financial instrument.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Expected credit losses related to trade receivables generated an effect on Retained Earnings as of January&nbsp;1, 2018 in the amount of $489 (an increase in the allowance of $982 - of which $245 correspond to previously existing receivables in Cablevisi&#243;n, net of income tax of $260), which at closing currency amounts to $722, of which $701 is attributable to controlling shareholders ($956, net of income tax of $255) and $21 to non-controlling shareholders ($25, net of income tax of $4).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, the effect of applying that standard for year ended December&nbsp;31, 2018 generated an increase in bad debts expenses of $496, net of the tax effect of $149, amounted to a net loss of $347 (net loss attributable to controlling company amounted to approximately $348, Argentine pesos 0.16 per share).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">w)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Use of Estimates</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The preparation of consolidated financial statements and related disclosures in conformity with IFRS requires Management to make estimates and assumptions based also on subjective judgments, past experience and hypotheses considered reasonable and realistic in relation to the information known at the time of the estimate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Such estimates have an effect on the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of issuance of these consolidated financial statements as well as the amount of revenues and costs during the year. Actual results could differ, even significantly, from those estimates owing to possible changes in the factors considered in the determination of such estimates. Estimates are reviewed periodically.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The most important accounting estimates which require a high degree of subjective assumptions and judgments are addressed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Item   or Account</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Estimates</font></b></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Revenues</font></p>    </td>
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<p style="margin:0in .05in .0001pt .15in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Revenue recognition is influenced by estimates on:</font></p>
<p style="margin:0in .05in .0001pt 16.55pt;text-align:justify;text-indent:-5.75pt;"><font size="1" face="Symbol" style="font-size:6.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.0pt;"> the expected duration of the relationship   with the customer for deferred IFRS 15 contractual assets and revenues   regarding upfront connection fees;</font></p>
<p style="margin:0in .05in .0001pt .15in;text-align:justify;"><font size="1" face="Symbol" style="font-size:6.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.0pt;"> traffic and consumption measures.</font></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Useful lives and residual value of PP&amp;E and   Intangible assets</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">PP&amp;E and intangible assets, except for indefinite   useful life intangibles, are depreciated or amortized on a straight-line   basis over their estimated useful lives. The determination of the depreciable   amount of the assets and their useful lives involves significant judgment.   The Company periodically reviews, at least at each financial year-end, the   estimated useful lives of its PP&amp;E and amortizable intangible assets.</font></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Recoverability of PP&amp;E and intangible assets with   finite useful life</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">At least at every annual closing date, an assessment is   made regarding whenever events or changes in circumstances indicate that   PP&amp;E and amortizing intangible assets may be impaired.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">The recoverable amount is the higher of the fair value   (less costs to sell) and its value in use. The identification of impairment   indicators and the estimation of the value in use for assets (or groups of   assets or cash generating units) require management to make judgments   concerning the validation of impairment indicators, expected cash flows and   applicable discount rates. Estimated cash flows are based on Management&#146;s   assumptions about the key factors that could affect future business   performance such as the future market share, competition level, capital   expenditures, salary increases, foreign exchange rates evolution, capital   structure, capital cost and discount rates, among others.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">For the years presented, the Company estimated that   there are no indicators of impairment of assets that are subject to   amortization, with the exception of those mentioned in the point l) of this   note and the adjustment for inflation recognized since 2018. For this reason,   the recovery test of the total fixed assets was carried out estimating the   value in use of the assets. However, changes in our current expectations and   operating assumptions, including changes in our business strategy,   technology, competition and changes in market conditions, could significantly   impact these judgments and/or assumptions and could require future   adjustments to the recorded assets.</font></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Recoverability of Intangible assets with indefinite   useful life and goodwill</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Telecom determined that the Company&#146;s PCS license, SRCE   license and the brands acquired through the business combination described in   Note 4.a) meet the definition of indefinite-lived intangible assets for the   years presented, therefore they are subject to the evaluation of their   recoverability, at least annually. In addition, the Company records goodwill   that is not amortized and that should be tested for impairment on an annual basis.   The recoverability assessment of an indefinite-lived intangible asset and   goodwill requires our Management to make assumptions about the future cash   flows expected to be derived from such asset.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Estimated cash flows are based on significant Management&#146;s   assumptions about the key factors that could affect future business   performance such as the future market share, competition level, capital   expenditures, salary increases, foreign exchange rates evolution, capital   structure, discount rate, among others. The discount rate used to determine   the discounted cash flow is an annual real US dollar rate of approximately   9.66%.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Except for the specifically mentioned in point l of   this Note, there has been no recognition of impairment of PP&amp;E and   Intangible Assets.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Our judgments regarding future cash flows may change   due to future market conditions, business strategy, the evolution of   technology and other factors. These changes, if any, may require adjustments   to the carrying amount of the PCS license, brands, SRCE license and Goodwill.</font></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Income Tax: recoverability assessment of deferred tax   assets and other tax receivables</font><font face="Arial"><br>    <br>    </font><font size="1" face="Arial" style="font-size:7.0pt;">Deferred income   tax measuring</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Income taxes (current and deferred) are calculated in   Telecom and its subsidiaries according to a reasonable interpretation of the   tax laws in effect in each jurisdiction where the companies operate. The   recoverability assessment of deferred tax assets sometimes involves complex   estimates to determine taxable income and deductible and taxable temporary   differences between the carrying amounts and the taxable amounts. In   particular, deferred tax assets are recognized to the extent that future   taxable income will be available against which they can be utilized. The   measurement of the recoverability of deferred tax assets takes into account   the estimate of future taxable income based on the Company&#146;s projections and   on conservative tax planning.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Additionally, by Law No.&nbsp;27,430, the corporate   income tax rate for argentine companies decreases as detailed under Note 3.o).   Therefore, for the measuring of deferred tax, the fiscal year of future   reversals of temporary differences that originate deferred tax/liability has   been estimated, applying the income tax rate of each reversal period. The   actual moment of the future income and tax deductions may differ from the   estimated, and may produce impact in future income.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">The recoverability assessment of the tax receivable   related to the actions of recourse filed by the Company&#146;s related to income   tax inflation adjustment (Note 15) is based on the existing legal arguments   on this matter and the behavior of the National Tax Authority in revising the   actions of recourse filed by the Company.</font></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Receivables and payables valued at amortized cost</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Receivables and payables valued at amortized cost are   initially recorded at their fair value, which is generally determined by   using a discounted cash flow valuation method. The fair value under this   method is estimated as the present value of all future cash flows discounted   using an estimated discount rate, especially for long term receivables and   payables.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">The discount rate used to determine the discounted cash   flow of long-term receivables is in a range of 29-40% for the year 2018.   Adittionally, to discount long-term receivables in U.S. dollars it was used   an approximate annual rate in dollars of 8.32% for the year 2018 and 13% for   the year 2017. The discount rates for accounts receivables in Guaran&#237;es were   9% and 9.8% for the years 2018 and 2017and the discount rates in Guaran&#237;es   for financial debt were 8.32 and 8.83% for the years 2018 and 2017,   respectively.</font></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Measurement of the fair value of certain financial   instruments</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">The fair value of a financial instrument is the amount   at which the instrument could be purchased or sold in an orderly transaction   between market participants and duly informed, based on mutual independence.   If there is a quoted market price available for an instrument in an active   market, the fair value is calculated based on that price.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">If there is not a quoted market price available for a   financial instrument, its fair value is estimated based on the price   established in recent transactions involving the same or similar instruments   and, if not, based on valuation techniques regularly used in financial   markets. The Company uses its judgment to select a variety of methods and   makes assumptions based on market conditions at closing. For more information   on the determination of those values, see Note 21.</font></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Provisions</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">The Company is subject to proceedings, lawsuits and   other claims related to labor, civil, tax, regulatory and other matters. In   order to determine the proper level of provisions, Management assesses the   likelihood of any adverse judgments or outcomes related to these matters as   well as the range of probable losses that may result from the potential   outcomes. Internal and external legal counsels are consulted on these   matters. A determination of the amount of provisions required, if any, is   made after analysis of each individual issue. The determination of the required   provisions may change in the future due to new developments in each matter,   changes in jurisprudential precedents and tribunal decisions or changes in   its method of resolving such matters, such as changes in settlement strategy.</font></p>    </td>   </tr>  </table>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Allowance for Doubtful Accounts</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">The recoverability of trade receivables is measured by   considering the aging of the accounts receivable balances, the unsubscribe,   historical write-offs, public sector and corporate customer creditworthiness   and changes in the customer payment terms, as well as the estimates regarding   future performance, determining the expected credit loss according to the   guidelines of IFRS 9. If the financial condition of the customers were to   deteriorate, the actual write-offs could differ than expected.</font></p>    </td>   </tr>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Business Combinations</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">In connection with the accounting treatment of the   business combination referred to in Note 4.a), the Company has identified the   assets and liabilities of the acquiree and the estimation of their fair value   as of the date of the business combination. With regard to those assets that   are subject to amortization or depreciation, the Company made an estimation   of their useful lives.</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Any change in the estimates made by the Company may   affect the valuation of the identified assets and liabilities and could   generate an impact in results of operations.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In the absence of a Standard or an Accounting Interpretation that specifically applies to a particular transaction, Management considers the IFRS general framework and valuation techniques generally applied in the telecommunication industry and uses its judgment to evaluate the accounting methods to adopt with a view to providing financial statements which faithfully represent the financial position, the results of operations and the cash flows of Telecom and its subsidiaries, reflect the economic substance of the transactions, be neutral, be prepared on a prudent basis and be complete in all material respects.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">x)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">New Standards and Interpretations issued by the IASB not in force</font></u></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">IFRS 16 (Leases)</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In January&nbsp;2016,&nbsp;IFRS 16 was issued, which replaces IAS 17,&nbsp;IFRIC 14 and SIC 15 and 27. This standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated impact mainly on the lessees accounting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">IFRS 16 provides that the lessee recognizes a right of use asset and a liability at present value with respect to those contracts that meet the definition of leases under IFRS 16. According to the standard, a lease is a contract that provides the right to control the use of an identified asset for a specified time period. For a company having control of use of an identified asset it:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">must have the right to obtain substantially all the economic benefits of the identified assets and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">must have the right to direct the use of the identified asset.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The standard allows to exclude short-term contracts (less than 12 months) and those in which the underlying asset has low value</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The application of IFRS 16 will increase assets and liabilities and will generate a decrease in operating costs. In addition, there will be an increase in the balance of amortization and financial results generated by the adjustment of lease liabilities. It will also change the presentation of the income statement and the statement of cash flows.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The standard is effective for the years beginning on or after January&nbsp;1, 2019. The approximate impact of this standard implementation at such date would be an increase in non-current assets by initial recognition of rights of use and current and non-current trade payables for $3.6 billion. Likewise, as a consequence of this initial recognition, there would be an approximate impact on the Statement of income for the year 2019 of: decrease in operating leases of $1.6 billion, increase in amortizations of $1.3 billion and increase in financial expenses of $0.3 billion.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:9.5pt;font-weight:bold;">IFRIC 23 (Uncertainty over Income Tax Treatments)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;2017,&nbsp;IASB issued IFRIC 23. In case of uncertainty over tax treatments, this IFRIC provides that: (i)&nbsp;if uncertain tax treatments must be assessed separately; (ii)&nbsp;the assumptions used by the tax authority over the tax treatments (the company will have to assess if it&#146;s probable that the tax authority will accept the uncertain tax treatment assuming that the taxation authority is going to assess such uncertain tax treatment); (iii)&nbsp;how a company measures the tax income (loss), the tax bases, taxes and fiscal credits not deducted and tax rates (assessment of the probability of occurrence); and (iv)&nbsp;how the changes in facts and circumstances are considered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The new standard is effective for fiscal years beginning on or after January&nbsp;1, 2019. </font><font face="Arial">The Company and its subsidiaries do not expect impacts on the application of this i</font><font size="1" face="Arial" style="font-size:9.0pt;">nterpretation</font><font face="Arial"> on their consolidated statements of financial position, results of operations or cash flows.</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 4 &#150; ACQUISITION <a name="NOTE4ACQUISITION_081903"></a>OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a)&nbsp;&nbsp;&nbsp;</font></b><b><u><font face="Arial" style="font-weight:bold;">Merger between Telecom Argentina (absorbing company for legal purposes) and Cablevisi&#243;n (absorbed company for legal purposes)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;30, 2017, the Boards of Directors of Telecom Argentina S.A. and Cablevisi&#243;n S.A. approved a pre-merger commitment whereby Telecom Argentina S.A., in its capacity as absorbing company, absorbed Cablevisi&#243;n S.A., pursuant to the provisions of Sections 82 and 83 of the General Corporations Law No.&nbsp;19,550 and subject to corporate and regulatory approvals (the &#147;Merger&#148;). </font><font face="Arial">The Ordinary and Extraordinary Shareholders&#146; Meeting of Telecom Argentina S.A. and the Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n S.A. held on August&nbsp;31, 2017 approved the pre-merger commitment and, in the case of Cablevisi&#243;n S.A., its consequent dissolution on the Effective Date of the Merger and, in the case of Telecom Argentina S.A., the amendment of the Bylaws and the increase of its capital stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The purpose of the Merger was for the Company, in its capacity as surviving company under the merger, to offer in an efficient manner, in line with the national and international trend, technological products for media and telecommunications that converge the different separate or independent modalities in which voice, data, sound and video transmission wired and wireless services are provided, into a single product or a series of products to be provided to users as a whole, for its own benefit and for the benefit of the users and consumers of those multiple individual services. Both companies understood that their respective operating and technical structures were highly complementary and could be optimized through a structural consolidation, achieving synergies and efficiencies in the development of convergence products along with the demand of the market.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to Section&nbsp;83, subsection c) of the LGS, the parties have set the following exchange ratio: 1 common share of Cablevisi&#243;n S.A. (either a Class&nbsp;A Share of Cablevisi&#243;n S.A. or a Class&nbsp;B Share of Cablevisi&#243;n S.A.) for each 9,871.07005 new shares of Telecom Argentina S.A. (the &#147;Exchange Ratio&#148;). This Exchange Ratio was deemed reasonable, from a financial standpoint, by the independent professional appraisers J.P Morgan Securities LLC and Lion Tree Advisors LLC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;31, 2017, the parties subscribed the Final Merger Agreement pursuant to Section&nbsp;83, subsection 4) of the LGS, subject to the regulatory authorization from the ENACOM requested by Telecom Argentina S.A. and Cablevisi&#243;n S.A. on September&nbsp;6, 2017. This authorization was granted through ENACOM Resolution No.&nbsp;5,644-E/2017, notified to the Company on December&nbsp;22, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Having all the conditions to which the Merger was subject been met under the terms of Section&nbsp;Seven of the Pre-Merger Commitment and the Final Merger Agreement, on January&nbsp;1, 2018, the parties signed the Minutes regarding the Transfer of Operations of Cablevisi&#243;n S.A. to Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a result, the Effective Date of the Merger is January&nbsp;1, 2018 with the consequent change of control in the Company, being Cablevisi&#243;n Holding S.A. the new controlling company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On August&nbsp;22, 2018, through Resolution RESFC 2018-19688-APN-DIR-CNV 2018, CNV conformed the Merger, the amendment of the bylaw of Telecom Argentina and its increase in capital stock as a result thereof. The Merger, the amendment of the bylaw and the increase of capital stock of Telecom Argentina were registered before the General Board of Corporations on August&nbsp;30, 2018 under No.&nbsp;16,345, L&#176; 91, T&#186; Share Corporations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, on July&nbsp;7, 2017, Cablevisi&#243;n Holding S.A. accepted an offer for a call option granted by Fintech Advisory Inc. for the acquisition of an equity interest of 13.51% in Telecom Argentina (which represents approximately 6% of Telecom Argentina&#146;s post-merger capital stock) for US$ 634,275,282 (the &#147;Option&#148;). The maximum term to exercise the Option was one year as from July&nbsp;7, 2017. Likewise, CVH had to pay to Fintech Advisory Inc., within a term of thirty days as from July&nbsp;7, 2017, an option premium of US$ 3,000,000, which was settled on July&nbsp;2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;5, 2017, Cablevisi&#243;n Holding S.A. made a prepayment of the aggregate exercise price under the Option for US$ 634,275,282. On December&nbsp;27, 2017, Cablevisi&#243;n Holding S.A. exercised the Option, choosing to receive, an additional equity interest in VLG of 21.55% (which represents an indirect interest of approximately 6% in Telecom as of the Merger Effective Date).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, within the framework of the option agreement, its price was finally established at US$ 628,008,363.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Under the Pre-Merger Commitment and the Final Merger Agreement and the notice received from Fintech Telecom LLC (&#147;Fintech Telecom&#148;) and Fintech Media LLC (&#147;Fintech Media&#148;) on December&nbsp;29, 2017 informing about a corporate reorganization process whereby Fintech Telecom absorbed Fintech Media and VLG Argentina Escindida LLC (a company spun off from VLG) under a merger by acquisition process effective as of the Effective Date of the Merger, the shares which issuance was decided upon by the Board of Directors of Telecom Argentina on the Effective Date of the Merger as a consequence of the Merger were delivered: i) to Fintech Telecom LLC: 342,861,748 Class&nbsp;&#147;A&#148; shares; ii) to Cablevisi&#243;n Holding S.A.: 406,757,183 Class&nbsp;&#147;D&#148; shares; and iii) to VLG: 434,909,475 Class&nbsp;&#147;D&#148; shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the resolutions of the Ordinary and Extraordinary and Special General Class&nbsp;&#147;C&#148; Shareholders&#146; Meetings held on December&nbsp;15, 2011 and in compliance with the court order (as informed in the notice served on December&nbsp;19, 2018), 23,882 Class&nbsp;&#147;C&#148; shares were converted into the same number of Class&nbsp;&#147;B&#148; shares on December&nbsp;28, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Consequently, the capital stock of Telecom Argentina as of December&nbsp;31, 2018 is now composed as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;margin-left:.75in;">
<tr>
<td width="34%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Outstanding   Shares</font></b></p>    </td>
<td width="22%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Treasury   Stock</font></b></p>    </td>
<td width="22%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   Capital Stock</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Class&nbsp;of   Shares</font></u></b></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;A&#148;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">683,856,600</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">683,856,600</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;B&#148;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">627,953,887</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">15,221,373</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">643,175,260</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;C&#148;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">210,866</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">210,866</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">Class&nbsp;&#147;D&#148;</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">-</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">841,666,658</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,153,688,011</font></b></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">15,221,373</font></b></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">2,168,909,384</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Fintech, controlling company of Telecom Argentina until December&nbsp;31, 2017, a limited liability company incorporated in Delaware (United States of America), is a company fully and directly controlled by Fintech Advisory Inc. and its core business is the holding, directly and indirectly, of the interest in Telecom Argentina. Fintech Advisory Inc. is a company incorporated in Delaware (United States of America) fully controlled by Mr.&nbsp;David Mart&#237;nez. Fintech Advisory Inc. is a company engaged in investing and managing equity interests and corporate and government debt securities, mainly in emerging markets.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">CVH, controlling company of Telecom Argentina as from January&nbsp;1, 2018, is an Argentine sociedad an&#243;nima, a corporation with limited liability incorporated in Argentina, which is mainly engaged in investing in businesses and stock companies existing or to be created, which are mainly engaged in rendering Information Technology and Communication Services (&#147;ICT Services&#148;) and Audiovisual Communication Services. Its controlling shareholder is GC Dominio S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As from the Effective Date of the Merger, (i)&nbsp;all the assets and liabilities, including the assets subject to registration, licenses, rights and obligations that belong to Cablevisi&#243;n S.A. are deemed to have been incorporated to the equity of Telecom Argentina S.A., (ii)&nbsp;Telecom Argentina S.A. continued with the operations of Cablevisi&#243;n S.A., thus generating the corresponding operating, accounting and tax effects, (iii)&nbsp;the management and representation of Cablevisi&#243;n S.A. was taken over by the management and representatives of Telecom Argentina S.A., iv) Cablevisi&#243;n S.A. was dissolved without liquidation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Merger, the capital stock </font><font face="Arial">increase as a result of the Merger, and the amendment of the Bylaws of Telecom Argentina were administratively conformed by the CNV and later registered in the Public Registry of Commerce under the IGJ on August&nbsp;30, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Resolution No.&nbsp;374/2018 issued by the Secretary of Commerce - Approval of the merger between Telecom and Cablevisi&#243;n</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;29, 2018, through Resolution No.&nbsp;374/2018, the Secretary of Commerce authorized under the terms of paragraph a), Article&nbsp;13 of Law No.&nbsp;25,156 the merger transaction whereby Telecom absorbed Cablevisi&#243;n. In said resolution, as part of the approval of the merger, the Secretary of Commerce also (i)&nbsp;approved the assignment of 143,464 residential subscribers of the Internet service rendered by Telecom under the brand ARNET to Universo Net S.A. (the aforementioned assignment was completed during the third quarter of 2018), (ii)&nbsp;accepted the conduct undertaking filed by Telecom, Cablevisi&#243;n, Cablevisi&#243;n Holding and Fintech, whereby Telecom undertook to limit the integrated marketing of subscription television services by physical link with the mobile communications service until certain conditions are fulfilled, and (iii)&nbsp;accepted the conduct undertaking filed by Telecom, Cablevisi&#243;n, Cablevisi&#243;n Holding and Fintech, whereby Telecom undertook to offer the possibility that any current or new Internet service provider may provide the retail broadband service by leveraging the use of its copper network under ADSL technology under the terms described in said resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Merger was accounted for under the acquisition method, as described under IFRS 3 and as a reverse acquisition whereby Cablevisi&#243;n (acquirer for accounting purposes) absorbs Telecom (acquiree for accounting purposes.) </font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Specific matters relating to the merger between Telecom Argentina and Cablevisi&#243;n</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Taking into consideration the information disclosed under Note 1.c), the merger between Telecom Argentina and Cablevisi&#243;n </font><font face="Arial">was accounted for under the acquisition method, as described under IFRS 3 and as a reverse acquisition whereby Cablevisi&#243;n (acquirer for accounting purposes) absorbs Telecom (acquiree for accounting purposes)</font><font face="Arial">. Consequently, the assets and liabilities of Cablevisi&#243;n S.A. were recognized and measured in these consolidated financial statements at book value before the merger, while the identifiable assets and liabilities of Telecom Argentina S.A. were recognized at fair value as of the effective date of the merger (January&nbsp;1, 2018).</font><font face="Arial"> The goodwill obtained under the acquisition method was measured as the excess of the fair value of the consideration paid over the fair value of the net identifiable assets and liabilities of Telecom Argentina S.A. The retained earnings and other balances of shareholders&#146; equity recognized in the financial statements of the combined entity correspond to the sum of the respective balances of the individual financial statements of Telecom Argentina S.A. and Cablevisi&#243;n S.A. immediately before the Merger, excluding Other Comprehensive Income and the Cost from the increase in the interest held in the companies controlled by Telecom Argentina S.A., as approved by the shareholders at the Ordinary and Extraordinary Shareholders&#146; Meeting of Telecom Argentina and the Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n held on August&nbsp;31, 2017. In addition, share capital of Telecom was maintained as of before the merger and then the shares of Telecom issued according to the exchange ratio were added to the Capital Stock of Telecom before the merger, and recorded the contribution surplus as mentioned in following paragraphs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Since the Merger between Telecom and Cablevisi&#243;n was a business combination carried out through an exchange of interests in equity, the consideration was determined based on the fair value of the shares of Telecom as of the effective date of the merger. The consideration amounted, restated to current currency of December&nbsp;31, 2018, amounts to $194,435, was calculated based on a) the market price of the ADR of Telecom on the New York Stock Exchange (NYSE) on the last business day before the effective date of the transaction (January&nbsp;1, 2018) of US$ 36.63 per ADR and b) the equivalent outstanding ADR (193,831,921) as of the effective date, translated to Argentine pesos at the exchange rate prevailing on December&nbsp;29, 2017, (last market day of 2017).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to IFRS 3, the acquired net identifiable assets were measured at fair value, which value amounted to $108,324. Of this amount, $1,958 corresponded to the non-controlling interest (valued as the proportionate share in the recognized amounts of the acquiree&#146;s identifiable net assets), measuring the net identifiable assets under the equity method. The allocation of the purchase price of the acquired net assets attributable to controlling shareholders generated a goodwill with a value which amounts to $88,072.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The total fair value of the most important items transferred and the main adjustments to the book value as a result of the purchase price allocation are detailed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The total fair value of the item Property, plant and equipment amounts to $92,637. Of this amount, $50,504 was the fair value adjustment allocated to buildings and automobiles based on the comparative market analysis and the adjusted estimated replacement cost to reflect the deterioration due to use of the telecommunications fixed assets;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The total value of the item Intangible Assets measured at fair value amounts to $59,329. Of this amount, $22,046 was the fair value adjustment allocated to Licenses and corresponds to the amount paid in excess of the book value under the comparative market value method, $13,701 was the fair value adjustment allocated to customer relationship under the discounted cash flows method and $13,029 was the fair value adjustment allocated to Brands based on royalties on gross revenues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The total value of the item Deferred income tax liabilities amounts to $24,716 mainly includes the effects of the fair value adjustments and was recognized using a rate between 25% and 30% on the temporary differences of the adjustments incorporated, taking into consideration the estimated time of reversal of each difference.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, the Company will disclose the new capital stock and generate the corresponding merger contribution surplus for $127,343 which will reflect mainly the difference between the fair value of the consideration transferred and the book value of the equity of Telecom Argentina before the effective date of the Merger.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The identifiable assets and liabilities of Telecom Argentina S.A. (acquiree for accounting purposes) incorporated on the Effective Date of the Merger and the impact of the purchase price allocation recorded in the consolidated statement of income for the year ended December&nbsp;31, 2018, both considering the effect of the current currency restatement (See Note 1.e), are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">58</font></b><a name="PB_58_043807_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The identifiable assets and liabilities of Telecom Argentina (acquiree for accounting purposes) incorporated on the Effective Date of the Merger and the impact of the purchase price allocation recorded in the consolidated statement of income for the year ended December&nbsp;31, 2018, considering the effect of the current currency restatement (see Note 1.e), are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="64%" style="border-collapse:collapse;">
<tr>
<td width="73%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total consolidated<br>   identified assets net in<br>   current currency</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">ASSETS</font></b></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Cash and cash equivalents</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">4,180</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Trade receivables</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">12,013</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Other current assets</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">10,044</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total current assets</font></b></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">26,237</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Deferred income tax assets</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Investments</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3,927</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Goodwill</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">88,072</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Property, plant and equipment</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">92,637</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Intangible assets</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">59,329</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Non-current assets</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">636</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total non-current assets</font></b></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">244,604</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">TOTAL ASSETS</font></b></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">270,841</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">LIABILITIES</font></b></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total current liabilities</font></b></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">32,470</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Deferred income tax liabilities</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">24,716</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Other non-current liabilities</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">17,262</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total non-current liabilities</font></b></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">41,978</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">TOTAL LIABILITIES</font></b></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">74,448</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Capital nominal value &#151; Outstanding shares</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">954</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Inflation adjustment &#151; Outstanding shares</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">39,559</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Capital nominal value - Treasury shares</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">15</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Inflation adjustment &#151; Treasury shares</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">152</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Treasury shares acquisition cost</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,795)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Contributed Surplus</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">127,343</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Legal reserve</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,819</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Special reserve for IFRS implementation</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">869</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Voluntary reserve for capital investments</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3,300</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Reserve for future investments</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">22,414</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Other comprehensive results</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Equity attributable to non-controlling interest</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Retained earnings</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(195)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Equity Attribuibled to Telecom Argentina</font></b></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">194,435</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="1" face="Arial" style="font-size:7.0pt;">Non-controlling interest</font></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">1,958</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">TOTAL EQUITY</font></b></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">196,393</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:.7pt 0in .7pt 0in;width:73.38%;">
<p style="margin:0in 0in .0001pt .1in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">TOTAL LIABILITIES AND EQUITY</font></b></p>    </td>
<td width="3%" valign="top" style="padding:.7pt 0in .7pt 0in;width:3.24%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:.7pt 0in .7pt 0in;width:23.38%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">270,841</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="64%" style="border-collapse:collapse;">
<tr>
<td width="80%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:80.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Impact of   the purchase price allocation recognized in the consolidated <br>   results<br><br></font></b></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Year ended <br>   December&nbsp;31, 2018</font></b></p>    </td>   </tr>
<tr>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Revenues</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(30)</font></p>    </td>   </tr>
<tr>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Operating costs without depreciation and amortization</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(187)</font></p>    </td>   </tr>
<tr>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Depreciation, amortization and impairment of PP&amp;E and Intangible   assets</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(11,414)</font></p>    </td>   </tr>
<tr>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating loss</font></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(11,631)</font></b></p>    </td>   </tr>
<tr>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial results, net</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Loss before income tax expense</font></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(11,596)</font></b></p>    </td>   </tr>
<tr>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.64%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Income tax</font></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3,479</font></p>    </td>   </tr>
<tr>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net loss for the year</font></b></p>    </td>
<td width="19%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(8,117)</font></b></p>    </td>   </tr>
<tr>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Attribuibled to controlling   Company</font></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(8,044)</font></b></p>    </td>   </tr>
<tr>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Non-controlling interest</font></b></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.36%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(73)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Total revenues related to the business of the acquiree company amount to $88,020 for the year ended December&nbsp;31, 2018. Disclosure of the profit or loss of the acquiree since the acquisition date included in the consolidated statement of comprehensive income for the year ended December 31, 2018 is not disclosed because costs are not specifically appropriated to a type of service, considering that the Company has a single payroll and operating expenses that affect all services in general (non-specific allocation between acquirer and acquiree).</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Acquisition of Nextel</font></u></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;10, 2015, the Board of Directors of Cablevisi&#243;n approved the assignment of the rights and obligations held by Grupo Clar&#237;n S.A. (&#147;Grupo Clar&#237;n&#148;) under an offer it had submitted to NII Mercosur Telecom, S.L.U. and NII Mercosur M&#243;viles, S.L.U. (hereinafter, the &#147;Sellers&#148;) for the acquisition of 49% of the capital stock of NEXTEL and an option to acquire, together with its subsidiary Televisi&#243;n Dirigida S.A., subject to certain conditions -among them, the regulatory approvals- 51% of the remaining capital stock. The price of the transaction was US$ 165 million (out of this amount, US$ 80 million accounts for 49% and US$ 85 million accounts for 51%) plus the right to collect an additional amount of up to US$ 13 million subject to the fulfillment of certain conditions. The offer submitted by Grupo Clar&#237;n was subject to the acceptance of the Sellers. On September&nbsp;11, 2015, the Sellers accepted the offer submitted by Grupo Clar&#237;n and, on the same date, the Sellers accepted the assignment of the rights under such offer in favor of Cablevisi&#243;n, offering Cablevisi&#243;n the acquisition of 49 % of the capital stock of NEXTEL and the option to acquire the remaining 51%. In order to guarantee the rights and obligations under the offer, the capital stock owned by NII Mercosur M&#243;viles, S.L.U. was pledged (subject to registration with the Public Registry of Commerce). The transaction was completed on September&nbsp;14, 2015, upon payment by Cablevisi&#243;n and its subsidiary of an aggregate US$ 159 million. The companies undertook to create a guarantee fund with the US$6 million balance to cover any potential liabilities of NEXTEL (this fund was set up on October&nbsp;7, 2015). In addition, upon the fulfillment of certain conditions precedent, on October&nbsp;1, 2015, Cablevisi&#243;n paid to the Sellers the additional amount of US$12.73 million. On June&nbsp;3, 2016, the assignment of 49% of the capital stock of NEXTEL in favor of Cablevisi&#243;n was registered with the IGJ. Under the terms of the offer, NEXTEL would continue to be controlled and operated by the Sellers until the option to acquire the remaining 51% of the capital stock had been exercised.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2015, the call option was not legally exercisable and uncertainties remained regarding the obtainment of the required regulatory authorization. As of December&nbsp;31, 2015, Cablevisi&#243;n did not have control over NEXTEL taking into consideration the elements provided under IFRS 10. Therefore, it did not consolidate NEXTEL as of such date. In January&nbsp;2016, the regulatory framework changed and the regulatory authorization of the transaction was no longer necessary.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Subsequently, on January&nbsp;27, 2016, Cablevisi&#243;n and its subsidiary Televisi&#243;n Dirigida S.A. decided to exercise the option to acquire the remaining 51% of the capital stock and votes of NEXTEL, and, consequently, Cablevisi&#243;n became the holder of 51.4% of the capital stock and votes of NEXTEL and Televisi&#243;n Dirigida S.A. became the holder of the remaining 48.6%. To such effect, on the same date, NEXTEL&#146;s management took notice of the release of the pledge that had been set up to guarantee the rights and obligations under the offer. On July&nbsp;26, 2016, the IGJ registered the assignment of the remaining 51% of the capital stock.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;30, 2016, Cablevisi&#243;n&#146;s subsidiary Televisi&#243;n Dirigida S.A. transferred to Cablevisi&#243;n 392,774,929 membership interests with nominal value of peso 1 each and entitled to a vote per membership interest, representing 48.5% of the capital stock of NEXTEL. Televisi&#243;n Dirigida S.A. also transferred to Pem 1,000,000 membership interests with nominal value of peso 1 each and entitled to one vote per membership interest, representing 0.1% of the capital stock. As a result of these transactions, the shareholders of NEXTEL hold the following interests: i) - Cablevisi&#243;n became the holder of 809,236,480 membership interests with nominal value of $1 and entitled to one vote per membership interest, representing 99.9% of the capital stock and votes; ii) PEM S.A. became the holder of 1,000,000 membership interests with nominal value of $1 and entitled to one vote per membership interest, representing 0.1% of the capital stock and votes. Those transactions were registered with the IGJ on November&nbsp;25, 2016.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;28, 2016, PEM S.A. transferred to Cablevisi&#243;n 1,000,000 membership interests with nominal value of peso 1 each and entitled to one vote per membership interest, representing 0.1% of the capital stock and votes of NEXTEL. As a result of the assignment of the membership interests described above, Cablevisi&#243;n became the holder of 810,236,480 membership interests with nominal value of $1 and entitled to one vote per membership interest, representing 100% of the capital stock and votes of NEXTEL. </font><font face="Arial">Said transfer was registered with the IGJ on March&nbsp;27, 2017.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">c)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Acquisition of companies, holders of radioelectric spectrum in the 900 Mhz and 2.5 Ghz bands</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In June&nbsp;2016, Cablevisi&#243;n, with its subsidiary NEXTEL, acquired 100% (97% owned by NEXTEL and the remaining 3% owned by Cablevisi&#243;n) of the capital stock of Fibercomm S.A. and Gridley Investments S.A. both owners of 100% of the capital stock of Trixco S.A., holder of licenses for the use of the radioelectric spectrum in 900 Mh bands. NEXTEL acquired 100% of the capital stock of WX Telecommunications LLC (in accordance with the LGS, WX Telecommunications S.A.U.) and Greenmax Telecommunications LLC (in accordance with the LGS, Greenmax Telecommunications S.A.U), which are the controlling companies of Skyonline Argentina S.A., Netizen S.A.,&nbsp;Infotel S.A. and Callbi S.A., among the most important subsidiaries. The latter render wireless telecommunications services and hold licenses for the use of the radioelectric spectrum in the 2.5 Ghz bands. The aggregate price for those transactions was US$ 138.2 million, equivalent to $3,978 in current currency as of December 31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During the year ended December&nbsp;31, 2016, Cablevisi&#243;n completed the process of allocating the acquisition cost of 100% (97% to Nextel and the remaining 3% to Cablevisi&#243;n) of the capital stock of Fibercomm S.A. and Gridley Investments S.A., both owners of 100% of the capital stock of Trixco S.A., and calculated goodwill from this acquisition in the amount of $1,475.9 in current currency as of December 31, 2018, included under Goodwill in the consolidated statement of financial position, taking into consideration that the valuation of the identifiable assets, liabilities and contingent liabilities at the interest percentage acquired is lower than the acquisition cost.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Corporate Reorganization of Cablevisi&#243;n</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d.1)</font></b><font face="Arial"> On March&nbsp;31, 2017, Cablevisi&#243;n&#146;s Board of Directors approved the Pre-Merger Commitment executed among Cablevisi&#243;n, Nextel, Greenmax Telecommunications S.A.U., WX Telecommunications S.A.U., Gridley Investments S.A., Trixco S.A., Fibercomm S.A., Netizen S.A, Eritown Corporation Argentina S.A., Skyonline de Argentina S.A.,&nbsp;Infotel Argentina S.A., Nextwave Argentina S.A. and Callbi S.A., whereby, as of the merger date, Cablevisi&#243;n, in its capacity as absorbing company, will continue with the operations of Nextel, Greenmax Telecommunications S.A.U., WX Telecommunications S.A.U., Gridley Investments S.A., Trixco S.A., Fibercomm S.A., Netizen S.A, Eritown Corporation Argentina S.A., Skyonline de Argentina S.A.,&nbsp;Infotel Argentina S.A., Nextwave Argentina S.A. and Callbi S.A. (the &#147;Absorbed Companies&#148;) thus generating the corresponding operating, accounting and tax effects. That merger was approved by the shareholders of Cablevisi&#243;n at the Extraordinary Shareholders&#146; Meeting held on May&nbsp;17, 2017. On July&nbsp;11, 2017, the public deed related to the merger was issued.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;18, 2017, the ENACOM authorized, under Resolution No.&nbsp;2017-1734 APN ENACOM# MM, the transfer of the registrations, numbering and sign-posting resources, authorizations and frequency use permits granted to Nextel, Trixco S.A., Callbi S.A.,&nbsp;Infotel Argentina S.A., Skyonline de Argentina S.A., Netizen S.A. and Eritown Corporation Argentina S.A. in favor of Cablevisi&#243;n.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a result of the above-mentioned corporate reorganization process, the Absorbed Companies were dissolved without liquidation and Cablevisi&#243;n assumed all the activities, receivables, property and all the rights and obligations of the above-mentioned companies, existing as of the first day of October&nbsp;2017, or any that may exist or arise due to previous or subsequent acts or activities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;1, 2017, the CNV issued Resolution RESFC-2017-19134-APN-DIR#CNV, whereby it granted the administrative approval of the above-mentioned merger and, on February&nbsp;23, 2018, the merger was registered with the IGJ under No.&nbsp;3,469, Book 88 Volume of Stock Companies.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d.2)</font></b><font face="Arial"> On August&nbsp;16, 2016, the Board of Directors of Cablevisi&#243;n approved the Pre-Merger Commitment executed between Cablevisi&#243;n, Copetonas Video Cable S.A., Dorrego Televisi&#243;n S.A., Fintelco S.A.,&nbsp;Indio Rico Cable Color S.A., Primera Red Interactiva de Medios Argentinos (PRIMA) S.A. (&#147;Prima&#148;), Cable Video Sur S.A., Wolves Televisi&#243;n S.A. and Tres Arroyos Televisora Color S.A., whereby, on the effective date of the merger -October&nbsp;1, 2016- (&#147;Effective Date of the Merger&#148;), Cablevisi&#243;n, as absorbing company, continued with the operations of Copetonas Video Cable S.A., Dorrego Televisi&#243;n S.A., Fintelco S.A.,&nbsp;Indio Rico Cable Color S.A., Prima, Cable Video Sur S.A., Wolves Televisi&#243;n S.A. and Tres Arroyos Televisora Color S.A. (the &#147;Absorbed Companies&#148;), thus generating the corresponding operating, accounting and tax effects. As a result of the above-mentioned corporate reorganization process, the Absorbed Companies were dissolved without liquidation. That merger was approved by the shareholders of Cablevisi&#243;n at the Extraordinary Shareholders&#146; Meeting held on September&nbsp;27, 2016, and on April&nbsp;20, 2017 it was registered with the Public Registry of Commerce.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, at the Extraordinary Shareholders&#146; Meeting held on September&nbsp;27, 2016, the shareholders also unanimously approved: (i)&nbsp;the amendment of Section&nbsp;Three of the Bylaws in order to conform the core business of Cablevisi&#243;n to the new regulatory framework of LAD and LSCA, and (ii)&nbsp;the amendment of Sections Nine and Ten of the Bylaws in order to eliminate the Executive Committee. Both amendments of the Bylaws were registered with the Public Registry of Commerce.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cablevisi&#243;n made a filing with the ENACOM in order to inform that Agency of the corporate reorganization to be implemented, so that it would consequently register under the name of the absorbing company, the &#147;Area Authorizations&#148; required to exploit Cable Television Services corresponding to Copetonas Video Cable S.A., Dorrego Televisi&#243;n S.A.,&nbsp;Indio Rico Cable Color S.A., Cable Video Sur S.A., and Tres Arroyos Televisora Color S.A. The license for Wolves Televisi&#243;n S.A. was abandoned because Cablevisi&#243;n already has an Area Authorization in the jurisdiction where Wolves Televisi&#243;n S.A. exploited the cable television service.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, Prima and Cablevisi&#243;n made a filing with the ENACOM in order to request that Agency to register the license that had been granted to Prima in favor of Cablevisi&#243;n as a consequence of the corporate reorganization process. On August&nbsp;25, 2017, the ENACOM authorized, through Resolution No.&nbsp;2017-339 APN ENACOM# MM, the transfer of the registrations of national and international long-distance telephony services, as well as the numbering and signposting resources, frequencies and radioelectric authorizations granted to it in favor of Cablevisi&#243;n.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">e)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Corporate Reorganization of the Shareholders of Cablevisi&#243;n</font></u></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">At the Extraordinary Shareholders&#146; Meetings of CV B Holding S.A., Vistone S.A. and Southtel Holdings S.A. &#150;&#147;The Direct Shareholders of Cablevisi&#243;n&#148;- held on September&nbsp;28, 2016, the shareholders approved the Pre-Merger Commitment executed between Grupo Clar&#237;n, the Direct Shareholders of Cablevisi&#243;n and Compa&#241;&#237;a Latinoamericana de Cable S.A. (&#147;CLC&#148;), whereby, on the Effective Date of the Merger - October&nbsp;1, 2016- Grupo Clar&#237;n, as absorbing company, continued with the operations of the &#147;Direct Shareholders of Cablevisi&#243;n&#148; and CLC, thus generating the corresponding operating, accounting and tax effects. As a result of the above-mentioned corporate reorganization process, the Direct Shareholders of Cablevisi&#243;n were dissolved without liquidation and Grupo Clar&#237;n assumed all the activities, receivables, property and all the rights and obligations of the above-mentioned companies, existing on the Effective Date of the Merger, or any that may exist or arise due to previous or subsequent acts or activities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Upon executing the corresponding Final Merger Agreement, Cablevisi&#243;n notified the ENACOM of the change of shareholder structure in Cablevisi&#243;n, which did not entail a change of control pursuant to Section&nbsp;13 of Law No.&nbsp;27,078 and, therefore, an authorization is not required.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;28, 2016, the shareholders of Grupo Clar&#237;n approved the merger by absorption of the Direct Shareholders of Cablevisi&#243;n and CLC. In addition, at such Shareholders&#146; Meeting, the shareholders of Grupo Clar&#237;n S.A. approved the partial spin-off for the creation of a new company domiciled in the City of Buenos Aires under the name Cablevisi&#243;n Holding S.A. The equity subject to the spin-off comprises the direct (upon the execution of the merger) and indirect equity interests of Grupo Clar&#237;n in Cablevisi&#243;n and in GCSA Equity, LLC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;27, 2017, both corporate reorganization processes (merger and spin-off-incorporation) were registered with the IGJ and, as from May&nbsp;1, 2017, the controlling company of Cablevisi&#243;n (directly and indirectly) was Cablevisi&#243;n Holding S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">f)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Corporate Reorganization of Telecom Argentina</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">f.1) Redemption of the shares of Sofora</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In March&nbsp;2017, WAI offered Sofora and, Sofora, with the consent of Fintech, its controlling shareholder, accepted an offer to redeem in two tranches all of the 140,704,640 shares issued by Sofora held by WAI pursuant to Sections 223 and 228 of the LGS. As a result of the redemption, Sofora agreed to pay to WAI an amount equal to the nominal value of the shares issued by Sofora, equivalent to $141 and issue in the name of WAI one or more dividend certificates (Class&nbsp;&#147;A&#148; &#147;Bono de Goce&#148;) which will serve as proof of the rights of WAI to collect dividends for a total amount of up to US$ 470 million less the amounts paid to redeem the shares of Sofora held by WAI (equivalent to US$ 8,683,596).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Subsequently, Dividend Certificates were issued in two tranches for a total of US$ 461,316,404 (the first tranche on May&nbsp;23, 2017 for US$ 245,036,017, and the second tranche on June&nbsp;22, 2017 for US$ 216,280,387), together with the respective agreed-upon stock redemption.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The main general terms and conditions of the dividend certificates (Class&nbsp;&#147;A&#148; &#147;Bono de Goce&#148;) provided that: (i)&nbsp;they will only grant rights to collect declared dividends at the sole discretion of Sofora for up to the maximum amount provided under the respective bond; (ii)&nbsp;they will be entitled to collect the amount of dividends provided for in the respective bond in preference to the other shareholders of Sofora; (iii)&nbsp;all the payments under those bonds shall be made with realized and liquid profits of Sofora; (iv)&nbsp;the maximum amount of dividends receivable under those bonds shall increase on June&nbsp;1 of each year for an amount equivalent to 2% per annum applied to the outstanding balance as of May&nbsp;31 of each year; (v)&nbsp;they may be redeemed by Sofora at any time after 36 months counted as from the date of issuance or after payment of 60% of its value at the time of issuance, whichever occurs later; and (vi)&nbsp;in the event Sofora is absorbed by another company that continues with the activities of Sofora, the preference under the dividend certificates (Class&nbsp;&#147;A&#148; &#147;Bono de Goce&#148;) will be maintained only with respect to those shares of the surviving company received by the shareholders of Sofora under the exchange ratio provided for under said merger so that this preference does not affect the other shareholders of the absorbing company, i.e., in the case of the reorganization mentioned in point f.2) of this note (the &#147;Reorganization of Telecom Group&#148;) the preference of the dividend certificates (Class&nbsp;&#147;A&#148; &#147;Bono de Goce&#148;) will only be verified with respect to Class&nbsp;A shares of Telecom Argentina received by Fintech and will not affect Class&nbsp;B shares or Class&nbsp;C shares of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Taking into consideration that the Reorganization of Telecom Group, described in the following point, has entered into effect, Telecom Argentina assumed all the rights and obligations of Sofora as issuer of the Class&nbsp;A Exchange Bonds. Under no circumstance the rights to collect dividends under the dividend certificates (Class&nbsp;&#147;A&#148; &#147;Bono de Goce&#148;) shall affect the rights to collect dividends that belong to the holders of Class&nbsp;B Shares or Class&nbsp;C Shares or any other class of shares of Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The dividend certificates (Class&nbsp;&#147;A&#148; &#147;Bono de Goce&#148;) have been paid in full through the dividends in respect of which they were entitled to collect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">f.2) Corporate Reorganization of the Telecom Group</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;31, 2017, each of the Boards of Directors of Sofora, Personal and Nortel and Telecom Argentina approved a pre-merger commitment, whereby Telecom Argentina would absorb Nortel, Sofora and Personal in accordance with the provisions of sections 82 and 83 of the LGS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The General Ordinary and Extraordinary Shareholders&#146; Meetings of Telecom Argentina and Telecom Personal held on May&nbsp;23, 2017, and the General Extraordinary Shareholders&#146; Meetings of Nortel and Sofora held on May&nbsp;22, 2017 approved the Reorganization of Telecom Group.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, at the above-mentioned General Ordinary and Extraordinary Shareholders&#146; Meeting of Telecom Argentina, the shareholders approved:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the conversion of up to 161,039,447 Class&nbsp;A Shares, with nominal value of $1 and entitled to one vote per share into the same number of Class&nbsp;B Shares, with nominal value of $1 and entitled to one vote per share to be delivered to the holders of Preferred Class&nbsp;&#147;B&#148; Shares of Nortel, as explained in Section&nbsp;4th of the related pre-merger commitment (the conversion was effective on December&nbsp;15, 2017); and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the amendment of the following sections of the Bylaws:</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Section&nbsp;4: to establish a dynamic conversion procedure for the shares representing capital stock from one Class&nbsp;to the other with equal political and equity rights; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">Section&nbsp;5: to allow the total or partial redemption of fully-paid shares in accordance with the provisions of Section&nbsp;223 of LGS and allow the issuance of bonds given in exchange for redeemed shares according to the provisions of Section&nbsp;228 on the mentioned Law.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">iii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The elimination of Section&nbsp;9 of the Bylaws, which includes limitations for transferring Class&nbsp;&#147;A&#148; Shares, which is effective since the authorization by the ENACOM of the dissolution of Nortel under the Reorganization of the Telecom Group and the distribution to holders of Nortel&#146;s Class&nbsp;&#147;B&#148; Preferred Shares of a portion of Class&nbsp;&#147;A&#148; Shares of Telecom Argentina through its conversion to Class&nbsp;&#147;B&#148; Shares in accordance with the provisions of the corresponding pre-merger commitment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;21, 2018, the amendment of the Bylaws mentioned in points ii) and iii) was registered with the IGJ.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">At the Shareholders&#146; Meetings of Telecom Personal, Nortel and Sofora, the shareholders approved the dissolution without liquidation of the respective companies pursuant to Section&nbsp;94, subsection 7 of the LGS as a consequence of its incorporation to Telecom Argentina under the Reorganization of Grupo Telecom.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The companies involved in the Reorganization requested the ENACOM the following authorizations provided under the pre-merger commitment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">ENACOM authorization for releasing the shares that comprised the second redemption tranche of Sofora&#146;s common shares (owned by WAI representing 15% of Sofora&#146;s capital stock) of the allocation to the main core of shares of the investment consortium for the acquisition, in the process of privatization of ENTel, of the Sociedad Licenciataria Norte (currently Telecom Argentina) pursuant to the provisions of Decree No.&nbsp;62/90 issued on January&nbsp;5, 1990 and the terms of such privatization and Resolution No.&nbsp;111/2003 issued by the SC on December&nbsp;10, 2003.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">ENACOM authorization for the dissolution of Nortel as a result of the Reorganization of the Telecom Group and the distribution to the holders of Nortel&#146;s Class&nbsp;&#147;B&#148; Preferred Shares of a portion of Telecom Argentina&#146;s Class&nbsp;&#147;A&#148; Shares through its conversion to Telecom Argentina&#146;s Class&nbsp;&#147;B&#148; Shares pursuant to the corresponding pre-merger commitment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" face="Arial" style="color:black;">ENACOM authorization for the transfer to Telecom Argentina, as a result of the Reorganization of the Telecom Group, of all licenses for the provision of ICT Services and the registrations of ICT Services, together with the corresponding permissions for the use of frequencies, which were granted or awarded to Telecom Personal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;16, 2017, the ENACOM Authorization referred to in a) above was granted through Resolution No.&nbsp;RESOL-2017-5120-APN-ENACOM # MCO.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Since the Reorganization of the Telecom Group was approved at all the General and Special shareholders&#146; meetings of the companies involved, and since the term for the opposition of creditors in accordance with the applicable regulations has expired, on November&nbsp;13, 2017, Telecom Argentina, Nortel, Sofora, and Telecom Personal executed the final merger agreement which was filed with the Argentine regulatory authorities in accordance with the respective applicable regulations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;24, 2017, the Company, Personal, Nortel and Sofora were served with Resolution No.&nbsp;2017-4545-APN-ENACOM#MM, whereby the ENACOM granted the authorizations mentioned in sections b) and c) mentioned above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The effective date of the reorganization of Telecom Group began at 00.00 hs of December&nbsp;1, 2017, date on which the Chairmen of the Boards of Directors of the companies that were part of the Telecom Group signed the Minutes regarding the Transfer of Operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of the reorganization and with effect as of the date thereof: (i)&nbsp;all the equities of Sofora, Personal and Nortel were fully transferred to Telecom Argentina at the book values of such items in the respective special-purpose unconsolidated financial statements. According to this, Telecom Argentina acquired all rights, obligations and responsibilities of any nature of Personal, Sofora and Nortel; (ii)&nbsp;Telecom Argentina is the surviving company of all the activities developed by Personal, Sofora and Nortel; (iii)&nbsp;Personal, Sofora and Nortel were dissolved without liquidation. On March&nbsp;21, 2018, the Reorganization and the dissolution without liquidation of each of the absorbed companies was registered with the IGJ.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a consequence of the Reorganization of Telecom Group:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">A portion of the Class&nbsp;A Shares issued by Telecom Argentina was distributed to Fintech as the only holder of the common shares of Sofora;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The remaining Class&nbsp;A Shares issued by Telecom Argentina were converted to Class&nbsp;B Shares of Telecom Argentina;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">All Class&nbsp;B Shares issued by Telecom Argentina held by Nortel (including Class&nbsp;B Shares as a result of the conversion mentioned above) were distributed to the holders of Nortel Class&nbsp;B Preferred Shares.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina did not issue any new Class&nbsp;B Shares or Class&nbsp;A Shares in connection with the Reorganization of Telecom Group.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 5 &#150; CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS</font></b><a name="NOTE5CASHANDCASHEQUIVALENTSANDIN_025836"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Cash and cash equivalents and Investments</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Cash and cash equivalents and investments consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
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<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
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<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Cash and cash equivalents</font></u></b></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
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<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Cash and   Banks&nbsp; </font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,878</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">5,121</font></p>    </td>   </tr>
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<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Time   deposits</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,953</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">32</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="65%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Mutual   funds</font></p>    </td>
<td width="17%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">60</font></p>    </td>
<td width="17%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,354</font></p>    </td>   </tr>
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<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Other investments at fair value </font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">10</font></p>    </td>   </tr>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   cash and cash equivalents</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,891</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6,517</font></b></p>    </td>   </tr>
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<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Investments</font></u></b></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Current </font></u></b></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Government bonds at fair value</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">727</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Government bonds at amortized   cost</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">519</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Mutual   funds</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">109</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Other investments at amortized   cost</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">123</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total current investments</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,371</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">162</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Non- current</font></u></b></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; Government bonds at amortized   cost</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">4,627</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;   Investments in associates (*)</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">967</font></p>    </td>
<td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">735</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp; 2003   Telecommunications Fund</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total non-current investments</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">5,595</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">735</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">(*) Information on Investments in associates is detailed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Financial position information:</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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<td width="33%" height="60" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 0in 0in 0in;width:33.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Companies</font></b></p>    </td>
<td width="22%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 0in 0in 0in;width:22.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Main activity</font></b></p>    </td>
<td width="8%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Country</font></b></p>    </td>
<td width="10%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Percentage<br>   of capital<br>   stock owned<br>   and<br>   voting rights</font></b></p>    </td>
<td width="12%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 0in 0in 0in;width:12.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Valuation as of<br>   12.31.2018</font></b></p>    </td>
<td width="11%" height="60" style="border:none;border-bottom:solid windowtext 1.0pt;height:44.9pt;padding:0in 0in 0in 0in;width:11.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Valuation as<br>   of 12.31.2017</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Ver T.V. S.A. (1)</font></p>    </td>
<td width="22%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Cable televisi&#243;n station</font></p>    </td>
<td width="8%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="10%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">49.00</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:12.74%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">592</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:11.7%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">428</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="33%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Teledifusora San   Miguel Arc&#225;ngel S.A. (1)&nbsp;(2)&nbsp;(3)</font></p>    </td>
<td width="22%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Cable televisi&#243;n station</font></p>    </td>
<td width="8%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="10%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">50.10</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:12.74%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">226</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:11.7%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">161</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="33%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable S.A. </font><font size="1" face="Arial" style="font-size:7.0pt;">(2)</font></p>    </td>
<td width="22%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Closed-circuit television</font></p>    </td>
<td width="8%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Argentina</font></p>    </td>
<td width="10%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">50.00</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:12.74%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">143</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="height:5.65pt;padding:0in 0in 0in 0in;width:11.7%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">137</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="33%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other minor investments in associates at equity method</font></p>    </td>
<td width="22%" height="8" valign="top" style="height:5.65pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="8" valign="top" style="height:5.65pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="8" valign="top" style="height:5.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0in 0in 0in 0in;width:12.74%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">6</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.65pt;padding:0in 0in 0in 0in;width:11.7%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">9</font></p>    </td>   </tr>
<tr height="8" style="height:5.65pt;">
<td width="33%" height="8" valign="bottom" bgcolor="#FFFF00" style="background:white;height:5.65pt;padding:0in 0in 0in 0in;width:33.88%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="22%" height="8" valign="top" style="height:5.65pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt 14.5pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="8" valign="top" style="height:5.65pt;padding:0in 0in 0in 0in;width:8.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" height="8" valign="top" style="height:5.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:5.65pt;padding:0in 0in 0in 0in;width:12.74%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">967</font></b></p>    </td>
<td width="11%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:5.65pt;padding:0in 0in 0in 0in;width:11.7%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">735</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .8in;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Data about the issuer arise from extra-accounting information.</font></p>
<p style="margin:0in 0in .0001pt .8in;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:6.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Direct and indirect interest.</font></p>
<p style="margin:0in 0in .0001pt .8in;text-align:justify;text-indent:-.8in;"><font size="1" face="Arial" style="font-size:6.0pt;">(3)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Despite owning a percentage higher than a 50% of interest, the Company does not have the control in accordance with the requirements of IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Earnings information:</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="10" style="height:7.3pt;">
<td width="64%" height="10" valign="top" style="height:7.3pt;padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="10" valign="top" style="height:7.3pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="12%" height="10" valign="top" style="height:7.3pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="12%" height="10" valign="top" style="height:7.3pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Ver T.V. S.A.</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">142</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">247</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">120</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Teledifusora San Miguel   Arc&#225;ngel S.A.</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">72</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">68</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">La Capital Cable S.A.</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">22</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">38</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">46</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">236</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">353</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">221</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Additional information on the consolidated statements of cash flows</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company applies the indirect method to reconcile the net income for the year with the cash flows generated by its operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For purposes of the statements of cash flows, cash and cash equivalents comprise cash, bank current accounts and short-term highly liquid investments (with a maturity of three months or less from the date of acquisition). Bank overdrafts are disclosed in the statement of financial position as financial debts and its flows in the cash flow statements as proceed and payment of financial debt, because they are part of the short-term financial structure of Telecom and its subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">65</font></b><a name="PB_65_043910_4141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Changes in assets/liabilities components:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net decrease (increase) in   assets</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Trade receivables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(4,092)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(406)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(164)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Other receivables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(894)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(737)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">346</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Inventories</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(11)</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">30</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">15</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(4,997)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,113)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">197</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net increase (decrease) in   liabilities</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Trade payables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">885</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">363</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">598</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Salaries and social security payables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">283</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">362</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(98)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Taxes payables </font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(2,030)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,425)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,606)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other liabilities and   Provisions</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(2,329)</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(735)</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(248)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(3,191)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,435)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,354)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Main non-cash operating transactions</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Offsetting of dividends receivable with financial   debt </font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">5</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">12</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Main Financing activities components</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table presents the main financing activities components:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank overdrafts</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,176</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank loans</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">25,593</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,229</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">15,305</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">By purchase of equipment</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Companies under section 33 - Law No.&nbsp;19,550 and   related parties</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">35</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   financial debt proceeds</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">27,769</font></b></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,264</font></b></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15,305</font></b></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Notes</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(3,905)</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank loans</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(335)</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,622)</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(12,679)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">By purchase of equipment</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(272)</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.66%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.02%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Companies under section 33 - Law No.&nbsp;19,550 and   related parties</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1)</font></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   payment of debt</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(4,512)</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,623)</font></b></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(12,679)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank overdrafts</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(94)</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Notes - Interests and related expenses</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,509)</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bank loans - Interests and related expenses</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(2,388)</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,264)</font></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,890)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">By NDF, purchase of equipment and others</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">267</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(27)</font></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">56</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Companies under section 33 - Law No.&nbsp;19,550 and   related parties</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1)</font></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total payment of interest   and related expenses</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(3,724)</font></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,292)</font></b></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,834)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Cash dividends from the Company</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;31, 2018, the Board of Directors of Telecom Argentina approved:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">1.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the reversal of 9,729,418,019 Argentine pesos, as of the date of the transaction, of the &#147;Reserve for future cash dividends&#148; of Telecom Argentina as of December&nbsp;31, 2017, and its distribution as cash dividends in two installments: i) 2,863,000,000 Argentine pesos on February&nbsp;15, 2018 and ii) 6,866,418,019 Argentine pesos on April&nbsp;30, 2018, being the Board empowered to make such payment on an earlier date if it deemed it convenient;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">2.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the distribution of 5,640,728,444 Argentine pesos, as of the date of the transaction, as advance cash dividends under the provisions of Section&nbsp;224, 2nd paragraph of the General Corporations Law, corresponding to the net profit (liquid and realized) of the period ranging from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Telecom Argentina as of September&nbsp;30, 2017, which were settled on February&nbsp;15, 2018; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">3.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the distribution of 4,502,777,155 Argentine pesos, as of the date of the transaction, as distribution of interim cash dividends under the provisions of Section&nbsp;224, 2nd paragraph of the General Corporations Law, corresponding to the net profit (liquid and realized) of the period ranging from January&nbsp;1, 2017 to September&nbsp;30, 2017 as it arises from the special-purpose unconsolidated financial statements of Cablevisi&#243;n S.A.-absorbed by Telecom Argentina- as of September&nbsp;30, 2017, which were settled on February&nbsp;15, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Dividends mentioned in items 2 and 3 above, were subsequently ratified by the Ordinary General Shareholers Meeting of April&nbsp;25, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In conclusion, the dividends distribution aforementioned in items 1, 2 and 3, for a total of $19,873, as of the date of the transaction, (approximately $28,822 in current currency of December&nbsp;31, 2018) was paid on February&nbsp;15, 2018 for $13,007 and on March&nbsp;21, 2018 $6,866 (approximately $27,927 in current currency of December&nbsp;31, 2018).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">66</font></b><a name="PB_66_043910_8627"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Payment by Telecom of the dividends declared by Cablevisi&#243;n S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal Year 2018</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;8, 2018, Telecom Argentina, as surviving company of Cablevisi&#243;n S.A. paid the dividends declared by Cablevisi&#243;n S.A. on December&nbsp;18, 2017 for 4,077,790,056 Argentine pesos</font><font face="Arial">, as of the date of the transaction,</font><font face="Arial"> (approximately $6,021 in current currency of December&nbsp;31, 2018).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal Year 2017</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;30, 2017, the Ordinary and Extraordinary Annual General Shareholders Meeting of Cablevisi&#243;n decided to allocate the sum of 1,600,000,000</font><font face="Arial"> Argentine pesos</font><font face="Arial">, as of the date of the transaction (approximately $2,603 in current currency of December&nbsp;31, 2018),</font><font face="Arial"> to the distribution of cash dividends payable in pesos or US dollars in two installments of 800,000,000</font><font face="Arial"> Argentine pesos</font><font face="Arial">. As of December&nbsp;31, 2017, all distributed cash dividends were cancelled.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Cash dividends from associates</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal Year 2018</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Dividends paid by N&#250;cleo</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In May&nbsp;2018, N&#250;cleo paid dividends to the non-controlling shareholders for a total of $161</font><font face="Arial">, as of the date of the transaction, (approximately $182 in current currency of December&nbsp;31, 2018)</font><font face="Arial">. These dividends were approved at the Ordinary General Shareholders Meeting of N&#250;cleo at its meeting held on April&nbsp;24, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Dividends collected from Ver T.V.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During the first half of 2018, dividends were collected from Ver T.V. for $19</font><font face="Arial">, as of the date of the transaction</font><font face="Arial">. These dividends were declared during year 2017, and as of December&nbsp;31, 2017, they were pending collection.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Dividends collected from Teledifusora San Miguel Arc&#225;ngel</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During the first half of 2018, dividends were collected from Teledifusora San Miguel Arc&#225;ngel for $8</font><font face="Arial">, as of the date of the transaction</font><font face="Arial">. These dividends were declared during year 2017, and as of December&nbsp;31, 2017, they were pending collection.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Dividends collected from La Capital Cable</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In June&nbsp;2018, dividends were collected from La Capital Cable for $15</font><font face="Arial">, as of the date of the transaction,</font><font face="Arial"> of which $5 were offset with financial debt with the company. These dividends were approved at the Ordinary Annual General Shareholders Meeting of June&nbsp;14, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In conclusion, during 2018 a total of $41 of dividends (approximately $56 in current currency of December&nbsp;31, 2018) were collected from associates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><u><font size="1" face="Arial" style="font-size:9.0pt;font-style:italic;font-weight:bold;">Fiscal year 2017</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Dividends paid by CV Berazategui</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During the first half of 2017, CV Berazategui paid dividends to non-controlling interests for a total of $6, as of the date of the transaction. These dividends were approved by the Ordinary General Shareholders Meeting at its meeting held on April&nbsp;25, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Dividends collected from Ver T.V.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In February&nbsp;2017, Ver T.V. approved dividends for $77, as of the date of the transaction, of which $38 corresponded to Cablevisi&#243;n according to its interests. Such dividends were collected during the first quarter of 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">During fiscal year ended December&nbsp;31, 2017, Ver T.V. approved dividends for $198, as of the date of the transaction, of which $97 correspond to the Company according to its interests. As of December&nbsp;31, 2017, $32 of such dividends were collected.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Dividends collected from La Capital Cable</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In May&nbsp;2017, La Capital Cable voted dividends for $21, as of the date of the transaction, of which $10 corresponded to Cablevisi&#243;n according to its shareholdings. Such dividends were collected during the second quarter of 2017, of which $8 were offset with financial debt with said company</font><font color="#212121" face="Arial" style="color:#212121;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">67</font></b><a name="PB_67_043910_7906"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Dividends collected from Teledifusora San Miguel Arc&#225;ngel</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In June&nbsp;2017, Teledifusora San Miguel Arc&#225;ngel approved dividends for $24, as of the date of the transaction, of which $12 corresponded to Cablevisi&#243;n according to its interests. As of December&nbsp;31, 2017, such dividends were collected.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In August&nbsp;2017, Teledifusora San Miguel Arc&#225;ngel approved dividends for $69, as of the date of the transaction, of which $34 corresponded to the Company according to its interests. As of December&nbsp;31, 2017, $7 of such dividends were collected.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In conclusion, during 2017 a total of $99 of dividends (approximately $149 in current currency of December&nbsp;31,2018) were collected from associates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Additional information required by IAS 7</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;width:93.34%;">
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Balances<br>   as of<br>   December<br>   31, 2017</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Incorporation<br>   by merger<br>   (Note 4.a)</font></u></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Cash<br>   Flows<br>   (a)</font></u></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Accrued<br>   interests</font></u></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Exchange<br>   differences<br>   and<br>   currency<br>   translation<br>   adjustments<br>   and Others<br>   (b)</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Balances<br>   as of<br>   December<br>   31, 2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.52%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Bank overdrafts </font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">199</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,176</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(99)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,276</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.52%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Bank loans &#150; principal </font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">287</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">12,097</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">25,258</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">9,563</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">47,205</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.52%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Notes &#150; principal </font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">13,767</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3,186</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(3,905)</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">5,783</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">18,831</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.52%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">NDF</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">25</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(44)</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">119</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">100</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.52%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">By purchase of equipment</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">1,943</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(256)</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">35</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">357</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,079</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.52%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Companies under section 33 - Law No.&nbsp;19,550 and   related parties</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">6</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(6)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.52%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">Accrued interests and related expenses</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">6</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,597</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4,100)</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">4,395</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">5,923</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">8,821</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:34.52%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total current and   non-current financial debt (Note 13)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">16,009</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">18,104</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">19,129</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">4,549</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">21,521</font></b></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.36%;">
<p align="right" style="margin:0in 5.75pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">79,312</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 21.3pt;text-indent:-21.3pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Correspond to $27,769 of debt proceeds, $4,512 of principal payments, $3,724 of interest and related expenses payments and (404) that were reclassified to Other receivables.</font></p>
<p style="margin:0in 0in .0001pt 21.3pt;text-indent:-21.3pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Includes (5)&nbsp;that were offset with dividends receivable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 6 &#150; TRADE RECEIVABLES</font></b><a name="NOTE6TRADERECEIVABLES_025849"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade receivables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Current Trade receivables</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Ordinary   receivables</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">19,910</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,242</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Contractual asset IFRS 15 (Note   3.u)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">62</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Companies under section 33 - Law   No.&nbsp;19,550 and related parties (Note 27.c)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">92</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">59</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Allowance for doubtful accounts</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(2,649)</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(713)</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">17,415</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,588</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current trade receivables</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Ordinary   receivables</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">38</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Contractual asset IFRS 15 (Note   3.u)</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">23</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">61</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   trade receivables, net</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">17,476</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,588</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the allowance for current doubtful accounts are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;width:86.66%;">
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Years ended December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="65%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:65.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:17.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="17%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;height:11.9pt;padding:0in 0in 0in 0in;width:17.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr height="16" style="height:11.9pt;">
<td width="65%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:65.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the fiscal year</font></b></p>    </td>
<td width="17%" height="16" valign="top" style="height:11.9pt;padding:0in 0in 0in 0in;width:17.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(713)</font></b></p>    </td>
<td width="17%" height="16" valign="top" bgcolor="#FFFF00" style="background:white;height:11.9pt;padding:0in 0in 0in 0in;width:17.32%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(512)</font></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">IFRS 9 retained earnings adjustment (Note 3.v)</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(245)</font></p>    </td>
<td width="17%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:17.32%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font><font size="1" face="Arial" style="font-size:9.0pt;"> &#150; Bad debt expenses</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(3,527)</font></p>    </td>
<td width="17%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:17.32%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(901)</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Uses and Currency translation adjustments</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,836</font></p>    </td>
<td width="17%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.32%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">700</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(2,649)</font></b></p>    </td>
<td width="17%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.32%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(713)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">68</font></b><a name="PB_68_043910_3736"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 7 &#150; OTHER RECEIVABLES</font></b><a name="NOTE7OTHERRECEIVABLES_025854"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Other receivables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current other receivables</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Prepaid   expenses</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,437</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">603</font></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Tax   credits</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,363</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">127</font></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Advances to suppliers</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">103</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">41</font></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Settlement Pendings accounts</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">217</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Guarantee   deposits</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">24</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">112</font></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Expenditure reimbursement</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">109</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Financial   NDF (Note 21) </font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">750</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;   Restricted funds (Note 18)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">63</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">27</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Companies under section 33 - Law   No.&nbsp;19,550 and related parties (Note 27.c)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">144</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">174</font></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Receivables from sale of customer   relationship</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">72</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Other</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">806</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">139</font></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">5,088</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,223</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Allowance for current other   receivables</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(15)</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">5,073</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,223</font></b></p>    </td>   </tr>
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<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Non-current other receivables</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="center" style="margin:0in 2.15pt .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Prepaid   expenses</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">450</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">45</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Advances to suppliers</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">71</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">244</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Tax   credits</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">703</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">61</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;   Restricted funds (Note 18)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">92</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Financial   NDF (Note 21) </font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">45</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;   Regulatory Credits (N&#250;cleo)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">156</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Guarantee   deposits</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">46</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Credit of indemnity for Tuves   Paraguay acquisition</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">55</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Receivables from sale of customer   relationship</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">113</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Other</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">3</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">3</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,734</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">353</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Allowance for non-current other   receivables</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(12)</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total other receivables</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,722</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">353</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">6,795</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.42%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,576</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the Allowance for current other receivables are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.34%;">
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:25.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Years ended December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Increases</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(18)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Decreases</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(15)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the Allowance for non-current other receivables are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;width:93.34%;">
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:25.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Years ended December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Increases</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(12)</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(12)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 8 &#150; INVENTORIES</font></b><a name="NOTE8INVENTORIES_025857"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Inventories consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.15in;width:96.0%;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Mobile handsets and others</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2,254</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Radio equipment and others</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">64</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">189</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Fixed telephones and equipment</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">15</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Inventories for construction projects</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">537</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,870</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">189</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Allowance for obsolescence of   inventories</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(133)</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(53)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2,737</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">136</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the allowance for obsolescence of inventories are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.15in;width:96.0%;">
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(53)</font></b></p>    </td>
<td width="15%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions </font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(82)</font></p>    </td>
<td width="15%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(70)</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Decreases</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">2</font></p>    </td>
<td width="15%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">17</font></p>    </td>   </tr>
<tr>
<td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.96%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(133)</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.02%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(53)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">69</font></b><a name="PB_69_043910_9621"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 9 &#150; GOODWILL</font></b><a name="NOTE9GOODWILL_025905"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;width:90.0%;">
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="11" style="height:8.15pt;">
<td width="63%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:63.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:18.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="18%" height="11" valign="top" style="height:8.15pt;padding:0in 0in 0in 0in;width:18.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.88%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Argentina business (1)</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">119,678</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">31,273</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.88%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="1" face="Arial" style="font-size:9.0pt;">Uruguay business (2)</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">771</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">681</font></p>    </td>   </tr>
<tr>
<td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.88%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">120,449</font></b></p>    </td>
<td width="18%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">31,954</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 14.2pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Includes $88,068 corresponding to the Merger between Telecom and Cablevisi&#243;n (See Note 4.a)), $31,606 from Cablevisi&#243;n and $4 corresponding to the goodwill of Tuves Paraguay as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt 14.2pt;text-align:justify;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Telemas S.A. goodwill, indirect subsidiary throughout its participation in Adesol. The increase in the amounts with respect to balance as of December&nbsp;31, 2017 corresponds to currency translation adjustments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 10 &#150; PROPERTY, PLANT AND EQUIPMENT</font></b><a name="NOTE10PROPERTYPLANTANDEQUIPMENT_025907"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;width:90.84%;">
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">PP&amp;E before allowances and   impairment</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">151,168</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">45,885</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">Valuation allowance for obsolecense and   impairment of materials</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(359)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(184)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.4%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">Impairment of PP&amp;E</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(333)</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.4%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">150,476</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.94%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">45,701</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the valuation allowance for materials and impairment of materials are as follows</font><font size="1" face="Arial" style="font-size:9.0pt;">:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;margin-left:.25in;width:90.0%;">
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(184)</font></b></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 0in 0in 0in;width:12.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(153)</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(175)</font></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(31)</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(359)</font></b></p>    </td>
<td width="12%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(184)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the impairment of PP&amp;E are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(333)</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.14%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(333)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.96%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Details on the nature and movements as of December&nbsp;31, 2018 are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross value as of<br>   December&nbsp;31, 2017</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Incorporation by<br>   merger<br>   (Note 4.a)</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">CAPEX</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Transfers and<br>   reclassifications</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Decreases</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross value as<br>   of December&nbsp;31,<br>   2018</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Real estate</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,990</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">19,387</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">6</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">167</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">219</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(9)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">22,760</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Switching equipment</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,700</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">223</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">798</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">384</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(2)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">5,103</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Fixed network and transportation</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">35,676</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">30,493</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">5,408</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">674</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">15,187</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(3,840)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">83,598</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Mobile network access</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">11,317</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">12</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">836</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">4,825</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(312)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">16,682</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Tower and pole</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">207</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">4,494</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">43</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">273</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">384</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(3)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">5,398</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Power equipment and Installations</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">5,472</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">233</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">705</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">6,410</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Computer equipment</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,767</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">6,264</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1,158</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1,249</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">2,211</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(4)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">15,645</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Goods lent to customers at no cost</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">5,282</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">223</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">5,010</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">361</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">4</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(3,396)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">7,484</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Vehicles</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,477</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1,187</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">376</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">21</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(74)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,987</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Machinery, diverse equipment and tools</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,946</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">226</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">194</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">12</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">98</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,476</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Other</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">259</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">473</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">5</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">42</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">83</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">863</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Construction in progress</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">10,377</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">5,818</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">24,138</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">95</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(23,144)</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(38)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">17,246</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">Materials</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">6,982</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,582</font></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,001</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">25</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(956)</font></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(41)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">12,593</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.5%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">71,967</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">92,636</font></b></p>    </td>
<td width="8%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">39,574</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,786</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:7.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(7,718)</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.54%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">201,245</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated<br>   depreciation as of<br>   December&nbsp;31, 2017</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Depreciation</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Decrease and<br>   reclassifications</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated<br>   depreciation as of<br>   December&nbsp;31, 2018</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net carrying value<br>   as of December&nbsp;31,<br>   2018</font></b></p>    </td>   </tr>
<tr height="10" style="height:7.3pt;">
<td width="29%" height="10" valign="top" style="height:7.3pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Real estate</font></p>    </td>
<td width="12%" height="10" valign="bottom" style="height:7.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,087)</font></b></p>    </td>
<td width="10%" height="10" valign="top" style="height:7.3pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(966)</font></p>    </td>
<td width="12%" height="10" valign="top" style="height:7.3pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(178)</font></p>    </td>
<td width="10%" height="10" valign="top" style="height:7.3pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3</font></p>    </td>
<td width="12%" height="10" valign="top" style="height:7.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(2,228)</font></b></p>    </td>
<td width="1%" height="10" valign="top" style="height:7.3pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="10" valign="top" style="height:7.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">20,532</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.2pt;">
<td width="29%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Switching equipment</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,032)</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(681)</font></p>    </td>
<td width="10%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,713)</font></b></p>    </td>
<td width="1%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,390</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.2pt;">
<td width="29%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Fixed network and transportation</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(15,959)</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(12,450)</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(657)</font></p>    </td>
<td width="10%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">4,018</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(25,048)</font></b></p>    </td>
<td width="1%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="12" valign="top" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">58,550</font></b></p>    </td>   </tr>
<tr height="10" style="height:7.45pt;">
<td width="29%" height="10" valign="top" style="height:7.45pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Mobile network access</font></p>    </td>
<td width="12%" height="10" valign="bottom" style="height:7.45pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="10" valign="top" style="height:7.45pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(2,763)</font></p>    </td>
<td width="12%" height="10" valign="top" style="height:7.45pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(548)</font></p>    </td>
<td width="10%" height="10" valign="top" style="height:7.45pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">48</font></p>    </td>
<td width="12%" height="10" valign="top" style="height:7.45pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(3,263)</font></b></p>    </td>
<td width="1%" height="10" valign="top" style="height:7.45pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="10" valign="top" style="height:7.45pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">13,419</font></b></p>    </td>   </tr>
<tr height="9" style="height:6.55pt;">
<td width="29%" height="9" valign="top" style="height:6.55pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Tower and pole</font></p>    </td>
<td width="12%" height="9" valign="bottom" style="height:6.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(18)</font></b></p>    </td>
<td width="10%" height="9" valign="top" style="height:6.55pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(832)</font></p>    </td>
<td width="12%" height="9" valign="top" style="height:6.55pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(145)</font></p>    </td>
<td width="10%" height="9" valign="top" style="height:6.55pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3</font></p>    </td>
<td width="12%" height="9" valign="top" style="height:6.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(992)</font></b></p>    </td>
<td width="1%" height="9" valign="top" style="height:6.55pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="9" valign="top" style="height:6.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,406</font></b></p>    </td>   </tr>
<tr height="6" style="height:4.7pt;">
<td width="29%" height="6" valign="top" style="height:4.7pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Power equipment and Installations</font></p>    </td>
<td width="12%" height="6" valign="bottom" style="height:4.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="6" valign="top" style="height:4.7pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,062)</font></p>    </td>
<td width="12%" height="6" valign="top" style="height:4.7pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(156)</font></p>    </td>
<td width="10%" height="6" valign="top" style="height:4.7pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="6" valign="top" style="height:4.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,218)</font></b></p>    </td>
<td width="1%" height="6" valign="top" style="height:4.7pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="6" valign="top" style="height:4.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">5,192</font></b></p>    </td>   </tr>
<tr height="6" style="height:4.5pt;">
<td width="29%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Computer equipment</font></p>    </td>
<td width="12%" height="6" valign="bottom" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(2,830)</font></b></p>    </td>
<td width="10%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(3,809)</font></p>    </td>
<td width="12%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,128)</font></p>    </td>
<td width="10%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3</font></p>    </td>
<td width="12%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(7,764)</font></b></p>    </td>
<td width="1%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">7,881</font></b></p>    </td>   </tr>
<tr height="6" style="height:4.5pt;">
<td width="29%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Goods lent to customers at no cost</font></p>    </td>
<td width="12%" height="6" valign="bottom" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,234)</font></b></p>    </td>
<td width="10%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(3,886)</font></p>    </td>
<td width="12%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(296)</font></p>    </td>
<td width="10%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,397</font></p>    </td>
<td width="12%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(2,019)</font></b></p>    </td>
<td width="1%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="6" valign="top" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">5,465</font></b></p>    </td>   </tr>
<tr height="4" style="height:3.0pt;">
<td width="29%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Vehicles</font></p>    </td>
<td width="12%" height="4" valign="bottom" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,085)</font></b></p>    </td>
<td width="10%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(428)</font></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(20)</font></p>    </td>
<td width="10%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">33</font></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,500)</font></b></p>    </td>
<td width="1%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,487</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.55pt;">
<td width="29%" height="11" valign="top" style="height:8.55pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Machinery, diverse equipment and tools</font></p>    </td>
<td width="12%" height="11" valign="bottom" style="height:8.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(3,656)</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" style="height:8.55pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(266)</font></p>    </td>
<td width="12%" height="11" valign="bottom" style="height:8.55pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(15)</font></p>    </td>
<td width="10%" height="11" valign="bottom" style="height:8.55pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="11" valign="bottom" style="height:8.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(3,937)</font></b></p>    </td>
<td width="1%" height="11" valign="top" style="height:8.55pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="11" valign="bottom" style="height:8.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">539</font></b></p>    </td>   </tr>
<tr height="9" style="height:6.7pt;">
<td width="29%" height="9" valign="top" style="height:6.7pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Other</font></p>    </td>
<td width="12%" height="9" valign="bottom" style="height:6.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(213)</font></b></p>    </td>
<td width="10%" height="9" valign="top" style="height:6.7pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(149)</font></p>    </td>
<td width="12%" height="9" valign="top" style="height:6.7pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(33)</font></p>    </td>
<td width="10%" height="9" valign="top" style="height:6.7pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="9" valign="top" style="height:6.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(395)</font></b></p>    </td>
<td width="1%" height="9" valign="top" style="height:6.7pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="9" valign="top" style="height:6.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">468</font></b></p>    </td>   </tr>
<tr height="4" style="height:3.0pt;">
<td width="29%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Construction in progress</font></p>    </td>
<td width="12%" height="4" valign="bottom" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="4" valign="top" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">17,246</font></b></p>    </td>   </tr>
<tr height="4" style="height:3.15pt;">
<td width="29%" height="4" valign="top" style="height:3.15pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">Materials</font></p>    </td>
<td width="12%" height="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" height="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" height="4" valign="top" style="height:3.15pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.15pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">12,593</font></b></p>    </td>   </tr>
<tr height="8" style="height:6.3pt;">
<td width="29%" height="8" valign="top" style="height:6.3pt;padding:0in 0in 0in 0in;width:29.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="12%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(26,082)</font></b></p>    </td>
<td width="10%" height="8" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(27,643)</font></b></p>    </td>
<td width="12%" height="8" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(3,857)</font></b></p>    </td>
<td width="10%" height="8" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">7,505</font></b></p>    </td>
<td width="12%" height="8" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(50,077)</font></b></p>    </td>
<td width="1%" height="8" valign="top" style="height:6.3pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="8" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">151,168</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">70</font></b><a name="PB_70_043910_8715"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='F-70',FILE='C:\JMS\105569\19-2958-1\task9273272\2958-1-fs.htm',USER='105569',CD='Mar 25 17:52 2019' -->


<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Details on the nature and movements as of December&nbsp;31, 2017 are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;width:93.34%;">
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross value as of<br>   December&nbsp;31, 2016</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">CAPEX</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Transfers and<br>   reclassifications</font></b></p>    </td>
<td width="7%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Decreases</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross value as<br>   of December&nbsp;31,<br>   2017</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Real estate</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,864</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">227</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(2)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">22</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(121)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,990</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Fixed network and transportation</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">30,317</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">4,027</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(177)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">4,793</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(3,284)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">35,676</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Mobile network access</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Tower and pole</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">208</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">207</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Computer equipment</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,577</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">574</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(4)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">616</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">4</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,767</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Goods lent to customers at no cost</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,035</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">845</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,192</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(2,790)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">5,282</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Vehicles</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,384</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">195</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">2</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(103)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,477</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Machinery, diverse equipment and tools</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,805</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">22</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(2)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">120</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,946</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Other</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">260</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">4</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(6)</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">259</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Construction in progress</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">6,879</font></b></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">2,169</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1,329</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">10,377</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">Materials</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">7,532</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">11,052</font></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(9)</font></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(10,075)</font></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,518)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">6,982</font></b></p>    </td>   </tr>
<tr>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">60,864</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">19,116</font></b></p>    </td>
<td width="9%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(201)</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:7.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(7,812)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">71,967</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated<br>   depreciation as of<br>   December&nbsp;31, 2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Depreciation</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Decrease and<br>   reclassifications</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated<br>   depreciation as of<br>   December&nbsp;31, 2017</font></b></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net carrying value<br>   as of December&nbsp;31,<br>   2017</font></b></p>    </td>   </tr>
<tr height="10" style="height:7.3pt;">
<td width="29%" height="10" style="height:7.3pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Real estate</font></p>    </td>
<td width="12%" height="10" style="height:7.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,067)</font></b></p>    </td>
<td width="10%" height="10" style="height:7.3pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(22)</font></p>    </td>
<td width="12%" height="10" style="height:7.3pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1</font></p>    </td>
<td width="10%" height="10" style="height:7.3pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1</font></p>    </td>
<td width="12%" height="10" style="height:7.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,087)</font></b></p>    </td>
<td width="1%" height="10" style="height:7.3pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="10" style="height:7.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,903</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.2pt;">
<td width="29%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Fixed network and transportation</font></p>    </td>
<td width="12%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(13,786)</font></b></p>    </td>
<td width="10%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(5,517)</font></p>    </td>
<td width="12%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">86</font></p>    </td>
<td width="10%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,258</font></p>    </td>
<td width="12%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(15,959)</font></b></p>    </td>
<td width="1%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">19,717</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.2pt;">
<td width="29%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Mobile network access</font></p>    </td>
<td width="12%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="12" style="height:9.2pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4</font></b></p>    </td>   </tr>
<tr height="10" style="height:7.45pt;">
<td width="29%" height="10" style="height:7.45pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Tower and pole</font></p>    </td>
<td width="12%" height="10" style="height:7.45pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="10" style="height:7.45pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(19)</font></p>    </td>
<td width="12%" height="10" style="height:7.45pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" height="10" style="height:7.45pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1</font></p>    </td>
<td width="12%" height="10" style="height:7.45pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(18)</font></b></p>    </td>
<td width="1%" height="10" style="height:7.45pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="10" style="height:7.45pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">189</font></b></p>    </td>   </tr>
<tr height="9" style="height:6.55pt;">
<td width="29%" height="9" style="height:6.55pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Computer equipment</font></p>    </td>
<td width="12%" height="9" style="height:6.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(2,002)</font></b></p>    </td>
<td width="10%" height="9" style="height:6.55pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(831)</font></p>    </td>
<td width="12%" height="9" style="height:6.55pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3</font></p>    </td>
<td width="10%" height="9" style="height:6.55pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="9" style="height:6.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(2,830)</font></b></p>    </td>
<td width="1%" height="9" style="height:6.55pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="9" style="height:6.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,937</font></b></p>    </td>   </tr>
<tr height="6" style="height:4.7pt;">
<td width="29%" height="6" style="height:4.7pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Goods lent to customers at no cost</font></p>    </td>
<td width="12%" height="6" style="height:4.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,045)</font></b></p>    </td>
<td width="10%" height="6" style="height:4.7pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(2,979)</font></p>    </td>
<td width="12%" height="6" style="height:4.7pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" height="6" style="height:4.7pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">2,790</font></p>    </td>
<td width="12%" height="6" style="height:4.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,234)</font></b></p>    </td>
<td width="1%" height="6" style="height:4.7pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="6" style="height:4.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,048</font></b></p>    </td>   </tr>
<tr height="6" style="height:4.5pt;">
<td width="29%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Vehicles</font></p>    </td>
<td width="12%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,033)</font></b></p>    </td>
<td width="10%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(134)</font></p>    </td>
<td width="12%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">2</font></p>    </td>
<td width="10%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">80</font></p>    </td>
<td width="12%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,085)</font></b></p>    </td>
<td width="1%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">392</font></b></p>    </td>   </tr>
<tr height="6" style="height:4.5pt;">
<td width="29%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Machinery, diverse equipment and tools</font></p>    </td>
<td width="12%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(3,473)</font></b></p>    </td>
<td width="10%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(184)</font></p>    </td>
<td width="12%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1</font></p>    </td>
<td width="10%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(3,656)</font></b></p>    </td>
<td width="1%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="6" style="height:4.5pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">290</font></b></p>    </td>   </tr>
<tr height="4" style="height:3.0pt;">
<td width="29%" height="4" style="height:3.0pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Other</font></p>    </td>
<td width="12%" height="4" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(206)</font></b></p>    </td>
<td width="10%" height="4" style="height:3.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(12)</font></p>    </td>
<td width="12%" height="4" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">5</font></p>    </td>
<td width="10%" height="4" style="height:3.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="4" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(213)</font></b></p>    </td>
<td width="1%" height="4" style="height:3.0pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="4" style="height:3.0pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">46</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.55pt;">
<td width="29%" height="11" style="height:8.55pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Construction in progress</font></p>    </td>
<td width="12%" height="11" style="height:8.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="11" style="height:8.55pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="11" style="height:8.55pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" height="11" style="height:8.55pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="11" style="height:8.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" height="11" style="height:8.55pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="11" style="height:8.55pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">10,377</font></b></p>    </td>   </tr>
<tr height="9" style="height:6.7pt;">
<td width="29%" height="9" style="height:6.7pt;padding:0in 0in 0in 0in;width:29.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;">Materials</font></p>    </td>
<td width="12%" height="9" style="border:none;border-bottom:solid windowtext 1.0pt;height:6.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="9" style="border:none;border-bottom:solid windowtext 1.0pt;height:6.7pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="9" style="border:none;border-bottom:solid windowtext 1.0pt;height:6.7pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" height="9" style="border:none;border-bottom:solid windowtext 1.0pt;height:6.7pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="9" style="border:none;border-bottom:solid windowtext 1.0pt;height:6.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="1%" height="9" style="height:6.7pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="9" style="border:none;border-bottom:solid windowtext 1.0pt;height:6.7pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">6,982</font></b></p>    </td>   </tr>
<tr height="8" style="height:6.3pt;">
<td width="29%" height="8" valign="top" style="height:6.3pt;padding:0in 0in 0in 0in;width:29.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:6.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="12%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(22,612)</font></b></p>    </td>
<td width="10%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(9,698)</font></b></p>    </td>
<td width="12%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:12.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">98</font></b></p>    </td>
<td width="10%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">6,130</font></b></p>    </td>
<td width="12%" height="8" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(26,082)</font></b></p>    </td>
<td width="1%" height="8" valign="top" style="height:6.3pt;padding:0in 0in 0in 0in;width:1.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="8" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:6.3pt;padding:0in 0in 0in 0in;width:12.06%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">45,885</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 11 &#150; INTANGIBLE ASSETS</font></b><a name="NOTE11INTANGIBLEASSETS_025922"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.15in;width:93.34%;">
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="34%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:34.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.72%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">Intangible assets   before impairment</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">61,493</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.16%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">4,635</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.72%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">Impairment</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,623)</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.16%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">59,870</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.16%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">4,635</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the impairment of Intangible assets are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="89%" style="border-collapse:collapse;margin-left:31.05pt;width:89.6%;">
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.28%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Additions </font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,623)</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.28%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(1,623)</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.86%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets consist as of December&nbsp;31, 2018 of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross value as of<br>   December&nbsp;31, 2017</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Incorporation by<br>   merger<br>   (Note 4.a)</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">CAPEX</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Currency translation<br>   adjustments</font></b><b><font size="1" face="Arial" style="font-weight:bold;"><br><br></font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Decreases</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross value as of<br>   December&nbsp;31,<br>   2018</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">3G/4G licenses </font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,635</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">17,713</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">21,348</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">PCS license (Argentina)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">10,538</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">10,538</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">N&#250;cleo&#180;s licenses</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">844</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">33</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">877</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">SRCE license</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">879</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">879</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Customer relationship</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">15,771</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">73</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(609)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">15,235</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Brands</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">249</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">13,030</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">13,279</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Incremental Cost from the adquisition of contracts</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">1,348</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">7</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">1,355</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Other</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">890</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">2,277</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">714</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">14</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,895</font></b></p>    </td>   </tr>
<tr height="4" style="height:2.65pt;">
<td width="30%" height="4" valign="top" style="height:2.65pt;padding:0in 0in 0in 0in;width:30.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="12%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">5,653</font></b></p>    </td>
<td width="12%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(*)   59,329</font></b></p>    </td>
<td width="12%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:12.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,906</font></b></p>    </td>
<td width="12%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">127</font></b></p>    </td>
<td width="9%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:9.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(609)</font></b></p>    </td>
<td width="10%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:10.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">67,406</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(*) Includes $(125) Retained earnings adjustment. Note 3.u).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;width:86.64%;">
<tr height="37" style="height:28.05pt;">
<td width="27%" height="37" valign="top" style="height:28.05pt;padding:0in 0in 0in 0in;width:27.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="37" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:28.05pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated<br>   amortization as of<br>   December&nbsp;31,<br>   2017</font></b></p>    </td>
<td width="12%" height="37" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:28.05pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Amortization</font></b></p>    </td>
<td width="10%" height="37" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:28.05pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Currency<br>   translation<br>   adjustments</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-weight:bold;"><br><br></font></b></p>    </td>
<td width="8%" height="37" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:28.05pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Decreases</font></b></p>    </td>
<td width="14%" height="37" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:28.05pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated<br>   amortization as of<br>   December&nbsp;31,<br>   2018</font></b></p>    </td>
<td width="1%" height="37" valign="top" style="height:28.05pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="37" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:28.05pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net carrying<br>   value as of<br>   December&nbsp;31,<br>   2018</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="27%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:27.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">3G/4G licenses </font></p>    </td>
<td width="14%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,196)</font></p>    </td>
<td width="10%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="8%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="14%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,196)</font></p>    </td>
<td width="1%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">20,152</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="27%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:27.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">PCS license (Argentina)</font></p>    </td>
<td width="14%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="8%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="14%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="1%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">10,538</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="27%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:27.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">N&#250;cleo&#180;s licenses</font></p>    </td>
<td width="14%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(70)</font></p>    </td>
<td width="10%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(4)</font></p>    </td>
<td width="8%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="14%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(74)</font></p>    </td>
<td width="1%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">803</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.65pt;">
<td width="27%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:27.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">SRCE license</font></p>    </td>
<td width="14%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(72)</font></p>    </td>
<td width="12%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="10%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="8%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="14%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(72)</font></p>    </td>
<td width="1%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="height:8.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">807</font></b></p>    </td>   </tr>
<tr height="5" style="height:4.1pt;">
<td width="27%" height="5" valign="top" style="height:4.1pt;padding:0in 0in 0in 0in;width:27.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Customer relationship</font></p>    </td>
<td width="14%" height="5" valign="top" style="height:4.1pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="5" valign="top" style="height:4.1pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(3,574)</font></p>    </td>
<td width="10%" height="5" valign="top" style="height:4.1pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">8</font></p>    </td>
<td width="8%" height="5" valign="top" style="height:4.1pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">494</font></p>    </td>
<td width="14%" height="5" valign="top" style="height:4.1pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(3,072)</font></p>    </td>
<td width="1%" height="5" valign="top" style="height:4.1pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="5" valign="top" style="height:4.1pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">12,163</font></b></p>    </td>   </tr>
<tr height="9" style="height:6.9pt;">
<td width="27%" height="9" valign="top" style="height:6.9pt;padding:0in 0in 0in 0in;width:27.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Brands</font></p>    </td>
<td width="14%" height="9" valign="top" style="height:6.9pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(89)</font></p>    </td>
<td width="12%" height="9" valign="top" style="height:6.9pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(5)</font></p>    </td>
<td width="10%" height="9" valign="top" style="height:6.9pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="8%" height="9" valign="top" style="height:6.9pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="14%" height="9" valign="top" style="height:6.9pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(94)</font></p>    </td>
<td width="1%" height="9" valign="top" style="height:6.9pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="9" valign="top" style="height:6.9pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">13,185</font></b></p>    </td>   </tr>
<tr height="10" style="height:7.35pt;">
<td width="27%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:27.9%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Incremental Cost from the adquisition of contracts</font></p>    </td>
<td width="14%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="12%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(378)</font></p>    </td>
<td width="10%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(15)</font></p>    </td>
<td width="8%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="14%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(393)</font></p>    </td>
<td width="1%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">962</font></b></p>    </td>   </tr>
<tr height="12" style="height:8.85pt;">
<td width="27%" height="12" valign="top" style="height:8.85pt;padding:0in 0in 0in 0in;width:27.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Other</font></p>    </td>
<td width="14%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.85pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(857)</font></p>    </td>
<td width="12%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.85pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(155)</font></p>    </td>
<td width="10%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.85pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="8%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.85pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="14%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.85pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(1,012)</font></p>    </td>
<td width="1%" height="12" valign="top" style="height:8.85pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.85pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2,883</font></b></p>    </td>   </tr>
<tr height="10" style="height:7.65pt;">
<td width="27%" height="10" valign="top" style="height:7.65pt;padding:0in 0in 0in 0in;width:27.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="14%" height="10" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:7.65pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,018)</font></b></p>    </td>
<td width="12%" height="10" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:7.65pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(5,378)</font></b></p>    </td>
<td width="10%" height="10" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:7.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(11)</font></b></p>    </td>
<td width="8%" height="10" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:7.65pt;padding:0in 0in 0in 0in;width:8.8%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">494</font></b></p>    </td>
<td width="14%" height="10" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:7.65pt;padding:0in 0in 0in 0in;width:14.06%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(5,913)</font></b></p>    </td>
<td width="1%" height="10" valign="top" style="height:7.65pt;padding:0in 0in 0in 0in;width:1.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="10" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:7.65pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">61,493</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">71</font></b><a name="PB_71_044046_563"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Intangible assets consist as of December&nbsp;31, 2017 of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;width:93.34%;">
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross value as<br>   of December<br>   31, 2016</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">CAPEX</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross value<br>   as of<br>   December<br>   31, 2017</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated<br>   amortization<br>   as of<br>   December<br>   31, 2016</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Amortization</font></b></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated<br>   amortization<br>   as of<br>   December&nbsp;31,<br>   2017</font></b></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net carrying value as of<br>   December&nbsp;31, 2017</font></b></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">3G/4G licenses </font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,635</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">3,635</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">3,635</font></b></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">SRCE license</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">72</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">807</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">879</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(57)</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(15)</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(72)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">807</font></b></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Brands</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">249</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">249</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(83)</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(6)</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(89)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">160</font></b></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.9%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Other</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">890</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">-</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">890</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(772)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(85)</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">(857)</font></p>    </td>
<td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">33</font></b></p>    </td>   </tr>
<tr height="4" style="height:2.65pt;">
<td width="19%" height="4" valign="top" style="height:2.65pt;padding:0in 0in 0in 0in;width:19.9%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="10%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:10.96%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,846</font></b></p>    </td>
<td width="10%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:10.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">807</font></b></p>    </td>
<td width="9%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">5,653</font></b></p>    </td>
<td width="9%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(912)</font></b></p>    </td>
<td width="9%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(106)</font></b></p>    </td>
<td width="9%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:9.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(1,018)</font></b></p>    </td>
<td width="2%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:2.72%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="4" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:2.65pt;padding:0in 0in 0in 0in;width:16.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">4,635</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 12 &#150; TRADE PAYABLES</font></b><a name="NOTE12TRADEPAYABLES_025925"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trade payables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149;</font><font face="Arial"> purchase of materials and supplies;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149;</font><font face="Arial"> purchase of handsets and equipment;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149;</font><font face="Arial"> agent and retails commissions;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149;</font><font face="Arial"> procurement of services; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&#149;</font><font face="Arial"> purchase of goods included in PP&amp;E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;margin-left:.15in;width:98.0%;">
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:24.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Suppliers and commercial accruals</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">22,286</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">5,299</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt 5.6pt;text-indent:-5.6pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Companies   under sect. 33 &#150; Law No.&nbsp;19,550 and Related Parties (Note 27.c)</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">568</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">438</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">22,854</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">5,737</font></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Suppliers and commercial accruals</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">570</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">570</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   trade payables</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">23,424</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">5,737</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 13 &#150; FINANCIAL DEBT</font></b><a name="NOTE13FINANCIALDEBT_025927"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial debt consists of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;margin-left:.15in;width:98.0%;">
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:24.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Bank overdrafts &#150; principal </font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">2,276</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Bank loans &#150; principal</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">12,945</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">77</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; By purchase of equipment</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,048</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,257</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; NDF</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">100</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Accrued   interest and related expenses</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">3,675</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">43</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Companies   under sect. 33 &#150; Law No.&nbsp;19,550 and Related Parties (Note 27.c)</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">6</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">20,044</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,383</font></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Notes &#150; principal</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">18,831</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">13,767</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Bank loans &#150; principal</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">34,260</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">210</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; By purchase of equipment</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,031</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">686</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Accrued   interest and related expenses</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">5,146</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(37)</font></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">59,268</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">14,626</font></b></p>    </td>   </tr>
<tr>
<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   financial debt</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">79,312</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">16,009</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 36.95pt;text-indent:-36.95pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Bank and other financing entities loans</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.95pt;text-indent:-36.95pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">IFC and IIC loans</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;5, 2016, Personal accepted an offer from the International Finance Corporation (IFC) for the assessment and transfer of funds for purposes of financing investment needs, work capital and debt refinancing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;5, 2016 Personal and the IFC signed the loan agreement (&#147;IFC Loan&#148;) for an amount of US$400 million and for a six-year period, payable in 8 equal half-yearly installments since the 30</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-5.0pt;">th</font><font face="Arial">&#160;month, with a 6 month LIBOR + 400bp. This loan will be used to deploy the 4G network and refinance short-term financial liabilities. The loan terms include standard commitments and limitations for this type of financial transactions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;26, 2016 Personal received the loan proceeds for an amount of US$392.5 million, net of expenses of US$7.5 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">72</font></b><a name="PB_72_044046_9497"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;7, 2017, Personal and the Inter-American Investment Corporation (&#147;IIC&#148;), a member of the Inter-American Development Bank (&#147;IDB&#148;) Group, signed a loan agreement (&#147;IIC Loan&#148;) for an amount of US$100 million maturing in September&nbsp;2022, payable in 8 equal half-yearly installments since the 24th month, with a 6 month LIBOR + 400bp. The funds of this loan will be allocated to deploy the 4G network and for financing working capital and other financial needs. The loan terms include standard commitments and covenants for this type of financial transactions. On September&nbsp;18, 2017 Personal received the loan funds, net of issuance expenses for US $ 1.8 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;30, 2018, within the framework of its permanent optimization policy for the term, rate and structure of its financial liabilities Telecom Argentina has accepted a proposal from the International Finance Corporation (IFC) for the evaluation and mobilization of funds with for the purpose of financing investment needs, working capital and refinancing of liabilities. On March&nbsp;4, 2019 The Company signed a loan agreement with IFC for a total amount of up to US$450 million, as requested in a timely manner by the Company in one or more disbursements (the &#147;Loan&#148;). The Loan will consist of a tranche &#147;A&#148;, a tranche &#147;B-1&#148;, a tranche &#147;B-2&#148;, a tranche &#147;B-3&#148; and a tranche &#147;B-4&#148; which will accrue compensatory interest payables semiannually for periods that are due at an annual rate equal to LIBOR plus the following margins: 4.85 percentage points in the case of Tranche A, Tranche B-2 and Tranche B-4, and 4.60 percentage points in the case of Tranche B-1 and Tranche B-3. Likewise, the capital will be payable as follows: Tranche A, Tranche B-2, and Tranche B-4 in eight consecutive semi-annual equal installments from February&nbsp;2021 and final maturity in August&nbsp;2024 and Tranche B-1 and Tranche B-3 in six consecutive semi-annual equal installments from February&nbsp;2021 and final maturity in August&nbsp;2023. The proceeds from the loan will be used to finance capital investments for 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Syndicated Loan</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">At its meeting held on January&nbsp;31, 2018, the Board of Directors of the Company approved the execution of a syndicated loan agreement with several banks for up to a total of US$1,000 million, which will accrue compensatory interest at an annual rate equal to LIBOR for each period of interest accrual plus an applicable margin.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;2, 2018, the Company entered into a term loan agreement with Citibank, N.A., HSBC M&#233;xico, S.A., Multiple Banking Institution, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. y Banco Santander, S.A., in his capacity as a lender, Citigroup Global Markets Inc., HSBC M&#233;xico, S.A., Multiple Banking Institution, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. y Santander Investment Securities Inc. as organizers, Citibank N.A. as an administrative agent and the Branch of Citibank N.A. in Argentina, as a local custodian agent for an aggregate principal amount of US$1,000 million (the &#147;Original Loan&#148;). On February&nbsp;9 and March&nbsp;9, 2018, the Company borrowed US$650 million and US$350 million, respectively, under this agreement, that matures in February&nbsp;2019. The proceeds of the Loans were used to finance capital expenditures, working capital and other general corporate purposes. The Loan bear interest at an annual rate equivalent to LIBOR plus the following margins: 1.25 percentage points during the first four months, 1.50 percentage points, during the following two months, 1.75 percentage points during the following three months and 2.25 percentage points during the last three months prior to the maturity date. Interest is payable quarterly or semiannually, at the Company&#146;s option. The Company is permitted to make voluntary prepayments at any time without premium or penalty. The Company is required to make prepayments under the Loans (without payment of a premium) with net cash proceeds from bilateral or syndicated bank financings in excess of US$500 million, or underwritten offerings or private placements of any non-Peso denominated debt securities of the Company governed by a law other than the laws of Argentina with a tenor of at least three years. The Company is also required to prepay the Original Loans upon the occurrence of a change of control, at each lender&#146;s option.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Subsequently, on October&nbsp;8, 2018, the Company entered into a new agreement with Citibank, N.A., HSBC Mexico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., in its capacity as lenders, Citibank, N.A., HSBC Mexico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. as organizers, Citibank N.A. as an administrative agent and the Citibank N.A. branch established in Argentina, as agent of local custody, for an aggregate principal amount of US$ 500 million (which can be increased, in accordance with the terms and conditions thereof) and to 48 months of term (the &#147;Loan&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">73</font></b><a name="PB_73_044046_3641"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company requested a disbursement of US$ 500 million on October&nbsp;17, 2018. The funds were used to partially pre-pay the Original Loan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The disbursed capital will accrue compensatory interest at an annual rate equivalent to LIBOR plus the following margin: 4.50 percentage points during the first year after the disbursement, 5.00 percentage points, during the second year and 5.25 percentage points from the date that is two years after the disbursement and until the expiration date; and will be payable quarterly in arrears.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, in accordance with the provisions of the loan, the Company made an additional payment of US$ 100 million of the Original Loan, (as a condition precedent to the execution of the loan, the Company and the remaining parties of the Original Loan had agreed to a mandatory pre-cancellation amount equivalent to at least US$ 100 million).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Subsequently, in November&nbsp;2018, the Company used all the funds from Deutsche Bank Loan for US$ 300 million to prepay this Original Loan. The balance owed by the Company of US $ 100 million was canceled on February&nbsp;11, 2019, with its own funds.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.95pt;text-indent:-36.95pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Deutsche Bank Loan</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;8, 2018, the Company acknowledged the acceptance by Deutsche Bank AG, London Branch, as organizer of a syndicate of banks, of a loan facility for an amount of up to US$200 million (which might be increased up to US$300 million). On November&nbsp;14, 2018 the Company acknowledged the acceptance of the extension of the loan offer by Deutsche Bank AG, London Branch, for US$100 million.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Deutsche Bank Loan has a term of 42 months counted from the date of the initial borrowing and will accrue compensatory interest at an initial rate per annum equivalent to LIBOR plus 4.5% that will be payable quarterly, in arrears. The capital will be payable in six consecutive semi-annual equal installments equivalent to 12.5% of the disbursed amount with a final payment on the maturity date equivalent to 25% of the initial borrowing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:21.3pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The proceeds from the Deutsche Bank Loan were used by the Company only to partially prepay the Syndicated Loan</font><font color="#212121" face="Arial" style="color:#212121;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.95pt;text-indent:-36.95pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Other bank loans</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the Company mantains other bank loans for:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">a)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font face="Arial">US$4.5 million in a loan agreement with the Bank ICBC for financing imports, accruing interest at an annual rate of 6.0%, due in January&nbsp;2022,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">b)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font face="Arial">US$3.2 million in a loan agreement with the Bank Ita&#250; for financing imports, accruing interest at an annual rate of 5.0%, due in February&nbsp;2020, and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">c)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160; </font><font face="Arial">US$10.0 million in a loan agreement with the Bank Macro for financing imports accruing interest at an annual rate of 6.2%, due in August, 2019.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.95pt;text-indent:-36.95pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">N&#250;cleo</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The following table shows the outstanding loans with different local financing entities in Paraguay and their main terms as of December&nbsp;31, 2018:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr height="27" style="height:20.45pt;">
<td width="23%" height="27" style="border:solid windowtext 1.0pt;height:20.45pt;padding:0in 5.4pt 0in 5.4pt;width:23.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Principal   nominal value (in<br>   millions of Guaran&#237;es)</font></b></p>    </td>
<td width="14%" height="27" style="border:solid windowtext 1.0pt;border-left:none;height:20.45pt;padding:0in 5.4pt 0in 5.4pt;width:14.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Maturity</font></b></p>    </td>
<td width="17%" height="27" style="border:solid windowtext 1.0pt;border-left:none;height:20.45pt;padding:0in 5.4pt 0in 5.4pt;width:17.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Amortization   term</font></b></p>    </td>
<td width="18%" height="27" style="border:solid windowtext 1.0pt;border-left:none;height:20.45pt;padding:0in 5.4pt 0in 5.4pt;width:18.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Rate   (%)</font></b></p>    </td>
<td width="26%" colspan="2" height="27" style="border:solid windowtext 1.0pt;border-left:none;height:20.45pt;padding:0in 5.4pt 0in 5.4pt;width:26.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Book value<br>   (in millions of Argentine pesos)</font></b></p>    </td>   </tr>
<tr height="15" style="height:11.3pt;">
<td width="23%" height="15" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:11.3pt;padding:0in 5.4pt 0in 5.4pt;width:23.04%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" height="15" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:11.3pt;padding:0in 5.4pt 0in 5.4pt;width:14.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" height="15" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.3pt;padding:0in 5.4pt 0in 5.4pt;width:17.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" height="15" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.3pt;padding:0in 5.4pt 0in 5.4pt;width:18.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="15" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.3pt;padding:0in 5.4pt 0in 5.4pt;width:13.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Current</font></b></p>    </td>
<td width="13%" height="15" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:11.3pt;padding:0in 5.4pt 0in 5.4pt;width:13.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Non-current</font></b></p>    </td>   </tr>
<tr height="13" style="height:9.45pt;">
<td width="23%" height="13" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;height:9.45pt;padding:0in 5.4pt 0in 5.4pt;width:23.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">40,000</font></p>    </td>
<td width="14%" height="13" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.45pt;padding:0in 5.4pt 0in 5.4pt;width:14.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">December&nbsp;2019</font></p>    </td>
<td width="17%" height="13" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.45pt;padding:0in 5.4pt 0in 5.4pt;width:17.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Semi-annually</font></p>    </td>
<td width="18%" height="13" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.45pt;padding:0in 5.4pt 0in 5.4pt;width:18.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8.75</font></p>    </td>
<td width="13%" height="13" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.45pt;padding:0in 5.4pt 0in 5.4pt;width:13.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">253</font></p>    </td>
<td width="13%" height="13" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.45pt;padding:0in 5.4pt 0in 5.4pt;width:13.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr height="14" style="height:10.2pt;">
<td width="23%" height="14" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:10.2pt;padding:0in 5.4pt 0in 5.4pt;width:23.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">308,000</font></p>    </td>
<td width="14%" height="14" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.2pt;padding:0in 5.4pt 0in 5.4pt;width:14.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">February&nbsp;2024</font></p>    </td>
<td width="17%" height="14" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.2pt;padding:0in 5.4pt 0in 5.4pt;width:17.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">Semi-annually</font></p>    </td>
<td width="18%" height="14" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.2pt;padding:0in 5.4pt 0in 5.4pt;width:18.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">8.20-9</font></p>    </td>
<td width="13%" height="14" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.2pt;padding:0in 5.4pt 0in 5.4pt;width:13.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">158</font></p>    </td>
<td width="13%" height="14" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:10.2pt;padding:0in 5.4pt 0in 5.4pt;width:13.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,793</font></p>    </td>   </tr>
<tr height="4" style="height:3.35pt;">
<td width="23%" height="4" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:3.35pt;padding:0in 5.4pt 0in 5.4pt;width:23.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">348,000</font></b></p>    </td>
<td width="14%" height="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.35pt;padding:0in 5.4pt 0in 5.4pt;width:14.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" height="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:3.35pt;padding:0in 5.4pt 0in 5.4pt;width:17.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" height="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;height:3.35pt;padding:0in 5.4pt 0in 5.4pt;width:18.26%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="4" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:3.35pt;padding:0in 5.4pt 1pt 5.4pt;width:13.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">411</font></b></p>    </td>
<td width="13%" height="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:3.35pt;padding:0in 5.4pt 0in 5.4pt;width:13.28%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,793</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The terms and conditions of N&#250;cleo&#146;s loans provide for certain events of default which are considered standard for these kinds of operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Global Programs for the issuance of Notes</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.95pt;text-indent:-36.95pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Cablevisi&#243;n</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;20, 2016, at the Annual General Ordinary and Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n, the shareholders of Cablevisi&#243;n approved, among other matters: i) the extension of the authorization of the Global Program for the Issuance of Notes (the &#147;Program&#148;), which had been granted at the Annual General Ordinary and Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n on April&nbsp;28, 2014, increasing the maximum amount of the outstanding notes that may be issued under this Program from a nominal value outstanding at any time of US$ 500,000,000 (or its equivalent in other currencies) to US$ 1,000,000,000 (or its equivalent in other currencies). The Shareholders&#146; Meeting renewed the delegation on the Board of Directors of the broadest powers in connection with the Program. The Board of Directors may subdelegate all or some powers interchangeably to one or more directors or managers of the Company; and ii) the extension of the authorization of the Short-Term Debt Securities (&#147;VCPs&#148;) program under the terms that had been originally approved.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;1, 2016, pursuant to its delegated powers, the Board of Directors of Cablevisi&#243;n authorized the issuance of Class&nbsp;A Notes for a nominal value of US$ 500,000,000 (the &#147;Class&nbsp;A Notes&#148;), at a fixed annual nominal interest rate of 6.50%, interest payable semi-annually, with maturity in June&nbsp;2021. Proceeds will be used for:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The settlement of the outstanding debt as of that date;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">The investment in fixed assets and other capital expenditures with the balance of the net proceeds (approximately US$ 89,100,000).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;30, 2017, within the framework of the merger between Cablevision and Telecom Argentina (Note 4.a), Cablevision called for an Extraordinary Noteholders&#146; Meeting in order to request its holders of Class&nbsp;A Notes, the amendment and/or removal of certain clauses (or parts there of) of the Indenture Agreement executed on June&nbsp;15, 2016 between Cablevision, Deutsche Bank Trust Company Americas, Deutsche Bank S.A. and Deutsche Bank Luxembourg S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;11, 2017, the holders of Class&nbsp;&#147;A&#148; Notes held an Extraordinary Noteholders&#146; Meeting with a quorum of 81.8621626 % of the total capital and votes under the Notes. At that Shareholders&#146; Meeting, the shareholders unanimously decided to approve the amendment and/or removal of certain clauses (or parts thereof) of the Indenture Agreement executed on June&nbsp;15, 2016 between the Company, Deutsche Bank Trust Company Americas, Deutsche Bank S.A. and Deutsche Bank Luxembourg S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a result of the amendment of the Indenture referred to above, the Company&#146;s covenants under the Notes include: (i)&nbsp;limitation on the issuance of guarantees by the Company and its subsidiaries; (ii)&nbsp;merger by acquisition and consolidation, (iii)&nbsp;limitation on incurring debt above certain approved ratios, and (iv)&nbsp;limitation on the issuance and sale of significant subsidiaries&#146; shares with certain exceptions, among others, certain clauses that restricted sales of assets under certain conditions, certain payments and related party transactions under certain circumstances and the distribution of dividends, were eliminated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Cablevision Notes were assumed by the Company on January&nbsp;1, 2018 due to the merger (Note 4.a).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">For this purpose, Telecom Argentina, as successor of Cablevisi&#243;n, the Deutsche Bank Trust Company Americas, as Trustee and Banco Comafi S.A., as trustee representative in Argentina, have signed a supplement to the Trust Agreement formalizing the absorption of the Notes of Cablevisi&#243;n by Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Until December&nbsp;31, 2018, the Company had repurchased approximately US$0.5 million (nominal value) of the Notes issued by Cablevisi&#243;n. These transactions were executed at the quoted market price prevailing on each repurchase date, which did not significantly differ from the book value as of that date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.95pt;text-indent:-36.95pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Telecom Argentina</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;28, 2017, Telecom Argentina held an Ordinary Shareholders&#146; Meeting that approved a Notes Global Program for a maximum outstanding amount of US$3,000 million or its equivalent in other currencies. The delegation of powers in the Board of Directors was also approved to determine and modify the terms and conditions of the Program as well as to establish the issuance opportunities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">75</font></b><a name="PB_75_044046_7672"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Under the aforementioned program, Telecom Argentina submitted a prospectus for the issuance of Notes to the CNV that was approved on April&nbsp;24, 2018. Subsequently, on April&nbsp;25, 2018, the CNV approved the prospectus supplement corresponding to the Notes. Class&nbsp;1 for a nominal value of up to US$ 500,000,000 (extendable up to US$ 1,000,000,000). This supplement was extended several times, finally expiring on August&nbsp;3, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In accordance with the provisions governing the placement mechanism of the Notes provided in the Prospectus Supplement, Telecom Argentina decided to temporarily suspend, until further notice, the period of placement of the Notes. Telecom Argentina will publish a complementary notice to the Prospectus Supplement, announcing the date on which the Offer Period will be resumed and the Award Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 36.95pt;text-indent:-36.95pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Personal</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The Ordinary and Extraordinary Shareholders&#146; Meeting of Personal held on December&nbsp;2, 2010, approved the creation of a Medium Term Notes Global Program for a maximum outstanding amount of US$500 million or its equivalent in other currencies for a term of five years. On October&nbsp;13, 2011, the CNV authorized such Program, through Resolution No.&nbsp;16,670.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal&#146;s Ordinary Shareholders&#146; Meeting held on May&nbsp;26, 2016 authorized to extend the due date and expand the Program&#146;s maximum circulation amount up to US$1,000 million or its equivalent in other currencies.On October&nbsp;20, 2016, the CNV authorized the extension and expansion of the mentioned Program through Resolution No.&nbsp;18,277.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Under such Program, Personal issued four Series&nbsp;of Notes. The net proceeds obtained were used for debt refinancing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal Notes were assumed by the Company on December&nbsp;1, 2017 due to the Reorganization, Note 4.f.2).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, Telecom has canceled all Series&nbsp;issued on their respective expiration dates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Loans for purchase of equipment</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the Company has debt agreements corresponding to financing for the purchase of equipment of Cisco Systems, the which amounts to approximately US$57.3 million. Such contracts have an average maturity term of between 36 and 49 months with partial repayments and accrue an average annual interest of 4.81%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 14 &#150; SALARIES AND SOCIAL SECURITY PAYABLES</font></b><a name="NOTE14SALARIESANDSOCIALSECURITYP_025937"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Salaries and social security payables include unpaid salaries, vacation and bonuses and its related social security contributions and termination benefits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The compensations policies for Directors and Managers of Telecom and its subsidiaries and its subsidiaries have a scheme that includes fixed and variable components. While fixed compensations are dependent upon the level of responsibility required for the position and its market competitiveness, variable compensations are driven by the goals established on an annual basis and also by the fulfillment of long and medium term goals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company and its subsidiaries have no stock option plans for their employees.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Salaries and social security payables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;margin-left:.15in;">
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.78%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="27%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:27.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
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<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.78%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
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<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Salaries, annual complementary   salaries, vacation and bonuses</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">4,371</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,677</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Social security payables</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,280</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">907</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Termination benefits</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">296</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">5,947</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2,585</font></b></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.78%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp; Termination benefits</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">347</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.78%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">347</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.78%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   salaries and social security payables</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">6,294</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2,585</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Compensation for the Key Managers of Telecom for the years ended December&nbsp;31, 2018 and 2017 are shown in Note 27.e).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">76</font></b><a name="PB_76_044046_536"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 15 &#150; DEFERRED INCOME TAX ASSETS/LIABILITIES</font></b><a name="NOTE15DEFERREDINCOMETAXASSETSLIA_025941"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Deferred Income tax assets and liabilities, net and the actions for recourse tax receivable of Telecom are presented below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="66%" style="border-collapse:collapse;width:66.68%;">
<tr>
<td width="64%" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Tax carryforward</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,866)</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(4)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Allowance for   doubtful accounts</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(925)</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(269)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Provisions</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,062)</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(396)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Inventory</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(153)</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Pension and   termination benefits</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(235)</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">PP&amp;E and Intangible assets</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">29,788</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">4,690</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash dividends from foreign companies</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">418</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Mobile handsets financed sales</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">169</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Other deferred tax liabilities (assets), net</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">148</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(105)</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total deferred tax liabilities, net</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">25,282</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3,916</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Actions for recourse tax receivable</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(818)</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   deferred tax liability, net</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">24,464</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3,916</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net   deferred tax assets</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(78)</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(66)</font></b></p>    </td>   </tr>
<tr>
<td width="64%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:64.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net   deferred tax liabilities</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">24,542</font></b></p>    </td>
<td width="18%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:18.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3,982</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the Company and some subsidiaries have a cumulative Tax carryforward of approximately $9,554, which calculated considering statutory income tax rate represent a deferred tax asset of approximately $2,866. Telecom and its subsidiaries estimate that non-recoverable cumulative Tax carryforward amounted to $0.4 as of that date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Following, the detail of the maturities of estimated Tax carryforward is disclosed:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="80%" style="border:none;border-collapse:collapse;margin-left:.5in;width:80.0%;">
<tr height="22" style="height:16.7pt;">
<td width="21%" height="22" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:16.7pt;padding:0in 0in 0in 0in;width:21.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="25%" height="22" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:16.7pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Tax   carryforward<br>   generation year</font></b></p>    </td>
<td width="2%" height="22" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:16.7pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" height="22" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:16.7pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Tax   carryforward amount<br>   as of 12.31.2018</font></b></p>    </td>
<td width="2%" height="22" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:16.7pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" height="22" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:16.7pt;padding:0in 0in 0in 0in;width:22.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Tax   carryforward<br>   expiration year</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="21%" height="12" valign="top" style="border:none;height:9.0pt;padding:0in 0in 0in 0in;width:21.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Inter Radios</font></p>    </td>
<td width="25%" height="12" valign="top" style="border:none;height:9.0pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2015</font></p>    </td>
<td width="2%" height="12" valign="top" style="border:none;height:9.0pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" height="12" valign="top" style="border:none;height:9.0pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>    </td>
<td width="2%" height="12" valign="top" style="border:none;height:9.0pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" height="12" valign="top" style="border:none;height:9.0pt;padding:0in 0in 0in 0in;width:22.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2020</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="21%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:21.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Pem</font></p>    </td>
<td width="25%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2016</font></p>    </td>
<td width="2%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" height="11" valign="bottom" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>    </td>
<td width="2%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:22.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2021</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="21%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:21.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Inter Radios </font></p>    </td>
<td width="25%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2017</font></p>    </td>
<td width="2%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" height="11" valign="bottom" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>    </td>
<td width="2%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:22.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2022</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="21%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:21.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Tele</font><font size="1" face="Arial" style="font-size:7.5pt;">com Argentina</font></p>    </td>
<td width="25%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2018</font></p>    </td>
<td width="2%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" height="11" valign="bottom" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">9,540</font></p>    </td>
<td width="2%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:22.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2023</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="21%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:21.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Inter Radios</font></p>    </td>
<td width="25%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2018</font></p>    </td>
<td width="2%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" height="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.5pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>    </td>
<td width="2%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:22.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">2023</font></p>    </td>   </tr>
<tr height="11" style="height:8.5pt;">
<td width="21%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:21.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" height="11" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;height:8.5pt;padding:0in 0in 0in 0in;width:25.26%;">
<p align="right" style="margin:0in .25in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">9,554</font></b></p>    </td>
<td width="2%" height="11" valign="top" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:2.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="22%" height="11" style="border:none;height:8.5pt;padding:0in 0in 0in 0in;width:22.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Income tax benefit (expense) consists of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;width:86.68%;">
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="41%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:41.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr height="9" style="height:7.05pt;">
<td width="58%" height="9" valign="top" style="height:7.05pt;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="9" valign="top" style="height:7.05pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="13%" height="9" valign="top" style="height:7.05pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="13%" height="9" valign="top" style="height:7.05pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr height="9" style="height:7.05pt;">
<td width="58%" height="9" valign="top" style="height:7.05pt;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="9" valign="top" style="height:7.05pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="9" valign="top" style="height:7.05pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>
<td width="13%" height="9" valign="top" style="height:7.05pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="10" style="height:7.35pt;">
<td width="58%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Current tax expense</font></p>    </td>
<td width="13%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="13%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,819)</font></p>    </td>
<td width="13%" height="10" valign="top" style="height:7.35pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,405)</font></p>    </td>   </tr>
<tr height="7" style="height:5.2pt;">
<td width="58%" height="7" valign="top" style="height:5.2pt;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred tax benefit </font></p>    </td>
<td width="13%" height="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.2pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,838</font></p>    </td>
<td width="13%" height="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.2pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(697)</font></p>    </td>
<td width="13%" height="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:5.2pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,610)</font></p>    </td>   </tr>
<tr height="8" style="height:6.35pt;">
<td width="58%" height="8" valign="top" style="height:6.35pt;padding:0in 0in 0in 0in;width:58.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income   tax benefit (expense)</font></b></p>    </td>
<td width="13%" height="8" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:6.35pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,838</font></b></p>    </td>
<td width="13%" height="8" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:6.35pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(5,516)</font></b></p>    </td>
<td width="13%" height="8" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;height:6.35pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(6,015)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Income tax benefit (expense) differed from the amounts computed by applying the Company&#146;s statutory income tax rate to pre-tax income as a result of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="86%" style="border:none;border-collapse:collapse;width:86.66%;">
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="41%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:41.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Pre-tax income</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,698</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">15,375</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">16,561</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-taxable items - Earnings from associates</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(236)</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(353)</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(221)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-taxable items &#150; Other</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">29</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(114)</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(57)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Subtotal</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,491</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">14,908</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">16,283</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Weighted statutory income tax rate (*)</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income tax expense at   weighted statutory tax rate</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(747)</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(5,218)</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(5,699)</font></b></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Tax carryforward   prescription</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">33</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">31</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Changes in tax   rates</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(272)</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(45)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Actions for recourse</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">44</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Income tax on cash dividends of foreign companies</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(64)</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Inflation effect</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,605</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(59)</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(302)</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.46%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income   tax benefit (expense)</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,838</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(5,516)</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.84%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(6,015)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 7.1pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(</font><font size="1" face="Arial" style="font-size:7.0pt;">*</font><font size="1" face="Arial" style="font-size:7.0pt;">) Effective income tax rate based on weighted statutory income tax rate in the different countries where the Company has operations. The statutory tax rate in Argentina was 35% for 2017, is 30% for the years 2018-2019 and will be 25% for the year 2020 and onwards (see Note 3.o). In Paraguay is 10% plus an additional rate of 5% in case of payment of dividends for all the years presented and in the USA the effective tax rate was 39.5% for 2017 and 2016 and 26.5% for 2018 onwards.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">77</font></b><a name="PB_77_044046_5926"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Income tax - Actions for recourse filed with the Tax Authority</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Section&nbsp;10 of Law No.&nbsp;23,928 and Section&nbsp;39 of Law No.&nbsp;24,073 suspended the application of the provisions of Title VI of the Income Tax Law relating to the income tax inflation adjustment since April&nbsp;1, 1992.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Accordingly, Telecom Argentina determined its income tax obligations in accordance to those provisions, without taking into account the income tax inflation adjustment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">After the economic crisis of 2002, many taxpayers began to question the legality of the provisions suspending the income tax inflation adjustment. Also, the Argentine Supreme Court of Justice issued its verdict in the &#147;Candy&#148; case July&nbsp;3, 2009 in which it stated that particularly for fiscal year 2002 and considering the serious state of disturbance of that year, the taxpayer could demonstrate that not applying the income tax inflation adjustment resulted in confiscatory income tax rates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">More recently, the Argentine Supreme Court of Justice applied a similar criterion to the 2010, 2011 and 2012 fiscal years in the cases brought by &#147;Distribuidora Gas del Centro&#148;, enabling the application of income tax inflation adjustment for periods not affected by a severe economic crisis such as 2002.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the above-mentioned new legal background that the Company took knowledge during 2015, and after making the respective assessments, Telecom Argentina filed during 2015, 2016, 2017 and 2018 actions for recourse with the AFIP to claim the full tax overpaid for fiscal years 2009, 2010, 2011, 2012 and 2013 for a total amount of $722 plus interest, under the argument that the lack of application of the income tax inflation adjustment is confiscatory.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, the actions for recourse filed are pending of resolution by the Tax Authority. However, the Company&#146;s Management, with the assessment of its tax advisor, considers that the arguments presented in those recourse actions follow the same criteria as the one established by the Argentine Supreme Court of Justice jurisprudence mentioned above, among others, which should allow the Company to obtain a favorable resolution of actions of recourse filed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Consequently, the income tax determined in excess qualifies as a tax credit in compliance with IAS 12 and the Company recorded a non-current tax credit of $818 as of December&nbsp;31, 2018. For the measurement and update of the tax credit, the Company has estimated the amount of the tax determined in excess for the years 2009-2017 weighting the likelihood of certain variables according to the jurisprudential antecedents known until such date. The Company&#146;s Management will assess Tax Authority&#146;s resolutions related to actions of recourse filed as well as the jurisprudence evolution in order to, at least annually, remeasure the tax credit recorded.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 16 &#150;TAXES PAYABLES</font></b><a name="NOTE16TAXESPAYABLES_025957"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Taxes payables consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="94%" style="border-collapse:collapse;margin-left:.15in;width:94.0%;">
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Income tax (*)</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">12</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">2,122</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Other national taxes </font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">676</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">475</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Provincial taxes</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1,451</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">34</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Municipal taxes</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">180</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">112</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2,319</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2,743</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Non- current</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Other national taxes </font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">4</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Provincial taxes</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">26</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">26</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">4</font></b></p>    </td>   </tr>
<tr>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.8%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total taxes payables</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2,345</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:15.62%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2,747</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:6.0pt;">(*) Include 2 corresponding to Tax Regularization Regime - Law No.&nbsp;26,476 as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Information on the composition of Income tax benefit (expense) included in the consolidated financial statements is disclosed Note 15.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">78</font></b><a name="PB_78_044142_4688"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 17 &#150; OTHER LIABILITIES</font></b><a name="NOTE17OTHERLIABILITIES_030000"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Other liabilities consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">revenues received from connection fees for fixed telephony, cable television, data and Internet, nonrefundable;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">revenues collected by remaining traffic and packages of data from unexpired cards;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the value assigned to the points delivered by customer loyalty programs in the mobile telephony;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the advanced collection of revenues from services of international capacity;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">the advanced collection of construction projects;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">deferred revenue from government subsidies for the acquisition of</font><font face="Arial"> PP&amp;E;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">pension benefits; and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Arial">any liability not included in</font><font face="Arial"> the other liability items.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="29%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Deferred revenues on prepaid   calling cards</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">710</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">30</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Deferred revenues on connection   fees and international capacity leases</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">76</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">117</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Deferred revenues on construction   projects </font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">322</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Mobile customer loyalty programs</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">173</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Compensation for directors and   members of the Supervisory Committee</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">47</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Companies   under sect. 33 &#150; Law No.&nbsp;19,550 and Related Parties (Note 27.c)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">4</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Other (*)</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">209</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">1</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,537</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">152</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Non-current</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Deferred revenues on connection   fees and international capacity leases</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">254</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">198</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Pension benefits (Note 3</font><font size="1" face="Arial" style="font-size:8.5pt;">.m)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">245</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Mobile customer loyalty programs</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">280</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp; Other </font><font size="1" face="Arial" style="font-size:8.5pt;">(*)</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">380</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">1,159</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">198</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">Total other liabilities</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2,696</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">350</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) <font color="#212121" style="background:white;color:#212121;">Includes deferred revenue from subsidiaries for government subsidies for the acquisition of </font>PP&amp;E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Movements in the pension benefits are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;width:96.66%;">
<tr>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:20.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Years   ended December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the beginning of the year</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Incorporation by merger (Note 4.a)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">316</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Service cost </font><font size="1" face="Arial" style="font-size:7.0pt;">(*)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">23</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interest cost </font><font size="1" face="Arial" style="font-size:7.0pt;">(**)</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">72</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Payments</font><font size="1" face="Arial" style="font-size:8.0pt;"> (***)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(166)</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.32%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">At the end of the year</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">245</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.34%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Included in Employee benefit expenses and severance payments.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(**) Included in Other Financial expenses, net.</font></p>
<p style="margin:0in 0in .0001pt 7.1pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(***) Include (158) corresponding to RECPAM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">79</font></b><a name="PB_79_044142_2983"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 18 &#150; PROVISIONS</font></b><a name="NOTE18PROVISIONS_030002"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom and its subsidiaries are parties to several civil, tax, commercial, labor and regulatory proceedings and claims that have arisen in the ordinary course of business. In order to determine the proper level of provisions, Management of the Company, based on the opinion of its internal and external legal counsel, assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. A determination of the amount of provisions required, if any, is achieved after careful analysis of each individual case.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The determination of the required provisions may change in the future due to new developments or unknown facts at the time of the evaluation of the claims or changes as a matter of law or legal interpretation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Provisions consist of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;width:90.0%;">
<tr height="24" style="height:.25in;">
<td width="29%" height="24" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:.25in;padding:0in 0in 0in 0in;width:29.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:10.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balances<br>   as of<br>   December<br>   31, 2017</font></b></p>    </td>
<td width="11%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:11.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Incorporation<br>   by merger<br>   (Note 4.a)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" colspan="2" height="24" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Additions<br><br></font></b></p>    </td>
<td width="11%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:11.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Reclassifications</font></b></p>    </td>
<td width="8%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:8.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Decreases</font></b></p>    </td>
<td width="11%" rowspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:.25in;padding:0in 0in 0in 0in;width:11.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Balances<br>   as of <br>   December<br>   31, 2018</font></b></p>    </td>   </tr>
<tr height="36" style="height:26.75pt;">
<td width="29%" height="36" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:26.75pt;padding:0in 0in 0in 0in;width:29.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="36" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:26.75pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Capital</font></b></p>    </td>
<td width="9%" height="36" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:26.75pt;padding:0in 0in 0in 0in;width:9.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Interest <br>   (i)</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="29%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:29.58%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Current</font></u></b></p>    </td>
<td width="10%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.52%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="29%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:29.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Provisions</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:10.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" height="12" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">599</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">402</font></p>    </td>
<td width="9%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:9.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" height="12" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,745</font></p>    </td>
<td width="8%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(2,002)</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.0pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">744</font></b></p>    </td>   </tr>
<tr height="11" style="height:8.3pt;">
<td width="29%" height="11" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:8.3pt;padding:0in 0in 0in 0in;width:29.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total current provisions</font></b></p>    </td>
<td width="10%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:10.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" height="11" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">599</font></b></p>    </td>
<td width="7%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">402</font></b></p>    </td>
<td width="9%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:9.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" height="11" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,745</font></b></p>    </td>
<td width="8%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(2,002)</font></b></p>    </td>
<td width="11%" height="11" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:8.3pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">744</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="29%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:29.58%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Non- Current</font></u></b></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="29%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:29.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Provisions</font></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,263</font></b></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,854</font></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">864</font></p>    </td>
<td width="9%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">732</font></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,741)</font></p>    </td>
<td width="8%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,972</font></b></p>    </td>   </tr>
<tr height="8" style="height:6.2pt;">
<td width="29%" height="8" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:6.2pt;padding:0in 0in 0in 0in;width:29.58%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Asset retirement   obligations</font></p>    </td>
<td width="10%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:10.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">348</font></b></p>    </td>
<td width="11%" height="8" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">547</font></p>    </td>
<td width="7%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">48</font></p>    </td>
<td width="9%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:9.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(128)</font></p>    </td>
<td width="11%" height="8" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(4)</font></p>    </td>
<td width="8%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(315)</font></p>    </td>
<td width="11%" height="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:6.2pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">496</font></b></p>    </td>   </tr>
<tr height="13" style="height:9.8pt;">
<td width="29%" height="13" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.8pt;padding:0in 0in 0in 0in;width:29.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   non-current provisions</font></b></p>    </td>
<td width="10%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:10.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,611</font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,401</font></b></p>    </td>
<td width="7%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">912</font></b></p>    </td>
<td width="9%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:9.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">604</font></b></p>    </td>
<td width="11%" height="13" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,745)</font></b></p>    </td>
<td width="8%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(315)</font></b></p>    </td>
<td width="11%" height="13" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.8pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3,468</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.0pt;">
<td width="29%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:29.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:10.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:9.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="6" style="height:4.45pt;">
<td width="29%" height="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:4.45pt;padding:0in 0in 0in 0in;width:29.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   provisions</font></b></p>    </td>
<td width="10%" height="6" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:10.52%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,611</font></b></p>    </td>
<td width="11%" height="6" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:11.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3,000</font></b></p>    </td>
<td width="7%" height="6" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:7.7%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(ii)&nbsp;1,314</font></b></p>    </td>
<td width="9%" height="6" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:9.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">604</font></b></p>    </td>
<td width="11%" height="6" valign="top" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:11.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="8%" height="6" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(2,317)</font></b></p>    </td>
<td width="11%" height="6" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:4.45pt;padding:0in 0in 0in 0in;width:11.18%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,212</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(i)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Charged to finance costs, net, interest for provisions line item.</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(ii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Charged $1,254 to Other operating income and expenses and $60 to currency translation adjustments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="75%" style="border-collapse:collapse;width:75.86%;">
<tr height="19" style="height:14.6pt;">
<td width="35%" height="19" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:14.6pt;padding:0in 0in 0in 0in;width:35.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;height:14.6pt;padding:0in 0in 0in 0in;width:13.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balances</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">as   of<br>   December<br>   31, 2016</font></b></p>    </td>
<td width="22%" colspan="2" height="19" valign="top" style="border:solid windowtext 1.0pt;border-left:none;height:14.6pt;padding:0in 0in 0in 0in;width:22.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Additions<br><br></font></b></p>    </td>
<td width="14%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;height:14.6pt;padding:0in 0in 0in 0in;width:14.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Decreases</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" rowspan="2" style="border:solid windowtext 1.0pt;border-left:none;height:14.6pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Balances</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">as of<br>   December<br>   31, 2017</font></b></p>    </td>   </tr>
<tr height="37" style="height:27.75pt;">
<td width="35%" height="37" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:27.75pt;padding:0in 0in 0in 0in;width:35.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="37" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:27.75pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Capital</font></b></p>    </td>
<td width="12%" height="37" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:27.75pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Interest<br>   (iii)</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.3pt;">
<td width="35%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:35.82%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">Non- Current</font></u></b></p>    </td>
<td width="13%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:13.38%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:14.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.3pt;">
<td width="35%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:35.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Provisions</font></p>    </td>
<td width="13%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:13.38%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,073</font></b></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">348</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">78</font></p>    </td>
<td width="14%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:14.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(236)</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,263</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.25pt;">
<td width="35%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.25pt;padding:0in 0in 0in 0in;width:35.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">Asset retirement obligations</font></p>    </td>
<td width="13%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.25pt;padding:0in 0in 0in 0in;width:13.38%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">337</font></b></p>    </td>
<td width="10%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.25pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">11</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.25pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="14%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.25pt;padding:0in 0in 0in 0in;width:14.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="12%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.25pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">348</font></b></p>    </td>   </tr>
<tr height="12" style="height:9.3pt;">
<td width="35%" height="12" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:35.82%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   non-current provisions</font></b></p>    </td>
<td width="13%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.3pt;padding:0in 0in 0in 0in;width:13.38%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,410</font></b></p>    </td>
<td width="10%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.3pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">359</font></b></p>    </td>
<td width="12%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.3pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">78</font></b></p>    </td>
<td width="14%" height="12" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.3pt;padding:0in 0in 0in 0in;width:14.98%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(236)</font></b></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,611</font></b></p>    </td>   </tr>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:13.38%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:10.58%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" height="12" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.3pt;padding:0in 0in 0in 0in;width:12.3%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total   provisions</font></b></p>    </td>
<td width="13%" height="13" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.95pt;padding:0in 0in 0in 0in;width:13.38%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,410</font></b></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(iv)&nbsp;&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">359</font></b></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">78</font></b></p>    </td>
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<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(v)&nbsp;&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(236)</font></b></p>    </td>
<td width="12%" height="13" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:9.95pt;padding:0in 0in 0in 0in;width:12.92%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,611</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 17.0pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(iii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Charged to finance costs, net, interest for provisions line item.</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(iv)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Charged to Other operating income and expenses.</font></p>
<p style="margin:0in 0in .0001pt 17.0pt;text-indent:-17.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(v)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Include 90 corresponding to RECPAM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">1.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Probable Contingent liabilities</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Below is a summary of the most significant claims and legal actions for which provisions have been established:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">a)</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Profit sharing bonds</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Various legal actions are brought, mainly by former employees of the Company against the Argentine government and Telecom Argentina, requesting that Decree No.&nbsp;395/92 &#150; which expressly exempted Telef&#243;nica and the Company from issuing the profit sharing bonds provided in Law No.&nbsp;23,696 &#150; be struck down as unconstitutional. The plaintiffs also claim the compensation for damages they suffered because such bonds have not been issued.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In August&nbsp;2008, the Argentine Supreme Court of Justice found Decree No.&nbsp;395/92 unconstitutional when resolving a similar case against Telef&#243;nica.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Since the Argentine Supreme Court of Justice&#146;s judgment on this matter, the Divisions of the Courts of Appeal ruled that Decree No.&nbsp;395/92 was unconstitutional. As a result, in the opinion of the legal counsel of the Company, there is an increased probability that the Company has to face certain contingencies, notwithstanding the right of reimbursement that attends Telecom Argentina against the National State.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">80</font></b><a name="PB_80_044142_6228"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Said Court decision found the abovementioned Decree unconstitutional and ordered that the proceedings be remanded back to the court of origin so that such court could decide which defendant was compelled to pay &#150;the licensee and/or the Argentine government- and the parameters that were to be taken into account in order to quantify the remedies requested (percent of profit sharing, statute of limitations criteria, distribution method between the program beneficiaries, etc). It should be mentioned that there is no uniformity of opinion in the Courts in relation to each of those concepts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Later, in &#147;Ramollino Silvana c/Telecom Argentina S.A.&#148;, the Argentine Supreme Court of Justice, on June&nbsp;9, 2015, ruled that the profit sharing bonds do not correspond to employees who joined Telecom Argentina after November&nbsp;8, 1990 and that were not members of the PPP.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">This judicial precedent is consistent with the criteria followed by the Company for estimating provisions for these demands, based on the advice of its legal counsel, which considered remote the chances of paying compensation to employees not included in the PPP.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Legal action&#146;s statute of limitations criteria: Argentine Supreme Court of Justice ruling &#147;Dominguez c/ Telef&#243;nica de Argentina S.A.&#148;</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In December&nbsp;2013, the Argentine Supreme Court ruled on a similar case to the above referred legal actions, &#147;Dom&#237;nguez c/ Telef&#243;nica de Argentina S.A&#148;, overturning a lower court ruling that had barred the claim (as having exceeded the applicable statute of limitations since ten years had passed since the issuance of Decree No.&nbsp;395/92).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Argentine Supreme Court of Justice ruling states that the Civil and Commercial Proceedings Court must hear the case again to consider statute of limitations arguments raised by the appellants that, in the opinion of the Argentine Supreme Court of Justice, were not considered by the lower court and are relevant to the resolution of the case.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">After the Argentine Supreme Court of Justice&#146;s ruling and until the date of issuance of these consolidated financial statements, two chambers of the Civil and Commercial Federal Proceedings Court have issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice in its ruling, acknowledging that the statute of limitations must be applied periodically &#150;as of the time of each balance sheet- but limited to five years; and Chamber III ruled, by a majority of votes, that the statute of limitations must not be applied periodically, but that instead, was exceeded ten years after the issuance of Decree No.&nbsp;395/92.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Criteria for determining the relevant profit to calculate compensation: ruling of the Civil and Commercial Federal Proceedings Court in Plenary Session &#147;Parota c/ Estado Nacional y Telef&#243;nica de Argentina S.A.&#148;</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;27, 2014, the Civil and Commercial Appeals Court issued its decision in plenary session in the case &#147;Parota, C&#233;sar c/ Estado Nacional&#148;, as a result of a complaint filed against Telef&#243;nica, ruling: <i>&#147;that the amount of profit sharing bonds the corresponding to former employees of Telef&#243;nica de Argentina S.A. should be calculated based on the taxable income of Telef&#243;nica de Argentina S.A. on which the income tax liability is to be assessed&#148;.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Court explained that in order to make such determination: <i>&#147;it is necessary to clarify that &#147;taxable income&#148; (pre-tax income) means the amount of income subject to the income tax that the company must pay, which generally means gross income, including all revenue obtained during the fiscal year (including contingent or extraordinary revenue), minus all ordinary and extraordinary expenses accrued during such fiscal year&#148;.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the Company&#146;s Management, with the advice of its legal counsel, has recorded the provisions for contingencies that it estimates are sufficient to cover the risks associated with these legal actions, having considered the available legal background as of the date of issuance of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Federaci&#243;n Argentina de las Telecomunicaciones and others against Telecom Argentina S.A. in relation to worker shareholding participation</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, on June&nbsp;3, 2013 Telecom Argentina was notified of a lawsuit filed by four unions claiming the issuance of a profit sharing bonds (hereinafter &#147;the bonds&#148;) for future periods and for periods for which the statute of limitations is not expired. To enforce this claim, the plaintiffs require that Decree No.&nbsp;395/92 should be declared unconstitutional.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">This collective lawsuit is for an unspecified amount. The plaintiffs presented the criteria that should be applied for the determination of the percentage of participation in the Company&#146;s profit. The lawsuit requiring the issuance of a profit sharing bond represents an obligation with potential future economic impact for Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">81</font></b><a name="PB_81_044142_6479"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In June&nbsp;2013, the Company filed its answer to the claim, arguing that the labor courts lack of jurisdiction. On October&nbsp;30, 2013, the judge rejected the lack of jurisdiction plea, established a ten year period as statute of limitation and deferred ruling on the defenses of res judicata, lis pendens and on the third party citation required after a hearing is held by the court. Telecom Argentina has appealed the judge&#146;s ruling.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;12, 2013 this hearing took place and the intervening court differed the defense of statute of limitations filed by the Company to the moment of the final ruling, among other matters. It also ordered the plaintiff to establish that they have permission to bring the case on behalf Telecom Argentina&#146;s employees included in the claim; meanwhile the trial proceeding will be suspended. The plaintiff appealed the decision and the judge deferred this issue to the time of sentencing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;20, 2017, the Court of First Instance on Labor Matters No.&nbsp;19 dismissed the claim on the grounds that the claimant lacks of active legitimization because it is an individual claim, not a collective one. The claimant filed an appeal, which is pending before Chamber 7 of the Court of Appeals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company, based on the advice of its legal counsel, believes that there are strong arguments to defend its rights in this claim based, among other things, in the expiration of the statute of limitations of the claim for the unconstitutionality of Decree No.&nbsp;395/92, the lack of active legal standing for collective claim for bonds issuance -due to the existence of individual claims-, among other reasons regarding lack of active legal standing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">b)</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Former sales representative claims of Personal and Nextel</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Former sales representatives of Personal and Nextel have brought legal actions for alleged improper termination of their contracts and have submitted claims for payment of different items such as commission differences, value of the customers&#146; portfolio and lost profit, among other matters. The Company&#180;s Management believes, based on the advice of its legal counsel, that certain items included in the claims would not be sustained while other items, if sustained, would result in lower amounts than those claimed. As of the date of issuance of these consolidated financial statements, some legal actions are in the discovery phase and with expert opinions in progress.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management, based on the advice of its legal counsel, has recorded provisions that it estimates are sufficient to cover the risks associated with these claims, which are considered that would not have a negative impact on the Company&#146;s results and financial position.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">c)</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Regulator&#146;s Penalty Activities</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina is subject to various penalty procedures, in most cases promoted by the Regulatory Authority, for delays in the reparation and installation of service to fix-line customers. Although generally a penalty considered on an individual basis does not have a material effect on Telecom Argentina&#146;s equity, there is a significant disproportion between the amounts of the penalty imposed by the Regulatory Authority and the revenue that the affected customer has generated to Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In determining the provisions for regulatory charges and sanctions, the Telecom Argentina&#146;s Management, with the assessment of its legal counsel, determines the likelihood of such sanctions being imposed, the amount thereof based on historical information and judicial precedents, also contemplating various probable scenarios of statute of limitation for charges and sanctions received, the current levels of execution of sanctions and the eventual results of legal actions that Telecom Argentina has undertaken to demonstrate, among other things, the disproportionate sanctions imposed by the Regulatory Authority since 2013.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina has recorded provisions that it deems sufficient to cover the above mentioned sanctions and charges, estimating that they should not prosper in amounts individually higher than 200 thousand UT (9,380 argentine pesos) per each alleged violation against its clients in the normal course of business, in accordance with the legal and regulatory analysis performed as of December&nbsp;31, 2018. If Telecom Argentina and its legal advisors&#146; arguments do not prevail, the Management of Telecom Argentina estimates that the amount of provisions for regulatory charges and sanctions might be increased in approximately $62 as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">d)</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Task Solutions against/ Telecom Personal S.A. S/ Ordinario and Task Solutions against/Telecom Argentina S.A. S/ Ordinario</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Task Solutions S.A., a company whose main activity was the contact center, promoted a lawsuit against Telecom Argentina and Telecom Personal, claiming the amount of 408,721,835 Argentine pesos for damages and losses suffered during the contractual relationship between those companies, as well as the non-renewal of the relationship between them. Task Solutions S.A. maintains that its only contractual relationship was with the defendant companies and that the non-renewal of their relationship caused its cessation of payments. On August&nbsp;27, 2018, the claims were answered, the facts and the compensation claimed were denied and the Company requested the unconstitutionality of the punitive damages claimed. The Company reproved the amounts already paid in relation to labor items. Likewise, a claim was made for the amounts that eventually will have to be paid for that same concept in the future. Such estimation may be modified in relation to the proof that is produced in the case.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the Company&#146;s Management, with the assistance of its legal advisors, has established provisions that it considers sufficient to cover the risks arising from the judgments indicated, taking into account the arguments and jurisprudential background available at the date of issuance of these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">2.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Possible Contingencies</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition to the possible contingencies related to regulatory matters described in Note 2 d) and in the last paragraph of section &#147;Regulator&#146;s Penalty Activities&#148; previously mentioned, is a summary of the most significant claims and legal actions for which no provisions have been established, although it cannot be ensured the final outcome of these lawsuits:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">a.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Radioelectric Spectrum Fees</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In October&nbsp;2016 Personal modified the criteria used for the statement of some of its commercial plans (&#147;Abono fijo&#148;) for purposes of paying the radioelectric spectrum fees (derecho de uso de espectro radioel&#233;ctrico or &#147;DER&#148;), taking into account certain changes in such plans&#146; composition. This meant a reduction in the amount of fees paid by Personal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In March&nbsp;2017, the ENACOM demanded Personal to rectify its statements, requiring that such plans&#146; statements continue to be prepared based on the previous criteria. Personal&#146;s Management believes that it has strong legal arguments to defend its position, which are actually confirmed by Resolution ENACOM No.&nbsp;840/18. On August&nbsp;15, 2017, Personal received a note for the differences owed, and on August&nbsp;31, 2017 presented the corresponding administrative note. However, it cannot be assured that such arguments will be accepted by the ENACOM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The difference resulting since October&nbsp;2016, from both sets of liquidation criteria is of approximately $717 plus interests as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;27, 2018, Resolutions Nos. 840/18 and No.&nbsp;1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements Telecom has submitted the rectifying affidavits corresponding to the months of March&nbsp;and April&nbsp;2018 (due in April&nbsp;and May&nbsp;2018), and has paid (under protest) the respective amounts. It also started to comply with, as from September&nbsp;2018, the filing and payment (under protest) of the corresponding affidavits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">b.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">&#147;Consumidores Financieros Asociaci&#243;n Civil para su Defensa&#148; claim</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In November&nbsp;2011, Personal was notified of a lawsuit filed by the &#147;Consumidores Financieros Asociaci&#243;n Civil para su Defensa&#148; claiming that Personal made allegedly abusive charges to its customers by implementing per-minute billing and setting an expiration date for prepaid telecommunication cards.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The plaintiff claim Personal to: i) cease such practices and bill its customers only for the exact time of telecommunication services used; ii) reimburse the amounts collected in excess in the ten years preceding the date of the lawsuit; iii) credit its customers for unused minutes on expired prepaid cards in the ten years preceding the date of the lawsuit; iv) pay an interest equal to the lending rate charged by the Banco de la Naci&#243;n Argentina; and v) pay punitive damages provided by Section&nbsp;52 bis of Law No.&nbsp;24,240.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal responded in a timely manner, arguing the grounds by which the lawsuit should be dismissed, with particular emphasis on the regulatory framework that explicitly endorses Personal&#146;s practices, now challenged by the plaintiff in disregard of such regulations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">This claim is at a preliminary stage as of the date of issuance of these consolidated financial statements. However, the judge has ordered the accumulation of this claim with two other similar claims against Telef&#243;nica M&#243;viles Argentina S.A. and AMX Argentina S.A. So, the three legal actions will continue within the Federal Civil and Commercial Court No.&nbsp;9.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;text-indent:45.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In connection with this lawsuit, the Secretariat of Commerce canceled the registration of CONSUMIDORES FINANCIEROS ASOCIACI&#211;N CIVIL PARA SU DEFENSA, therefore, the Company is awaiting the resolution of the intervening court.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The plaintiffs are seeking damages for unspecified amounts. Although the Company believes there are strong defenses according to which the claim should not succeed, in the absence of jurisprudence on the matter, the Company&#146;s Management (with the advice of its legal counsel) has classified the claim as possible until a judgment is rendered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">c.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Lawsuit against Personal on changes in services prices</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In June&nbsp;2012 the consumer trade union &#147;Proconsumer&#148; filed a lawsuit against Personal claiming that the company did not provide the clients with enough information regarding the new prices for the services provided by Personal between May&nbsp;2008 and May&nbsp;2011. It demands the reimbursement to certain customers &#150; Abono Fijo - of an amount of a period of two months since the alleged inconsistencies of the plaintiff.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management considers that Personal had </font><font face="Arial">adequately informed its clients the modifications of the terms and conditions in which the service would be provided</font><font face="Arial">, and therefore, believes that this lawsuit should not succeed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company answered the complaint and made a proposal that was rejected by the Supreme Court of Justice of the Nation, which ordered that the case continued in commercial courts. The cause was open to trial and the parties are producing the evidence offered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management considers that there are strong arguments for the favorable resolution of this lawsuit, but, in the event it is resolved unfavorably, it would not have a significant impact on Telecom&#146;s results and financial position.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">d.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Proceedings related to value added services - Mobile contents</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On October&nbsp;1, 2015 Personal was notified of a claim seeking damages for unspecified amounts initiated by consumer trade union &#147;Cruzada C&#237;vica para la defensa de los consumidores y usuarios de Servicios p&#250;blicos&#148;. The plaintiff invokes the collective representation of an undetermined number of Personal customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:34.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The </font><font face="Arial">plaintiff </font><font face="Arial">claims the way</font><font face="Arial"> that</font><font face="Arial"> content and trivia are contracted, in particular the improper billing of messages sent offering those services and their subscription. Additionally, it proposes the </font><font face="Arial">application</font><font face="Arial"> of a punitive damages to Personal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This claim is substantially similar to other claims made by a consumer association (Proconsumer) where collective representation of customers is also invoked. As of the date of issuance of these consolidated financial statements, this claim is at preliminary stage since the demand notifications of everyone involved have not yet been finalized.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Personal has answered the claims through the presentation of legal and factual defenses, subpoenaing third parties involved in the provision of VAS. Likewise, with the advice of its legal counsel, Telecom believes to have strong arguments for its defense in these lawsuits. However, given the absence of jurisprudential precedents, the final outcome of these claims cannot be assured.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">e.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Claims of some Content Providers to the Company</font></u></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In the framework of the general reorganization of the content business started out by Personal in 2016, and given the expiration of agreements with content providers, some of the latter have been notified that such agreements will not be renewed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">By virtue of that communication, four of those companies initiated and obtained in court, precautionary measures against Personal, in order to avoid that the duly notified decision of not renewing the agreements be effective, and thus, forcing Personal to refrain from disconnecting or interrupting the contractual relationship on the scheduled dates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On February&nbsp;24, 2017, the ENACOM notified Personal the Resolution 2017-1122-APN-ENACOM # MCO (Resolution No.&nbsp;1,122), which set out that Mobile Operators providers of audiotext and mass calling Value Added Services may receive, in every respect, a percentage that should not exceed 40% of the services invoiced on behalf and to the order those providers. In addition, the Resolution sets forth a 30-day period to file under the ENACOM the interconnection contracts or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;22, 2017, Personal&#146;s Management, with the assistance of its legal advisors and due to its solid grounds, filed an administrative appeal against Resolution No.&nbsp;1,122 before the former Ministry of Communications. In addition, Personal has brought legal actions to safeguard its rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, it should be noted that the Company has renewed the commercial agreements with most of the providers of these contents, which are still in force.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.75pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;29, 2017, the ENACOM notified Personal with ENACOM Resolution No.&nbsp;2,408/17, whereby it rejected the reconsideration appeals filed by Movistar and Claro against Resolution No.&nbsp;1,122, and the suspension of the effects of said resolution requested by Personal, Movistar and Claro. In addition, in the same act, it rejected the reconsideration appeal filed by Personal against ENACOM Note No.&nbsp;29/17 (in connection with the supplier MOVICLIPS). The appeal filed by Personal against Resolution No.&nbsp;1,122 with the former Ministry of Communications is still pending resolution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">f.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">&#147;Asociaci&#243;n por la Defensa de Usuarios y Consumidores against/Telecom Personal S.A.&#148; claim</font></u></i></p>
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<p style="background:white;margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2008 the &#147;Asociaci&#243;n por la Defensa de Usuarios y Consumidores&#148; sued Personal, seeking damages for unspecified amounts, claiming the billing of calls to the automatic answering machine and the collection system called &#147;send to end&#148; in collective representation of an undetermined number of Personal customers. The claim is currently about to dictate sentence.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2015 the Company took knowledge of an adverse court ruling in a similar trial, promoted by the same consumers association against other mobile operator. Currently it is pending judgment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management, with the advice of its legal counsel, believes that it has strong arguments for its defense, but given the new jurisprudential precedent, the outcome of this claim cannot be ensured.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">g.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Claims by Trade Unions for Union Contributions and Payments</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The unions FOEESITRA, SITRATEL, SILUJANTEL, SOEESIT, FOETRA, SUTTACH and the Union of telephony workers and employees of Tucum&#225;n (Sindicato de Obreros y Empleados Telef&#243;nicos de Tucum&#225;n) filed 7 legal actions against Telecom Argentina claiming the union contributions and payments set forth in the respective Collective Bargaining Agreements (&#147;CBA&#148;) corresponding to the third party employees rendering services to Telecom Argentina, for the not prescribed term of 5 years, plus the damages caused by the lack of payment of such items. The items claimed are the Special Fund and the Solidarity Contribution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The unions mentioned sustain that Telecom Argentina is jointly liable for the payment of the above-mentioned contributions and payments, based on the provisions of sections 29 and 30 of the Labor Contract Law and the nonperformance of the CBA as to its obligation to inform the Union on the hiring of third parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">All claims were answered and procedural terms are suspended. In all cases, new hearings were appointed in the terms of art. 80 and the parties requested a new suspension of terms as a result of possible extrajudicial negotiations. The suits are for an undetermined amount.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Although the Company&#146;s management considers that there are strong arguments for these actions to be decided on its favor, as there is no case law in the matter, no assurance can be given on the final outcome of these claims.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">h.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Claim for damages between Supercanal Holding S.A. and Cablevisi&#243;n</font></u></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Multicanal has filed several legal actions seeking the nullity of: i) all the ordinary shareholders&#146; meetings held by Supercanal Holding S.A. from the year 2000 until February&nbsp;2018; and ii) the sureties granted by Supercanal S.A. securing bank loans granted exclusively for the benefit of the controlling group of Supercanal Holding S.A. (Grupo Uno S.A. and its affiliates). In addition, a legal action was filed seeking the dissolution and liquidation of Supercanal Holding S.A. together with a legal action seeking the removal of all the members of the Board of Directors and the Supervisory Committee and the dissolution of Supercanal Capital N.V. Supercanal Holding S.A. On March&nbsp;29, 2000 Supercanal Holding S.A. filed for concurso preventivo (judicial restructuring proceedings) with National Court of First Instance on Commercial Matters No.&nbsp;20, Clerk&#146;s Office No.&nbsp;40, and the proceedings began on March&nbsp;27, 2001.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Upon the revocation of an injunction initially granted in favor of Multicanal S.A. in the case entitled &#147;Multicanal S.A. c/Supercanal Holding S.A. s/sumario&#148;, where it sought to nullify the January&nbsp;25, 2000 Extraordinary Shareholders&#146; Meeting of Supercanal Holding S.A. where it was resolved to reduce the capital stock of Supercanal Holding S.A. to 12,000 Argentine pesos and a subsequent increase thereof to 83,012,000 Argentine pesos, Multicanal S.A. was notified on December&nbsp;12, 2001 of the filing by Supercanal Holding S.A. of a claim for the damages allegedly caused to it by the issue of the injunction that was subsequently revoked. The alleged damage is that the suspension of the effects of the meeting of January&nbsp;25, 2000 would have led Supercanal Holding S.A. to suspend payments. Multicanal S.A. answered to such claim by denying all liability on the grounds that Supercanal Holding S.A.&#146;s inability to pay its obligations when due had begun before the date of the suspension of the shareholders meeting according to documentation provided by the plaintiff itself. Furthermore, the suspension of the meeting did not prevent the capitalization of Supercanal Holding S.A. through other alternative means. Based on the factual and legal findings of the case, Cablevisi&#243;n, as Multicanal&#146;s continuing company considers that the claim should be rejected in its entirety, and that the legal costs should be borne by the plaintiff. The case is in the discovery period. In addition, the court of First Instance has dismissed Supercanal Holding S.A.&#146;s request that it be allowed to sue without paying court fees or costs and that decision has been confirmed by the National Court of Appeals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:33.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;15, 2018, Telecom Argentina, Grupo Clar&#237;n, Supercanal and Am&#233;rica TV executed a settlement agreement in order to terminate the claims existing among the parties. Those companies executed a framework agreement whereby, among other issues, Am&#233;rica TV expressly waived its claim for the exhibition of its signals &#147;Am&#233;rica TV&#148; and &#147;A24&#148; in Cablevisi&#243;n&#146;s (now Telecom Argentina&#146;s) programming grid, waiving its right to bring any claims in that regard and recognizing that it has nothing to claim against Telecom Argentina for any other cause as of the date of the agreement. In addition, a share transfer agreement was executed whereby Telecom Argentina -in its capacity as successor of Cablevisi&#243;n-absorbing company of Multicanal- assigned in favor of Supercablecanal S.A. the shares- and all the rights inherent to them- it holds and owns in Supercanal and Supercanal Holding S.A. as of the date of execution of the agreement. Pursuant to the settlement agreement, the parties have agreed that all costs of the proceedings shall be borne by Supercanal S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:9.0pt;">i.</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Arial">Asociaci&#243;n por la Defensa de Usuarios y Consumidores v. Cablevisi&#243;n on expedited summary proceeding:</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;29, 2018 the Company was notified of a lawsuit initiated by the Asociaci&#243;n por la Defensa de Usuarios y Consumidores, requesting that the defendant 1) cease to prevent customers to rescind Internet and cable TV services at the time of request; 2) reimburse to each user the amounts collected for the period of 5 years and until Cablevisi&#243;n fulfills the request mentioned in 1); and 3) pay punitive damages for each of the affected customers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;19, 2018, the Company filed a response. In its plea, it requested the extension of the period of the statutes of limitation (biennial term) and the declaration of the lack of standing to sue of the association. Likewise, the Company argued that the class to be represented had not been established and that it had not contravened the Antitrust Law and gave a detailed description of the termination procedure used by Cablevisi&#243;n highlighting its compliance with Articles 10 ter and 10 quater of said law. It also challenged the application of the punitive damages claimed by the plaintiff and the Company also produced documentary evidence. It requested that the claim be rejected in its entirety, and that the legal costs be borne by the plaintiff.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The probability of occurrence of the lawsuit has been deemed as possible and the amount has still not been set yet.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">j.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Resolution No.&nbsp;50/10 and subsequent ones of the Secretariat of Domestic Trade of the Nation (&#147;SCI&#148;)</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">SCI Resolution No.&nbsp;50/10 approved certain rules&nbsp;for the sale of pay television services. These rules&nbsp;provide that cable television operators must apply a formula to calculate their monthly subscription prices. The price arising from the application of the formula was to be informed to the Office of Business Loyalty (Direcci&#243;n de Lealtad Comercial) between March&nbsp;8 and March&nbsp;22, 2010, having cable television operators to adjust such amount semi-annually and inform the result of such adjustment to such Office.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Even though as of the date of issuance of these consolidated financial statements, the Company cannot assure the actual impact of the application of this formula, given the vagueness of the variables provided by Resolution No.&nbsp;50/10 to calculate the monthly subscription prices, the Company believes that such Resolution is arbitrary and bluntly disregards its freedom to contract, which is part of the freedom of industry and trade, and therefore it has filed the pertinent administrative claims and will proceed to file the necessary legal actions requesting the suspension of the Resolution&#146;s effects and ultimately the nullification thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Even though the Company and/or some of its subsidiaries, like other companies in the industry, have strong constitutional arguments to support their position, it cannot be assured that the final outcome of this issue will be favorable. Therefore, the Company may be forced to modify the price of its pay television subscription, which could significantly affect the revenues of its core business. This creates a general scenario of uncertainty regarding the Company&#146;s business that could significantly affect the recoverability of its relevant assets. Notwithstanding the foregoing, it should be noted that as of the date of issuance of these consolidated financial statements, according to the decision issued on August&nbsp;1, 2011 in re &#147;LA CAPITAL CABLE S.A. c/ Ministerio de Econom&#237;a-Secretar&#237;a de Comercio Interior de la Naci&#243;n&#148;, the Federal Court of Appeals of the City of Mar del Plata has ordered the SCI to suspend the application of Resolution No.&nbsp;50/10 with respect to all cable television licensees represented by the Argentine Cable Television Association (&#147;ATVC&#148;). Upon being notified to the SCI and the Ministry of Economy on September&nbsp;12, 2011, such decision became fully effective and may not be disregarded by the SCI. The National Government filed an appeal against the decision issued by the Federal Court of Appeals of Mar del Plata to have the case brought before the Supreme Court. Such appeal was dismissed, for which the National Government filed a direct appeal to the Supreme Court, which has also been dismissed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;1, 2010, the SCI imposed a $5 fine on Cablevisi&#243;n alleging that it had failed to comply with the information regime set forth by Resolution No.&nbsp;50/10 and invoking the Consumer Defense Law to impose such penalty. The fine was appealed and submitted to the Federal Court of Appeals on Administrative Matters, Chamber No.&nbsp;5, which decided to reduce the fine to $0.3. The Company appealed this decision by filing an extraordinary appeal with the Supreme Court of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;10, 2011 SCI Resolution No.&nbsp;36/11 was published in the Official Gazette. This resolution falls within the framework of SCI Resolution 50/10. Resolution No.&nbsp;36/11 sets forth the parameters to be applied to the services to be provided by Cablevisi&#243;n to its subscribers. The Company believes that Resolution No.&nbsp;36/11 is illegal and arbitrary, since it is grounded on Resolution 50/10, which the Company believes is absolutely null and void. Since the application of Resolution No.&nbsp;50/10 has been suspended, the application of Resolution No.&nbsp;36/11, which falls within the framework of the former, is also suspended. Subsequently, the SCI issued Resolutions No.&nbsp;65/11, 92/11, 123/11, 141/11, 10/11, 25/12, 97/12, 161/12, 29/13, 61/13, 104/13, 1/14, 43/14 and 93/14 pursuant to which it extended the effectiveness of Resolution No.&nbsp;36/11 up to and including September&nbsp;2014, and adjusted the cable television subscription price to 152 Argentine pesos. The Company believes, however, that given the terms under which the Federal Court of the City of Mar del Plata granted the preliminary injunction, which ordered the SCI to suspend the application of Resolution No.&nbsp;50/10 with respect to all cable television licensees represented by ATVC (among them, the Company and its subsidiaries), and also given the fact that Resolutions No.&nbsp;36/11, 65/11, 92/11, 123/11, 141/11, 10/11, 25/12, 97/12, 161/12, 29/13, 61/13, 104/13, 1/14, 43/14 and 93/14 limit to apply Resolution No.&nbsp;50/10, the Company continues to believe to be protected by the preliminary injunction, and therefore the normal operation thereof will not be affected.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;23, 2014, the Court issued a decision in re &#147;Municipalidad de Berazategui c/ Cablevisi&#243;n&#148; ordering the remission of the cases relating to these resolutions to the jurisdiction of the Federal Court of Mar del Plata, that had issued the decision on the collective action in favor of ATVC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Currently, all the claims relating to this matter are pending before the Federal Court of Mar del Plata. The judge has not yet ordered discovery proceedings in respect of the main claim, &#147;La Capital Cable v. National Government s/ Ordinary Proceeding&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Decisions made on the basis of these consolidated financial statements shall consider the potential impact that the above-mentioned resolutions might have on the Company and its subsidiaries, and the Company&#146;s consolidated financial statements should be read in light of such circumstances.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;text-indent:35.25pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#180;s Management, with the assistance of its legal advisors, considers that it has strong arguments for its defense.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">k.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Resolution No.&nbsp;16,765 of the CNV</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On March&nbsp;16, 2012, CNV issued Resolution No.&nbsp;16,765 whereby it ordered the conduction of a preliminary investigation (sumario) against Cablevisi&#243;n, its directors and members of the Supervisory Committee for an alleged failure to comply with its reporting duties. The CNV considers that this deprived investors of the possibility to become fully aware of the decision issued by the Supreme Court of Argentina in re &#147;Recurso de Hecho deducido por el Estado Nacional Ministerio de Econom&#237;a y Producci&#243;n en la causa Multicanal S.A. y otro c/ CONADECO Dto. 527-05&#148; (which as of this date has been resolved) and that a series of issues relating to the information required by the CNV regarding the Extraordinary Meeting of Class&nbsp;1 and 2 Noteholders held on April&nbsp;23, 2010 would not have been disclosed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;4, 2012, the Company filed a response requesting that its defenses be sustained and that all charges against it be dismissed. The discovery stage has been closed and the legal brief has been submitted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company and its legal advisors believe that the Company has strong arguments in its favor. Nevertheless, the Company cannot assure that the outcome of the preliminary investigation proceeding will be favorable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">l.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Resolution No.&nbsp;17,769 of the CNV</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On August&nbsp;28, 2015, Cablevisi&#243;n was served notice of Resolution No.&nbsp;17,769 dated August&nbsp;13, 2015 whereby the CNV the conduction of a preliminary investigation (sumario) against Cablevisi&#243;n and its directors, members of the Supervisory Committee and the Head of Market Relations for an alleged delay in the submission of the required documentation relating to the registration of the authorities appointed in the General Meeting of Shareholders of Cablevisi&#243;n held on April&nbsp;30, 2000 and the update of the particulars of its registered office in the Autopista de Informaci&#243;n Financiera.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;20, 2016, the preliminary hearing was held pursuant to Section&nbsp;138 of Law No.&nbsp;26,831 and Section&nbsp;8, Subsection b.1. of Section&nbsp;II, Chapter II, Title III of the Regulations (amended text of 2013).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company and its advisors believe that same has strong arguments in its favor on this matter, but no assurance can be given that the outcome of the preliminary investigation proceeding will be favorable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">m.</font></i><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font face="Arial" style="font-style:italic;">Additional rate for the &#147;Impuesto a la Renta Comercial,&nbsp;Industrial o de Servicios&#148; (Tax on Commercial,&nbsp;Industrial or Services Revenues or &#147;IRACIS&#148;)</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On April&nbsp;5, 2017, a subsidiary of the Company received a notice from the Under-Secretary of Taxes of the Republic of Paraguay, whereby that subsidiary was informed that it had failed to determine the additional IRACIS rate on the retained earnings of the companies merged in 2014.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#180;s subsidiary considers that it has strong arguments to support its position, but no assurance can be given on the final outcome of this claim.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">3.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Remote Contingencies</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom faces other legal proceedings, fiscal and regulatory considered normal in the development of its activities. The Company Directors and its legal advisors estimate it will not generate an adverse impact on their financial position and the result of its operations, or its liquidity. In accordance with IAS 37 &#147;Provisions&#148;, not any provision has been constituted and/or disclosed additional information in these financial statements related to the resolution of these issues.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">4.</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Contingency Asset</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">&#147;AFA Plus Project&#148; Claim</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;20, 2012, the Company entered into an agreement with the Argentine Football Association (&#147;AFA&#148;), for the provision of services to a system called &#147;Argentine Football System Administration&#148; (&#147;AFA Plus Project&#148;) related to the secure access to first division football stadiums whereby Telecom Argentina should provide the infrastructure and systems to enable the AFA to manage the aforementioned project. The recovery of investments and expenses incurred by Telecom Argentina and its profit margin would come from charging AFA with a referring price stated in 20% of the popular ticket price per each football fan that attend the stadiums during the term of the agreement, so the recoverability of the Company&#146;s assets related to the Project depended on AFA implementing the &#147;AFA Plus Project&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">From 2012 and in compliance with its contractual obligations, the Company made investments and incurred in expenses amounting to $269, of which $211 are included in PP&amp;E for the provision and installation of equipment and the execution of civil works for improving the football stadiums, registration centers equipment, inventories and material storage and attend other expenses directly associated with AFA Plus Project.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For several specific reasons of the Project, the football environment and the country context, the AFA Plus system was not implemented by the AFA, not even partially. Accordingly, Telecom Argentina has not been able to begin collecting the agreed price.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Finally, throughout the agreement, Telecom Argentina received no compensation from AFA for the services provided and the work performed. In September&nbsp;2014, the AFA notified the Company of its decision to terminate the agreement with Telecom Argentina, modifying the AFA Plus Project, and also informed that it will assume the payment of the investments and expenditures incurred by the Company. Accordingly, negotiations between the parties have started.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In February&nbsp;2015, AFA made a proposal to compensate the investments and expenditures incurred by the Company through advertising exchange exclusively related to the AFA Plus Project (or the one that replaces this Project in the future), in the amount of US$12.5 million. The proposal considered that if the advertising compensation was not realized in one year, AFA would pay to Telecom the agreed amount. The Company analyzed the quality of the assets offered by the AFA in its offer of advertising exchange, and rejected the offer as insufficient.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">New negotiations were conducted in 2015 to improve the mentioned offer (requiring a combination of cash payments and advertising) but a satisfactory agreement was not reached and negotiations were suspended for AFA internal affairs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In October&nbsp;2015, the Company formally demanded that AFA pay the amounts due ($179.2 plus interest from its implementation). The AFA rejected the claim but agreed to resume negotiations for a closing agreement which then was suspended by the AFA electoral process.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In January&nbsp;2016 both parties resumed conciliatory negotiations, while the Company reserved its right to exercise legal claims on the amounts due.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In June&nbsp;2016 the Company initiated a compulsory pre-judicial mediation procedure. The first audience, held on July&nbsp;12, 2016, was attended by both parties. A second audience was held on August&nbsp;3, 2016 and a third and the last one was held on August&nbsp;23, 2016, which resulted in no agreement between the parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In February&nbsp;2018, the Company initiated a new mandatory prejudicial mediation procedure which was finished without agreement. On December&nbsp;19, 2018, a claim was brought against AFA for 353,477,495 Argentine pesos.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Management with the assistance of its external advisor believes that they have strong legal arguments for claiming and are evaluating the actions to be followed for recovering the investments and expenses made.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">It is worth mentioning that the impairment recorded by the Company arising from the uncertainties related to the recoverable value of assets recognized by the AFA Plus Project (Works in Progress and Materials amounting to $211) have been only recorded for the purpose to comply with accounting standards and in no way involves giving up or limiting the rights given to the Company as a genuine creditor for the AFA Plus Project agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 19 &#150; COMMITMENTS</font></b><a name="NOTE19COMMITMENTS_030047"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Purchase commitments</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has entered into various purchase orders amounting in the aggregate to approximately $41,107 as of December&nbsp;31, 2018 (of which $9,926 corresponds to PP&amp;E commitments), primarily related to the supply of switching equipment, external wiring, infrastructure agreements, inventory and other service agreements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">It should be noted that $3.6 billion correspond to contracts that qualify as leases under IFRS 16 (Note 3.x)).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Commitments assumed from the acquisition of Spectrum by Personal</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Auction Terms and Conditions convened by SC Resolution No.&nbsp;38/14 established high and demanding obligations of coverage and network deployment, which would require significant investments in PP&amp;E that were estimated at the time of submission of Personal&#180;s bid in approximately US$450 million over the next five years and whose failure could result in sanctions and adverse effects to Personal.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Some of the obligations included in the Terms and Conditions are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">Extend the SRMC, STM and PCS coverage in such a way that it reaches all locations with at least 500 inhabitants in a time period that would not exceed 60 months.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">Upgrade the network infrastructure in a time period that would not exceed 60 months, in such a manner that in all the network locations where mobile Internet services are offered a minimum of 1 Mbps per user be guaranteed in the downlink for SRMC, STM and PCS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font><font face="Arial">For the SCMA (Annex III of Terms and Conditions) progressive coverage obligations in the Argentine Republic territory are established, in five differenced stages, completed in the 60-month-period with coverage in locations with more than 500 inhabitants.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For further detail of the obligations involved, see SC Resolution No.37/14, No.&nbsp;38/14 and its amendments and supplementary regulations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The terms will be counted as stipulated in this respect by Section&nbsp;4 d) of Decree No.&nbsp;1,340/16 (see Note 2.e).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 20 &#150; EQUITY</font></b><a name="NOTE20EQUITY_030051"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Equity includes:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="91%" style="border-collapse:collapse;margin-left:11.7pt;">
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As   of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in .3in .0001pt 0in;text-align:right;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Equity attributable to Controlling Company</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">225,686</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">54,182</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Equity attributable to non-controlling interest </font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">3,227</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">846</font></p>    </td>   </tr>
<tr>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.34%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total   equity (*)</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.78%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">228,913</font></b></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.88%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">55,028</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">(*) Additional information is given in the consolidated statements of changes in equity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 53.4pt;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">(a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Capital Stock</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, the total capital stock of Telecom Argentina amounted to $2,169, represented by the same number of common book-entry shares with nominal value of $1 peso, of which 2,153,688,011 are entitled to one vote per share, since 15,221,373 are treasury shares that were acquired by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">All of the Class&nbsp;B Shares and Class&nbsp;C Shares and 340,994,852 Class&nbsp;A Shares of Telecom Argentina are authorized for public offering granted by the CNV. Class&nbsp;B Shares are listed and traded on the leading companies panel of the BYMA and the NYSE.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Each American Depositary Share (ADS) represents 5 Class&nbsp;B shares of the Company and is traded on the NYSE under the ticker symbol TEO.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, the total capital stock of Telecom Argentina amounted to $984, represented by the same number of common book-entry shares with nominal value of $1 peso, of which 969,159,605 are entitled to one vote per share, since 15,221,373 are treasury shares that were acquired by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">90</font></b><a name="PB_90_044646_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to the Pre-Merger Commitment and the Final Merger Agreement, mentioned in Note 4.a), Telecom Argentina issued, effective as of January&nbsp;1, 2018, 342,861,748 Class&nbsp;A Shares and 841,666,658 Class&nbsp;D, all of them common book-entry shares, with nominal value of $1 peso and entitled to one vote per shares, which have been fully paid in. The Merger, the consequent increase in the capital stock and the modification of the company bylaws were registered with the Public Registry of Commerce under the IGJ on August&nbsp;30, 2018. For more information, see Note 4.a) to the consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">These consolidated financial statements were prepared taking into consideration the provisions of IFRS 3 (Business Combinations). As a consequence of the foregoing and as explained in the Basis of Presentation (Note 1.a), the shareholders&#146; equity as of December&nbsp;31, 2017 and 2016 and its evolution in the statement of changes in equity for the years ended December&nbsp;31, 2017 and 2016 presented as comparative information arise from the information reported by Cablevisi&#243;n (acquirer for accounting purposes).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The capital stock of Cablevisi&#243;n as of December&nbsp;31, 2017 and 2016 amounted to $1,200 represented by 120,000 common book-entry shares with nominal value of 10,000 Argentine pesos and entitled to one vote per share, as decided at the General Extraordinary Shareholders&#146; Meeting held on June&nbsp;30, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The breakdown of the capital stock of Cablevisi&#243;n as of December&nbsp;31, 2017 was as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="65%" style="border-collapse:collapse;">
<tr style="page-break-inside:avoid;">
<td width="59%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Shareholders</font></b></p>    </td>
<td width="21%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Number   of Shares</font></b></p>    </td>
<td width="19%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Equity Interest</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">CVH (1)&nbsp;(3)</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">34,425</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">28.7</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">VLG (1)</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">61,581</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">51.3</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Fintech Media LLC (2)&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">17,212</font></p>    </td>
<td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">14.3</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">CVH (2)</font></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">6,782</font></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">5.7</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="59%" valign="bottom" style="padding:0in 0in 0in 0in;width:59.5%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Arial" style="font-size:7.0pt;">Total </font></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:21.5%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">120,000</font></b></p>    </td>
<td width="19%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:19.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">100.0</font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt 24.0pt;text-align:justify;text-indent:-24.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Class&nbsp;A shares.</font></p>
<p style="margin:0in 0in .0001pt 24.0pt;text-align:justify;text-indent:-24.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Class&nbsp;B shares.</font></p>
<p style="margin:0in 0in .0001pt 24.0pt;text-align:justify;text-indent:-24.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(3)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">CVH held a 50% equity interest in VLG.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The dissolution of Cablevisi&#243;n, due to the Merger, was registered in the Public Registry of Commerce in charge of IGJ on August&nbsp;30, 2018 under No.&nbsp;16346, L&#176; 91 T&#176; of Stock Companies.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(b)&nbsp;Share Ownership Plan</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">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&nbsp;&#147;C&#148; shares was to be included in the PPP (an employee share ownership program sponsored by the Argentine government). Pursuant to the PPP, the Class&nbsp;&#147;C&#148; 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. In 1999, Decree No.&nbsp;1,623/99 of the Argentine government eliminated the restrictions on some of the Class&nbsp;&#147;C&#148; shares held by the PPP, although it excluded Class&nbsp;&#147;C&#148; shares of the Fund of Guarantee and Repurchase subject to an injunction against their use. In March&nbsp;2000, the shareholders&#146; meeting of the Company approved the conversion of up to unrestricted 52,505,360 Class&nbsp;&#147;C&#148; shares into Class&nbsp;&#147;B&#148; shares (these shares didn&#146;t belong to the Fund of Guarantee and Repurchase), most of which was sold in a secondary public offering in May&nbsp;2000.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As required by the executive committee of PPP, the Annual Shareholders Meetings held on April&nbsp;27, 2006, approved that the power for the additional conversion of up to 41,339,464 Class&nbsp;&#147;C&#148; ordinary shares into the same amount of Class&nbsp;&#147;B&#148; ordinary shares, be delegated to the Board of Directors. That delegation does not include 4,593,274 Class&nbsp;&#147;C&#148; shares of the Fund of Guarantee and Repurchase, that were affected by an injunction measure recorded in file &#147;Garc&#237;as de Vicchi, Amerinda y otros c/ Sindicaci&#243;n de Accionistas Clase C del Programa de Propiedad Participada s/nulidad de acto jur&#237;dico (&#147;Garcias de Vicchi&#148;)&#148;, with respect to which the Annual Shareholders Meetings considered that there were legal impediments to approve that delegation of faculties for their conversion to Class&nbsp;&#147;B&#148;. As of December&nbsp;31, 2011, the 41,339,464 Class&nbsp;&#147;C&#148; shares had been converted to Class&nbsp;&#147;B&#148; in eleven tranches.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">With the injunction measure issued in the case Garc&#237;as de Vicchi having been revoked, the Board of Directors of the Company convened the Ordinary and Extraordinary General Meeting and the Special Meeting of Class&nbsp;&#147;C&#148; Shares, that were held on December&nbsp;15, 2011, and approved the power for the additional conversion of up to 4,593,274 Class&nbsp;&#147;C&#148; shares into the same amount of Class&nbsp;&#147;B&#148; shares in one or more tranches, be delegated to the Board of Directors. As of December&nbsp;31, 2016, 4,382,408 Class&nbsp;&#147;C&#148; shares have already been converted into Class&nbsp;&#147;B&#148; shares in 11 tranches.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, 210,866 Class&nbsp;&#147;C&#148; shares are still pending to be converted into Class&nbsp;&#147;B&#148; shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(c)&nbsp;Capital Market Act - Law No.&nbsp;26,831 and amendments</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;28, 2012 the new Capital Market Law (Law No.&nbsp;26,831) was published in the Official Gazette. This Law eliminates self-regulation of the capital market; grants new powers to the CNV and supersedes Law No.&nbsp;17,811 and Decree No.&nbsp;677/01, among other rules. The Law became effective on January&nbsp;28, 2013. Since that date, governs the universal scope of the Statutory Regime of Public Offer of Mandatory Acquisition.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Productive Financing Law</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;11, 2018, Productive Financing Law No.&nbsp;27,440 was published in the Official Gazette. This law established several amendments to the Capital Markets Law No.&nbsp;26,831 regarding the extent of the powers of the CNV; the exercise of preemptive rights on shares offered through public offering in the case of capital increases; private placements; public tender offers; the jurisdiction of the federal commercial courts of appeals to review the resolutions issued or sanctions imposed by the CNV, among other amendments.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">With regard to public tender offers, under the previous regime, the offeror was obliged to formulate a &#147;fair&#148; price to be fixed by weighing the results of different company valuation methods, with a minimum floor related to the average market price for the six-month period immediately preceding the date of the agreement. Pursuant to the amendments introduced by Law No.&nbsp;27,440 to the Capital Markets Law, the obligation is objective and consists in offering the higher of two existing prices: the price that the offeror would have paid or agreed during the 12 months immediately preceding the first day of the public tender offer period, and the average price of the securities subject to the offer during the semester immediately preceding the date of the announcement of the transaction under which the change of control is agreed upon.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On December&nbsp;28, 2018, CNV General Resolution No.&nbsp;779/2018 was published in the Official Gazette, pursuant to which the regulatory framework applicable to the Public Tender Offers is regulated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(d)&nbsp;Acquisition of Treasury Shares</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Ordinary Shareholders&#146; Meeting held on April&nbsp;23, 2013, which was adjourned until May&nbsp;21, 2013, approved at its second session of deliberations, the creation of a &#147;Voluntary Reserve for Capital Investments&#148; of $1,200, granting powers to the Company&#146;s Board of Directors to decide its total or partial application, and to approve the methodology, terms and conditions of such investments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In connection with the above mentioned, on May&nbsp;22, 2013, the Board of Directors approved a Company&#146;s Treasury Shares Acquisition Program in the market in Argentine pesos (the &#147;Treasury Shares Acquisition Program&#148;) so as to avoid any possible damages to the Company and its shareholders derived from fluctuations and unbalances between the shares&#146; price and the Company&#146;s solvency, for the following maximum amount and deadline:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Arial">Maximum amount to be invested:</font></u><font face="Arial"> $1,200.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Arial">Deadline for the acquisitions:</font></u><font face="Arial"> until April&nbsp;30, 2014.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">According to the offer made on November&nbsp;7, 2013 by Fintech for the acquisition of the controlling interest of the Telecom Italia Group in Telecom Argentina, Telecom Argentina suspended the acquisition of treasury shares and its Board of Directors considered appropriate to request the opinion of the CNV on the applicability of the new provisions contained in the rules&nbsp;issued by that entity (Title II, Chapter I, Art.13 and concurring) with respect to the continuation of the Treasury Shares Acquisition Program.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The CNV did not answer the Company&#146;s request and the Telecom Argentina&#146;s Board of Directors, at its meeting held on May&nbsp;8, 2014, decided to conclude the request considering that the Treasury Shares Acquisition Program finished on April&nbsp;30, 2014, which had been approved by Telecom Argentina&#146;s Board of Directors Meeting held on May&nbsp;22, 2013.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina&#146;s Board of Directors, at its meeting held on June&nbsp;27, 2014, decided to request a new opinion from the CNV to confirm whether Telecom Argentina is obliged to refrain from acquiring treasury shares in the market under Section&nbsp;13, Chapter I, Title II of the CNV rules&nbsp;(NT 2013).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Pursuant to Section&nbsp;67 of Law No.&nbsp;26,831, the Company should sell its treasury shares within three years of the date of acquisition, although the Company&#180;s Shareholders&#146; Meetings provides an extension. Pursuant to Section&nbsp;221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&#146; Meetings. No restrictions apply to Retained Earnings as a result of the creation of a specific reserve for such purposes named &#147;Voluntary Reserve for Capital Investments&#148;, which as of December&nbsp;31, 2018 amounts to $461 (in current currency</font><font face="Arial"> on the transaction date</font><font face="Arial">).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s Shareholders&#146; Meeting held on April&nbsp;29, 2016 approved a three-year extension to the term established in Section&nbsp;67 of Law No.&nbsp;26,831 for the disposal of the treasury shares.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018 the Company owns 15,221,373 treasury shares, representing 0.70% of its total capital. The acquisition cost of these shares in the market amounted to $461 (in current currency</font><font face="Arial"> on the transaction date</font><font face="Arial">).</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">92</font></b><a name="PB_92_044646_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(e)&nbsp;Law No.&nbsp;27,260 of &#147;Historical Repair to Retired and Pensioned&#148;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;22, 2016, Law No.&nbsp;27,260 of &#147;Historic Reparation for Retired Persons and Pensioners&#148;, abolishing Law No.&nbsp;27,181 on &#147;Declaration of public interest of the protection of the social participations of the National State that make up the investment portfolio of the &#147;Sustainability Guarantee Fund of the Argentine Pension Integrated System&#148; in its Section&nbsp;35, was published in the Official Gazette. In addition, Section&nbsp;30 of Law No.&nbsp;27,260 provides that the transfer of shares of public corporations authorized by the CNV that are part of the FGS is banned without a previous and express authorization of the Federal Congress if, as a result of such transfer, the FGS&#146;s holding of the above referred securities becomes less than 7% of the aggregate assets of the FGS. The following exceptions apply: &#147;<i>1. Tender offers addressed to all holders of such assets at a fair price authorized by the CNV, pursuant to the terms of Chapters II,&nbsp;III and IV of Title III of Law No.&nbsp;26,831. 2. Swaps of shares for other shares of the same or another corporation as a result of a merger, split or other corporate reorganization.&#148;</i></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">(f)&nbsp;Decree No.&nbsp;894/2016: exercise of corporate, political and economic rights by the ANSES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;28, 2016, Decree No.&nbsp;894/2016 was published in the Official Gazette, providing that in those corporations which shares are part of the Sustainability Guarantee Fund of the Argentine Pension Integrated System&#146; portfolio, the corporate, political and economic rights corresponding to such shares shall not be exercised by the Secretary of Economic Politics and Development Planning, but shall instead be exercised by the Federal Management of Social Security (&#147;ANSES&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">In addition, Decree No.&nbsp;894/2016 provides that the Directors appointed by ANSES shall have the functions, duties and powers provided in the LGS, the Capital Market Law No.&nbsp;26,831 and their complementary regulations, all other rules&nbsp;applicable to corporations in which they act as directors, and their bylaws and internal regulations, and that they shall be exposed to all the liabilities applicable under such rules, not being subject to the provisions of Decree No.&nbsp;1,278/2012 and No.196/2015 (the latter in connection with its delimitation of responsibility).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 21 &#150; </font></b><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">FINANCIAL INSTRUMENTS</font></b><a name="NOTE21FINANCIALINSTRUMENTS_030057"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">a)</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font face="Arial" style="font-style:italic;font-weight:bold;">Categories of financial assets and financial liabilities</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The following tables set out, for financial assets and liabilities as of December&nbsp;31, 2018 and 2017, the supplementary disclosures on financial instruments required by IFRS 7 and the detail of gains and losses established by IFRS 9.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="79%" style="border-collapse:collapse;">
<tr>
<td width="43%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="31%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:31.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Fair value</font></b></p>    </td>
<td width="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As   of December&nbsp;31, 2018</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Amortized<br>   cost</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">accounted<br>   through profit<br>   or loss</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">accounted<br>   through other<br>   comprehensive<br>   Income</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="43%" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Assets</font></b></p>    </td>
<td width="12%" style="padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash and cash equivalents </font><font size="1" face="Arial" style="font-size:7.0pt;">(1)</font></p>    </td>
<td width="12%" style="padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">6,831</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">60</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6,891</font></b></p>    </td>   </tr>
<tr>
<td width="43%" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Investments</font></p>    </td>
<td width="12%" style="padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">5,269</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">729</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5,998</font></b></p>    </td>   </tr>
<tr>
<td width="43%" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Trade receivables</font></p>    </td>
<td width="12%" style="padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">17,476</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">17,476</font></b></p>    </td>   </tr>
<tr>
<td width="43%" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other receivables </font><font size="1" face="Arial" style="font-size:7.0pt;">(2)&nbsp;</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,302</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">657</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">138</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,097</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30,878</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,446</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">138</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">32,462</font></b></p>    </td>   </tr>
<tr>
<td width="43%" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Liabilities</font></b></p>    </td>
<td width="12%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p style="margin:0in .05in .0001pt 0in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Trade payables </font></p>    </td>
<td width="12%" style="padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">23,424</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">23,424</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial debt</font></p>    </td>
<td width="12%" style="padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">79,312</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">79,312</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Salaries and social security payables </font></p>    </td>
<td width="12%" style="padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">6,294</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6,294</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other liabilities and dividends payables </font><font size="1" face="Arial" style="font-size:7.0pt;">(2)</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">348</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">348</font></b></p>    </td>   </tr>
<tr>
<td width="43%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:43.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">109,378</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:15.24%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:16.48%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.64%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">109,378</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">(1)&nbsp;</font><font size="1" face="Arial" style="font-size:7.0pt;">Includes 1,878 as of December&nbsp;31, 2018, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.5pt;">(2)&nbsp;</font><font size="1" face="Arial" style="font-size:7.0pt;">Only includes financial assets and liabilities according to the scope of IFRS 7.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="89%" style="border-collapse:collapse;">
<tr>
<td width="46%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:30.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Fair value</font></b></p>    </td>
<td width="11%" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31, 2017</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Amortized<br>   cost</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">accounted<br>   through profit<br>   or loss</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">accounted<br>   through other<br>   comprehensive<br>   Income</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="46%" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Assets</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash and cash equivalents </font><font size="1" face="Arial" style="font-size:7.0pt;">(1)</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">5,153</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,364</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6,517</font></b></p>    </td>   </tr>
<tr>
<td width="46%" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Investments</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">159</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">162</font></b></p>    </td>   </tr>
<tr>
<td width="46%" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Trade receivables</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,588</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,588</font></b></p>    </td>   </tr>
<tr>
<td width="46%" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other receivables </font><font size="1" face="Arial" style="font-size:7.0pt;">(2)&nbsp;</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">428</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">428</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">8,172</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,523</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">9,695</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p style="margin:0in .05in .0001pt 0in;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Liabilities</font></b></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Trade payables </font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">5,737</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5,737</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial debt</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">16,009</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">16,009</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Salaries and social security payables </font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,585</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,585</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other liabilities </font><font size="1" face="Arial" style="font-size:7.0pt;">(2)</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">6,026</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6,026</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:46.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30,357</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:14.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:16.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.62%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30,357</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)&nbsp;Includes 5,120 as of December&nbsp;31, 2017, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(2)&nbsp;Only includes financial assets and liabilities according to the scope of IFRS 7.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">93</font></b><a name="PB_93_044646_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Gains and losses by category &#150; Year 2018</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="79%" style="border-collapse:collapse;">
<tr height="23" style="height:17.4pt;">
<td width="62%" height="23" valign="top" style="height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:62.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" height="23" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Net gain/(loss)</font></p>    </td>
<td width="3%" height="23" valign="top" style="height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:3.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="23" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:16.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Of which interest</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:62.8%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial   assets at amortized cost</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.78%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">7,544</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:3.28%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.14%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">1,863</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:62.8%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial   liabilities at amortized cost</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.78%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(41,540)</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:3.28%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.14%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(6,307)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:62.8%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial   assets at fair value through profit or loss</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.78%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">2,237</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:3.28%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:16.14%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">1,019</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:62.8%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial   liabilities at fair value through profit or loss</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.78%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(229)</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:3.28%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:16.14%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr height="12" style="height:8.8pt;">
<td width="62%" height="12" valign="top" style="height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:62.8%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="17%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:17.78%;">
<p align="right" style="background:white;margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(31,988)</font></b></p>    </td>
<td width="3%" height="12" valign="top" style="height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:3.28%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="12" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:16.14%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(3,425)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Gains and losses by category &#150; Year 2017</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="79%" style="border-collapse:collapse;">
<tr height="23" style="height:17.4pt;">
<td width="62%" height="23" valign="top" style="height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:62.8%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" height="23" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:17.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Net gain/(loss)</font></p>    </td>
<td width="3%" height="23" valign="top" style="height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:3.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" height="23" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:17.4pt;padding:0in 5.4pt 0in 5.4pt;width:16.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Of which interest</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:62.8%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial   assets at amortized cost</font></p>    </td>
<td width="17%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:17.78%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(285)</font></p>    </td>
<td width="3%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:3.28%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:16.14%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">201</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:62.8%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial   liabilities at amortized cost</font></p>    </td>
<td width="17%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:17.78%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,229)</font></p>    </td>
<td width="3%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:3.28%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:16.14%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(2,185)</font></p>    </td>   </tr>
<tr>
<td width="62%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:62.8%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Financial   assets at fair value through profit or loss </font></p>    </td>
<td width="17%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.78%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">265</font></p>    </td>
<td width="3%" valign="top" bgcolor="#FFFF00" style="background:white;padding:0in 5.4pt 0in 5.4pt;width:3.28%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:16.14%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr height="12" style="height:8.8pt;">
<td width="62%" height="12" valign="top" style="height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:62.8%;">
<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="17%" height="12" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:17.78%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1,249)</font></b></p>    </td>
<td width="3%" height="12" valign="top" bgcolor="#FFFF00" style="background:white;height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:3.28%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" height="12" valign="top" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:8.8pt;padding:0in 5.4pt 0in 5.4pt;width:16.14%;">
<p align="right" style="margin:0in 0in .0001pt 14.2pt;text-align:right;text-indent:-14.2pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1,984)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;font-weight:bold;">b)</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;font-weight:bold;">Fair value hierarchy and other disclosures</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">IFRS 7 establishes a hierarchy of fair value, based on the information used to measure the financial assets and liabilities and also establishes different valuation techniques. According to IFRS 7, valuation techniques used to measure fair value shall maximize the use of observable inputs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The measurement at fair value of the financial instruments of Telecom are classified according to the three levels set out in IFRS 7:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Level   1: Fair value determined by quoted prices (unadjusted) in active markets for   identical assets or liabilities.</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Level   2: Fair value determined based on inputs other than quoted prices included   within Level 1 that are observable for the asset or liability, either   directly (e.g. as prices) or indirectly (e.g. derived from prices).</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">-</font></p>    </td>
<td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.34%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Level   3: Fair value determined by unobservable inputs where the reporting entity is   required to develop its own assumptions.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial assets and liabilities recognized at fair value as of September&nbsp;30, 2018 and 2017, their inputs, valuation techniques and the level of hierarchy are listed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Mutual Funds:</font></b><font face="Arial"> These investments are included in Cash and cash equivalents and Investments. Telecom and its subsidiaries have other short-term investments amounting to $62 and $1,463 as of </font><font face="Arial">December&nbsp;31</font><font face="Arial">, 2018 and 2017, respectively. The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end; therefore, its valuation is classified as Level 1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Government bonds:</font></b><font face="Arial"> These bonds are included in &#147;Investments&#148; in the consolidated statement of financial position. As of </font><font face="Arial">December&nbsp;31</font><font face="Arial">, 2018 and 2017 Telecom and its subsidiaries have Government bonds in an amount of $727 and $50, respectively. The fair value was determined using information from active markets, valuing each bond to its closing year market value, so, its valuation qualifies as Level 1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Other investments:</font></b><font face="Arial"> These investments are included in Cash and Cash equivalents. The Company has other investments at fair value in an amount of $10 as of December&nbsp;31, 2017. Fair Value was determined using information from active markets, valuing each investment to its closing year market value, so, its valuation qualifies as Level 1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Derivative financial instruments (Forward contracts to purchase US dollars at fixed exchange rates):</font></b><font face="Arial"> The fair value of Telecom&#146;s and its subsidiaries NDF contracts, disclosed in the chapter &#147;Hedge Accounting&#148; was determined by information obtained in the most representative financial institutions in Argentina, the derivative financial instruments&#146; valuation was classified as Level 2.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">During the years ended December&nbsp;31, 2018 and 2017, there were no transfers between Levels of the fair value hierarchy.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">According to IFRS 7, it is also required to disclose fair value information about financial instruments whether or not recognized at fair value in the balance sheet, for which it is practicable to estimate fair value. The financial instruments which are discussed in this section include, among others, cash and cash equivalents, investments at amortized cost, accounts receivable, accounts payable and other instruments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair value, the Company&#146;s fair values should not be compared to those of other companies.</font></p>
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<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The methods and assumptions used to estimate the fair values of each class of financial instrument falling under the scope of IFRS 7 as of December&nbsp;31, 2018 and 2017 are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Cash and banks</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Carrying amounts approximate its fair value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Time deposits and Other investments at amortized cost (included in Cash and cash equivalents)</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom and its subsidiaries consider as cash and cash equivalents all short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed 3 months. The carrying amount reported in the statement of financial position approximates fair value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:28.35pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Current and non-current Investments valued at amortized cost</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, fair value of investments valued at amortized cost amounts to $4,310 and its carrying value amounts to $5,183. As of December&nbsp;31, 2017 fair value of those investments approximates fair value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Trade receivables</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Carrying amounts are considered to approximate fair value due to the short term nature of these accounts receivables. Noncurrent trade receivables have been recognized at their amortization cost, using the effective interest method and are not significant. All amounts that are assumed to be uncollectible within a reasonable period are written off and/or reserved.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Trade payables</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The carrying amount of accounts payable reported in the consolidated statement of financial position approximates its fair value due to the short term nature of these accounts payable. Noncurrent trade payables have been discounted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Financial Debt</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, loans&#146; fair value amounts to $78,787 and its carrying value amounts to $79,312. As of December&nbsp;31, 2017 loans&#146; fair value amounts to $11,459 ($16,918 restated for comparative purposes), and its carrying value amounts to $10,844 ($16,010 restated for comparative purposes).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Salaries and social security payables</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The carrying amount of Salaries and social security payables, reported in the consolidated statement of financial position approximates its fair value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 34.0pt;text-align:justify;text-indent:-7.0pt;"><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">Other receivables, net (except for NDF) and other liabilities</font></u></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">The carrying amount of other receivables, net and other liabilities reported in the consolidated statement of financial position approximates its fair value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;font-weight:bold;">c)</font></i></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;font-weight:bold;">Hedge accounting</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom and its subsidiaries believe that a hedging relationship qualifies for hedge accounting if all of the following conditions established by the IFRS 9 are met:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.65pt;text-align:justify;text-indent:-13.65pt;"><font size="2" face="Arial" style="font-size:10.0pt;">a)</font><font face="Arial">&nbsp;&nbsp;</font><font face="Arial">The hedging relationship consists only of eligible hedging instruments and hedged items;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 49.65pt;text-align:justify;text-indent:-13.65pt;"><font size="2" face="Arial" style="font-size:10.0pt;">b)&nbsp;&nbsp;</font><font face="Arial">At the beginning of the hedge relationship, there is a formal designation and documentation of the hedging relationship and objective and strategy for risk management of the Company and its subsidiaries for undertaking the hedge. That documentation shall include identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the entity assesses whether the hedging relationship meets the requirements of hedge effectiveness (including analysis of sources of hedge ineffectiveness and how to determine the hedge ratio); and</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.45pt;text-align:justify;text-indent:.55pt;"><font size="2" face="Arial" style="font-size:10.0pt;">c)</font><font face="Arial">&nbsp;&nbsp;</font><font face="Arial">The hedging relationship satisfies the following requirements of hedge effectiveness:</font></p>
<p style="margin:0in 0in .0001pt 49.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(i)&nbsp;the economic relationship between the hedged item and the hedging instrument; <br> (ii)&nbsp;the effect of credit risk is not predominant in respect of changes of value coming from this economic relationship, and</font></p>
<p style="margin:0in 0in .0001pt 49.65pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(iii)&nbsp;the coverage ratio of the hedging relationship is the same as the one provided by the amount of the hedged item that really covers the entity and the amount of the hedging instrument that the entity actually uses to cover that amount of the hedged item.</font></p>
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<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">During years 2017 and 2018</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">LIBOR Hedges</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:11.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During year ended December&nbsp;31, 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of LIBOR from the IFC loan amounting to US$400 million. The agreements effective from March&nbsp;15, 2017 hedge an amount if US$300 million, while those effective from September&nbsp;15, 2017 hedge the outstanding US$100 million. Such NDF allow fixing the variable rate all along the loan term in a range between 2.087% and 2.4525% nominal annual rate (resulting in a weight average of 2.2258%).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, Telecom recognized a receivable of $137, which is included in other receivables ($98 current and $39 non-current). Additionally, during the year ended December&nbsp;31, 2018, Telecom recognizes gains of $3 related to those contracts that are included in Debt financial expenses &#150; Interests on debts in Financial results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During year ended December&nbsp;31, 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of LIBOR from the International Finance Corporation loan amounting to US$100 million. The agreements hedge an amount of US$40 million and were agreed in two tranches of US$20 million each one, both of them starting on March&nbsp;15, 2018 and fixing the variable rate all along the term of the loan to 2.1325% and 2.085% nominal annual rate, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, Telecom recognized a receivable of $18, which is included in other receivables ($12 current and $6 non-current). Additionally, during the year ended December&nbsp;31, 2018, Telecom recognizes gains of $4 related to those contracts, that are included in Debt financial expenses &#150; Interests on debts in Financial results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Exchange rate Hedges</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During year ended December&nbsp;31, 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate from the International Finance Corporation loan amounting to US$53.5 million fixing the average exchange rate in 18.30 Argentine pesos/US$, expiring between February&nbsp;and April&nbsp;2018. During first half of 2018, some NDF agreements expire, recognizing a gain of $77 including in Other Financial results, net &#150; Other Foreign currency exchange gains (losses).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:13.8pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During year ended December&nbsp;31, 2018, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate from its loan portfolio (International Finance Corporation, Syndicated, Deustche Bank and Notes Series&nbsp;IV) amounting to US$306 million fixing the average exchange rate in 36.58 Argentine pesos/US$, expiring between June&nbsp;2018 and May&nbsp;2019. During 2018, Telecom recognized gains related to these agreements of $1,039 that are included in Foreign currency exchange gains in Financial Results, net. As of December&nbsp;31, 2018, Telecom maintains NDF agreements for a total of US$166 million for those that has recognized a receivable of $640, which is included in Other receivables current and a liability of $100 which is included in Financial Debt current.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:14.15pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On the other hand, during 2017, Telecom Argentina entered into agreements (NDF) to hedge exchange rate fluctuations of certain commercial obligations for an amount of US$6.3 million, with an average exchange rate of 18.94 Argentine pesos/US$, maturing in March&nbsp;and August&nbsp;2018. For such agreements, Telecom has recognized gains of $22 that are included in Other Financial results, net &#150; Other Foreign currency exchange gains (losses).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 21.3pt;text-align:justify;text-indent:14.15pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In 2018, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate of certain commercial obligations for an amount of US$118 million fixing the average exchange rate in 39.33 Argentine pesos/US$ expiring between August&nbsp;and October&nbsp;2018. For these NDF agreements has recognized losses of $152 that are included in Other Financial results, net &#150; Other Foreign currency exchange gains (losses).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">96</font></b><a name="PB_96_044646_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><i><u><font size="2" face="Arial" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Offsetting of financial assets and financial liabilities</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The information required by the amendment to IFRS 7 as of December&nbsp;31, 2018 of Telecom and its subsidiaries is as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="84%" style="border-collapse:collapse;">
<tr>
<td width="52%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:52.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="47%" colspan="4" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:47.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As of December&nbsp;31, 2018</font></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:52.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:12.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   receivables</font></b></p>    </td>
<td width="12%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   receivables<br>    </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1)</font></b></p>    </td>
<td width="10%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:10.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   payables</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   liabilities<br>    </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1)</font></b></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:52.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Current and noncurrent assets (liabilities) - Gross   value</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">18,729</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">2,128</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:10.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(24,665)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 5.75pt 0in 5.75pt;width:11.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(379)</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:52.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Offsetting</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(1,251)</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">(31)</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:10.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">1,251</font></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:11.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;">31</font></p>    </td>   </tr>
<tr>
<td width="52%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:52.92%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Current and noncurrent   assets (liabilities) &#150; Booked value </font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.75pt 0in 5.75pt;width:12.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">17,478</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.75pt 0in 5.75pt;width:12.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">2,097</font></b></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.75pt 0in 5.75pt;width:10.94%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">(23,414)</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.75pt 0in 5.75pt;width:11.18%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.5pt;font-weight:bold;">(348)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:7.0pt;">Includes financial assets and financial liabilities according to IFRS 7.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2017, Offsetting of financial assets and financial liabilities did not exist.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom and its subsidiaries offset the financial assets and liabilities to the extent that such offsetting is provided by offsetting agreements and provided that Telecom has the intention to make such offsetting, in accordance with requirements established in IAS 32. The main financial assets and liabilities offset correspond to transactions with other national and foreign operators including interconnection, CPP and Roaming (being offsetting a standard practice in the telecommunications industry at the international level that Telecom applies regularly). Offsetting is also applied to transactions with agents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 22 &#150; REVENUES</font></b><a name="NOTE22REVENUES_030113"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Revenues include:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;">
<tr>
<td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="45%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:45.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:54.88%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="16%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:16.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:54.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Mobile Services</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">57,776</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">4,274</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7,736</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:54.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Internet Services </font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">37,742</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">19,354</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">13,789</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:54.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Cable Television   Services </font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">36,067</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">39,914</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">36,929</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:54.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fixed and Data<font color="black" style="color:black;"> Services</font></font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">23,149</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,897</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">996</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:54.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other services revenues</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">478</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">835</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">712</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:54.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Subtotal Services revenues</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">155,212</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">66,274</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">60,162</font></b></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:54.88%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Equipment revenues</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">12,834</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">375</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">243</font></p>    </td>   </tr>
<tr>
<td width="54%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:54.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Total   Revenues</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">168,046</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.22%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">66,649</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.9%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">60,405</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 23 &#150; OPERATING EXPENSES</font></b><a name="NOTE23OPERATINGEXPENSES_030115"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating expenses disclosed by nature of expense amounted to $146,789, $52,340 and $48,089 for the years ended December&nbsp;31, 2018, 2017 and 2016, respectively. The main components of the operating expenses are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;width:86.68%;">
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="42%" colspan="3" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:42.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Employee benefit expenses and severance payments</font></u></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Salaries, Social security expenses and benefits</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">(27,026)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">(10,817)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">(10,007)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Severance indemnities and termination benefits</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">(2,273)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">(362)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">(186)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other employee expenses</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">(749)</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">(486)</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">(410)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(30,048)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(11,665)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(10,603)</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in .05in .0001pt 0in;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Fees for services,   maintenance, materials and supplies</font></u></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Maintenance and materials</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(8,533)</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(4,300)</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(5,271)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Fees for services</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(7,629)</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(2,930)</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(2,619)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Directors and Supervisory Committee&#146;s fees</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(99)</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(24)</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(22)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(16,261)</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(7,254)</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(7,912)</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Taxes and fees with the   Regulatory Authority</font></u></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in .05in .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Turnover tax</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(7,361)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(2,157)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,218)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Municipal taxes</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,811)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,026)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(838)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Other taxes and fees</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(4,437)</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,676)</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(2,285)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(13,609)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(4,859)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(4,341)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">97</font></b><a name="PB_97_044023_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;width:86.68%;">
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="42%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:42.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Cost of equipment and   handsets</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Inventory balance at the beginning of   the year</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(189)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(515)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(9)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Plus:</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; Incorporation by merger (Note   4.a)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(2,739)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(232)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(47)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;   Purchases</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(9,608)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(285)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,341)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp; Other</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(20)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">350</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Less:</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Inventory balance at the end of the year</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">2,889</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">189</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">515</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(9,667)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(493)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(882)</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Other operating income and   expenses</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="center" style="margin:0in .05in .0001pt 0in;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Provisions</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,254)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(359)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(348)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Rentals   and internet capacity</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(3,321)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,121)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(862)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Other</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(5,100)</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,766)</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,915)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(9,675)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(3,246)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(3,125)</font></b></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Depreciation, amortization and impairment of PP&amp;E and Intangible   assets</font></u></b></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Depreciation of PP&amp;E</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(27,643)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(9,698)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(7,719)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Amortization of intangible assets</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(5,378)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(106)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(164)</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Impairment of PP&amp;E</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(467)</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Impairment of Intangible assets</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">(1,623)</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.5pt;">-</font></p>    </td>   </tr>
<tr>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(35,111)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(9,804)</font></b></p>    </td>
<td width="14%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:14.02%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.5pt;font-weight:bold;">(7,883)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Operating expenses, disclosed per function are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="9" style="height:7.05pt;">
<td width="31%" height="9" style="height:7.05pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Concept</font></b></p>    </td>
<td width="9%" height="9" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating<br>   costs</font></b></p>    </td>
<td width="15%" height="9" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Commercialization<br>   costs</font></b></p>    </td>
<td width="12%" height="9" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Administration<br>   costs</font></b></p>    </td>
<td width="10%" height="9" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total <br>   12.31.2018</font></b></p>    </td>
<td width="10%" height="9" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total <br>   12.31.2017</font></b></p>    </td>
<td width="10%" height="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:7.05pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total <br>   12.31.2016</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Employee   benefit expenses and severance payments</font></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(16,724)</font></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,241)</font></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,083)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(30,048)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,665)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(10,603)</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Interconnection   costs and other telecommunication charges</font></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,478)</font></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11)</font></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(36)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,525)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,311)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,360)</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Fees   for services, maintenance, materials and supplies</font></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(8,548)</font></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,796)</font></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,917)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(16,261)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,254)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,912)</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Taxes   and fees with the Regulatory Authority</font></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(13,420)</font></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(23)</font></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(166)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(13,609)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,859)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(4,341)</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Commissions   and advertising</font></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(229)</font></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,451)</font></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,530)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(11,210)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,691)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,464)</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Cost of   equipment and handsets</font></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,667)</font></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,667)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(493)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(882)</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Programming and content costs</font></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,149)</font></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(12,156)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,116)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,778)</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Bad debt expenses</font></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2)</font></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">-</font></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,525)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,527)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(901)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(741)</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Other   operating income and expenses</font></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(6,668)</font></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,141)</font></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,866)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,675)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,246)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,125)</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;">Depreciation,   amortization and impairment of PP&amp;E and Intangible assets</font></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(27,306)</font></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(2,545)</font></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(5,260)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(35,111)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(9,804)</font></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">(7,883)</font></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total as of 12.31.2018</font></b></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(100,191)</font></b></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(12,208)</font></b></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(34,390)</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(146,789)</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total as of 12.31.2017</font></b></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(34,316)</font></b></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(7,953)</font></b></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(10,071)</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(52,340)</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr height="1" style="height:1.0pt;">
<td width="31%" height="1" valign="bottom" style="height:1.0pt;padding:0in 5.75pt 0in 0in;width:31.7%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total as of 12.31.2016</font></b></p>    </td>
<td width="9%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:9.76%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(31,584)</font></b></p>    </td>
<td width="15%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:15.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(8,089)</font></b></p>    </td>
<td width="12%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(8,416)</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="10%" height="1" valign="bottom" bgcolor="#FFFF00" style="background:white;border:none;border-bottom:double windowtext 2.25pt;height:1.0pt;padding:0in 5.75pt 0in 0in;width:10.2%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(48,089)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><i><u><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Operating leases</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Future minimum lease payments from of non-cancellable operating lease agreements of Telecom and its subsidiaries as of December&nbsp;31, 2018, 2017 and 2016 in current currency </font><font face="Arial">on the transaction date</font><font face="Arial"> are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="58%" style="border-collapse:collapse;width:58.78%;">
<tr>
<td width="24%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:24.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Less than 1<br>   year</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:17.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1-5 years</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:20.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">More than 5<br>   years</font></b></p>    </td>
<td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;width:20.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:24.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2016</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">430</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">455</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:20.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">26</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:20.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">911</font></b></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:24.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">467</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">391</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:20.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">25</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:20.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">883</font></b></p>    </td>   </tr>
<tr>
<td width="24%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:24.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">1,754</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:17.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">2,286</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:20.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">479</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:20.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">4,519</font></b></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Further information is provided in Note 3.k) to these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">98</font></b><a name="PB_98_044023_5335"></a></p>
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<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 59.55pt;text-indent:-59.55pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 24 &#150; FINANCIAL RESULTS, NET</font></b><a name="NOTE24FINANCIALRESULTSNET_030122"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="79%" style="border-collapse:collapse;">
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:39.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Interests on debts (*)</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(4,542)</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,138)</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(1,736)</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Foreign currency exchange losses on   debts (**)</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(29,620)</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">780</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,086</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Other financial expenses on debts</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">190</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">141</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total   Debt financial expenses </font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(33,972)</font></b></p>    </td>
<td width="13%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(217)</font></b></p>    </td>
<td width="13%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(595)</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:9.0pt;">Interests and g<font color="black" style="color:black;">ains on   investments</font></font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,898</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">353</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">409</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Taxes and bank   expenses</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(1,646)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(745)</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(733)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt 7.1pt;text-indent:-7.1pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Other   Foreign currency exchange gains (losses) (***)</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">1,402</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(476)</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(665)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Financial discounts on assets, debts and   other</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">7</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">16</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">55</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Gains (losses) on operations with notes   and bonds </font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">780</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(43)</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(11)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Interests on provisions</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(604)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(78)</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(77)</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Financial expenses on pension benefits</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(72)</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">-</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">RECPAM</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">13,403</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">1,907</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">5,547</font></p>    </td>
<td width="0%" style="border:none;padding:0in 0in 0in 0in;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Other </font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">9</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">(4)</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">94</font></p>    </td>
<td width="0%" style="border:none;border-bottom:solid windowtext 1.0pt;">
<p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p></td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total other financial results, net</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">15,177</font></b></p>    </td>
<td width="13%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">930</font></b></p>    </td>
<td width="13%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">4,619</font></b></p>    </td>   </tr>
<tr>
<td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.74%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">Total financial results, net</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">(18,795)</font></b></p>    </td>
<td width="13%" colspan="2" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">713</font></b></p>    </td>
<td width="13%" colspan="2" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:13.1%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;font-weight:bold;">4,024</font></b></p>    </td>   </tr>
<tr height="0">
<td width="341" style="border:none;"></td>
<td width="73" style="border:none;"></td>
<td width="72" style="border:none;"></td>
<td width="1" style="border:none;"></td>
<td width="72" style="border:none;"></td>
<td width="1" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(*)&#160;&#160;&#160; Includes 7 corresponding to net income generated by NDF in the year ended December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(**)&#160;&#160; Includes 1,116 corresponding to net income generated by NDF in the year ended December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(***) Includes (130) corresponding to net losses generated by NDF in the year ended December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 25 &#150; EARNINGS PER SHARE</font></b><a name="NOTE25EARNINGSPERSHARE_030120"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">Basic earnings per share are calculated by dividing the net income (loss) attributable to owners of the Parent by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing the net income (loss) for the year by the weighted average number of common shares issued and dilutive potential common shares at the closing of the year. Since the Company has no dilutive potential common stock outstanding, there are no dilutive earnings per share amounts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For the year ended December&nbsp;31, 2018 the weighted average number of shares outstanding amounted to 2,153,688,011 due to the changes caused by the Treasury Shares Acquisition Process that began in May&nbsp;2013, as described in Note 20.d) to these consolidated financial statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For the years ended December&nbsp;31, 2017 and 2016, the Company has divided the net income attributable to the shareholders of the Controlling Company of each period based on 1,184,528,406 ordinary shares, which arise as a result of multiply 120,000 ordinary shares of Cablevisi&#243;n outstanding for such years (see Note 1.c)) by the exchange ratio established in the pre-merger commitment (1 ordinary share of Cablevisi&#243;n for each 9,871.07005 new shares of Telecom Argentina).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 26 &#150; FINANCIAL RISK MANAGEMENT</font></b><a name="NOTE26FINANCIALRISKMANAGEMENT_030125"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Financial risk factors</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom and its subsidiaries are exposed to the following financial risks in the ordinary course of its business operations:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">market risk: stemming from change in exchange rates and interest rates in connection with financial assets that have been originated and financial liabilities that have been assumed;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">credit risk: representing the risk of the non-fulfillment of the obligations undertaken by the counterpart with regard to the operations of Telecom;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">liquidity risk: connected with the need to meet short-term financial commitments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">These financial risks are managed by:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">the definition of guidelines for directing operations;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">the activity of the Board of Directors and Management which monitors the level of exposure to mentioned risks consistently with prefixed general objectives;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">the identification of the most suitable financial instruments, including derivatives, to reach prefixed objectives;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.35pt;text-align:justify;text-indent:-14.15pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;</font><font color="black" face="Arial" style="color:black;">the monitoring of the results achieved.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">99</font></b><a name="PB_99_044023_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The policies to manage and the sensitivity analyses of the above financial risks by Telecom are described below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Market risk</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">One of the main Telecom&#146;s market risks is its exposure to changes in foreign currency exchange rates in the markets in which it operates principally Argentina, Uruguay and Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Foreign currency risk is the risk that the future fair values or cash flows of a financial instrument may fluctuate due to exchange rate changes. Telecom&#146;s exposure to exchange variation risks is related mainly to its operating activities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom has great part of its commercial debt nominated in </font><font face="Arial">US$ </font><font face="Arial">and euro. Additionally, holds part of its financial debt is denominated in US$ at variable rate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The financial risk management policies of Telecom are directed towards diversifying market risks by the acquisition of goods and services in the functional currency and minimizing interest rate exposure by an appropriate diversification of the portfolio. This may also be achieved by using carefully selected derivative financial instruments to mitigate long-term positions in foreign currency and/or adjustable by variable interest rates (See Note 21).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Additionally, Telecom and its subsidiaries have cash and cash equivalents and investments mostly denominated in foreign currency that are also sensitive to changes in peso/dollar exchange rates and contribute to reduce the exposure to trade payables in foreign currency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Financial assets and liabilities denominated in foreign currencies as of December&nbsp;31, 2018 and 2017, are the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="60%" style="border-collapse:collapse;margin-left:.8in;">
<tr>
<td width="35%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:35.56%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="32%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:32.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="32%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:32.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">2017</font></b></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:35.56%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="64%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:64.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">In equivalent millions of Argentine   pesos</font></b></p>    </td>   </tr>
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<td width="35%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:35.56%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Assets</font></b></p>    </td>
<td width="32%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:32.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">17,111</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:32.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">3,058</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:35.56%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Liabilities</font></b></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:32.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(90,217)</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:32.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:9.0pt;">(11,131)</font></p>    </td>   </tr>
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<td width="35%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:35.56%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Assets   (Liabilities) Net</font></b></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.75pt 0in 5.75pt;width:32.12%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(73,106)</font></b></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.75pt 0in 5.75pt;width:32.32%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">(8,073)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In order to reduce this net position in foreign currency Telecom has NDF as of December&nbsp;31, 2018 amounting to US$166 million, therefore the net liability not hedged amounts to US$1,773 million as that date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Exchange rate risk &#150; Sensitivity analysis</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Based on the composition of the consolidated statement of financial position as of December&nbsp;31, 2018, which is a net liability position in foreign currency of $73,106 equivalent to US$1,939 million, Management estimates that every variation in the exchange rate of $1 peso against the U.S. dollar and proportional variations for Euro and Guaran&#237;es against the Argentine peso, plus or minus, would result in a variation of approximately $1,939 of the consolidated amounts of foreign currency position.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">If we consider only the portion not covered by derivative financial instruments, the net liability position totaled $66,848 equivalent to approximately US$1,773 million, and a variation of the exchange rate of 1 peso as described in the previous paragraph, would generate a variation of approximately $1,773 in the consolidated financial position in foreign currency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This analysis is based on the assumption that this variation of the Argentine peso occurred at the same time against all other currencies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This sensitivity analysis provides only a limited, point-in-time view of the market risk sensitivity of certain of the financial instruments. The actual impact of market foreign exchange rate changes on the financial instruments may differ significantly from the impact shown in the sensitivity analysis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Interest rate risk &#150; Sensitivity analysis</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Within its structure of financial debt, Telecom and its subsidiaries have bank overdrafts denominated in argentine pesos accruing interest at rates that are reset at maturity, notes and foreign bank loans denominated in U.S. dollar and guaran&#237;es that bear interest at a variable and fixed rate (Note 13).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company has financial debts at variable rate, which amounts approximately to $52,767 as of December&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In order to reduce the effect of changes in interest rates, Telecom has NDF that amounts to US$440 million as of December&nbsp;31, 2018, that convert variable rate into fixed rate, therefore the net financial debt not hedged amounts to $36,179 as of December&nbsp;31, 2018.Management believes that any variation of 10 bps in the agreed interest rates would become in the following results of $36.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">100</font></b><a name="PB_100_044023_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This analysis is based on the assumption that this change in interest rates occurs at the same time and for the same periods.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">This sensitivity analysis provides only a limited point of view of the sensitivity to market risk of certain financial instruments. The actual impact of changes in interest rates of financial instruments may differ significantly from this estimate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Credit risk</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit risk represents Telecom&#146;s exposure to possible losses arising from the failure of commercial or financial counterparts to fulfill their assumed obligations. Such risk stems principally from economic and financial factors, or from the possibility that a default situation of a counterpart could arise or from factors more strictly technical, commercial or administrative.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom&#146;s maximum theoretical exposure to credit risk is represented by the carrying amount of the financial assets and trade receivables, net recorded in the consolidated statement of financial position.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="97%" style="border:none;border-collapse:collapse;margin-left:.1in;width:97.32%;">
<tr height="43" style="height:32.2pt;">
<td width="28%" height="43" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:double black 2.25pt;height:32.2pt;padding:0in 0in 0in 0in;width:28.28%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Date due</font></b></p>    </td>
<td width="15%" height="43" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;height:32.2pt;padding:0in 0in 0in 0in;width:15.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Cash and cash<br>   equivalents</font></b></p>    </td>
<td width="15%" height="43" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;height:32.2pt;padding:0in 0in 0in 0in;width:15.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Investments</font></b></p>    </td>
<td width="15%" height="43" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;height:32.2pt;padding:0in 0in 0in 0in;width:15.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   receivables, net</font></b></p>    </td>
<td width="13%" height="43" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;height:32.2pt;padding:0in 0in 0in 0in;width:13.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other<br>   receivables, net</font></b></p>    </td>
<td width="12%" height="43" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:double black 2.25pt;height:32.2pt;padding:0in 0in 0in 0in;width:12.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.28%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total due</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:15.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:15.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:15.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">7,287</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:13.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:12.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">7,287</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.28%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total not due</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">6,891</font></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">5,998</font></p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">10,189</font></p>    </td>
<td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,988</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:12.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">26,066</font></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="border-bottom:double black 2.25pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.28%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total as of   December&nbsp;31, 2018</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,891</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">5,998</font></b></p>    </td>
<td width="15%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.28%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">17,476</font></b></p>    </td>
<td width="13%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:13.74%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,988</font></b></p>    </td>
<td width="12%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:12.14%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">33,353</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The accruals to the allowance for doubtful accounts are recorded: (i)&nbsp;for an exact amount on credit positions that present an element of individual risk (bankruptcy, customers under legal proceedings with the Company); (ii)&nbsp;on credit positions that do not present such characteristics, by customer segment considering the aging of the accounts receivable balances, expected credit losses, customer creditworthiness and changes in the customer payment terms. Total overdue balances not covered by the allowance for doubtful accounts amount to $7,278 as of December&nbsp;31, 2018 ($1,521 as of December&nbsp;31, 2017).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Regarding the credit risk relating to the asset included in the &#147;Net financial debt or asset&#148;, it should be noted that Telecom evaluates the outstanding credit of the counterparty and the levels of investment, based, among others, on their credit rating and the equity size of the counterparty. Deposits are made with leading high-credit-quality banking and financial institutions and generally for short-term periods.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom serves a wide range of customers, including residential customers, businesses and governmental agencies. As such, Telecom&#146;s account receivables are not subject to significant concentration of credit risk.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">In order to minimize credit risk, Telecom also pursues a diversification policy for its investments of liquidity and allocation of its credit positions among different first-class financial entities. Consequently, there are no significant positions with any one single counterpart.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Liquidity risk</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Liquidity risk represents the risk that Telecom and its subsidiaries have no funds to accomplish its obligations of any nature (labor, commercial, fiscal and financial, among others).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom and its subsidiaries&#146; working capital breakdown and their main variations are disclosed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;">
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2018</font></b></p>    </td>
<td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2017</font></b></p>    </td>
<td width="13%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Variation</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Trade receivables</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">17,415</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,588</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">14,827</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Other receivables (not considering financial NDF)</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">4,323</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,223</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">3,100</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Inventories</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,737</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">136</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">2,601</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Current liabilities (not considering financial debt)</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(33,401)</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(17,238)</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(16,163)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Operative   working capital</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(8,926)</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(13,291)</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,365</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="1" face="Arial" style="font-size:7.5pt;font-style:italic;">Over   revenues</font></i></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:7.5pt;font-style:italic;">5.3%</font></i></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:7.5pt;font-style:italic;">19.9%</font></i></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash and cash equivalents</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">6,891</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">6,517</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">374</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Financial NDF</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">750</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">-</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">750</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Investments</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,371</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">162</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">1,209</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:7.5pt;">Current financi</font><font size="1" face="Arial" style="font-size:7.5pt;">al debt</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(20,044)</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,383)</font></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">(18,661)</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net Current financial   (liabilitiy) asset </font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(11,032)</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5,296</font></b></p>    </td>
<td width="13%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(16,328)</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Negative operating working   capital (current assets &#150; current liabilities)</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(19,958)</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(7,995)</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(11,963)</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Liquidity   rate</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.63</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.57</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.06</font></b></p>    </td>   </tr>
<tr>
<td width="59%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:59.6%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="top" style="padding:0in 5.75pt 0in 5.75pt;width:13.46%;">
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">101</font></b><a name="PB_101_044023_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom and its subsidiaries have a typical working capital structure corresponding to a company with intensive capital that obtains spontaneous financing from its suppliers (especially PP&amp;E) for longer terms than those it provides to its customers. According to this, the negative operating working capital amounted to $8,296 as of December&nbsp;31, 2018 (decreasing $4,365 vs. December&nbsp;31, 2017) mainly due to the dividend payments of Cablevision on January, 2018, declared in December, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">During years ended December&nbsp;31, 2017 and 2018, Telecom continued obtaining funds to the financial market (See Note 13), used to pay its investments, operative working capital, and other corporative expenses </font><font face="Arial">and refinancing part of its financial debts in the framework of its permanent policy of optimizing the term, rate and structure of its financial debts</font><font face="Arial">. Telecom has an excellent credit rating. The Company has several financing sources and several offers from first-class international institutions to diversify its current funding structure, which includes accessing to domestic and international capital market and obtaining competitive bank loans in what relates to terms and financial costs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The Company&#146;s management evaluates the national and international macroeconomic context to take advantage of market opportunities that allows it preserving its financial health for the benefit of its investors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom manages its cash and cash equivalents and its financial assets trying to match the term of investments with those of its obligations. Cash and cash equivalents position is invested in highly liquid short-term instruments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom maintains a liquidity policy that includes cash through its normal course of business. Telecom and its subsidiaries have consolidated cash and cash equivalents amounting to $6,891 (equivalent to US$183 million) as of December&nbsp;31, 2018 (as of December&nbsp;31, 2017 amounted to US$236 million). Telecom has bank credits and a program of Notes that allow to finance its short-term obligations and an investment plan in addition to the operative cash flow for the next years (see Note 13).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The table below contains a breakdown of financial liabilities into relevant maturity groups based on the remaining period at the date of the consolidated statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="87%" style="border-collapse:collapse;margin-left:39.9pt;width:87.4%;">
<tr>
<td width="28%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:28.86%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Maturity Date</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:10.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Trade<br>   payables</font></b></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Financial<br>   Debt</font></b></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Salaries and<br>   social security<br>   payables</font></b></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:16.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other liabilities</font></b></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:double black 2.25pt;padding:0in 0in 0in 0in;width:16.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>    </td>   </tr>
<tr>
<td width="28%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.86%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Due</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.6%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,149</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:16.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2,149</font></b></p>    </td>   </tr>
<tr>
<td width="28%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.86%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">January&nbsp;2019 thru December&nbsp;2019</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.6%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">20,709</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">21,917</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">5,953</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">341</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:16.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">48,920</font></b></p>    </td>   </tr>
<tr>
<td width="28%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.86%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">January&nbsp;2020 thru December&nbsp;2020</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.6%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">278</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">17,336</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">182</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">7</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:16.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">17,803</font></b></p>    </td>   </tr>
<tr>
<td width="28%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.86%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">January&nbsp;2021   thru December&nbsp;2021</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:10.6%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">170</font></p>    </td>
<td width="12%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">34,289</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">116</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-right:double black 2.25pt;padding:0in 0in 0in 0in;width:16.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">34,575</font></b></p>    </td>   </tr>
<tr>
<td width="28%" valign="bottom" style="border-bottom:none;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.86%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">January&nbsp;2022   and thereafter</font></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.6%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">253</font></p>    </td>
<td width="12%" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">18,743</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">92</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:16.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">19,088</font></b></p>    </td>   </tr>
<tr>
<td width="28%" valign="top" style="border-bottom:double black 2.25pt;border-left:double black 2.25pt;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:28.86%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.6%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">23,559</font></b></p>    </td>
<td width="12%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:12.24%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">92,285</font></b></p>    </td>
<td width="16%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.0%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,343</font></b></p>    </td>
<td width="16%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:16.04%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">348</font></b></p>    </td>
<td width="16%" valign="top" style="border-bottom:double black 2.25pt;border-left:none;border-right:double black 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:16.26%;">
<p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">122,535</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Capital management</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The primary objective of Telecom&#146;s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom manages its capital structure and makes adjustments considering the business evolution and changes in the macroeconomic conditions. In relation to the merger, there has been an increase in capital in relation to the size of the merger Company, amounting to $2,169.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders and the level of indebtedness.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="2" face="Arial" style="font-size:10.0pt;">The company does not have to comply with regulatory capital adequacy requirements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 27 - BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION&nbsp;33 - LAW No.&nbsp;19,550 AND RELATED PARTIES</font></b><a name="NOTE27BALANCESANDTRANSACTIONSWIT_030132"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">a)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Controlling Company</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, CVH is the controlling company of Telecom Argentina, holding directly and indirectly 38.81% of the total capital stock of the Company, upon the effectiveness of the Merger described under Note 4.a on January&nbsp;1, 2018 and the effectiveness of the shareholder agreement signed on July&nbsp;7, 2017 mentioned in this note. The change of control was authorized under ENACOM Resolution No.&nbsp;5,644-E/2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Until November&nbsp;30, 2017 Nortel was the holder of the 54.74% of the total capital stock of the Company, whereby it exercised control of the Company under the provisions of Section&nbsp;33 of LGS. As of that date, Nortel held all of the Class&nbsp;&#147;A&#148; shares (51% of total capital stock of the Company) and 7.64% of the Class&nbsp;&#147;B&#148; shares (3.74% of total capital stock of the Company).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">102</font></b><a name="PB_102_044023_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As a result of the Company&#146;s Treasury Shares Acquisition Process described in Note 20.d), Nortel&#146;s equity interest in Telecom Argentina amounted to 55.60% of the Company&#146;s outstanding shares as of November&nbsp;30, 2017. It is important to mention that Pursuant to Section&nbsp;221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&#146; Meetings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">All of the common shares of Nortel belonged to Sofora until November&nbsp;30, 2017 and represented 78.38% of the capital stock of Nortel.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Sofora&#146;s capital stock consisted of common stock shares, with nominal value of $1 peso each and entitled to one vote per share. As of November&nbsp;30, 2017, Sofora&#146;s total shares were held by Fintech, as a result of the total redemption of Sofora&#146;s shares held by WAI during the fiscal year 2017 (see Note 4 f.1.). As of December&nbsp;31, 2018, Fintech owns all Class&nbsp;&#147;A&#148; shares (31.53% of the total capital stock of the Company) and ADRs that represent rights over 186,999,612 Class&nbsp;&#147;B&#148; shares representing 8.62% of the total capital stock of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Shareholders&#146; Agreement: Fintech - CVH</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:22.5pt;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;7, 2017 CVH, VLG, Fintech Media LLC (merged to date with Fintech Telecom LLC),</font><font face="Arial"> Fintech Advisory Inc., GC Dominio S.A. (all of them direct or indirect shareholders of Cablevisi&#243;n S.A.) and Fintech Telecom LLC (direct or indirect shareholder of Telecom Argentina)</font><font color="black" face="Arial" style="color:black;"> entered into a shareholders agreement that governs the exercise of their rights as shareholders of the Company. The Shareholders&#180; Agreement establishes basically:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font color="black" face="Arial" style="color:black;">the representation in the corporate bodies, provided that subject to the fulfillment of certain conditions and as long as CVH holds a certain percentage of Telecom Shares, CVH shall be entitled to designate the majority of the directors, members of the Executive Committee, Audit Committee, Supervisory Committee, CEO and any other Key Employee (other than the CFO and the Internal Auditor).</font><font face="Arial"> CVH shall also be entitled to nominate the Chairman of the Board of Directors and Fintech to nominate de Vice chairman of the Board of Directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font><font color="black" face="Arial" style="color:black;">a scheme of supermajorities and required votes for the approval by the Shareholders&#180; Meetings or Board of Directors&#180; Meetings, respectively, of certain matters such as: i) the approval of the Business Plan and the Annual Budget of Telecom Argentina; ii) amendments of the bylaws, iii) changes in Independent Auditors, iv) the creation of committees of the Board of Directors, v) hiring of Key Employees as defined in the Shareholders&#180; Agreement (Key employees will be proposed by CVH, except for the CFO and the internal auditor); vi) merger of Telecom or any other controlled entity, vii) acquisitions of certain assets, viii) sale of certain assets, ix) capital increases; x) incurrence of indebtedness over certain limits, xi) capital investments not contemplated in the Business Plan and the Annual Budget above certain amounts; xii) related party transactions, xiii) contracts that may impose restrictions to the distribution of dividends; xiv) new lines of business or discontinuing existing lines of business; xv) contracting for significant amounts not contemplated in the Business Plan and the Annual Budget, among others.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Public Tender Offer due to change of control</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;21, 2018, the Company was informed that CVH (or the &#147;Offeror&#148;) of the promotion and formulation of a Mandatory Public Tender Offer (&#147;PTO&#148;) due to change of control for all the Class&nbsp;&#147;B&#148; common shares issued by Telecom Argentina listed on Bolsas y Mercados Argentinos S.A. (&#147;BYMA&#148;) (including the Class&nbsp;&#147;C&#148; common shares issued by Telecom Argentina that were converted into Class&nbsp;&#147;B&#148; common shares within the stipulated term) which CVH was obliged to perform because CVH had effectively obtained a controlling interest in the Company. CVH attached a copy of the public announcement of the PTO, pursuant to applicable regulations, which was published in Diario Clar&#237;n on June&nbsp;23, 24 and 25 and in BYMA&#146;s Daily Bulletin on June&nbsp;21, 2018 (the &#147;PTO Announcement&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">In said PTO Announcement, CVH informed that, notwithstanding the fact that Fintech Telecom LLC is not obliged under the applicable standards to promote, formulate or launch a PTO and that it has not taken part in the determination or formulation of any of the terms and conditions of the PTO, as provided under the agreement executed between the shareholders of Telecom Argentina, Fintech Telecom LLC has undertaken with regard to CVH to pay and acquire 50% of the shares that will be acquired under the PTO (notwithstanding CVH&#146;s right to acquire by itself the first 43,073,760 Class&nbsp;&#147;B&#148; shares).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">103</font></b><a name="PB_103_044140_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The price offered in the PTO Announcement for the Class&nbsp;&#147;B&#148; common shares issued by Telecom Argentina that are listed on BYMA (including the Class&nbsp;&#147;C&#148; common shares issued by Telecom Argentina that were converted into Class&nbsp;&#147;B&#148; common shares within the stipulated term) and that are not directly or indirectly held by </font><font face="Arial">CVH or Fintech Telecom LLC </font><font face="Arial">(the &#147;Shares&#148;, or in singular, the &#147;Share&#148;) tendered by their holders for its acquisition during the Offer Reception Period is 110.85 Argentine Pesos per Share (less any cash dividend per share as may be payable by Telecom Argentina from the date of the PTO Announcement to the date of actual payment of the PTO price and other expenses such as fees for transfer, rights, fees, commissions, taxes, rates or contributions) (the &#147;PTO Price&#148;), which will be paid in pesos in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On July&nbsp;5, 2018, the Board of Directors of Telecom Argentina, in compliance with the provisions of article 3 c), Chapter II, Title III of the Rules&nbsp;of the CNV, expressed the opinion that the Price of the OPA has been fixed in the mandatory terms foreseen in the current legal regime in accordance with Article&nbsp;88, section I of the Capital Markets Law and issued the Board Report set forth in said Rules.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On September&nbsp;21, 2018, the Company received a communication from CVH informing the issuance of the resolution dated September&nbsp;20, 2018, in the case of &#147;Cablevisi&#243;n Holding S.A. against/National Securities Commission s/Precautionary Measures&#148; Expte. 7998/2018 in process in the Federal Civil and Commercial Court No.&nbsp;3, pursuant to which, as an interim precautionary measure, the CNV must refrain from issuing and ruling on the authorization of the PTO promoted and formulated by CVH on the June&nbsp;21, 2018, until the precautionary measure requested is resolved once the provisions of art. 4 of the Law No.&nbsp;26,854.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On November&nbsp;28, 2018, CVH notified the Company of the decision issued on November&nbsp;27, 2018 in re &#147;Cablevisi&#243;n Holding S.A. v. Comisi&#243;n Nacional de Valores on Injunctions&#148; File 7,998/2018, pending before Federal Civil and Commercial Court No.&nbsp;3, whereby the Court deemed accepted (as a requirement of admissibility) the bond required under the decision rendered on November&nbsp;1, 2018, which had granted the request filed by CVH. It ordered, as a preliminary injunction, the CNV to refrain for six months from issuing any decision on the authorization of the PTO submitted and formulated by CVH on June&nbsp;21, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of the date of issuance of these consolidated financial statements, resolution dated November&nbsp;1, 2018 which conferring the precautionary measure is still not enforceable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">b)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Related Parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For the purposes of these consolidated financial statements, related parties are those individuals or legal entities which are related (in terms of IAS 24) to Fintech Telecom LLC and CVH, except companies under sect. 33 of the LGS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Arial" style="font-size:10.0pt;">For the years presented, Telecom and Cablevision has not conducted any transactions with Key Managers and/or persons related to them, except the mentioned in e) below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">c)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Balances with Companies under section 33 - Law No.&nbsp;19,550 and Related Parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Companies under section 33 - Law No.&nbsp;19,550 &#150; Controlling companies</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT LIABILITIES</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Type of   related party</font></b></p>    </td>
<td width="33%" colspan="2" valign="top" style="padding:0in 0in 0.375pt 0in;width:33.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Dividends payables</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
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<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">CVH</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Controlling company</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">2,067</font></p>    </td>   </tr>
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<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">VLG </font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Shareholder</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3,090</font></p>    </td>   </tr>
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<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Fintech Media LLC</font></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Shareholder</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">864</font></p>    </td>   </tr>
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<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6,021</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Companies under section 33 - Law No.&nbsp;19,550 &#150; Associates</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT ASSETS</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Type of   related party</font></b></p>    </td>
<td width="33%" colspan="2" valign="top" style="padding:0in 0in 0.375pt 0in;width:33.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
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<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Other </font></b><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">receivables (1)</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">La   Capital Cable S.A.</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Associate</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">78</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">34</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Teledifusora   San Miguel Arc&#225;ngel S.A.</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Associate</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">19</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Ver   T.V. S.A.</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Associate</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">47</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">100</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">144</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">174</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT LIABILITIES</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade payables</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Televisora Privada del Oeste   S.A.(2)</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Associate</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 35.4pt;text-align:right;text-indent:-35.4pt;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 35.4pt;text-align:right;text-indent:-35.4pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Financial Debt</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">La   Capital Cable S.A.</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Associate</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">6</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">6</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">104</font></b><a name="PB_104_044140_7608"></a></p>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Related parties</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT ASSETS</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Type of   related party</font></b></p>    </td>
<td width="33%" colspan="2" valign="top" style="padding:0in 0in 0.375pt 0in;width:33.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">As of December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade receivables</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2017</font></u></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="30%" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Related party</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">92</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">59</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">92</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">59</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">CURRENT LIABILITIES</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Trade payables</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.0pt;">Related party</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">565</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">438</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:17.54%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">565</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:16.38%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">438</font></b></p>    </td>   </tr>  </table>
<p style="background:white;margin:0in 0in .0001pt 21.3pt;text-indent:-21.3pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt 21.3pt;text-indent:-21.3pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Include 65 and 134 as of December&nbsp;31, 2018 and as of December&nbsp;31, 2017, respectively corresponding to dividends receivable.</font></p>
<p style="margin:0in 0in .0001pt 21.3pt;text-indent:-21.3pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">Associate Company throughout PEM.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">d)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Transactions with Companies under section 33 - Law No.&nbsp;19,550 and related parties</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Companies under section 33 - Law No.&nbsp;19,550&#150; Controlling companies</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;width:99.46%;">
<tr style="page-break-inside:avoid;">
<td width="24%" valign="top" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Transaction</font></b></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Type of   related party</font></b></p>    </td>
<td width="39%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:39.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" valign="top" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.56%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:7.0pt;font-style:italic;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></i></b><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" valign="top" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" valign="top" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Grupo Clar&#237;n S.A. (1)</font></p>    </td>
<td width="17%" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Other services revenues</font></p>    </td>
<td width="18%" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Controlling company</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" valign="top" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="top" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="top" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">3</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" colspan="3" valign="top" style="padding:0in 2.95pt 0in 0in;width:39.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating costs</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Grupo Clar&#237;n S.A. (1)</font></p>    </td>
<td width="17%" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Advisory services</font></p>    </td>
<td width="18%" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Controlling company</font></p>    </td>
<td width="11%" style="padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="15%" style="padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(95)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">CVH</font></p>    </td>
<td width="17%" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Advisory services</font></p>    </td>
<td width="18%" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Controlling company</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(99)</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(99)</font></b></p>    </td>
<td width="15%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(95)</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt 14.2pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" colspan="3" valign="top" style="padding:0in 2.95pt 0in 0in;width:39.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Finance results</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="17%" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="18%" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="11%" style="padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Grupo Clar&#237;n S.A. (1)</font></p>    </td>
<td width="17%" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Interests on loans granted</font></p>    </td>
<td width="18%" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Controlling company</font></p>    </td>
<td width="11%" style="padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="15%" style="padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">713</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">CVH</font></p>    </td>
<td width="17%" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Interests on loans granted</font></p>    </td>
<td width="18%" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Controlling company</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">20</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="24%" style="padding:0in 2.95pt 0in 0in;width:24.64%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" style="padding:0in 2.95pt 0in 0in;width:17.44%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" style="padding:0in 2.95pt 0in 0in;width:18.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">20</font></b></p>    </td>
<td width="15%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:15.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">713</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 21.3pt;text-indent:-21.3pt;"><font size="1" face="Arial" style="font-size:6.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:6.0pt;">It ceased to be Cablevisi&#243;n&#180;s controlling company as of May&nbsp;1, 2017. Note 4.e).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Companies under section 33 - Law No.&nbsp;19,550&#150; Associates</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;width:99.46%;">
<tr style="page-break-inside:avoid;">
<td width="27%" valign="top" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Transaction</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Type of   related party</font></b></p>    </td>
<td width="39%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:39.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" valign="top" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.56%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:7.0pt;font-style:italic;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></i></b><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 2.95pt 0in 0in;width:15.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" valign="top" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 2.95pt 0in 0in;width:15.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" valign="top" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 2.95pt 0in 0in;width:15.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable S.A.</font></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Services revenues</font></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Associate</font></p>    </td>
<td width="11%" style="padding:0in 2.95pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">11</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">12</font></p>    </td>
<td width="15%" style="padding:0in 2.95pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">12</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable S.A.</font></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Other revenues</font></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Associate</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">37</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">29</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">41</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">48</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">41</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">53</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" colspan="3" valign="top" style="padding:0in 2.95pt 0in 0in;width:39.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating costs</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable S.A.</font></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Fees for services</font></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Associate</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(24)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(19)</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(12)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(24)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(19)</font></b></p>    </td>
<td width="15%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(12)</font></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" colspan="3" valign="top" style="padding:0in 2.95pt 0in 0in;width:39.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Finance results</font></u></b></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">La Capital Cable S.A.</font></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Interests on debt</font></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Associate</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">-</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1)</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.95pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(2)</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="27%" style="padding:0in 2.95pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.62%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.95pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">-</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(1)</font></b></p>    </td>
<td width="15%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.95pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(2)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Arial" style="font-weight:bold;">Related Parties </font></u></b><b><u><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(2)</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;margin-left:.05pt;width:98.94%;">
<tr>
<td width="27%" valign="top" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Transaction</font></b></p>    </td>
<td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">Type of   related party</font></b></p>    </td>
<td width="39%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 0in 0in;width:39.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Years ended   December&nbsp;31,</font></u></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2018</font></u></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.9pt 0in 0in;width:11.56%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="1" face="Arial" style="font-size:7.0pt;font-style:italic;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></i></b><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2017</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">2016</font></u></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.9pt 0in 0in;width:11.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Profit (loss)</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.9pt 0in 0in;width:11.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Revenues</font></u></b></p>    </td>
<td width="15%" valign="top" style="padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Advertising sales</font></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Related Party</font></p>    </td>
<td width="11%" style="padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">36</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.9pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">50</font></p>    </td>
<td width="15%" style="padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="27%" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Services revenues</font></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Related Party</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">88</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">59</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="27%" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">124</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.9pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">109</font></b></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">42</font></b></p>    </td>   </tr>
<tr>
<td width="27%" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="39%" colspan="3" valign="top" style="padding:0in 2.9pt 0in 0in;width:39.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Operating costs</font></u></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Programming costs</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Related Party</font></p>    </td>
<td width="11%" style="padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,611)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.9pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,614)</font></p>    </td>
<td width="15%" style="padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(1,480)</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Editing and   distribution of magazines</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Related Party</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(558)</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 2.9pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(363)</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(407)</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Advisory   services</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Related Party</font></p>    </td>
<td width="11%" style="padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(235)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.9pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(356)</font></p>    </td>
<td width="15%" style="padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(236)</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Advertising purchases</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Related Party</font></p>    </td>
<td width="11%" style="padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(400)</font></p>    </td>
<td width="11%" valign="top" style="padding:0in 2.9pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(166)</font></p>    </td>
<td width="15%" style="padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(131)</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Other Related parties</font></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Other   purchases</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Related Party</font></p>    </td>
<td width="11%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(109)</font></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(23)</font></p>    </td>
<td width="15%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">(37)</font></p>    </td>   </tr>
<tr>
<td width="27%" style="padding:0in 2.9pt 0in 0in;width:27.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.62%;">
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" style="padding:0in 2.9pt 0in 0in;width:16.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.9pt 0in 0in;width:11.92%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(2,913)</font></b></p>    </td>
<td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.9pt 0in 0in;width:11.56%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(2,522)</font></b></p>    </td>
<td width="15%" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 2.9pt 0in 0in;width:15.9%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(2,291)</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:5.5pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:5.5pt;">Includes mainly operations with the following related parties through the Grupo Clar&#237;n S.A.: Arte Radiotelevisivo Argentino S.A., Arte Gr&#225;fico Editorial Argentino S.A., Unir S.A.,&nbsp;Impripost S.A., Tele Red Imagen S.A., GC Gesti&#243;n Compartida S.A. y Compa&#241;&#237;a De Medios Digitales S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The transactions discussed above were made on terms no less favorable to Telecom than would have been obtained from unaffiliated third parties. The Board of Directors approved transactions representing more than 1% of the total shareholders&#146; equity of the Company, after being approved by the Audit Committee in compliance with Law No.&nbsp;26,831.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Cablevisi&#243;n agreements with its shareholders</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On June&nbsp;28, 2008, Cablevisi&#243;n and Grupo Clar&#237;n executed a supplementary agreement to the technical assistance agreement, effective as of September&nbsp;26, 2006, whereby they amended the volume of the services rendered by Grupo Clar&#237;n and the mechanism used to determine that company&#146;s annual fee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">105</font></b><a name="PB_105_044140_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt .25in;text-align:center;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt .25in;padding:0in;text-align:center;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On January&nbsp;6, 2017 and January&nbsp;5, 2016 respectively, the agreements were amended, setting Grupo Clar&#237;n&#146;s annual fees. On April&nbsp;30, 2017 the contract was terminated as a consequence of the change of controlling company (See Note 4.e).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On May&nbsp;1, 2017 Cablevisi&#243;n and Cablevisi&#243;n Holding S.A., entered into a contract for advisory services and technical assistance under which the parties set the volume of services to be received from Cablevisi&#243;n Holding S.A. and the way in which the annual fee shall be determined.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">On the occasion of the merger described in Note 4.a), the contracts for advisory services and technical assistance subscribed between Cablevisi&#243;n and CVH have been left without effects.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">e)</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face="Arial" style="font-weight:bold;">Key Managers</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Compensation for Directors and Key Managers of Telecom Argentina for the year ended December&nbsp;31, 2018, and for Directors and Key Managers of Cablevisi&#243;n for the years ended December&nbsp;31, 2017 and 2016, including social security contribution, amounted to $324, $77 and $65, respectively (both in current currency </font><font face="Arial">on the transaction date)</font><font face="Arial">, and was recorded as expenses under the line item Employee benefits expenses and severance payments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">As of December&nbsp;31, 2018, an amount of $157 remained unpaid.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Telecom Argentina has recorded a provision of $83 for the fees of its Board of Directors&#146; members for the year ended December&nbsp;31, 2018 (in current currency </font><font face="Arial">on the transaction date)</font><font face="Arial">. The fees to the Board of Directors of Cablevisi&#243;n for years ended December&nbsp;31, 2017 and 2016 amounted to approximately </font><font face="Arial">$13</font><font face="Arial"> and $10, respectively (in current currency </font><font face="Arial">on the transaction date)</font><font face="Arial">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">The members and alternate members of the Board of Directors do not hold executive positions in the Company or Company&#146;s subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">NOTE 28 &#150; RESTRICTIONS ON DISTRIBUTION OF PROFITS</font></b><a name="NOTE28RESTRICTIONSONDISTRIBUTION_030147"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">Under the LGS, the by-laws of the Company and rules&nbsp;and regulations of the CNV, a minimum of 5% of net income for the year in accordance with the statutory books, plus/less previous years adjustments and accumulated losses, if any, 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).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.28%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Alejandro Urricelqui </font></b></p>    </td>   </tr>
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<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.72%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Chairman of the Board of Directors</font></u></b></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">F-</font></b><b><font face="Arial" style="font-weight:bold;">106</font></b><a name="PB_106_044140_7091"></a></p>
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<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>a19-2958_1ex4d3.htm
<DESCRIPTION>EX-4.3
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<p align="right" style="margin:0in 0in .0001pt 1.25in;punctuation-wrap:simple;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Exhibit&nbsp;4.3</font></b><a name="Exhibit4_3_114108"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CABLEVISI&#211;N S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">as Issuer</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">and</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">DEUTSCHE BANK TRUST COMPANY AMERICAS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">as Trustee, Paying Agent, Registrar and Transfer Agent</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade align="center" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Amended and Restated Indenture</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Dated as of December&nbsp;11, 2017</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">6.500% Senior Notes due 2021</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">PAGE</font></u></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">DEFINITIONS   AND INCORPORATION BY REFERENCE</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.01.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Definitions</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.02.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Rules&nbsp;of Construction</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">25</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;2</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ISSUE,   EXECUTION, FORM&nbsp;AND REGISTRATION OF NOTES</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">26</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.01.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Authentication   and Delivery of Notes</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">26</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.02.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Execution of Notes</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">27</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.03.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Certificate of Authentication</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">27</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.04.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Form, Denomination and Date of Notes; Payments</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">27</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.05.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Registration, Transfer and Exchange</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">31</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.06.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Book-entry Provisions For Global Notes</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.07.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Special Transfer Provisions</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">33</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.08.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Mutilated, Defaced, Destroyed, Stolen and Lost   Notes</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">36</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.09.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Further Issues</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.10.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Cancellation of Notes; Disposition Thereof</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.11.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Repurchases</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.12.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Security Identifier Numbers</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;3</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">REDEMPTION;   OFFER TO PURCHASE</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.01.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Optional   Redemption With a Make-Whole Premium</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.02.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Optional Redemption Without a Make-Whole Premium</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.03.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Redemption With Proceeds of Equity Offerings</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.04.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Optional Redemption upon a Tax Event</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.05.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Method and Effect of Redemption</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.06.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Offer to Purchase</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;4</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">COVENANTS</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.01.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Payment   of Notes</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.02.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Maintenance of Office or Agency</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">44</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.03.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Maintenance of Existence; Ratings</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">44</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.04.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Laws, Licenses and Permits</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">45</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.05.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Ranking</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">45</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.06.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Limitation on Debt</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">45</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.07.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Intentionally   omitted]</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.08.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Anti-Layering</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.09.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Limitation on Liens</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">i</font><a name="PB_i_121516_9613"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.10.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Limitation On Sale and Leaseback Transactions</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">49</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.11.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Intentionally   omitted]</font></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">49</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.12.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Repurchase of Notes Upon a Change of Control</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">49</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.13.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Intentionally   omitted]</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.14.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Intentionally   omitted]</font></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.15.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Line and Conduct of Business</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.16.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Intentionally   omitted]</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.17.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Report to Holders</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.18.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Reports to Trustee</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">51</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.19.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Listing</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.20.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Payment of Additional Amounts</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.21.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Suspension of Certain Covenants</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">54</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;5</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">LIMITATION   ON CONSOLIDATION, MERGER OR SALE OF ASSETS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">54</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.01.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Limitation   on Consolidation, Merger or Sale of Assets by the Company</font></i></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">54</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;6</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">DEFAULT   AND REMEDIES</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">56</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.01.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Events   of Default</font></i></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">56</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.02.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Acceleration</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">58</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.03.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Other Remedies</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">58</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.04.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Waiver of Past Defaults</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">58</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.05.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Control by Majority</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">59</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.06.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Limitation on Suits</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">59</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.07.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Rights of Holders to Receive Payment</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">59</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.08.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Collection Suit by Trustee</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.09.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Trustee May&nbsp;File Proofs of Claim</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.10.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Priorities</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.11.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Restoration of Rights and Remedies</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.12.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Undertaking for Costs</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">61</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.13.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Rights and Remedies Cumulative</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">61</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.14.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Delay or Omission Not Waiver</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">61</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;7</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">THE   TRUSTEE</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">61</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.01.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">General</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">61</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.02.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Certain Rights of Trustee</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">62</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.03.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Individual Rights of Trustee</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">63</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.04.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Trustee&#146;s Disclaimer</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">63</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.05.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Notice of Default</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">64</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.06.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Compensation And Indemnity</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">64</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.07.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Replacement of Trustee</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">65</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.08.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Successor Trustee by Merger</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">66</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">ii</font><a name="PB_ii_121535_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.09.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Eligibility</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">66</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.10.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Representative of the Trustee in Argentina</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">66</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;8</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">DEFEASANCE   AND DISCHARGE</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">67</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.01.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Discharge   of Company&#146;s Obligations</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">67</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.02.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Legal Defeasance</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">67</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.03.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Covenant Defeasance</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">67</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.04.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Application of Trust Money</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">67</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.05.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Repayment to Company</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">68</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.06.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Reinstatement</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">68</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;9</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">AMENDMENTS,   SUPPLEMENTS AND WAIVERS</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">69</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.01.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Amendments   Without Consent of Holders</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">69</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.02.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Amendments With Consent of Holders</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">69</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.03.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Amendments With Unanimous Consent of Holders</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">70</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.04.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Meetings of Holders</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.05.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Effect of Consent</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">73</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.06.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Trustee&#146;s Rights and Obligations</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">73</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.07.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Amendments</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">73</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;10</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="92%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:92.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">MISCELLANEOUS</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">73</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.01.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Noteholder   Actions</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">73</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.02.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Notices</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">74</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.03.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Certificate and Opinion as to Conditions   Precedent</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">77</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.04.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Statements Required in Certificate or Opinion</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">78</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.05.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Payment Date Other Than A Business Day</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">78</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.06.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Governing Law, Etc.</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">78</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.07.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Currency Indemnity</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">80</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.08.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">No Adverse Interpretation of Other Agreements</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">81</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.09.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Successors</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">81</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.10.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Counterparts</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">81</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.11.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Separability</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">81</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.12.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Table of Contents and Headings</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">81</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.13.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">No Personal Liability of Directors, Officers,   Employees,&nbsp;Incorporators, Members or Stockholders</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">81</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.14.</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.0%;">
<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Patriot Act</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">82</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.15.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Force Majeure</font></i></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.66%;">
<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">82</font></p>    </td>   </tr>
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<p style="margin:1.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.16.</font></p>    </td>
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<p style="margin:1.0pt 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Waiver of Trial by Jury</font></i></p>    </td>
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<p align="right" style="margin:1.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">82</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">iii</font><a name="PB_iii_121621_5335"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXHIBITS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXHIBIT&nbsp;A</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Form&nbsp;of Face of Certificated Note</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXHIBIT&nbsp;B</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Transfer Notice</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXHIBIT&nbsp;C</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Form&nbsp;of Restricted Global Note</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXHIBIT&nbsp;D</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Form&nbsp;of Regulation S Global Note</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-indent:-1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXHIBIT&nbsp;E</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Form&nbsp;of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S During the Distribution Compliance Period</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-indent:-1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXHIBIT&nbsp;F</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Form&nbsp;of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S Upon and Following Expiration of the Distribution Compliance Period</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXHIBIT&nbsp;G</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Form&nbsp;of Certificate to be Delivered in Connection with Transfers to QIBs</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">iv</font><a name="PB_iv_121658_5796"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">THIS AMENDED AND RESTATED INDENTURE (the &#147;<b>Amended Indenture</b>&#148;), dated as of December&nbsp;11, 2017, among Cablevisi&#243;n S.A., a corporation incorporated under the laws of Argentina (the &#147;<b>Company</b>&#148; or the &#147;<b>Issuer</b>&#148;) and Deutsche Bank Trust Company Americas, as <b>Trustee, Paying Agent, Registrar and Transfer Agent</b>. Capitalized terms not defined elsewhere in this Amended Indenture shall have the meanings assigned to them in Section&nbsp;1.01 hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">RECITALS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, the Issuer, the Trustee, Deutsche Bank S.A. and Deutsche Bank Luxembourg S.A. executed and delivered an indenture, dated as of June&nbsp;15, 2016 (the &#147;<b>Original Indenture</b>&#148;) providing for the issuance of the Company&#146;s 6.500% Senior Notes due 2021 (the &#147;<b>Notes</b>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, the Company has distributed a Proxy Solicitation Statement, dated as of October&nbsp;30, 2017 (the &#147;<b>Solicitation Statement</b>&#148;) to Holders and beneficial owners of any and all the Outstanding Notes in connection with the solicitation of their consent to certain proposed amendments to the Original Indenture;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, Section&nbsp;9.02 of the Original Indenture provides that certain modifications and amendments to the Original Indenture may be made with the consent of Holders of a majority in principal amount of the Outstanding Notes;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, a meeting of the Holders of the Notes has been held pursuant to the Original Indenture where the majority in principal amount of the Outstanding Notes consented to all of the amendments proposed in the Solicitation Statement and effected by this Amended Indenture in accordance with the provisions of the Original Indenture;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, all conditions precedent provided for in the Original Indenture relating to the execution of this Amended Indenture have been complied with and satisfied as of the date hereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, pursuant to Sections 9.01 and 9.02 of the Original Indenture, the Trustee is authorized to execute and deliver this Amended Indenture;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, the Company hereby requests that the Trustee join with the Company in the execution of this Amended Indenture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THIS AMENDED INDENTURE WITNESSETH</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For and in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto covenant and agree to amend and restate the Original Indenture in its entirety, for the equal and proportionate benefit of all Holders, as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">5</font><a name="PB_5_114404_7057"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;1</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">DEFINITIONS AND INCORPORATION BY REFERENCE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .7in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.01.<i>Definitions</i>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Acquired Debt</b>&#148; means Debt of a Person existing at the time the Person merges with or into or becomes a Subsidiary and not Incurred in connection with, or in contemplation of, the Person merging with or into or becoming a Subsidiary. Acquired Debt will be deemed to have been Incurred at the time such Person becomes a Subsidiary or at the time it merges or consolidates with the Company or a Subsidiary or at the time such Debt is assumed in connection with the acquisition of assets from such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Additional Amounts</b>&#148; has the meaning set forth in Section&nbsp;4.20.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Additional Notes</b>&#148; has the meaning set forth in Section&nbsp;2.09.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Affiliate</b>&#148; means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. For purposes of this definition, &#147;control&#148; (including, with correlative meanings, the terms &#147;controlling,&#148; &#147;controlled by&#148; and &#147;under common control with&#148;) with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Agent</b>&#148; means each of the Registrar and Transfer Agent, Paying Agent Authenticating Agent, Argentine Registrar and Transfer Agent, Argentine Paying Agent, Representative of the Trustee in Argentina, and Luxembourg paying agent, listing agent and transfer agent hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Agent Members</b>&#148; means members of, or participants in, the Depositary, including Euroclear and Clearstream, Luxembourg.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentina</b>&#148; means the Republic of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentine Capital Markets Law</b>&#148; means the Argentine Capital Markets Law No.&nbsp;26,831, as amended.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentine Paying Agent</b>&#148; means a Person engaged to perform the obligations of the Company in respect of payments made or funds held hereunder in respect of the Notes in Argentina and, initially, Banco Comafi S.A. (as successor of Deutsche Bank S.A) (or any of its successor and assigns).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentine Registrar and Transfer Agent</b>&#148; means a Person engaged to maintain a record of all registrations and transfers of the Notes in Argentina and, initially, Banco Comafi S.A. (as successor of Deutsche Bank S.A.) (or any of its successor and assigns).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Attributable Debt</b>&#148; means, with respect of a Sale and Leaseback Transaction, as at the time of determination, the present value (discounted at the interest rate implicit in</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the Sale and Leaseback Transaction) of the total obligations of the lessee for rental payments during the remaining term of the lease in the Sale and Leaseback Transaction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Authenticating Agent</b>&#148; refers to a Person engaged to authenticate the Notes in the stead of the Trustee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Authorized Agent</b>&#148; has the meaning assigned to such term in Section&nbsp;10.06(c).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Average Life</b>&#148; means, with respect to any Debt, the quotient obtained by dividing (i)&nbsp;the sum of the products of (x)&nbsp;the number of years from the date of determination to the dates of each successive scheduled principal payment of such Debt and (y)&nbsp;the amount of such principal payment by (ii)&nbsp;the sum of all such principal payments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bankruptcy Law</b>&#148; means the Argentine Insolvency and Bankruptcy Law No.&nbsp;24,522, as amended, or any other applicable bankruptcy, insolvency or other similar law now or hereafter in effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Board of Directors</b>&#148; means, with respect to any Person, the board of directors or similar governing body of such Person or any duly authorized committee thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Board Resolution</b>&#148; means, with respect to any Person, a copy of a resolution certified by the general counsel or other Officer of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Business Day</b>&#148; means a day other than a Saturday, Sunday or any day on which banking institutions are authorized or required by law to close in New York City, New York or Buenos Aires, Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Cable/Telecommunications Business</b>&#148; means any business operating a cable and/or internet and/or telecommunications services and/or communications services or programming business located in South, Central or North America or any member of the Organization for Economic Co-operation and Development, including, without limitation, any business conducted by the Company on the Issue Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Capital Lease</b>&#148; means, with respect to any Person, any lease of any property which, in conformity with IFRS, is required to be capitalized on the balance sheet of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Capital Stock</b>&#148; means, with respect to any Person, any and all shares of stock of a corporation, partnership interests or other equivalent interests (however designated, whether voting or non-voting) in such Person&#146;s equity, entitling the holder to receive a share of the profits and losses, and a distribution of assets, after liabilities, of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Certificated Notes</b>&#148; means the Notes in certificated, registered form, executed and delivered by the Company and authenticated by the Trustee in exchange for the Global Notes, (i)&nbsp;in the event that the Depositary is at any time unwilling or unable to act</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as depository for the Global Notes or if at any time the Depositary shall no longer be a clearing agency registered under the Exchange Act and a successor depository is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility or (ii)&nbsp;an Event of Default has occurred and is continuing with respect to the Notes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Change of Control</b>&#148; means the occurrence of any of the following events:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections 13(d)&nbsp;and 14(d)&nbsp;of the Exchange Act), excluding a Permitted Holder or an underwriter engaged in a firm commitment underwriting in connection with a public offering of the Voting Stock of the Company, is or becomes the &#147;beneficial owner&#148; (as defined in Rules&nbsp;13d-3 and 13d-5 under the Exchange Act, except that a person shall be deemed to have &#147;beneficial ownership&#148; of all securities that such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 35% of the total voting power of the Voting Stock of the Company and the Permitted Holders so &#147;beneficially own,&#148; directly or indirectly, in the aggregate, a lesser percentage of the total Voting Stock of the Company; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company to any Person or group of Persons or the merger or consolidation of the Company with or into another corporation, with the effect, in any such transaction, that either (a)&nbsp;immediately after such transaction any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections 13(d)&nbsp;and 14(d)&nbsp;of the Exchange Act) (other than a Permitted Holder), shall have become the &#147;beneficial owner&#148; (as defined in Rules&nbsp;13d-3 and 13d-5 under the Exchange Act, except that a person shall be deemed to have &#147;beneficial ownership&#148; of all securities that such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time) of securities of the transferee corporation or the surviving corporation of such transfer, merger or consolidation representing more than 35% of the voting power of the Voting Stock of the transferee corporation or the surviving corporation and the Permitted Holders &#147;beneficially own,&#148; directly or indirectly, in the aggregate a lesser percentage of the total Voting Stock of the transferee corporation or the surviving corporation or (b)&nbsp;the securities of the Company that are outstanding immediately prior to such transaction and which represent 100% of the voting power of the Voting Stock of the Company are changed into or exchanged for cash, securities or property, unless pursuant to such transaction such securities are changed into or exchanged for, in addition to any other consideration, (A)&nbsp;securities of the transferee corporation or the surviving corporation that represent, immediately after such transaction, more than 35% of the voting power of the Voting Stock of the transferee corporation or the surviving corporation or (B)&nbsp;securities that represent immediately after such transaction more than 35% of the Voting Stock of the corporation that owns, directly or indirectly, 100% of the Voting Stock of the transferee corporation or the surviving corporation of that transaction (the &#147;<b>holding company</b>&#148;) and, in the case of each of (A)&nbsp;and (B), if any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections 13(d)&nbsp;and 14(d)&nbsp;of the Exchange Act) (other than a Permitted Holder), shall have become the &#147;beneficial owner&#148; (as defined in Rules&nbsp;13d-3 and 13d-5 under the Exchange Act, except</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">8</font><a name="PB_8_114544_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">that a person shall be deemed to have &#147;beneficial ownership&#148; of all securities that such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time) of securities representing more than 35% of the voting power of the Voting Stock of the transferee corporation or the surviving corporation or the holding company, the Permitted Holders &#147;beneficially own,&#148; directly or indirectly, in the aggregate a greater percentage of the total Voting Stock of the transferee corporation or the surviving corporation or the holding company than such &#147;person&#148; or &#147;group.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Change of Control Offer</b>&#148; has the meaning assigned to such term in Section&nbsp;4.12(b).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Change of Control Payment</b>&#148; has the meaning assigned to such term in Section&nbsp;4.12(a).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Change of Control Payment Date</b>&#148; has the meaning assigned to such term in Section&nbsp;4.12(b).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Clearstream, Luxembourg</b>&#148; means Clearstream Banking, <i>soci&#233;t&#233; anonyme</i>, Luxembourg, as operator of the Clearstream system, and its successors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>CNV</b>&#148; means the Argentine Securities Commission (<i>Comisi&#243;n Nacional de Valores</i>).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>CNV Rules</b>&#148; means the rules&nbsp;and regulations of the CNV in effect from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Code</b>&#148; means the Internal Revenue Code of 1986.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Company</b>&#148; or &#147;<b>Issuer</b>&#148; means the party named as such in the first paragraph of this Indenture or any successor obligor under this Indenture and the Notes pursuant to Article&nbsp;5.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Company Order</b>&#148; means a written request or order signed in the name of the Company by an Officer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Comparable Treasury Issue</b>&#148; means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Comparable Treasury Price</b>&#148; means, with respect to any redemption date (1)&nbsp;the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (2)&nbsp;if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">9</font><a name="PB_9_114602_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Consolidated Interest Expense</b>&#148; means, for any period, the consolidated interest expense of the Company and its Subsidiaries, in accordance with IFRS, plus, to the extent not included in such consolidated interest expense, and to the extent incurred, accrued or payable by the Company or its Subsidiaries, without duplication:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">interest expense attributable to Sale and Leaseback Transactions;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">amortization of debt discount and debt issuance costs;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">capitalized interest;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">non-cash interest expense;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">commissions, discounts and other fees and charges owed with respect to letters of credit and bankers&#146; acceptance financing;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">net cash costs associated with Hedging Agreements related to Debt; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any of the above expenses with respect to Debt of another Person Guaranteed by the Company or any of its Subsidiaries, as determined on a consolidated basis and in accordance with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Consolidated Net Tangible Assets</b>&#148; means, at any time, the total of all assets appearing on a consolidated balance sheet of the Company and its Subsidiaries, net of all applicable reserves and deductions, but excluding goodwill, trade names, trademarks, patents, unamortized debt discount and all other like intangible assets, less the aggregate of the current liabilities of the Company and its Subsidiaries appearing on such balance sheet as determined in accordance with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Control</b>&#148; means, when used with respect to any specified person, the right or power to direct or cause the direction of the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms &#147;Controlling&#148; and &#147;Controlled&#148; have meanings correlative to the foregoing. With respect to any entity that is publicly listed, the person (or group of persons) directly or indirectly having the highest percentage of ownership of (or control over the voting of) Capital Stock of such entity will be deemed to have &#147;Control&#148; over such entity unless such percentage is less than 10%.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Corporate Trust Office</b>&#148; means the office of the Trustee at which the corporate trust business of the Trustee is principally administered, which at the date of this Indenture is located at 60 Wall Street, 16th floor, Mailstop NYC60-1630, New York, New York, Attention: Trust and Agency Services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Corrupt Practices Laws</b>&#148; means, to the extent applicable with respect to any person: (a)&nbsp;the United States Foreign Corrupt Practices Act of 1977 (Pub. L. No.&nbsp;95-213, &#167;&#167;101-104), as amended, and (b)&nbsp;any other law applicable to such person and/or any of its Subsidiaries relating to bribery, kick-backs or similar activities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">10</font><a name="PB_10_114657_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Covenant Suspension Event</b>&#148; has the meaning assigned to such term in Section&nbsp;4.21.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Custodian</b>&#148; means a custodian of the Global Notes for DTC under a custody agreement or any similar successor agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Debt</b>&#148; means, with respect to any Person, without duplication:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all indebtedness of such Person for borrowed money;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all obligations of such Person in respect of letters of credit, bankers&#146; acceptances or other similar instruments, excluding obligations in respect of trade letters of credit or bankers&#146; acceptances issued in respect of trade payables to the extent not drawn upon or presented, or, if drawn upon or presented, the resulting obligation of the Person is paid within 10 Business Days;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all obligations of such Person to pay the deferred and unpaid purchase price of property or services which are recorded as liabilities under IFRS, excluding trade payables arising in the ordinary course of business;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all obligations of such Person as lessee under Capital Leases;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all Debt of other Persons Guaranteed by such Person to the extent so Guaranteed;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all Debt of other Persons secured by a Lien on any asset of such Person, whether or not such Debt is assumed by such Person;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all obligations of such Person under Hedging Agreements; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all Disqualified Stock (the amount of Debt therefrom deemed to equal any involuntary liquidation preference plus accrued and unpaid dividends).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The amount of Debt of any Person will be deemed to be:</font></p>
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<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">with respect to Debt secured by a Lien on an asset of such Person but not otherwise the obligation, contingent or otherwise, of such Person, the lesser of (x)&nbsp;the fair market value of such asset on the date the Lien attached and (y)&nbsp;the amount of such Debt;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">11</font><a name="PB_11_114713_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">with respect to any Debt issued with original issue discount, the face amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(D)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">with respect to any Hedging Agreement, the net amount payable if such Hedging Agreement terminated at that time due to default by such Person; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(E)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">otherwise, the outstanding principal amount thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Deeply Subordinated Debt</b>&#148; means any Subordinated Debt of the Company which is (i)&nbsp;subordinated in right of payment to the Notes, pursuant to a written agreement to that effect, (ii)&nbsp;(A)&nbsp;does not mature or require any amortization, redemption or other repayment of principal (other than through conversion or exchange of such Debt into Qualified Stock of the Company or any Debt meeting the requirements of this definition), (B)&nbsp;does not require payment of any cash interest or any similar cash amounts and (C)&nbsp;contains no change of control or similar provisions and (D)&nbsp;does not accelerate and has no right to declare a default or event of default or take any enforcement action or otherwise require any cash payment of the Company (other than as a result of insolvency proceedings of the Company), in each case, prior to the 90</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&#160;day following the Stated Maturity of the Notes and all other amounts due under this Indenture, (iii)&nbsp;does not provide for or require any security interest or encumbrance over any asset of the Company or any Subsidiary and (iv)&nbsp;does not (including upon the happening of any event) restrict the payment of amounts due in respect of the Notes or compliance by the Company with its obligations under the Notes, and this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Default</b>&#148; means any event that is, or after notice or passage of time or both would be, an Event of Default.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Depositary</b>&#148; means the depositary of each Global Note, which will initially be DTC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Disqualified Equity Interests</b>&#148; means Equity Interests that by their terms or upon the happening of any event are:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">required to be redeemed or redeemable at the option of the holder prior to the Stated Maturity of the Notes for consideration other than Qualified Equity Interests, or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">convertible at the option of the holder into Disqualified Equity Interests or exchangeable for Debt;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Disqualified Stock</b>&#148; means Capital Stock constituting Disqualified Equity Interests.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Distribution Compliance Period</b>&#148; means (1)&nbsp;in the case of the Notes, the 40-day period after the latest to occur of (a)&nbsp;the commencement of the sale of the Notes and (b)&nbsp;the Issue Date and (2)&nbsp;in the case of any Additional Notes, the 40-day period after the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">12</font><a name="PB_12_114734_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">later to occur of (a)&nbsp;the commencement of the sale of the Additional Notes and (b)&nbsp;the issue date of such Additional Notes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>DTC&#148; </b>means The Depository Trust Company, a New York corporation, and its successors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EBITDA</b>&#148; means, for any period, the sum of:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.0pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">total revenues, less</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.0pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the sum of:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 78.0pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">cost of sales;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 78.0pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">selling expenses; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 78.0pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">administrative expenses, plus</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.0pt;punctuation-wrap:simple;text-align:justify;text-indent:6.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">depreciation and amortization, in each case as determined, for the relevant period, on a consolidated basis for the Company and its Subsidiaries in conformity with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Electronic Means</b>&#148; shall mean the following communications methods: S.W.I.F.T., e-mail (with a .pdf attached), facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Equity Interests</b>&#148; means all Capital Stock and all warrants or options with respect to, or other rights to purchase, Capital Stock, but excluding Debt convertible into equity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Equity Offering</b>&#148; means an offering for cash, after the Issue Date, of Qualified Stock of the Company or of any direct or indirect parent of the Company (to the extent the proceeds thereof are contributed to the common equity of the Company).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Euroclear</b>&#148; means Euroclear Bank S.A./N.V., as operator of the Euroclear system, and its successors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Event of Default</b>&#148; has the meaning assigned to such term in Section&nbsp;6.01.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Exchange Act</b>&#148; means the U.S. Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&#147;Excluded Asset Sale and Leaseback Transaction</font></b><font size="3" style="font-size:12.0pt;">&#148; means any arrangement with any Person that provides for the leasing by the Company or any Subsidiary of any real property and ancillary assets, whether now owned or hereafter acquired, that have been or will be sold or transferred by the Company or any Subsidiary, including, for the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">13</font><a name="PB_13_114755_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">avoidance of doubt, any building where the Company&#146;s corporate offices or place of business are located.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Fitch</b>&#148; means Fitch Inc. and its successors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Further Issue</b>&#148; has the meaning set forth in Section&nbsp;2.09.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Global Notes</b>&#148; has the meaning set forth in Section&nbsp;2.04(e).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Governmental Authority</b>&#148; means any government, court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality of any country, state, county, city or other political subdivision, having jurisdiction over the matter or matters in question.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Guarantee</b>&#148; means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">entered into for purposes of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof, in whole or in part;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided </font></i><font size="3" style="font-size:12.0pt;">that the term &#147;Guarantee&#148; does not include endorsements for collection or deposit in the ordinary course of business. The term &#147;Guarantee&#148; used as a verb has a corresponding meaning.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Hedging Agreement</b>&#148; means (i)&nbsp;any interest rate swap agreement, interest rate cap agreement or other agreement designed to protect against fluctuations in interest rates, or (ii)&nbsp;any foreign exchange forward contract, currency swap agreement or other agreement designed to protect against fluctuations in foreign exchange rates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Holder</b>&#148; or &#147;<b>Noteholder</b>&#148; means the registered holder of any Note.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>IFRS</b>&#148; means International Financial Reporting Standards, as issued by the International Accounting Standards Board, as in effect from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Incur</b>&#148; means, with respect to any Debt or Capital Stock, to incur, create, issue, assume or Guarantee such Debt or Capital Stock. If any Person becomes a Subsidiary on any date after the date of this Indenture, the Debt and Capital Stock of such Person outstanding on such date will be deemed to have been Incurred by such Person on such</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">14</font><a name="PB_14_114841_8146"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">date for purposes of Section&nbsp;4.06. The accretion of original issue discount or payment of interest in kind will not be considered an Incurrence of Debt.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Indenture</b>&#148; means this Indenture, as amended or supplemented from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Independent Financial Advisor</b>&#148; means an accounting firm, appraisal firm, investment banking firm or consultant that is, in the judgment of the Company&#146;s Board of Directors, qualified to perform the task for which it has been engaged and which is independent in connection with the relevant transaction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Independent Investment Banker</b>&#148; means one of the Reference Treasury Dealers appointed by the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Interest Coverage Ratio</b>&#148; means, on any date (the &#147;<b>transaction date</b>&#148;), the ratio for the Company of:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(x)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the aggregate amount of EBITDA for the four fiscal quarters immediately prior to the determination date for which internal financial statements are available (the &#147;<b>reference period</b>&#148;) to</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(y)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the aggregate Consolidated Interest Expense during such reference period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In making the foregoing calculation,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">pro forma </font></i><font size="3" style="font-size:12.0pt;">effect will be given to any Debt, Disqualified Stock or Preferred Stock Incurred during or after the reference period to the extent the Debt, Disqualified Stock or Preferred Stock is outstanding or is to be Incurred on the transaction date as if the Debt, Disqualified Stock or Preferred Stock had been Incurred on the first day of the reference period;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">pro forma </font></i><font size="3" style="font-size:12.0pt;">calculations of interest on Debt bearing a floating interest rate will be made as if the rate in effect on the transaction date (taking into account any Hedging Agreement applicable to the Debt if the Hedging Agreement has a remaining term of at least 12 months) had been the applicable rate for the entire reference period;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Consolidated Interest Expense related to any Debt, Disqualified Stock or Preferred Stock no longer outstanding or to be repaid, repurchased or redeemed on the transaction date, except for Consolidated Interest Expense accrued during the reference period under a revolving credit to the extent of the commitment thereunder (or under any successor revolving credit) in effect on the transaction date, will be excluded;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">pro forma </font></i><font size="3" style="font-size:12.0pt;">effect will be given to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the acquisition or disposition of companies, divisions or lines of businesses by the Company and its Subsidiaries, including any acquisition or disposition of a company, division or line of business since the beginning of the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">reference period by a Person that became a Subsidiary after the beginning of the reference period, and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the discontinuation of any discontinued operations but, in the case of Consolidated Interest Expense, only to the extent that the obligations giving rise to the Consolidated Interest Expense will not be obligations of the Company or any Subsidiary following the transaction date that have occurred since the beginning of the reference period as if such events had occurred, and, in the case of any disposition, the proceeds thereof applied, on the first day of the reference period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To the extent that <i>pro forma </i>effect is to be given to an acquisition or disposition of a company, division or line of business, the <i>pro forma </i>calculation will be based upon the most recent four full fiscal quarters for which the relevant financial information is available.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Interest Payment Date</b>&#148; means each June&nbsp;15 and December&nbsp;15 of each year, commencing on December&nbsp;15, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Investment Grade</b>&#148; means Baa3 or higher by Moody&#146;s and BBB- or higher by Fitch, or the equivalent of such ratings by another Rating Agency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Issue Date</b>&#148; means June&nbsp;15, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Judgment Currency</b>&#148; has the meaning assigned to such term in Section&nbsp;10.07.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Leverage Ratio</b>&#148; means, on any date (the &#147;transaction date&#148;), the ratio of:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the aggregate amount of consolidated Debt of the Company and its Subsidiaries to</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(y)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the aggregate amount of EBITDA for the four fiscal quarters immediately prior to the transaction date for which internal financial statements are available (the &#147;reference period&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In making the foregoing calculation:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any Debt, Disqualified Stock or Preferred Stock to be repaid or redeemed on the transaction date will be excluded; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">pro forma </font></i><font size="3" style="font-size:12.0pt;">effect will be given to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the acquisition or disposition of companies, divisions or lines of businesses by the Company and its Subsidiaries, including any acquisition or disposition of a company, division or line of business since the beginning of the reference period by a Person that became a Subsidiary after the beginning of the reference period, and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">16</font><a name="PB_16_115750_7091"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the discontinuation of any discontinued operations,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">that have occurred since the beginning of the reference period as if such events had occurred, and, in the case of any disposition, the proceeds thereof applied, on the first day of the reference period. To the extent that <i>pro forma </i>effect is to be given to an acquisition or disposition of a company, division or line of business, the <i>pro forma </i>calculation will be based upon the most recent four full fiscal quarters for which the relevant financial information is available.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Lien</b>&#148; means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>MAE</b>&#148; means the <i>Mercado Abierto Electr&#243;nico S.A</i>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Material Adverse Effect</b>&#148; means, a material adverse effect on (a)&nbsp;the condition (financial or otherwise), operations, performance, business, properties or prospects of the Company and its Subsidiaries taken as a whole, (b)&nbsp;the rights and remedies of the Trustee, or the Holders of the Notes, as applicable under this Indenture or the Notes, (c)&nbsp;the Company&#146;s ability to pay any amounts under the Notes or this Indenture or the Company&#146;s ability to perform its other payment obligations under the Notes or this Indenture or (d)&nbsp;the legality, validity or enforceability of this Indenture or the Notes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Merger</b>&#148; means the consummation of the merger of Telecom Argentina S.A. and Cablevisi&#243;n in accordance in all material respects with the terms of the preliminary merger agreement (<i>Compromiso Previo de </i>Fusi&#243;n) dated June&nbsp;30, 2017 between Cablevisi&#243;n and Telecom Argentina S.A. (as it may be amended, modified or waived from time to time), as a result of which Cablevisi&#243;n S.A. will be merged into Telecom Argentina S.A., following which Telecom Argentina S.A. will be the surviving entity and Cablevisi&#243;n will be dissolved without liquidation and all of its assets and liabilities transferred to Telecom Argentina S.A., as applicable, in accordance with Argentine corporate law and the terms of such preliminary merger agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Moody&#146;s</b>&#148; means Moody&#146;s Investors Service,&nbsp;Inc. and its successors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>MULC</b>&#148; means the <i>Mercado &#218;nico y Libre de Cambios</i>, the foreign exchange market in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>MERVAL</b>&#148; means the <i>Mercado de Valores de Buenos Aires S.A</i>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Negotiable Obligations Law</b>&#148; means the Argentine Negotiable Obligations Law No.&nbsp;23,576, as amended by Law No.&nbsp;23,962, as further amended from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Non-U.S. Person</b>&#148; means a Person that is not a U.S. person, as defined in Regulation S.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Notes</b>&#148; has the meaning assigned to such term in the Recitals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Offer to Purchase</b>&#148; means a Change of Control Offer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">17</font><a name="PB_17_115808_455"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Offering Memorandum</b>&#148; means the Final Offering Memorandum dated June&nbsp;8, 2016, relating to the Notes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Officer</b>&#148; means, with respect to the execution of a Company Order or of the Notes on behalf of the Company by manual or facsimile signatures pursuant to Section&nbsp;2.02 hereof, of each of the chairman or president or other member of the Board of Directors, and of any member of the Supervisory Committee of the Company, and for any other purpose with respect to any Person, the chairman or president of the Board of Directors, the principal executive officer or chief executive officer, any director, the principal financial officer or chief financial officer, the principal legal officer, the treasurer or any assistant treasurer, the principal accounting officer, controller, or the secretary or any assistant secretary, of such Person, or any Person otherwise authorized to act as legal representative, attorney-in-fact on behalf of, or in any other manner authorized to act for such purposes with respect to, such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Officer&#146;s Certificate</b>&#148; means, with respect to any Person, a certificate signed by two Officers of such Person, one of whom is the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer, or by any other officer and either an assistant treasurer or an assistant secretary of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Opinion of Counsel</b>&#148; means a written opinion of counsel, who may be an employee of or counsel for the Company (except as otherwise provided in this Indenture), obtained at the expense of the Company, or the surviving or transferee Person or a Subsidiary, and who is reasonably acceptable to the Trustee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Other Short Term Debt</b>&#148; means any short term (with a maturity of less than 12 months) unsecured Debt of any Person not to exceed the principal amount of U.S.$30 million in the aggregate outstanding at any time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Outstanding</b>&#148; when used with respect to Notes means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Notes theretofore cancelled by the Trustee or delivered to the Company or the Trustee for cancellation;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Notes that have been called for redemption or tendered for repurchase in accordance with their terms or which have become due and payable at maturity or otherwise and with respect to which monies sufficient to pay the principal thereof and any premium, interest, Additional Amounts or other amount thereon have been deposited with the Trustee; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Notes in lieu of or in substitution for which other Notes have been authenticated and delivered;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided, however</font></i><font size="3" style="font-size:12.0pt;">, that in determining whether the Holders of the requisite principal amount of Outstanding Notes are present at a meeting of Holders of Notes for quorum purposes or have consented to or voted in favor of any notice, consent, waiver,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">amendment, modification or supplement under this Indenture, Notes owned directly or indirectly by the Company or any of the Company&#146;s Affiliates, including any Subsidiary, will be disregarded and deemed not to be Outstanding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">A Note does not cease to be Outstanding because the Company or any Affiliate of the Company holds the Note, <i>provided </i>that in determining whether the Holders of the requisite amount of Outstanding Notes have given any request, demand, authorization, direction, notice, consent or waiver under this Indenture, Notes owned by the Company or any Affiliate of the Company shall be disregarded and deemed not to be Outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only Notes which the Trustee actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the reasonable satisfaction of the Trustee the pledgee&#146;s right to act with respect to such Notes and that the pledgee is not the Company or an Affiliate of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:42.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Paying Agent</b>&#148; means any Person engaged to perform the obligations of the Company in respect of payments made or funds held hereunder in respect of the Notes and, initially, Deutsche Bank Trust Company Americas, until replaced by a successor and, thereafter, means any of its successor and assigns.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Permitted Debt</b>&#148; has the meaning assigned to such term in Section&nbsp;4.06(b).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Permitted Holders</b>&#148; means (a)&nbsp;Grupo Clar&#237;n S.A., Fintech Advisory,&nbsp;Inc., Fintech Media LLC and any of their respective successors and Affiliates, any limited partnership of which any of them or their successors or Affiliates is the general partner and any investment fund controlled or managed by any of them or their successors or Affiliates, and (b)&nbsp;any of (i)&nbsp;Ernestina Laura Herrera de Noble, Hector Horacio Magnetto, Jos&#233; Antonio Aranda, Lucio Rafael Pagliaro and their legitimate heirs by reason of death, (ii)&nbsp;any Privileged Relatives of any of the individuals set forth in subclause (b)(i)&nbsp;of this definition, (iii)&nbsp;any trust the beneficiaries of which are any of the individuals set forth in subclause (b)(i)&nbsp;of this definition and/or any Privileged Relatives of any of such noted individuals, and (iv)&nbsp;any Person (other than an individual) directly or indirectly majority owned and controlled by one or more individuals set forth in subclause (b)(i)&nbsp;of this definition and/or any Privileged Relatives of any Permitted Holder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Permitted Liens</b>&#148; means:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens existing on the Issue Date;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens securing the Notes;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens existing as of the date of the Merger or assumed as a result of the Merger and any Lien granted as a replacement or substitute therefor;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">19</font><a name="PB_19_115838_8627"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens securing reimbursement obligations with respect to letters of credit that encumber documents and other property relating to such letters of credit and the proceeds thereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens (including the interest of a lessor under a Capital Lease) on property that secure Debt Incurred under paragraph (viii)&nbsp;of Permitted Debt for the purpose of financing all or any part of the purchase price or cost of construction or improvement of such property and which attach within 180 days after the date of such purchase or the completion of construction or improvement;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens on property of a Person at the time such Person becomes a Subsidiary of the Company, provided such Liens were not created in contemplation thereof and do not extend to any other property of the Company or any Subsidiary;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens on property at the time the Company or any of the Subsidiaries acquires such property, including any acquisition by means of a merger or consolidation with or into the Company or a Subsidiary of such Person, provided such Liens were not created in contemplation thereof and do not extend to any other property of the Company or any Subsidiary;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens securing Debt or other obligations of the Company or of a Subsidiary to the Company or to another Subsidiary;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens securing Hedging Agreements so long as such Hedging Agreements relate to Debt for borrowed money that is, and is permitted to be under this Indenture, secured by a Lien on the same property securing such Hedging Agreements;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(10)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">extensions, renewals or replacements of any Liens referred to in clauses (1), (2), (3), (5)&nbsp;or (6)&nbsp;in connection with the Refinancing of the obligations secured thereby, provided that such Lien does not extend to any other property and, except as contemplated by the definition of &#147;Refinancing Debt,&#148; the amount secured by such Lien is not increased;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(11)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any Lien arising from any Tax or other Lien arising by operation of law, in each case if the obligation underlying any such Lien is not yet due or, if due, is being contested in good faith by appropriate proceedings so long as the Company has set aside adequate reserves in accordance with IFRS;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(12)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens created or deposits made in the ordinary course of business (i)&nbsp;in connection with workers&#146; compensation, unemployment insurance and other types of social security, including any Lien securing letters of credit issued in the ordinary course of business consistent with past practice in connection therewith, or (ii)&nbsp;to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, purchase, construction or sales contracts, leases, government performance and return-of-money bonds and other similar obligations (other than obligations for the payment of borrowed money), so long as the Lien does not interfere with the carrying on of the business or operations of the Company or any of its Subsidiaries</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">20</font><a name="PB_20_115856_7906"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(13)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens created in the ordinary course of business upon specific items of inventory or other goods and proceeds of any Person securing such Person&#146;s obligations in respect of bankers&#146; acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods, so long as the Lien does not interfere in any material respect with the carrying of the business or operations of the Company or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(14)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens arising from judgments, decrees, awards or attachments in circumstances not constituting an Event of Default under this Indenture;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(15)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="3" style="font-size:12.0pt;">easements, rights-of-way, restrictions, encroachments and other similar charges or encumbrances, and minor title deficiencies, in each case not securing Debt and not interfering in any material respect with the conduct of the business and operations of the Company or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(16)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the designation of lessors, construction companies and other counterparties as loss payees under insurance policies in the ordinary course of business as required by customary contractual requirements, other than in connection with or in anticipation of the incurrence of Debt;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(17)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Liens created in connection with any Permitted Sale and Leaseback Transaction; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(18)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">other Liens securing Debt in an aggregate amount not exceeding the greater of U.S.$100 million and 10% of Consolidated Net Tangible Assets.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Permitted Sale and Leaseback Transaction</b>&#148; means any of: (i)&nbsp;a Transmission Tower Sale and Leaseback Transaction, (ii)&nbsp;an Excluded Asset Sale and Leaseback Transaction, or (iii)&nbsp;a Sale and Leaseback Transaction in which a Subsidiary of the Company is the lessee and the Company or another Subsidiary is the lessor of such property.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Person</b>&#148; means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity, including a government or political subdivision or an agency or instrumentality thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Preferred Stock</b>&#148; means, with respect to any Person, any and all Capital Stock which is preferred as to the payment of dividends or distributions, upon liquidation or otherwise, over another class of Capital Stock of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>principal</b>&#148; of any Debt means the principal amount of such Debt, (or if such Debt was issued with original issue discount, the face amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt), together with, unless the context otherwise indicates, any premium then payable on such Debt.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Privileged Relative</b>&#148; means, in relation to an individual, his or her spouse and any relative of such individual with a common ancestor up to the fourth degree (including adopted children who have been adopted during their minority and step-children who</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">21</font><a name="PB_21_115910_3736"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">have acquired that relationship with such individual or with any such relative during their minority) and any spouse of any such relative.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>QIB</b>&#148; has the meaning set forth in Section&nbsp;2.04(e).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Qualified Equity Interests</b>&#148; means all Equity Interests of a Person other than Disqualified Equity Interests.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Qualified Stock</b>&#148; means all Capital Stock of a Person other than Disqualified Stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Rating Agencies</b>&#148; means Moody&#146;s and Fitch; <i>provided</i>, that if either Moody&#146;s or Fitch shall cease issuing a rating on the Notes, for reasons outside the control of the Company the Company may select a &#147;nationally recognized statistical rating organization&#148; registered under Section&nbsp;15E of the Exchange Act, selected by the Company as a replacement agency for Moody&#146;s or Fitch, as the case may be.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Reference Treasury Dealer</b>&#148; means Deutsche Bank Securities Inc.,&nbsp;Ita&#250; BBA USA Securities Inc. and J.P. Morgan Securities LLC, or any of their respective affiliates which are primary United States government securities dealers and not less than one other leading primary United States government securities dealer in New York City reasonably designated by the Company; provided that, if any of the foregoing cease to be a primary United States government securities dealer in New York City (a &#147;<b>Primary Treasury Dealer</b>&#148;), the Company will substitute therefor another Primary Treasury Dealer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Reference Treasury Dealer Quotation</b>&#148; means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked price for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 pm New York City time on the third Business Day preceding such redemption date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Refinance</b>&#148; means, in respect of any Debt, to issue any Debt in exchange for or to refinance, repay, redeem, replace, defease or refund such Debt in whole or in part. &#147;<b>Refinance</b>&#148; and &#147;<b>Refinancing</b>&#148; will have correlative meanings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Refinancing Debt</b>&#148; means Debt of the Company or any Subsidiary issued to Refinance any other Debt of the Company or a Subsidiary existing on the Issue date or as of the date of the Merger, or assumed as a result of the Merger, or Incurred in compliance with this Indenture so long as:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the aggregate principal amount of such new Debt as of the date of such proposed Refinancing does not exceed the aggregate principal amount of the Debt to be Refinanced (plus accrued and unpaid interest premiums, fees and expenses related to such Refinancing); or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">22</font><a name="PB_22_115924_9621"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">such new Debt does not have a Stated Maturity prior to the Stated Maturity of the Debt to be Refinanced, and the Average Life of the new Debt is equal to or greater than the remaining Average Life of the Debt to be Refinanced:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">if the Debt being Refinanced is:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Debt of the Company, then such Refinancing Debt will be Debt of the Company;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="3" style="font-size:12.0pt;">Subordinated Debt, then the new Debt, by its terms or by the terms of any agreement or instrument pursuant to which it is outstanding, will be expressly made subordinate in right of payment to the Notes at least to the extent that the Debt to be Refinanced is subordinated to the Notes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Register</b>&#148; has the meaning assigned to such term in Section&nbsp;2.05.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Registrar and Transfer Agent</b>&#148; means a Person engaged to maintain the definitive record of all registrations and transfers of the Notes in the Register and, initially, Deutsche Bank Trust Company Americas, until replaced by a successor and, thereafter, means any of its successor and assigns.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Regular Record Date</b>&#148; for the interest payable on any Interest Payment Date means the June&nbsp;1 or December&nbsp;1 (whether or not a Business Day) next preceding such Interest Payment Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Regulation S</b>&#148; means Regulation S under the Securities Act.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Regulation S Global Note</b>&#148; has the meaning set forth in Section&nbsp;2.04(e).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Regulation S Securities Act Legend</b>&#148; has the meaning set forth in Section&nbsp;2.04(f)(ii).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Relevant Date</b>&#148; means whichever is the later of (i)&nbsp;the date on which such payment first becomes due and (ii)&nbsp;if the full amount payable has not been received in New York City, New York by the Trustee on or prior to such due date, the date on which, the full amount having been so received, notice to that effect has been given to the Holders by the Trustee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Relevant Jurisdiction</b>&#148; has the meaning assigned to such term in Section&nbsp;4.20.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Representative of the Trustee in Argentina</b>&#148; means Banco Comafi S.A. (as successor of Deutsche Bank S.A.) or such other person designated from time to time by the Trustee with the consent of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Responsible Officer</b>&#148; means, with respect to the Trustee, any officer within the Corporate Trust Office of the Trustee (or any successor of the Trustee) who shall have direct responsibility for the administration of this Indenture, and shall also include any</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">23</font><a name="PB_23_115941_8715"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">other officer of the Trustee to whom any corporate trust matter is referred because of such officer&#146;s knowledge of and familiarity with the particular subject.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Restricted Certificated Note</b>&#148; has the meaning set forth in Section&nbsp;2.04(f).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Restricted Global Note</b>&#148; has the meaning set forth in Section&nbsp;2.04(e).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Restricted Securities Act Legend</b>&#148; has the meaning set forth in Section&nbsp;2.04(f)(i).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Reversion Date</b>&#148; has the meaning assigned to such term in Section&nbsp;4.21.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Rule&nbsp;144A</b>&#148; means Rule&nbsp;144A under the Securities Act.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Sale and Leaseback Transaction</b>&#148; means, with respect to any Person, an arrangement whereby such Person enters into a lease of property previously transferred by such Person to the lessor.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Securities Act</b>&#148; means the Securities Act of 1933, as amended.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Securities Act Legend</b>&#148; has the meaning set forth in Section&nbsp;2.04(f)(ii).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Significant Subsidiary</b>&#148; means a Subsidiary of the Company that would constitute a &#147;significant subsidiary&#148; of the Company in accordance with Rule&nbsp;1-02 under Regulation S-X under the Securities Act in effect on the Issue Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Stated Maturity</b>&#148; means (i)&nbsp;with respect to any Debt, the date specified as the fixed date on which the final installment of principal of such Debt is due and payable or (ii)&nbsp;with respect to any scheduled installment of principal of or interest on any Debt, the date specified as the fixed date on which such installment is due and payable as set forth in the documentation governing such Debt, not including any contingent obligation to repay, redeem or repurchase prior to the regularly scheduled date for payment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Subordinated Debt</b>&#148; means any Debt of the Company which is subordinated in right of payment to the Notes, pursuant to a written agreement to that effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Subsidiary</b>&#148; means with respect to any Person, any corporation, association or other business entity of which more than 50% of the outstanding Voting Stock is owned, directly or indirectly, by, or, in the case of a partnership, the sole general partner or the managing partner or the only general partners of which are, such Person and one or more Subsidiaries of such Person (or a combination thereof). Unless otherwise specified, &#147;<b>Subsidiary</b>&#148; means a Subsidiary of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Successor Company</b>&#148; has the meaning assigned to such term in Section&nbsp;5.01.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Suspended Covenants</b>&#148; has the meaning assigned to such term in Section&nbsp;4.21.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Suspension Period</b>&#148; has the meaning assigned to such term in Section&nbsp;4.21.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">24</font><a name="PB_24_115956_563"></a></p>
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<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Taxes</b>&#148; has the meaning assigned to such term in Section&nbsp;4.20.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Transmission Tower Sale and Leaseback Transactions</b>&#148; means an arrangement whereby the Company or a Subsidiary enters into a lease of one or more transmission towers dedicated to the provision of mobile communication services previously transferred by such Person to the lessor.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Treasury Rate</b>&#148; means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Trustee</b>&#148; means the party named as such in the first paragraph of this Indenture or any successor Trustee under this Indenture pursuant to Article&nbsp;7.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>U.S.</b>&#148; and &#147;<b>U.S. Dollar</b>&#148; means the currency of the United States of America, which at the relevant time is legal tender for the payment of public or private debts.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>U.S. Government Obligations</b>&#148; means obligations issued or directly and fully guaranteed or insured by the United States of America or by any agent or instrumentality thereof, <i>provided </i>that the full faith and credit of the United States of America is pledged in support thereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Voting Stock</b>&#148; means, with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.02.<i>Rules&nbsp;of Construction</i>. Unless the context otherwise requires or except as otherwise expressly provided,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a term has the meaning assigned to it;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">(i)&nbsp;an accounting term not otherwise defined has the meaning assigned to it in accordance with IFRS; (ii)&nbsp;except as otherwise herein expressly provided, the term IFRS, with respect to any computation required or permitted hereunder, shall mean IFRS as of the date of such computation, and (iii)&nbsp;except as otherwise herein expressly provided, all ratios and computations based on IFRS contained in this Indenture should be computed in conformity with IFRS;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">&#147;including&#148; means including without limitation;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">words in the singular include the plural and words in the plural include the singular;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">unsecured Debt shall not be deemed to be subordinate or junior to secured Debt merely by virtue of its nature as unsecured Debt;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">25</font><a name="PB_25_114727_9236"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">secured Debt shall not be deemed to be subordinate or junior to any other secured Debt merely because it has a junior priority with respect to the same collateral;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:35.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the principal amount of any Preferred Stock shall be (A)&nbsp;the maximum liquidation value of such Preferred Stock or (B)&nbsp;the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:34.55pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all references to the date the Initial Notes were originally issued shall refer to the Issue Date;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">&#147;herein,&#148; &#147;hereof&#148; and other words of similar import refer to this Indenture as a whole and not to any particular Section, Article&nbsp;or other subdivision;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of or to this Indenture unless otherwise indicated;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:33.85pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">references to agreements or instruments, or to statutes or regulations, are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all references to principal, premium, if any, and interest in respect of the Notes will be deemed also to refer to any Additional Amounts which may be payable as set forth herein or in the Notes;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.45in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any action required to be taken on a given date pursuant to this Indenture shall, to the extent such date is not a Business Day, be deemed to be required to be taken on the next succeeding Business Day; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:34.55pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions the Company may classify such transaction as it, in its sole discretion, determines.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ISSUE, EXECUTION, FORM&nbsp;AND REGISTRATION OF NOTES</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.01.<i>Authentication and Delivery of Notes</i>. Upon the execution and delivery of this Indenture, or from time to time thereafter, Notes may be executed and delivered by the Company, in an aggregate principal amount Outstanding of not more than U.S.$500,000,000 (other than Notes issued pursuant to Section&nbsp;2.08 and Section&nbsp;2.09) to the Trustee for authentication, accompanied by an Officers&#146; Certificate of the Company directing such authentication and specifying the amount of Notes to be authenticated, the applicable rate at which interest will accrue on such Notes, the date on which the original issuance of such Notes is to be authenticated, the date from which interest will begin to accrue, the date or dates on which interest on such Notes will be payable and the date on which the principal of such Notes will be payable and other terms relating to such Notes. The Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the Company (as set forth in such Officers&#146;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">26</font><a name="PB_26_114829_7056"></a></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Certificate) signed by two Officers. The Trustee may appoint an Authenticating Agent reasonably acceptable to the Company to authenticate the Notes. Unless limited by the terms of such appointment, an Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.02.<i>Execution of Notes</i>. (a)&nbsp;The Notes shall be executed by or on behalf of the Company by the signature of an Officer of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In case Officers who shall have signed any of the Notes shall cease to be such Officers before the Note shall be authenticated and delivered by the Trustee or disposed of by or on behalf of the Company, such Note nevertheless may be authenticated and delivered or disposed of as though the Persons who signed such Note had not ceased to be such Officers; and any Note may be signed on behalf of the Company by such Persons as, at the actual date of the execution of such Note, shall be Officers, although at the date of the execution and delivery of this Indenture any such Persons were not Officers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.03.<i>Certificate of Authentication</i>. Only such Notes as shall bear thereon a certification of authentication substantially as set forth in the forms of the Notes in Exhibits A, C and D hereto, executed by the Trustee by manual signature of one of its authorized signatories, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certification by the Trustee upon any Note executed by or on behalf of the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.04.<i>Form, Denomination and Date of Notes; Payments</i>. The Notes and the Trustee&#146;s certificates of authentication shall be substantially in the form set forth in Exhibits A, C and D hereof. On the Issue Date, the Notes shall be issued in the form provided in Section&nbsp;2.04(e). The Notes shall be numbered, lettered, or otherwise distinguished in such manner as the Persons executing the same on behalf of the Company may determine with the approval of the Trustee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Notes may, subject to applicable Argentine laws and regulations (including the Negotiable Obligations Law and the Argentine Capital Markets Law) and subject to the prior approval of the CNV where applicable, be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules&nbsp;or regulations pursuant thereto, with the rules&nbsp;of any securities exchange on which the Notes may be listed, or for any Governmental Authority or depositary thereof, or to conform to general usage.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Subject to the requirements of the CNV and the relevant regulations of any stock exchange on which the Notes may be listed, Certificated Notes may be typewritten, printed, lithographed or produced by any combination of these methods on steel engraved</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">27</font><a name="PB_27_114853_5335"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">borders or produced in any other manner, all as determined by the Officers executing such Notes, as evidenced by their execution of such Notes. The issuance of the Notes shall be subject to applicable Argentine law governing the form and registration of securities, this Indenture, any rule&nbsp;of any securities exchange on which the Notes may be listed, or of any Governmental Authority or any depositary thereof, and subject to the prior approval of the CNV where applicable.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company agrees to cause the Notes to comply with Article&nbsp;7 of the Negotiable Obligations Law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Each Note shall be dated the date of their authentication. Each Note shall bear interest from the date of issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for and shall be payable on the dates specified on the face of the form of Note set forth as <u>Exhibit&nbsp;A</u> hereto. Interest on the Notes shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">On the Issue Date, an appropriate Officer will execute and deliver to the Trustee (i)&nbsp;for Notes sold within the United States to &#147;qualified institutional buyers&#148; as defined in and pursuant to Rule&nbsp;144A under the Securities Act (each, a &#147;<b>QIB</b>&#148;), one or more restricted global Notes (each, a &#147;<b>Restricted Global Note</b>&#148;), in definitive, fully registered form without interest coupons, in a denomination of U.S.$1,000 or any amount in excess thereof which is an integral multiple of U.S.$1,000, substantially in the form of <u>Exhibit&nbsp;C</u> hereto; and (ii)&nbsp;for Notes sold outside the United States in offshore transactions in reliance on Regulation S under the Securities Act, one or more Regulation S global Notes (each, a &#147;<b>Regulation S Global Note</b>&#148; and, together with the Restricted Global Note, &#147;<b>Global Notes</b>&#148;), in definitive, fully registered form without interest coupons, in a denomination of U.S.$1,000 or any amount in excess thereof which is an integral multiple of U.S.$1,000, substantially in the form of <u>Exhibit&nbsp;D</u> hereto; all such Notes so executed and delivered to the Trustee pursuant to sub- clauses (i)&nbsp;and (ii)&nbsp;of this clause (e)&nbsp;shall be in an aggregate principal amount that shall equal the aggregate principal amount of the Notes that are to be issued on the Issue Date. The aggregate principal amount of the Restricted Global Notes and the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of the Custodian for the Depositary or its nominee, as hereinafter provided.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Each Restricted Global Note, each restricted Certificated Note issued in exchange for interests in the Restricted Global Note (&#147;<b>Restricted Certificated Note</b>&#148;) and each Regulation S Global Note during the Distribution Compliance Period (and each Certificated Note issued in exchange for interests in the Regulation S Global Note during such period) shall bear the following legends as set forth below, unless such Note has been sold pursuant to a registration statement that has been declared effective under the Securities Act and <i>provided </i>that upon and following the expiration of the Distribution Compliance Period, such legend included on the Regulation S Global Note (and each Certificated Note issued in exchange therefor) shall have no effect and may be removed by the Trustee upon direction of the Company or a Holder of any interest in the Regulation S Global Note:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">28</font><a name="PB_28_114901_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Restricted Global Note shall bear the following legend (the &#147;<b>Restricted Securities Act Legend</b>&#148;) on the face thereof:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY&nbsp;BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)&nbsp;TO THE ISSUER, (2)&nbsp;SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (&#147;RULE 144A&#148;), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH RULE 144A, (3)&nbsp;IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (4)&nbsp;PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR (5)&nbsp;PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, REPRESENTS AND AGREES THAT IT SHALL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. THIS LEGEND MAY&nbsp;BE REMOVED SOLELY AT THE DIRECTION OF THE ISSUER.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Regulation S Global Note shall bear the following legend (the &#147;<b>Regulation S Securities Act Legend</b>&#148;, and together with the Restricted Securities Act Legend, each a &#147;<b>Securities Act Legend</b>&#148;) on the face thereof:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY&nbsp;BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION AND IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY OTHER APPLICABLE JURISDICTION. THIS LEGEND MAY&nbsp;BE REMOVED SOLELY AT THE DIRECTION OF THE ISSUER.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Each Global Note (i)&nbsp;shall be delivered by the Trustee to DTC acting as the Depositary or, pursuant to DTC&#146;s instructions, shall be delivered by the Trustee on behalf of DTC to and deposited with the Custodian, and in either case shall be registered in the name of Cede&nbsp;&amp; Co., or such other name as DTC shall specify, and (ii)&nbsp;shall also bear a legend substantially to the following effect:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">29</font><a name="PB_29_114911_2897"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART&nbsp;FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY&nbsp;NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.&#148;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Global Notes may be deposited with such other Depositary that is a clearing agency registered under the Exchange Act as the Company may from time to time designate in writing to the Trustee, and shall bear such legend as may be appropriate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:33.85pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If at any time the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Notes or if at any time the Depositary shall no longer be a clearing agency registered under the Exchange Act, the Company shall appoint a successor Depositary with respect to such Global Notes. If (i)&nbsp;a successor Depositary for such Global Notes is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, or (ii)&nbsp;an Event of Default has occurred and is continuing with respect to the Notes, the Company will execute, and the Trustee, upon receipt of an Officers&#146; Certificate of the Company directing the authentication and delivery thereof, will authenticate and deliver, Certificated Notes in any authorized denominations in an aggregate principal amount equal to the principal amount of such Global Notes in exchange for such Global Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:33.85pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Global Notes shall in all respects be entitled to the same benefits under this Indenture as Certificated Notes authenticated and delivered hereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Person in whose name any Note is registered at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest, if any, payable on such Interest Payment Date notwithstanding any</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">30</font><a name="PB_30_114919_3020"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">transfer or exchange of such Note subsequent to the Regular Record Date and prior to such Interest Payment Date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.05.<i>Registration, Transfer and Exchange</i>. The Notes are issuable only in registered form. The Trustee will keep at the Corporate Trust Office (in such capacity, the &#147;<b>Registrar</b>&#148;), a register (the &#147;<b>Register</b>&#148;) in which, subject to such reasonable regulations as it may prescribe, it will register, and will register the transfer of, Notes as provided herein. The name and address of the registered holder of each Note and the amount of each Note will be recorded in the Register. Such Register shall be in written form in the English language or in any other form capable of being converted into such form within a reasonable time.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">A copy of the Register shall be maintained by the Argentine Registrar and Transfer Agent at its offices in Buenos Aires. Upon request by the Argentine Registrar and Transfer Agent, the Registrar shall provide a copy of the Register to the Argentine Registrar and Transfer Agent at such address or facsimile as the Argentine Registrar and Transfer Agent may designate in writing to the Trustee. The Register in Argentina shall be in written form in the English language or in any other form capable of being converted into such written form within a reasonable time and, upon request, may be translated into Spanish at the sole expense of the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Upon due presentation for registration of transfer of any Note, the Company shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Note or Notes in authorized denominations for a like aggregate principal amount.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">A Holder may register the transfer of a Note only by written application to the Registrar stating the name of the proposed transferee and otherwise complying with the terms of this Indenture. No such registration of transfer shall be effected until, and such transferee shall succeed to the rights of a Holder only upon, final acceptance and registration of the transfer by the Registrar in the Register. Prior to the registration of any transfer by a Holder as provided herein, the Company, the Trustee and any agent of any of them shall treat the Person in whose name the Note is registered as the owner thereof for all purposes whether or not the Note shall be overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary. Furthermore, any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note may be effected only through a book entry system maintained by the Holder of such Global Note (or its agent) and that ownership of a beneficial interest in the Note shall be required to be reflected in a book entry. At the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination and of a like aggregate principal amount, upon surrender of the Notes to be exchanged to the Registrar. When Notes are presented to the Registrar with a request to register the transfer or to exchange them for an equal principal amount of Notes of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested if the requirements for such transactions set forth herein are met. To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Notes as applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">31</font><a name="PB_31_114929_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Registrar ) be duly endorsed, or be accompanied by a written instrument of transfer duly executed, by the Holder thereof or his attorney duly authorized in writing in a form satisfactory to the Company and the Registrar.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company and the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of Notes (other than any such transfer taxes or other similar governmental charge payable upon exchanges). No service charge to any Holder shall be made for any such transaction.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company shall not be required to exchange or register a transfer of (a)&nbsp;any Notes for a period of 15 days next preceding the first mailing of notice of redemption of Notes to be redeemed or (b)&nbsp;any Notes called or being called for redemption.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">All Notes issued upon any transfer or exchange of Notes shall be valid obligations of the Company, evidencing the same debt and entitled to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Claims against the Company for the payment of principal and interest, premium, if any, or other amounts due on the Notes (including Additional Amounts) must be made within five years, with respect to principal, and two years, with respect to interest, premium, if any, or other amounts due on the Notes (including Additional Amounts), in each case from the date on which such payment first became due, or a shorter period if provided by law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.06.<i>Book-entry Provisions For Global Notes</i>. (a)&nbsp;Each Restricted Global Note initially shall (i)&nbsp;be registered in the name of a nominee of the Depositary, (ii)&nbsp;be delivered to the Custodian on behalf of the Depositary and (iii)&nbsp;bear the Securities Act Legend. Each Regulation S Global Note initially shall (i)&nbsp;be registered in the name of a nominee for the Depositary, (ii)&nbsp;be delivered to the Custodian on behalf of the Depositary and (iii)&nbsp;bear the Securities Act Legend; provided that upon and following the expiration of the Distribution Compliance Period, such Securities Act Legend shall have no effect and may be removed by the Trustee upon the direction of the Company or a holder of any interest in the Regulation S Global Note with the approval of the Company. Upon and following the expiration of the Distribution Compliance Period, interests in the Regulation S Global Notes may be held by any Agent Members.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Agent Members shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Custodian, or under the Global Notes, and the Depositary may be treated by the Company, the Trustee and any agent of any of them as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of any of them, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">32</font><a name="PB_32_114939_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Global Note.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:38.15pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Except as provided in Section&nbsp;2.07, transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Note may be transferred, and transfers increasing or decreasing the aggregate principal amount of Global Notes may be conducted only in accordance with the rules&nbsp;and procedures of the Depositary and, to the extent relevant, the provisions of Section&nbsp;2.07. In addition, Certificated Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in any Restricted Global Note or Regulation S Global Note, respectively, under the circumstances set forth in Section&nbsp;2.04(g)</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:38.15pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Any beneficial interest in one of the Global Notes that is transferred to a Person who takes delivery in the form of an interest in the other Global Note will, upon transfer, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:38.15pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In connection with the transfer of an entire Restricted Global Note or Regulation S Global Note to beneficial owners pursuant to clause (b)&nbsp;of this Section, the Restricted Global Note or Regulation S Global Note, as the case may be, shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interest in such Restricted Global Note or Regulation S Global Note, as the case may be, an equal aggregate principal amount of Certificated Notes of authorized denominations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:38.9pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Any Certificated Note delivered in exchange for an interest in a Restricted Global Note pursuant to clause (b)&nbsp;or (d)&nbsp;of this Section&nbsp;shall, except as otherwise provided by clause (d)&nbsp;of Section&nbsp;2.07, bear the Securities Act Legend in accordance with Section&nbsp;2.07(d).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:38.9pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The registered holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.07.<i>Special Transfer Provisions</i>. Unless and until the Securities Act Legend is removed from a Certificated Note or Global Note pursuant to clause (d)&nbsp;below, the following additional provisions shall apply to the proposed transfer, exchange or replacement of Certificated Notes or, to the extent relevant to the Trustee, the Registrar or the Depositary, any beneficial interest in a Global Note:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">33</font><a name="PB_33_114947_7608"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Transfers to Qualified Institutional Buyers</font></i><font size="3" style="font-size:12.0pt;">. The following provisions shall apply with respect to the registration of any proposed transfer of a Note (or interest in a Global Note) to a QIB:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .4in;punctuation-wrap:simple;text-align:justify;text-indent:.55in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Registrar shall register the transfer of any Certificated Note containing the Securities Act Legend if (x)&nbsp;the requested transfer is after the time period referred to in Rule&nbsp;144 under the Securities Act as in effect with respect to such transfer or (y)&nbsp;such transfer is being made by a proposed transferor who has checked the box provided for on the form of Note stating, or has otherwise advised the Company and the Registrar in writing, that the sale has been made in compliance with the provisions of Rule&nbsp;144A to a transferee who has signed the transfer notice provided for on the form of Note in substantially the form of <u>Exhibit&nbsp;B</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .4in;punctuation-wrap:simple;text-align:justify;text-indent:37.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If the Note to be transferred is a Certificated Note containing the Securities Act Legend and the proposed transferee is an Agent Member holding such interest on behalf of a QIB, upon receipt by the Registrar of (x)&nbsp;the documents referred to in sub-clause (i)&nbsp;above (if such transfer is pursuant to clause (y)&nbsp;of sub-clause (i)&nbsp;above) and (y)&nbsp;instructions given in accordance with the Depositary&#146;s and the Registrar&#146;s procedures, the Registrar shall reflect on its books and records the date of such transfer and an increase in the principal amount of the Restricted Global Note in an amount equal to the principal amount of the Certificated Note to be transferred and the Trustee shall cancel the Certificated Note so transferred.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .4in;punctuation-wrap:simple;text-align:justify;text-indent:35.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Subject to the DTC procedures, if the proposed interest to be transferred is an interest in the Restricted Global Note, (x)&nbsp;such transfer may be effected only through the book entry system maintained by the Depositary in compliance with the applicable provisions of the Securities Act Legend and (y)&nbsp;the transferee is required to hold such interest through an Agent Member.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .4in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Subject to the DTC procedures, (x)&nbsp;except as set forth in sub-clause (v)&nbsp;below, during the Distribution Compliance Period, an interest in the Regulation S Global Note proposed to be transferred to a QIB transferee shall be required to be held on behalf of such transferee through Euroclear or Clearstream, Luxembourg, and (y)&nbsp;upon and following the expiration of the Distribution Compliance Period, transfers of interests in the Regulation S Global Note to such transferees shall not be so restricted, although interests therein shall be required to be held through Agent Members.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .4in;punctuation-wrap:simple;text-align:justify;text-indent:37.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Subject to the DTC procedures, with respect to transfers of an interest in a Regulation S Global Note to a QIB during the Distribution Compliance Period, upon receipt by the Registrar of (x)&nbsp;a certificate by the transferee or transferor, as the case may be, in substantially the form of <u>Exhibit&nbsp;G</u> hereto and (y)&nbsp;instructions given in accordance with the Depositary&#146;s and Registrar&#146;s procedures, the Registrar shall reflect on its books and records the date of such transfer and a decrease in the principal amount of the Regulation S Global Note in an amount equal to the principal amount of the beneficial interest to be transferred, and shall increase the principal amount of the Restricted Global Note in a like amount.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Transfers of Interests in a Regulation S Global Note to Other U.S. Persons. Subject to the DTC procedures, (x)&nbsp;during the Distribution Compliance Period, an interest in the Regulation S Global Note proposed to be transferred to any U.S. Person transferee shall be required to be held on behalf of such other U.S. Person transferee only through Euroclear or Clearstream, Luxembourg, and (y)&nbsp;upon and following the expiration of the Distribution Compliance Period, transfers of interests in the Regulation S Global Note to any U.S. Person shall not be so restricted, although interests therein shall be required to be held through Agent Members.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Transfers to Non-U.S. Persons</font></i><font size="3" style="font-size:12.0pt;">. The following provisions shall apply with respect to registration of transfers of a Note (or interest in a Global Note) to a person that is a Non-U.S. Person:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .4in;punctuation-wrap:simple;text-align:justify;text-indent:.55in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Registrar shall register the transfer of any Certificated Note containing the Securities Act Legend to a Non-U.S. Person upon receipt by it from the transferor of a transfer notice provided for on the form of Note in substantially the form of <u>Exhibit&nbsp;B</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .4in;punctuation-wrap:simple;text-align:justify;text-indent:37.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If the proposed transferor is an Agent Member holding a beneficial interest in the Restricted Global Note, upon receipt by the Registrar of (x)&nbsp;in the case of transfers during the Distribution Compliance Period, a certificate by the transferor in substantially the form of <u>Exhibit&nbsp;E</u> and in the case of transfers upon and following the expiration of the Distribution Compliance Period, a certificate by the transferor in substantially the form of <u>Exhibit&nbsp;F</u> and (y)&nbsp;instructions in accordance with the Depositary&#146;s and the Registrar&#146;s procedures, the Registrar shall reflect on its books and records the date of such transfer and a decrease in the principal amount of the Restricted Global Note in an amount equal to the principal amount of the beneficial interest in the Restricted Global Note to be transferred, and shall increase the Regulation S Global Note in a like amount.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .4in;punctuation-wrap:simple;text-align:justify;text-indent:35.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If the proposed transferor is a holder of a Certificated Note and the proposed transferee is an Agent Member, upon receipt by the Registrar of the documents required by sub-clause (i)&nbsp;above and instructions given in accordance with the Depositary&#146;s and the Registrar&#146;s procedures, the Registrar shall reflect on its books and records the date of such transfer and an increase in the principal amount of the Regulation S Global Note, as the case may be, in an amount equal to the principal amount of the Certificated Note to be transferred, and the Trustee shall cancel the Certificated Note so transferred.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .4in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Subject to the DTC procedures, (x)&nbsp;during the Distribution Compliance Period, an interest in the Regulation S Global Note shall be required to be held on behalf of a Non-U.S. Person transferee only through Euroclear or Clearstream, Luxembourg, and (y)&nbsp;upon and following the expiration of the Distribution Compliance Period, transfers of interests in the Regulation S Global Note shall not be so restricted, although interests therein shall be required to be held through Agent Members.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Securities Act Legend</font></i><font size="3" style="font-size:12.0pt;">. Upon the registration of transfer, exchange or replacement of Notes bearing the Securities Act Legend, the Registrar shall deliver only Notes that bear the Securities Act Legend unless the requested transfer, exchange or replacement (i)&nbsp;is after the time period referred to in Rule&nbsp;144 under the Securities Act as in effect with respect to such transfer, exchange or replacement, (ii)&nbsp;is made in connection with a transfer under Section&nbsp;2.07(c)(i)&nbsp;above occurring after the expiration of the Distribution Compliance Period or (iii)&nbsp;there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. Upon the registration of transfer, exchange or replacement of Notes not bearing the Securities Act Legend, the Registrar shall deliver Notes that do not bear the Securities Act Legend.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">General</font></i><font size="3" style="font-size:12.0pt;">. By its acceptance of any Note bearing the Securities Act Legend, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Securities Act Legend and agrees that it will transfer such Note only as provided in this Indenture. The Registrar shall not register a transfer of any Note unless such transfer complies with the restrictions on transfer of such Note set forth in this Indenture. In connection with any transfer of Notes, each Holder agrees by its acceptance of the Notes to furnish the Registrar or the Company such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act; provided that the Registrar shall not be required to determine (but may rely on a determination made by the Company with respect to) the sufficiency of any such certifications, legal opinions or other information.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section&nbsp;2.06 or this Section&nbsp;2.07 in accordance with its customary procedures. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.08.<i>Mutilated, Defaced, Destroyed, Stolen and Lost Notes</i>. (a)&nbsp;The Company shall execute and deliver to the Trustee Certificated Notes in such amounts and at such times as to enable the Trustee to fulfill its responsibilities under this Indenture and the Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In case any Note shall become mutilated, defaced or be apparently destroyed, lost or stolen, upon the request of the registered holder thereof, the Company in its discretion may execute, and, upon the written request of an Officer of the Company, the Trustee shall authenticate and deliver, a new Note, bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced Note, or in lieu of and substitution for the Note so apparently destroyed, lost or stolen. In every case the applicant for a substitute Note shall furnish to the Company and the Trustee and any agent of the Company or the Trustee such security or indemnity as may be required by each of them to indemnify and defend and to save each of them</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">harmless and, in every case of destruction, loss or theft evidence to their satisfaction of the apparent destruction, loss or theft of such Note and of the ownership thereof. Upon the issuance of any substitute Note, such Holder, if so requested by the Company or the Trustee will pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Note. The Trustee is hereby authorized, in accordance with and subject to the foregoing conditions in this clause (b), to authenticate and deliver from time to time, Notes in exchange for or in lieu of Notes, respectively, which become mutilated, defaced, destroyed, stolen or lost. Each Note delivered in exchange for or in lieu of any Note shall carry all the rights to interest (including rights to accrued and unpaid interest and Additional Amounts) which were carried by such Note.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">All Notes surrendered for payment or exchange shall be delivered to the Trustee. The Trustee shall, in accordance with Section&nbsp;2.10, cancel and destroy all such Notes surrendered for payment or exchange, in accordance with its Note destruction policy, and shall deliver a certificate of destruction to the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In the event any such mutilated, defaced, destroyed, lost or stolen certificate has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new certificate, pay such Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 12.0pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.09.<i>Further Issues</i>. Subject to the authorization of the CNV, the Company may, from time to time, without the consent of the Holders of the Notes Outstanding, create and issue additional Notes (&#147;<b>Additional Notes</b>&#148;) having the same terms and conditions as the Notes in all respects (or in all respects except for issue date, issue price, and the first payment of interest on them and, to the extent necessary, certain temporary securities law transfer restrictions) (a &#147;<b>Further Issue</b>&#148;) so that such subsequently issued Additional Notes may be consolidated and form a single series with the previously Outstanding Notes; <i>provided </i>that the issuance of Additional Notes shall then be permitted under Section&nbsp;4.05, <i>provided further </i>that the Company may only issue any Additional Notes with the same CUSIP number or other identifying number as the Notes if such further issuance would be treated as part of the same &#147;issue&#148; as the Notes issued hereunder within the meaning of United States Treasury regulation section 1.1275-1(f)&nbsp;or 1.1275-2(k). Additional Notes issued in this manner will be consolidated and form a single series with the previously Outstanding Notes in accordance with the requirements of the Depositary. The Notes offered hereby and any Additional Notes would be treated as a single class for all purposes, including with respect to redemptions, and would vote together as one class on all matters with respect to the Notes. In connection with any such issuance of Additional Notes, the Company shall deliver an Officers&#146; Certificate to the Trustee directing the Trustee to authenticate and deliver Additional Notes on the Additional Closing Date specified therein in an aggregate principal amount specified therein and the Trustee, in accordance with such Officers&#146; Certificate, shall authenticate and deliver such Additional Notes. The Additional Notes will be (i)&nbsp;represented by an increase in the aggregate principal amount of the Global Notes or (ii)&nbsp;issued in the form of Certificated Notes if the Notes are no longer represented by Global Notes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">37</font><a name="PB_37_115659_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.10.<i>Cancellation of Notes; Disposition Thereof</i>. All Notes surrendered for payment, redemption, registration of transfer or exchange, if surrendered to the Company or any agent of the Company or the Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be canceled by it; and no Notes shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled Notes held by it in accordance with its customary procedures, and deliver a certificate of disposition to the Company. If the Company shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to the Trustee for cancellation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.11.<i>Repurchases</i>. The Company or any of its Subsidiaries may at any time purchase any Note in the open market or otherwise at any price. The Company or any such Subsidiary will not have voting rights with respect to such Note in any meeting of Noteholders and such Note will not be considered as Outstanding for purpose of calculating the quorum at the meeting. Any Note so purchased by the Company or its Subsidiaries may not be reissued or resold except in accordance with all applicable securities and other laws.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.12.<i>Security Identifier Numbers</i>. The Company in issuing the Notes may use &#147;CUSIP,&#148; &#147;ISIN&#148; and/or &#147;common code&#148; numbers (if then generally in use), and, if so, the Trustee shall use for the Notes &#147;CUSIP,&#148; &#147;ISIN&#148; and/or &#147;common code&#148; numbers in notices of redemption as a convenience to Holders; <i>provided </i>that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the &#147;CUSIP,&#148; &#147;ISIN&#148; and/or &#147;common code&#148; numbers. Additional Notes will only be issued with the same CUSIP number or other identifying number as the Notes issued hereunder if such further issuance would be treated as part of the same &#147;issue&#148; as the Notes issued hereunder within the meaning of United States Treasury regulation section 1.1275-1(f)&nbsp;or 1.1275-2(k).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;3</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">REDEMPTION; OFFER TO PURCHASE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.01.<i>Optional Redemption With a Make-Whole Premium</i>. At any time prior to June&nbsp;15, 2019, the Company will have the right, at its option, to redeem the Notes, in whole but not in part, at a redemption price equal to (A)&nbsp;100% of the principal amount of such Notes plus accrued and unpaid interest (including Additional Amounts, if any) to the date of redemption, plus (B)&nbsp;the excess, if any of (1)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest on the Notes, discounted to the redemption date for the Notes on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 50 basis points, less accrued interest to the redemption date, over (2)&nbsp;100% of the principal amount of such Notes, (subject to the rights of Holders of the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">38</font><a name="PB_38_115705_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notes on the record date preceding the redemption date to receive interest due on the succeeding interest payment date).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.02.<i>Optional Redemption Without a Make-Whole Premium</i>. At any time and from time to time on or after June&nbsp;15, 2019, the Company may, at its option, redeem the Notes, in whole or in part, at the redemption prices, expressed as percentages of principal amount, set forth below, plus accrued and unpaid interest thereon (including Additional Amounts), if any, to the applicable redemption date, if redeemed during the 12 month period beginning on June&nbsp;15 of the years indicated below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="80%" style="border-collapse:collapse;margin-left:.75in;">
<tr>
<td width="73%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.45pt 0in;width:73.22%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Year</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 1.45pt 0in;width:2.82%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.45pt 0in;width:23.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Percentage</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:73.22%;">
<p style="margin:0in 0in .0001pt 11.55pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2019</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.82%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:21.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">103.250</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:73.22%;">
<p style="margin:0in 0in .0001pt 11.55pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.82%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:21.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:73.22%;">
<p style="margin:0in 0in .0001pt 11.55pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2020</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.82%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:21.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">101.625</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:73.22%;">
<p style="margin:0in 0in .0001pt 11.55pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.82%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:21.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="73%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:73.22%;">
<p style="margin:0in 0in .0001pt 11.55pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2021 and after</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.82%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:21.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">100.000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.03.<i>Redemption With Proceeds of Equity Offerings</i>. At any time, or from time to time, on or prior to June&nbsp;15, 2019, the Company may, at its option, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate up to 35% of the aggregate principal amount of Notes (including any Additional Notes) at a redemption price of 106.500% of the principal amount thereof, plus accrued and unpaid interest (including Additional Amounts, if any) to the redemption date; <i>provided </i>that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Notes in an aggregate principal amount equal to at least 65% of the aggregate principal amount of Notes issued on the first Issue Date remain Outstanding immediately after the occurrence of such redemption; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the redemption must occur not more than 90 days after the date of the closing of such Equity Offering.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.04.<i>Optional Redemption upon a Tax Event</i>. The Notes may be redeemed, in whole but not in part, at the Company&#146;s option, subject to applicable Argentine laws, at a redemption price equal to 100% of the Outstanding principal amount of the Notes, plus accrued and unpaid interest (including Additional Amounts, if any) to the redemption date, if the Company has or will become obligated to pay Additional Amounts on or in respect of the Notes as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of any Relevant Jurisdiction, or any change in the official application, administration or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction) in any Relevant Jurisdiction, if such change or amendment occurs on or after the date of this Indenture and such obligation cannot be avoided by the Company taking commercially reasonable measures available to it; <i>provided </i>that no such notice of redemption will be given earlier than 60 days prior to the earliest date on</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">39</font><a name="PB_39_115842_2897"></a></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">which the Company would be obligated to pay Additional Amounts; and <i>provided further</i>, that commercially reasonable measures shall be understood not to include any change in the Company&#146;s jurisdiction of incorporation or organization or location of the Company&#146;s principal executive office or registered office. Prior to the giving of notice of redemption of Notes pursuant to this Indenture, the Company shall deliver to the Trustee an Officer&#146;s Certificate to the effect that the Company is or at the time of the redemption will be entitled to effect such a redemption pursuant to this Indenture, and setting forth in reasonable detail the circumstances giving rise to such right of redemption. The Officer&#146;s Certificate shall be accompanied by a written opinion of recognized counsel in the Relevant Jurisdiction independent of the Company to the effect that the Company is, or is expected to become, obligated to pay Additional Amounts as a result of a change or amendment, as described above.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.05.<i>Method and Effect of Redemption</i>. (a)&nbsp;Notice of any redemption will be delivered at least 30 but not more than 60 days before the redemption date to Holders of Notes, with a copy to the Trustee, to be redeemed at their respective registered addresses. In such case, the Company shall provide the Trustee with the information required by Section&nbsp;3.05(b). For so long as the Notes are listed on the MERVAL, traded on the MAE or listed on the Luxembourg Stock Exchange for trading on the Euro MTF Market and the rules&nbsp;of such exchanges so require, the Company will cause notices of redemption to also be published as described in Section&nbsp;10.02.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The notice of redemption will identify the Notes to be redeemed and will include or state the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:38.9pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the redemption date;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the redemption price, including the portion thereof representing any accrued interest;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.45in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the place or places where Notes are to be surrendered for redemption;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.45in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Notes called for redemption must be so surrendered in order to collect the redemption price;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:35.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">upon the satisfaction of the conditions precedent included in the notice of redemption, if any, on the redemption date the redemption price will become due and payable on Notes called for redemption, and interest on Notes called for redemption will cease to accrue on and after the redemption date;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.45in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">if any Note is redeemed in part, on and after the redemption date, upon surrender of such Note, new Notes equal in principal amount to the unredeemed portion will be issued upon cancellation of the original Note;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:29.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">if applicable, the conditions precedent to which the notice of redemption is subject; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">40</font><a name="PB_40_120441_3054"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:25.9pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">if any Note contains a CUSIP,&nbsp;ISIN or common code number, no representation is being made as to the correctness of such CUSIP,&nbsp;ISIN or common code number either as printed on the Notes or as contained in the notice of redemption and that the Holder should rely only on the other identification numbers printed on the Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Notes called for redemption will become due on the date fixed for redemption. The Company will pay the redemption price for the Notes together with accrued and unpaid interest thereon (including Additional Amounts, if any) through the date of redemption. On and after the redemption date, interest will cease to accrue on the Notes as long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price pursuant to this Indenture. Upon redemption of the Notes by the Company, the redeemed Notes will be cancelled.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If fewer than all of the Notes are being redeemed, selection of the Notes for redemption will be made, to the extent permitted under applicable law and securities exchange rules, on a <i>pro rata </i>basis, by lot or by using any other method that the Trustee deems fair and appropriate, or otherwise in accordance with DTC&#146;s procedures and requirements, in denominations of U.S.$1,000 principal amount and higher integral multiples of U.S.$1,000. In the case of definitive Notes, upon surrender of any Note redeemed in part, the Holder will receive a new Note equal in principal amount to the unredeemed portion of the surrendered Note. In the case of a Global Note, appropriate adjustments to the amount and beneficial interests in the Global Note will be made as necessary. Any notice of redemption may, at the Company&#146;s discretion, be subject to the satisfaction of one or more conditions precedent. Notes called for redemption become due and payable at the redemption price on the redemption date (subject to the satisfaction of any conditions precedent included in the notice of redemption), and, commencing on the redemption date, Notes redeemed will cease to accrue interest.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company may acquire Notes by means of their redemption provisions above or by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with the Argentine Capital Markets Law, the CNV Rules&nbsp;and other applicable securities laws, so long as such acquisition does not otherwise breach the terms of this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.06.<i>Offer to Purchase</i>. (a)&nbsp;An Offer to Purchase must be made by written offer (as used in this Section, the &#147;<b>offer</b>&#148;) sent to the Holders. The Company will notify the Trustee at least five (5)&nbsp;days (or such shorter period as is acceptable to the Trustee) prior to sending the offer to Holders of its obligation to make an Offer to Purchase, and the offer will be sent by the Company or, at the Company&#146;s request, by the Trustee in the name and at the expense of the Company. In such case, the Company shall provide the Trustee with the information required by Section&nbsp;3.06(b).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The offer must include or state the following as to the terms of the Offer to Purchase:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">41</font><a name="PB_41_120501_3020"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:27.35pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the provision of this Indenture pursuant to which the Offer to Purchase is being made;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .45in;text-align:justify;text-indent:28.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the aggregate principal amount of the Outstanding Notes offered to be purchased by the Company pursuant to the Offer to Purchase (including, if less than 100%, the manner by which such amount has been determined pursuant to this Indenture) (as used in this Section, the &#147;<b>purchase amount</b>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the purchase price, including the portion thereof representing accrued interest;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;text-align:justify;text-indent:27.35pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">an expiration date (as used in this Section, the &#147;<b>expiration date</b>&#148;) not less than 30 days or more than 60 days after the date of the offer, and a settlement date for purchase (as used in this Section, the &#147;<b>purchase date</b>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;text-align:justify;text-indent:30.25pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a Holder may tender all or any portion of its Notes pursuant to an Offer to Purchase, subject to the requirement that any portion of a Note tendered must be in a multiple of U.S.$1,000 principal amount;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 29.5pt;text-align:justify;text-indent:28.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;text-align:justify;text-indent:24.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">each Holder electing to tender a Note pursuant to the offer will be required to surrender such Note at the place or places specified in the offer prior to the close of business on the expiration date (such Note being, if the Company or the Trustee so requires, duly endorsed or accompanied by a duly executed written instrument of transfer);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;text-align:justify;text-indent:20.9pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">interest on any Note not tendered, or tendered but not purchased by the Company pursuant to the Offer to Purchase, will continue to accrue;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;text-align:justify;text-indent:27.35pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">on the purchase date, the purchase price will become due and payable on each Note accepted for purchase, and interest on Notes purchased will cease to accrue on and after the purchase date;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;text-align:justify;text-indent:27.35pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Holders are entitled to withdraw Notes tendered by giving notice, which must be received by the Company or the Trustee not later than the close of business on the expiration date, setting forth the name of the Holder, the principal amount of the tendered Notes, the certificate number of the tendered Notes and a statement that the Holder is withdrawing all or a portion of the tender;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;text-align:justify;text-indent:.35in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font><font size="3" style="font-size:12.0pt;">(xi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">(A)&nbsp;if Notes in an aggregate principal amount less than or equal to the purchase amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Company will purchase all such Notes, and (B)&nbsp;if the Offer to Purchase is for less than all of the outstanding Notes and Notes in an aggregate principal amount in excess of the purchase amount are tendered and not withdrawn pursuant to the offer, the Company will purchase Notes having an aggregate principal amount</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">42</font><a name="PB_42_120517_7748"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">equal to the purchase amount on a pro rata basis, with adjustments so that only Notes in multiples of U.S.$1,000 principal amount will be purchased;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;punctuation-wrap:simple;text-align:justify;text-indent:.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;(xii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">if any Note is purchased in part, new Notes equal in principal amount to the unpurchased portion of the Note will be issued upon cancellation of the original Note;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;punctuation-wrap:simple;text-align:justify;text-indent:.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(xiii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">if applicable, the conditions precedent to which the Offer to Purchase is subject; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;punctuation-wrap:simple;text-align:justify;text-indent:.3in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(xiv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">if any Note contains a CUSIP,&nbsp;ISIN or common code number, no representation is being made as to the correctness of such a CUSIP,&nbsp;ISIN or common code number either as printed on the Notes or as contained in the offer and that the Holder should rely only on the other identification numbers printed on the Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Prior to the purchase date, the Company will accept tendered Notes for purchase as required by the Offer to Purchase and deliver to the Trustee all Notes so accepted together with an Officer&#146;s Certificate specifying which Notes have been accepted for purchase. On the purchase date the purchase price will become due and payable on each Note accepted for purchase, and interest on Notes purchased will cease to accrue on and after the purchase date. The Trustee will promptly return to Holders any Notes not accepted for purchase and send to Holders new Notes equal in principal amount to any unpurchased portion of any Notes accepted for purchase in part.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company will comply, to the extent applicable, with Rule&nbsp;14e-1 under the Exchange Act and all other applicable securities laws or regulations in making any Offer to Purchase. To the extent that the provisions of any applicable securities laws or regulations conflict with provisions of Section&nbsp;3.06or Section&nbsp;4.12 the Company will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under Section&nbsp;3.06or Section&nbsp;4.12 by virtue of its compliance with such securities laws or regulations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;4</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">COVENANTS</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.01.<i>Payment of Notes</i>. (a)&nbsp;The Company agrees to pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and this Indenture. Not later than 11:00 A.M.&nbsp;(New York City time) on the Business Day immediately preceding the due date of any principal of or interest on any Notes, or any redemption or purchase price of the Notes, the Company will deposit with the Paying Agent money in immediately available funds sufficient to pay such amounts, <i>provided </i>that if the Company or any Affiliate of the Company is acting as Paying Agent, it will, on or before each due date, segregate and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such amounts until paid to such Holders or otherwise disposed of as provided in this Indenture. In each case the Company will promptly notify the Trustee of its compliance with this clause.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">43</font><a name="PB_43_120554_141"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">An installment of principal or interest will be considered paid on the date due if the Paying Agent (if other than the Company or any Affiliate of the Company) holds on that date money designated for and sufficient to pay the installment. If the Company or any Affiliate of the Company acts as Paying Agent, an installment of principal or interest will be considered paid on the due date only if paid to the Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company agrees to pay interest on overdue principal, and, to the extent lawful, overdue installments of interest at the rate per annum specified in the Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">All payments in respect of the Notes represented by the Global Notes are to be made at the office or agency of the Paying Agent in New York City, unless the Company elects to make such payments by check mailed to the registered Holders at their registered addresses. With respect to Certificated Notes, the Company will make all payments by wire transfer of immediately available funds to the accounts specified by the Holders thereof or, if no such account is specified, by mailing a check to each Holder&#146;s registered address.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">No Agent shall be obligated to make any payment to Holders until such time as it has received funds and been able to identify or confirm receipt of such funds.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.02.<i>Maintenance of Office or Agency</i>. The Company will maintain in each of the City of Buenos Aires, Argentina and in each place of payment specified for the Notes an office or agency where the Notes may be presented or surrendered for payment, registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. In addition, so long as the Notes are authorized for their public offer in Argentina and the rules&nbsp;of the CNV or other applicable Argentine law so require, and the rules&nbsp;of the MERVAL or of the MAE, as the case may be, so require, the Company will maintain a paying agent, a transfer agent and a registrar in the City of Buenos Aires, Argentina. In the event that the Notes are listed on the Luxembourg Stock Exchange for trading on the Euro MTF Market, so long as the Notes are listed on such exchange and if the rules&nbsp;of such exchange so require, the Company will also maintain a listing agent, a transfer agent and a paying agent in Luxembourg. The Company hereby initially designates Banco Comafi S.A. (as successor of Deutsche Bank S.A.) and Deutsche Bank Luxembourg S.A., respectively, as such offices of the Company. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served to the Trustee.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.03.<i>Maintenance of Existence; Ratings</i>. The Company will, and will cause each of its Subsidiaries to, (a)&nbsp;maintain in effect its corporate existence and all registrations necessary therefor and (b)&nbsp;take all reasonable actions to maintain all rights, privileges, titles to property, franchises and similar entitlements necessary or desirable in the normal conduct of its and its Subsidiaries&#146; business, activities or operations; <i>provided </i>that this Section&nbsp;4.03 shall not prohibit any transaction by the Company or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">44</font><a name="PB_44_120604_7608"></a></p>
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<p style="margin:0in 0in .0001pt 12.0pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">any of its Subsidiaries otherwise permitted under Article&nbsp;5 and this Section&nbsp;4.03 will not require the Company to maintain any such right, privilege, title to property, franchise or similar entitlement, or to preserve the corporate existence of any Subsidiary, if the Company&#146;s Board of Directors determines in good faith that (i)&nbsp;the maintenance or preservation thereof is no longer necessary or desirable in the conduct of the Company and its Subsidiaries&#146; business taken as a whole and (ii)&nbsp;the loss thereof is not, and will not be, adverse in any material respect to the Holders of the Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company shall, for so long as any Notes are Outstanding, use commercially reasonable efforts to maintain ratings on the Notes from at least two Rating Agencies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.04. <i>Laws, Licenses and Permits</i>. The Company will, and will cause each of its Subsidiaries to, (a)&nbsp;obtain and maintain in force (or where appropriate, promptly renew) all licenses, permits, registrations, approvals, authorizations or consents necessary or advisable for carrying out its business and operations generally, and (b)&nbsp;perform and observe all the conditions and restrictions contained in, or imposed on, the Company and each of its Subsidiaries by, any such licenses, permits, registrations, approvals, authorizations or consents, except in both cases where failure to do so could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.05.<i>Ranking</i>. The Notes will: (a)&nbsp;be general, unsecured obligations of the Company; (b)&nbsp;rank equal in right of payment with all existing and future unsubordinated obligations of the Company (except those obligations preferred by operation of Argentine law, including without limitation labor and tax claims); (c)&nbsp;rank senior in right of payment to all existing and future subordinated indebtedness of the Company, if any (d)&nbsp;be effectively subordinated to all existing and future secured obligations of the Company, to the extent of the value of the assets securing such obligations; and (e)&nbsp;not be guaranteed by any Subsidiary and therefore will be effectively subordinated to all existing and future obligations of the Subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 48.0pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.06.<i>Limitation on Debt</i>. (a)&nbsp;The Company:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;punctuation-wrap:simple;text-align:justify;text-indent:33.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">will not, and will not permit any of its Subsidiaries to,&nbsp;Incur any Debt; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;punctuation-wrap:simple;text-align:justify;text-indent:29.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">will not, and will not permit any of its Subsidiaries to,&nbsp;Incur any Disqualified Stock, and will not permit any of its Subsidiaries to Incur any Preferred Stock (other than Disqualified Stock or Preferred Stock of Subsidiaries held by the Company or a Subsidiary, so long as it is so held);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided </font></i><font size="3" style="font-size:12.0pt;">that the Company or any Subsidiary may Incur Debt or Disqualified Stock and any Subsidiary may Incur Preferred Stock if, (i)&nbsp;on the date of the Incurrence, after giving effect to the Incurrence and the receipt and application of the proceeds therefrom, the Interest Coverage Ratio is not less than 2.25 to 1.00, and the Leverage Ratio is not greater than 3.00 to 1.00 and (ii)&nbsp;no Default or Event of Default shall have occurred and be continuing.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">45</font><a name="PB_45_120620_8146"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Notwithstanding the foregoing, the Company and, to the extent provided below, any Subsidiary, as applicable, may Incur the following (&#147;<b>Permitted Debt</b>&#148;):</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:38.9pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Debt of the Company or any Subsidiary to the Company or any Subsidiary so long as such Debt continues to be owed to the Company or a Subsidiary; <i>provided, however, </i>that;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.05in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any subsequent issuance or transfer of any Capital Stock or any other event that results in any such Subsidiary to which Debt is owed by the Company or another Subsidiary ceasing to be a Subsidiary or any subsequent transfer of any such Debt owed by the Company or a Subsidiary (except to the Company or a Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Debt by the Company thereof;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 23.75pt;punctuation-wrap:simple;text-align:justify;text-indent:36.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Debt of the Company pursuant to the Notes (other than Additional Notes);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.45in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Refinancing Debt in respect of:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.1in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Debt (other than Debt owed to the Company or any Subsidiary of the Company) Incurred pursuant to paragraph (a)&nbsp;above (it being understood that no Debt outstanding on the Issue Date is Incurred pursuant to such paragraph (a)&nbsp;above), or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.05in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Debt Incurred pursuant to this paragraph (b).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.45in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Hedging Agreements of the Company or any Subsidiary entered into in the ordinary course of business for bona fide hedging purposes and not for speculation;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:35.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Debt consisting of letters of credit, banker&#146;s acceptances, performance bonds, appeal bonds, surety bonds, bid bonds, customs bonds and other similar bonds and reimbursement obligations Incurred by the Company or any Subsidiary in the ordinary course of business securing the performance of contractual, franchise or license obligations in connection with or to secure statutory, regulatory or similar obligations, or as required by applicable governmental requirements in connection with the operations of the Company or any Subsidiary (in each case, other than for an obligation for borrowed money);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.45in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Acquired Debt, <i>provided </i>that, after giving effect to the Incurrence thereof, the Company could Incur at least U.S.$1.00 of Debt under Section&nbsp;4.06(a);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:29.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Debt of the Company or any Subsidiary outstanding on the Issue Date or Debt existing as of the date of the Merger or assumed as a result of the Merger other than Debt otherwise specified under any clause of this definition of Permitted Debt;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">46</font><a name="PB_46_120643_7091"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:26.65pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Debt of the Company or any Subsidiary, which may include Capital Leases,&nbsp;Incurred on or after the Issue Date and no later than 180 days after the date of purchase or completion of construction or improvement of property for the purpose of financing all or any part of the purchase price or costs of construction or improvement , <i>provided </i>that, the principal amount of any Debt incurred pursuant to this paragraph may not exceed at any time outstanding U.S.$125 million (or the equivalent in other currencies);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.45in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Other Short Term Debt of the Company or any Subsidiary, so long as before and after the Incurrence thereof the Company and its Subsidiaries remain in compliance with the last paragraph of Section&nbsp;4.06(a);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:35.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Debt arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds or Debt in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements in connection with deposit accounts, in each case in the ordinary course of business;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.45in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(xi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Deeply Subordinated Debt of the Company;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(xii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Debt of the Company or any Subsidiary Incurred in respect of a Permitted Sale and Leaseback Transaction; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:26.65pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(xiii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Debt of the Company or any Subsidiary Incurred on or after the Issue Date not otherwise permitted in an aggregate principal amount at any time outstanding not to exceed the greater of (i)&nbsp;U.S.$250 million (or the equivalent in other currencies) and (ii)&nbsp;20% of Consolidated Net Tangible Assets.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Notwithstanding any other provision of this Section, for purposes of determining compliance with this Section, increases in Debt solely due to fluctuations in the exchange rates of currencies will not be deemed to exceed the maximum amount that the Company or a Subsidiary may Incur under this Section. For purposes of determining compliance with any U.S. Dollar-denominated restriction on the Incurrence of Debt, the U.S. Dollar-equivalent principal amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was Incurred or, in the case of revolving credit Debt, first committed; <i>provided </i>that if such Debt is Incurred to refinance other Debt denominated in a foreign currency, and such Refinancing would cause the applicable U.S. Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such Refinancing, such U.S. Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Debt does not exceed the principal amount of such Debt being refinanced. The principal amount of any Debt Incurred to refinance other Debt, if Incurred in a different currency from the Debt being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Debt is denominated that is in effect on the date of such Refinancing.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">47</font><a name="PB_47_120653_455"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In the event that an item of Debt meets the criteria of more than one of the types of Debt described in this Section, the Company, in its sole discretion, will classify such item of Debt and will only be required to include the amount and type of such Debt in one of such clauses and the Company will be entitled to divide and classify an item of Debt in more than one of the types of Debt described in this Section, and may change the classification of an item of Debt (or any portion thereof) to any other type of Debt described in this Section&nbsp;at any time.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">For purposes of determining compliance with, and the outstanding principal amount of, any particular Debt Incurred pursuant to and in compliance with this Section:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:38.9pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the outstanding principal amount of any item of Debt will be counted only once;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.35in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="1" style="font-size:5.0pt;">&nbsp;</font><font size="3" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the amount of Debt issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with IFRS; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.35in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font><font size="1" style="font-size:8.0pt;">&nbsp; </font><font size="3" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Guarantees of, or obligations in respect of letters of credit or similar instruments relating to, Debt that is otherwise included in the determination of a particular amount of Debt will not be included.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company shall not Incur any Debt that is subordinate in right of payment to other Debt of the Company unless such Debt is also subordinate in right of payment to the Notes on substantially identical terms. This shall not apply to distinctions between categories of Debt that exist by reason of any Liens or Guarantees.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The accrual of interest, the accretion or amortization of original issue discount, the payment of regularly scheduled interest in the form of additional Debt of the same instrument or the payment of regularly scheduled dividends on Disqualified Stock in the form of additional Disqualified Stock with the same terms shall not be deemed to be an Incurrence of Debt for purposes of clauses (a)&nbsp;and (b)&nbsp;of this Section; <i>provided </i>that any such outstanding additional Debt or Disqualified Stock paid in respect of Debt Incurred pursuant to any provision of clause (b)&nbsp;shall be counted as Debt outstanding for purposes of any future Incurrence of Debt pursuant to clause (a).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.07.[Intentionally omitted].</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.08.<i>Anti-Layering</i>. The Company will not, and will not permit any Subsidiary to, directly and indirectly,&nbsp;Incur any Debt that is subordinated in right of payment to other Debt of the Company or a Subsidiary unless such Debt is also subordinated in right of payment to the Notes on substantially identical terms. This does not apply to distinctions between categories of Debt that exist by reason of any Liens or Guarantees securing or in favor of some but not all of such Debt.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.09. <i>Limitation on Liens</i>. The Company will not, and will not permit any Subsidiary, to, directly or indirectly,&nbsp;Incur or suffer to exist any Lien (other than Permitted Liens) of any nature whatsoever directly or indirectly on any of its properties</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">48</font><a name="PB_48_120703_4141"></a></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">or assets, whether owned at the Issue Date or thereafter acquired to secure any Debt without effectively providing that the Notes are secured on an equal and ratable basis with (or, if the obligation to be secured by the Lien is subordinated in right of payment to the Notes, prior to) the Debt so secured for so long as such Debt is so secured.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.10. <i>Limitation On Sale and Leaseback Transactions</i>. The Company will not, and will not permit any Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any property or asset (other than any Permitted Sale and Leaseback Transaction) unless:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;punctuation-wrap:simple;text-align:justify;text-indent:33.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Company and the Subsidiaries would be entitled to</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:41.75pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Incur Debt in an amount equal to the Attributable Debt with respect to such Sale and Leaseback Transaction under Section&nbsp;4.06(a), and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:41.75pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">create a Lien on such property or asset to secure such Attributable Debt without equally and ratably securing the Notes under Section&nbsp;4.09,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">in which case, the corresponding Debt and Lien shall be deemed to be Incurred pursuant to those provisions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.11.[Intentionally omitted].</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.12. <i>Repurchase of Notes Upon a Change of Control</i>. (a)&nbsp;Upon the occurrence of a Change of Control, each Holder will have the right to require that the Company repurchase all or a portion (in integral multiples of U.S.$1,000) of such Holder&#146;s Notes at a purchase price (the &#147;<b>Change of Control Payment</b>&#148;) equal to 101% of the principal amount thereof, plus any accrued and unpaid interest (including Additional Amounts, if any) thereon to the date of purchase.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Within 30 days following any Change of Control, the Company shall send, by first class mail, a notice to each registered Holder, with a copy to the Trustee, offering to purchase the Notes as described above (a &#147;<b>Change of Control Offer</b>&#148;) and, for so long as the Notes are listed on the Luxembourg Stock Exchange for trading on the Euro MTF Market and the rules&nbsp;of the exchange so require, publish such notice as described in Section&nbsp;10.02 below. The Change of Control Offer will state, among other things, the purchase date, which must not be less than 30 days or more than 60 days from the date the notice is mailed, other than as may be required by law (the &#147;<b>Change of Control Payment Date</b>&#148;). The Change of Control Offer will also contain instructions and materials necessary to enable Holders to tender Notes pursuant to the offer.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">On the Change of Control Payment Date, the Company will, to the extent lawful:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">accept for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Change of Control Offer;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">49</font><a name="PB_49_120720_8627"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">deposit with the Paying Agent funds in an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">deliver or cause to be delivered to the Trustee the Notes so accepted, together with an Officer&#146;s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If only a portion of a Note is purchased pursuant to a Change of Control Offer, a new Note in a principal amount equal to the portion thereof not purchased will be issued in the name of the holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate). Notes (or portions thereof) purchased pursuant to a Change of Control Offer will be cancelled and interest on Notes purchased will cease to accrue on and after the purchase date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company will comply with Rule&nbsp;14e-1 under the Exchange Act and any other applicable securities laws and regulations in connection with the purchase of Notes through a Change of Control Offer, and the above procedures will be deemed modified as necessary to permit such compliance.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company will not be required to make a Change of Control Offer upon a Change of Control if (1)&nbsp;a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or (2)&nbsp;notice of redemption has been given pursuant to this Indenture as described under Section&nbsp;3.01, Section&nbsp;3.02 or Section&nbsp;3.04, unless and until there is a default in payment of the applicable redemption price.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .7in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.13.[Intentionally omitted].</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .7in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.14.[Intentionally omitted].</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.15.<i>Line and Conduct of Business</i>. The Company will not, and will not permit any of its Subsidiaries, to engage in any business other than the Cable/Telecommunications Business, except to an extent that so doing would not be material to the Company and its Subsidiaries, taken as a whole.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .7in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.16.[Intentionally omitted].</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.17.<i>Report to Holders</i>. The Company will furnish or cause to be furnished to the Trustee in electronic form (for distribution only upon the written request of any Holder that desires to receive the applicable reports, information or documents):</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">within 60 calendar days after the end of each of the first, second and third quarters of the Company&#146;s fiscal year (commencing with the quarter ending June&nbsp;30, 2016), copies of the unaudited consolidated financial statements of the Company and its</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Subsidiaries in respect of the relevant period (including a profit and loss account, balance sheet and cash flow statement), in English, setting forth in each case in comparative form the figures for the corresponding quarter in, and year-to-date portion of, the previous years, prepared in accordance with IFRS, together with a certificate signed by the person then authorized to sign financial statements on behalf of the Company to the effect that such financial statements are true in all material respects and present fairly in all material respects in accordance with IFRS, the consolidated financial position of the Company as of the end of, and the results of its operations for, the relevant quarterly period, subject to normal year-end adjustments; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">within 120 calendar days after the end of each fiscal year of the Company (commencing with the year ended December&nbsp;31, 2016), copies of the audited consolidated financial statements of the Company and its Subsidiaries in respect of such fiscal year (including a profit and loss account, balance sheet and cash flow statement), in English, setting forth in each case in comparative form the figures for the previous year prepared in accordance with IFRS and audited by a member firm of an internationally recognized firm of independent accountants.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Trustee shall have no obligation to determine if and when the Company&#146;s financial statements or reports are publicly available and accessible electronically. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee&#146;s receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company&#146;s or any other Person&#146;s compliance with any of its covenants under this Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on Officer&#146;s Certificates).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In addition, within the time period prescribed above, the Company will make such information and such reports available by posting such information and reports on its website.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For so long as any of the Notes remain Outstanding and constitute &#147;<b>restricted securities</b>&#148; within the meaning of Rule&nbsp;144(a)(3)&nbsp;under the Securities Act, the Company will furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule&nbsp;144A(d)(4)&nbsp;under the Securities Act.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .7in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.18.<i>Reports to Trustee</i>. The Company will deliver to the Trustee:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:38.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">within 120 days after the end of each fiscal year an Officers&#146; Certificate indicating whether the signers know of any Default that occurred during the previous fiscal year, specifying the nature of any Default and its status; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">as soon as possible and in any event within 30 days after a responsible officer of the Company becomes aware of the occurrence of a Default, an Officer&#146;s Certificate setting forth the details of the Default, and the actions that the Company proposes to take with respect thereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">51</font><a name="PB_51_123931_563"></a></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.19.<i>Listing</i>. The Company shall apply to list the Notes on the Luxembourg Stock Exchange for trading on the Euro MTF Market, and use its best efforts to list the Notes on the MERVAL and to trade the Notes on the MAE. If the admission of the Notes to the Luxembourg Stock Exchange and trading on the Euro MTF Market of the Luxembourg Stock Exchange would, in the future, require the Company to publish financial information either more regularly than it would otherwise be required to, or requires the Company to publish separate financial information, or if the listing, in the judgment of the Company, is unduly burdensome, the Company may seek an alternative admission to listing, trading and/or quotation for the Notes by another listing authority, stock exchange and/or quotation system. If such alternative admission to listing, trading and/or quotation of the Notes is not available to the Company or is, in the Company&#146;s commercially reasonable judgment, unduly burdensome, an alternative admission to listing, trading and/or quotation of the Notes may not be obtained.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.20.<i>Payment of Additional Amounts</i>. (a)&nbsp;The Company shall make all payments of principal, premium, if any, and interest in respect of the Notes free and clear of, and without withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (&#147;<b>Taxes</b>&#148;) imposed, levied, collected, withheld or assessed by or within Argentina, or any other jurisdiction in which the Company or its Paying Agent make payments, in respect of the Notes or by or within any political subdivision thereof or any authority therein or thereof having power to tax, (each, a &#147;<b>Relevant Jurisdiction</b>&#148;), unless such withholding or deduction is required by law. In the event of any such withholding or deduction of Taxes by a Relevant Jurisdiction, the Company will pay to Holders such additional amounts (&#147;<b>Additional Amounts</b>&#148;) as will result in the receipt by each Holder of the net amount that would otherwise have been receivable by such Holder in the absence of such withholding or deduction, except that no such Additional Amounts will be payable:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:39.15pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in respect of any Taxes that would not have been so withheld or deducted but for the existence of any present or former connection (including, without limitation, a permanent establishment in the Relevant Jurisdiction) between the Holder or beneficial owner of the Note (or, if the Holder or beneficial owner is an estate, nominee, trust, partnership, corporation or other business entity, between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over, the Holder or beneficial owner) and any Relevant Jurisdiction with the power to levy or otherwise impose or assess such Tax, other than the mere holding or ownership of such Note or beneficial interest therein or the receipt of payments or the enforcement of rights thereunder;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in respect of any Taxes that would not have been so withheld or deducted if the Note had been presented for payment within 30 days after the Relevant Date except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented for payment on the last day of such 30-day period;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">52</font><a name="PB_52_123314_7091"></a></p>
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<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:34.2pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in respect of any Taxes that would not have been so withheld or deducted but for the failure by the Holder or the beneficial owner of the Note to (A)&nbsp;make a declaration of non-residence, or any other claim or filing for exemption, to which it is entitled or (B)&nbsp;comply with any certification, identification, information, documentation or other reporting requirement concerning its nationality, residence, identity or connection with the Relevant Jurisdiction; <i>provided </i>that such declaration or compliance was required by applicable law, regulation, administrative practice or an applicable treaty as a precondition to exemption from all or part of such Taxes and the Company has given the Holders at least 30 days prior notice that they will be required to comply with such requirements;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:34.65pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in respect of any estate, inheritance, gift, value added, sales, use, excise, transfer, personal property or similar taxes, duties, assessments or other governmental charges;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:35.55pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in respect of any Taxes that are payable other than by deduction or withholding from payments on the Notes;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:34.2pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in respect of any Taxes that would not have been so imposed if the Holder had presented the Note for payment (where presentation is required and the Company has given the Holders at least 30 days prior notice that they will be required to comply with such presentation) to another Paying Agent;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:30.15pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in respect of any payment to a Holder of a Note that is a fiduciary or partnership (including an entity treated as a partnership for tax purposes) or any Person other than the sole beneficial owner of such payment or Note, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such partnership or the beneficial owner of such payment or Note would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such Note; and or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.4in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in respect of any combination of paragraphs (i)&nbsp;through (vii)&nbsp;above.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In the event of any merger or other transaction described and permitted under Article&nbsp;5, in which the surviving entity is a corporation organized and validly existing under the laws of a country other than Argentina, all references to Relevant Jurisdiction under this Section&nbsp;4.20 and under Section&nbsp;3.04 will be deemed, for the avoidance of doubt, to include such country and any political subdivision therein or thereof, law or regulations of such country, and any taxing authority of such country or any political subdivision therein or thereof, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Upon written request from the Trustee, the Company shall furnish to the Trustee documentation reasonably satisfactory to the Trustee, evidencing payment of any Taxes so deducted or withheld. Copies of such documentation will be made available by the Trustee to Holders upon written request to the Trustee.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">53</font><a name="PB_53_123335_455"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company shall promptly pay when due any present or future stamp, issue, registration, court or similar documentary taxes or any other excise or property taxes, charges or similar levies, including interest and penalties, that arise in any jurisdiction from the execution, delivery or registration of each Note or any other document or instrument referred to herein or therein, excluding any such taxes, charges or similar levies imposed by any jurisdiction other than a Relevant Jurisdiction, except those resulting from or required to be paid in connection with, the enforcement of such Notes after the occurrence and during the continuance of a Default with respect to the Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In the event that the Company pays any Argentine personal asset tax in respect of the Outstanding Notes, the Company hereby waives any right it may have under Argentine law to seek reimbursement from the Holders or the direct owners of the Notes of any such amounts paid.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.21.<i>Suspension of Certain Covenants</i>. If at any time after the Issue Date (i)&nbsp;the Notes are rated Investment Grade by at least two of the Rating Agencies and (ii)&nbsp;no Default has occurred and is continuing hereunder (the occurrence of the events described in the foregoing clauses (i)&nbsp;and (ii)&nbsp;being collectively referred to as a &#147;<b>Covenant Suspension Event</b>&#148;), then, beginning on that day, the Company and its Subsidiaries will not be subject to the covenants in Section&nbsp;4.06 and Section&nbsp;5.01(a)(iii)(C), (the &#147;<b>Suspended Covenants</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In the event that the Company and its Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the &#147;<b>Reversion Date</b>&#148;) the condition set forth in clause (i)&nbsp;of the first paragraph of this Section&nbsp;is no longer satisfied, then the Company and its Subsidiaries shall thereafter again be subject to the Suspended Covenants with respect to future events.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The period of time between the occurrence of a Covenant Suspension Event and the Reversion Date is referred to in this description as the &#147;<b>Suspension Period</b>.&#148; In the event of any such reinstatement, no action taken or omitted to be taken by the Company or any Subsidiary prior to such reinstatement will give rise to a Default or Event of Default under this Indenture with respect to Notes. On each Reversion Date, all Debt Incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified to have been Incurred pursuant to Section&nbsp;4.06.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;5</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">LIMITATION ON CONSOLIDATION, MERGER OR SALE OF ASSETS</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.01.<i>Limitation on Consolidation, Merger or Sale of Assets by the Company</i>. (a)&nbsp;The Company will not, in a single transaction or series of related transactions,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:38.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">consolidate with, amalgamate or merge with or into any Person; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">sell, convey, assign, transfer, or otherwise dispose of (or cause or permit any Subsidiary to sell, convey, assign, transfer, or otherwise dispose of) all or substantially all of its assets as an entirety or substantially an entirety (determined on a consolidated basis for the Company and its Subsidiaries) to any Person;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:34.2pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">unless:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">either (x)&nbsp;the Company is the continuing Person or (y)&nbsp;the resulting, surviving or transferee Person (the &#147;<b>Successor Company</b>&#148;) is a corporation organized and validly existing under the laws of Argentina, the United States of America or any State thereof, the District of Columbia or any member country of the Organization for Economic Cooperation and Development and expressly assumes by supplemental indenture executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations of the Company under this Indenture and the Notes;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">immediately before and after giving effect to the transaction, no Default has occurred and is continuing;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">immediately after giving effect to the transaction on a <i>pro forma </i>basis, the Company or the Successor Company could Incur at least U.S.$1.00 of Debt under Section&nbsp;4.06(a); and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(D)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Company delivers to the Trustee (i)&nbsp;an Officer&#146;s Certificate and an Opinion of Counsel, each stating that the consolidation, amalgamation, merger or transfer and the supplemental indenture (if any) comply with this Indenture; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided</font></i><font size="3" style="font-size:12.0pt;">, that clauses (B)&nbsp;and (C)&nbsp;do not apply to (i)&nbsp;the consolidation, amalgamation or merger of the Company with or into a Subsidiary or (ii)&nbsp;the consolidation, amalgamation or merger of a Subsidiary with or into the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company shall not lease all or substantially all of its assets, whether in one transaction or a series of transactions, to one or more other Persons, except as permitted under Section&nbsp;4.10.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Upon the consummation of any transaction effected in accordance with these provisions, if the Company is not the continuing Person, the Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Company had been named as the Company in this Indenture. Upon such substitution, except in the case of a sale, conveyance, transfer or disposition of less than all of its assets, the Company will be released from its obligations under this Indenture and the Notes.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">55</font><a name="PB_55_123359_8627"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;6</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">DEFAULT AND REMEDIES</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .7in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.01.<i>Events of Default</i>. An &#147;<b>Event of Default</b>&#148; occurs if:</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Company defaults in the payment when due of the principal of or premium, if any, on any Note when the same becomes due and payable at maturity, upon acceleration or otherwise, including the failure to make a required payment to purchase Notes tendered pursuant to an optional redemption or Change of Control Offer;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Company defaults in the payment of interest (including any Additional Amounts) on any Note when the same becomes due and payable at maturity, upon acceleration or otherwise, and the default continues for a period of 30 days;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Company fails to comply with Section&nbsp;5.01.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Company defaults in the performance of or breaches any other covenant or agreement contained in this Indenture or under the Notes, and the default or breach continues for a period of 60 consecutive days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of 25% or more in aggregate principal amount of the outstanding Notes;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">there occurs with respect to any Debt of the Company or any of its Significant Subsidiaries having an outstanding principal amount of U.S.$50 million (or the equivalent in other currencies) or more in the aggregate for all such Debt of all such Persons (i)&nbsp;an event of default that results in such Debt being due and payable prior to its scheduled maturity or (ii)&nbsp;a default caused by a failure to make a principal payment when due and such defaulted payment is not made, waived or extended within the applicable grace period;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">one or more final and non-appealable judgments or orders for the payment of money are rendered against the Company or any of its Significant Subsidiaries and are not paid or discharged (and are not covered by adequate insurance by a solvent insurer of national or international reputation that has acknowledged its obligations in writing), and there is a period of 60 consecutive days following entry of the final and non-appealable judgment or order (or 30 consecutive days, in the event that an enforcement proceeding is commenced upon the entry of such judgment or order) that causes the aggregate amount for all such final and non-appealable judgments or orders outstanding and not paid or discharged against all such Persons to exceed U.S.$50 million (or the equivalent in other currencies) during which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a distress, attachment, execution, seizure before judgment or other legal or extrajudicial process is levied, enforced on or against any part of the property, assets or revenues of the Company or any of its Subsidiaries, which, if executed or consummated, would have a Material Adverse Effect on the Company&#146;s ability to make scheduled principal and interest payments on the Notes, unless (a)&nbsp;such distress, attachment,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">56</font><a name="PB_56_123409_7906"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">execution, seizure before judgment or other legal or extrajudicial process is discharged or stayed within 90 days of notice to the Company or such Subsidiary, as the case may be, or (b)&nbsp;if such distress, attachment, execution, seizure before judgment or legal or extrajudicial process shall not have been discharged or stayed within such 90-day period, the Company or such Subsidiary, as the case may be, shall have contested in good faith by appropriate proceedings such distress, attachment, execution, seizure before judgment or legal process; provided that if such distress, attachment, execution, seizure before judgment or legal process shall not have been discharged or stayed within 365 days of notice to the Company or such Significant Subsidiary, as the case may be, the Company or such Significant Subsidiary shall have posted a bond or other appropriate collateral which shall have substituted such distress, attachment, execution, seizure before judgment or other legal or extrajudicial process within such time period;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Company or any of its Significant Subsidiaries shall, after the Issue Date:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:1.1in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)&nbsp;file a voluntary petition in bankruptcy or a petition or an answer seeking reorganization or an arrangement with creditors pursuant to a <i>concurso preventivo de acreedores</i>, (B)&nbsp;seek approval of its creditors for an <i>acuerdo preventivo extrajudicial </i>impairing the Notes through any means, including the distribution of an offering circular or similar disclosure materials to creditors in connection with such <i>acuerdo preventivo extrajudicial</i>, (C)&nbsp;file for court endorsement of an <i>acuerdo preventivo extrajudicial </i>impairing the Notes, (D)&nbsp;apply for or consent to the appointment (in a similar court proceeding) of a receiver, Trustee, liquidator or the like for itself or its property or (E)&nbsp;make a general assignment for the benefit of its creditors;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any order, judgment or decree shall be entered by any court of competent jurisdiction to effect any bankruptcy, reorganization, dissolution, winding up, liquidation, the appointment of a Trustee, a receiver, liquidator or the like of the Company or any of its Significant Subsidiaries or of all of the assets thereof or other like relief in respect of the Company or any of its Significant Subsidiaries under any applicable bankruptcy or insolvency law, and such order, judgment or decree remains unstayed and in effect for a period of 60 consecutive days;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any condemnation, seizure, compulsory purchase or expropriation, or taking into custody or control, by any Governmental Authority or agency of assets or Capital Stock of the Company or any of its Subsidiaries which, in the aggregate, would be likely to have a Material Adverse Effect; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">it becomes unlawful for the Company or any of its Subsidiaries to perform any of their obligations under this Indenture or the Notes, or any payment obligations of the Company or any Subsidiary hereunder or thereunder ceases to be valid, binding or enforceable or the binding effect or enforceability thereof is contested by the Company, or the Company denies that it has any further liability or obligation hereunder or in respect hereof.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">57</font><a name="PB_57_123418_3736"></a></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.02.<i>Acceleration</i>. (a)&nbsp;If an Event of Default other than a default described under Section&nbsp;6.01(h)&nbsp;or Section&nbsp;6.01(i)&nbsp;above with respect to the Company occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding, by written notice to the Company (and to the Trustee if the notice is given by the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of and accrued interest on the Notes to be immediately due and payable. In the event of a declaration of acceleration because an Event of Default set forth in Section&nbsp;6.01(e)&nbsp;has occurred and is continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant to Section&nbsp;6.01(e)&nbsp;shall be remedied or cured by the Company and/or the relevant Subsidiaries or waived by the holders of the relevant Indebtedness within 30 days after the declaration of acceleration with respect thereto. Upon a declaration of acceleration, such principal and interest will become immediately due and payable. If an Event of Default described under Section&nbsp;6.01(h)&nbsp;or Section&nbsp;6.01(i)&nbsp;above with respect to the Company occurs, the principal of and accrued interest on the Notes then outstanding will become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Holders of a majority in principal amount of the Outstanding Notes may, by written notice to the Company and to the Trustee, waive all past Defaults and rescind and annul a declaration of acceleration and its consequences if:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:37.8pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all existing Events of Default, other than the non-payment of the principal of, premium, if any, and interest (including Additional Amounts) on the Notes that have become due solely by the declaration of acceleration, have been cured or waived, and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the rescission would not conflict with any judgment or decree of a court of competent jurisdiction;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.03.<i>Other Remedies</i>. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.04.<i>Waiver of Past Defaults</i>. Except as otherwise provided in Section&nbsp;6.02, Section&nbsp;6.07, Section&nbsp;9.02 and Section&nbsp;9.03, the Holders of a majority in principal amount of the Outstanding Notes may, by written notice to the Trustee, waive an existing Default and its consequences. Upon such waiver, the Default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, but no such waiver will extend to any subsequent or other Default or impair any right consequent thereon.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">58</font><a name="PB_58_123427_9621"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.05.<i>Control by Majority</i>. The Holders of a majority in principal amount of the Outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction, and may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.06.<i>Limitation on Suits</i>. A Holder may not institute any proceeding, judicial or otherwise, with respect to this Indenture or the Notes, or for the appointment of a receiver or Trustee, or for any other remedy under this Indenture or the Notes, unless:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Holder has previously given to the Trustee written notice of a continuing Event of Default;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Holders of at least 25% in aggregate principal amount of Outstanding Notes have made written request to the Trustee to institute proceedings in respect of an Event of Default;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Holders have offered and provided to the Trustee indemnity and/or security reasonably satisfactory to the Trustee against any costs, liabilities or expenses to be incurred in compliance with such request;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Trustee for 60 days after its receipt of such notice, request and offer of indemnity and/or security has failed to institute any such proceeding; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">during such 60-day period, the Holders of a majority in aggregate principal amount of the Outstanding Notes have not given the Trustee a direction that is inconsistent with such written request;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided</font></i><font size="3" style="font-size:12.0pt;">, that a Holder of a Note may institute suit for enforcement of payment of the principal of and premium, if any, or interest on such Note (and Additional Amounts, if any) on or after the respective due dates expressed in such Note.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.07.<i>Rights of Holders to Receive Payment</i>. Notwithstanding anything to the contrary, the right of a Holder of a Note to receive payment of principal of or interest on its Note on or after the Stated Maturities thereof, or to bring suit for the enforcement of any such payment on or after such respective dates (including any <i>acci&#243;n ejecutiva </i>individual pursuant to Article&nbsp;29 of the Negotiable Obligations Law), may not be impaired or affected without the consent of that Holder. To that effect, any beneficial owner of Global Notes shall have the right to obtain evidence of its beneficial ownership interest in a Global Note in accordance with Section&nbsp;129 of the Argentine Capital Markets Law (including for initiating summary proceedings (<i>acci&#243;n ejecutiva</i>) in the manner provided by the Negotiable Obligations Law), and for such</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">59</font><a name="PB_59_123438_8715"></a></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">purposes, such beneficial owner will be treated as the owner of that portion of the Global Note which represents its beneficial ownership interest therein.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.08.<i>Collection Suit by Trustee</i>. If an Event of Default specified in Section&nbsp;6.01(a)&nbsp;or 6.01(b)&nbsp;occurs and is continuing, the Trustee may recover judgment in its own name and as Trustee of an express trust for the whole amount of principal and accrued interest remaining unpaid (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section&nbsp;7.06.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.09.<i>Trustee May&nbsp;File Proofs of Claim</i>. The Trustee may file proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder) and the Holders allowed in any judicial proceedings relating to the Company, its creditors or its property, and unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a Trustee in bankruptcy or other Person performing similar functions, and any custodian, receiver, assignee, Trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and in the event that the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due to the Trustee under Section&nbsp;7.06.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.10.<i>Priorities</i>. If the Trustee collects any money pursuant to this Article&nbsp;6, it shall pay out the money in the following order:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">First: to the Trustee and Agents for all amounts due hereunder;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Second: to Holders for amounts then due and unpaid for principal of and interest on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Third: to the Company or as a court of competent jurisdiction may direct.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Trustee, upon written notice to the Company, may fix a record date and payment date for any payment to Holders pursuant to this Section.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.11.<i>Restoration of Rights and Remedies</i>. If the Trustee or any Holder has instituted a proceeding to enforce any right or remedy under this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to the Holder, then, subject to any determination in the proceeding, the Company, the Trustee and the Holders will be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Company, the Trustee and the Holders will continue as though no such proceeding had been instituted.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">60</font><a name="PB_60_123003_6333"></a></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.12.<i>Undertaking for Costs</i>. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit (other than the Trustee) to file an undertaking to pay the costs of the suit, and the court may assess reasonable and documented costs, including reasonable and documented attorneys&#146; fees, against any party litigant (other than the Trustee) in the suit having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section&nbsp;does not apply to a suit instituted by the Trustee, suit by a Holder to enforce payment of principal of or interest on any Note on the respective due dates, or a suit by Holders of more than 10% in principal amount of the Outstanding Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.13.<i>Rights and Remedies Cumulative</i>. No right or remedy conferred or reserved to the Trustee or to the Holders under this Indenture is intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or exercise of any other right or remedy.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.14.<i>Delay or Omission Not Waiver</i>. No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article&nbsp;or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;7</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">THE TRUSTEE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.01.<i>General</i>. (a)&nbsp;The duties and responsibilities of the Trustee are as set forth herein. Whether or not expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this Article.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Except during the continuance of an Event of Default, the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee. In case an Event of Default has occurred and is continuing, the Trustee shall exercise those rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. No provision of this Indenture will require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties thereunder, or in the exercise of its rights or powers, unless it receives indemnity and/or security satisfactory to it against any loss, liability or expense.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">61<a name="PB_61_123025_7056"></a></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.02.<i>Certain Rights of Trustee</i>. (a)&nbsp;The Trustee may rely, and will be protected in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but, in the case of any document which is specifically required to be furnished to the Trustee pursuant to any provision hereof, the Trustee shall examine the document to determine whether it conforms to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). The Trustee, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Before the Trustee acts or refrains from acting, it may require an Officer&#146;s Certificate or an Opinion of Counsel conforming to Section&nbsp;10.04 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on the certificate or opinion.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders, unless such Holders have offered and provided to the Trustee security and/or indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance with Section&nbsp;6.05 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Trustee may consult with counsel, and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">No provision of this Indenture will require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder, or in the exercise of its rights or powers, unless it receives indemnity and/or security satisfactory to it against any loss, liability or expense.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes unless written notice of such Default or Event of Default shall have been given to a Responsible Officer of the Trustee at its Corporate Trust Office by the Company or any other obligor on the Notes or by any Holder of the Notes, such notice specifically identifying this Indenture and the Notes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">62<a name="PB_62_123033_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Agent, custodian and other Person employed to act hereunder. The obligations of the Agents hereunder are several and not joint.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The permissive rights of the Trustee to take the actions permitted by this Indenture will not be construed as an obligation or duty to do so.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Trustee shall have no duty to inquire as to the performance of the Company with respect to the covenants contained in Article&nbsp;4 hereof. The Trustee may assume without inquiry in the absence of written notice to the contrary that the Company is duly complying with its obligations contained in this Indenture required to be performed and observed by it, and that no Default or Event of Default or other event which would require repayment of the Notes has occurred.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible or liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed under this Indenture or under applicable law or regulation with respect to any transfer, exchange, redemption, purchase or repurchase, as applicable, of any interest in any Notes, but may at its sole discretion choose to do so.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Agents shall act solely as agents of the Company and not as agents of the Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Trustee may employ agents or attorneys to transact or concur in transacting any business and to do or concur in doing any acts required to be done by the Trustee and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.03.<i>Individual Rights of Trustee</i>. The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days after the date it has acquired such conflicting interest or resign. Any Agent may do the same with like rights.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.04.<i>Trustee&#146;s Disclaimer</i>. The Trustee (a)&nbsp;makes no representation as to the validity or adequacy of this Indenture or the Notes, except that the Trustee represents that it is duly authorized to execute this Indenture and authenticate the Notes, (b)&nbsp;is not accountable for the Company&#146;s use or application of the proceeds from the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">63<a name="PB_63_123042_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 12.0pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notes and (c)&nbsp;is not responsible for any statement in the Notes other than its certificate of authentication.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.05.<i>Notice of Default</i>. If any Default occurs and is continuing and a Responsible Officer of the Trustee has received written notice of such Default, the Trustee will send notice of the Default to each Holder within 90 days after it occurs, unless the Default has been cured; <i>provided </i>that, except in the case of a default in the payment of the principal of or interest on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee of directors of the Trustee in good faith determines that withholding the notice is in the interest of the Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.06.<i>Compensation And Indemnity</i>. (a)&nbsp;The Company will pay the Trustee compensation for its services as agreed upon in writing. The compensation of the Trustee is not limited by any law on compensation of a Trustee of an express trust. The Company will reimburse the Trustee upon request for all reasonable and documented out-of-pocket expenses, disbursements and advances incurred or made by the Trustee, including the reasonable compensation and expenses of the Trustee&#146;s agents and counsel.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company will indemnify the Trustee and Agents or their respective officers, directors, employees, representatives and agents for, and hold them harmless against, any claim, loss, damage, or liability or expense (including reasonable and documented attorney&#146;s fees and expenses) incurred by them without gross negligence or willful misconduct on their part arising out of or in connection with the acceptance or administration of this Indenture and their duties under this Indenture and the Notes, including reasonable documented costs and expenses of defending themselves against any claim or liability and of complying with any process served upon them in connection with the exercise or performance of any of their powers or duties under this Indenture and the Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">To secure the Company&#146;s payment obligations in this Section, the Trustee shall have a senior claim with regards to such payments to that of the Notes on all money or property held or collected by the Trustee or an Agent, except money or property held in trust to pay principal of, and interest on particular Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The provisions of this Section&nbsp;shall survive the resignation or removal of the Trustee and the termination of this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Without prejudice to any other rights available to the Trustee and the Agents under applicable law, when the Trustee and the Agents incur expenses (including the fees and expenses of counsel) after the occurrence of a Default with respect to the Company, the expenses are intended to constitute expenses of administration under any Bankruptcy Law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">For the avoidance of doubt, the rights, privileges, protections, immunities and benefits given to the Trustee in this Section&nbsp;7.06, including its right to be</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">indemnified, are extended to, and shall be enforceable by the Trustee in each of its capacities hereunder, by each agent (including the Agents), any custodian and any other Person employed with due care to act as agent hereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.07.<i>Replacement of Trustee</i>. (a)&nbsp;(i)&nbsp;The Trustee may resign at any time by written notice to the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Holders of a majority in principal amount of the Outstanding Notes may remove the Trustee by written notice to the Trustee.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:33.1pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If the Trustee is no longer eligible under Section&nbsp;7.09, any Holder who has been a bona fide Holder of a Note or Notes for at least 6 months may, on behalf of himself and others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:33.85pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company may remove the Trustee by Company Order if: (A)&nbsp;the Trustee is no longer eligible under Section&nbsp;7.09; (B)&nbsp;the Trustee is adjudged bankrupt or insolvent or an order or relief is entered with respect to the Trustee; (C)&nbsp;a receiver or other public officer takes charge of the Trustee or its property; or (D)&nbsp;the Trustee becomes incapable of acting.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Furthermore, so long as no Event of Default has occurred and is continuing, the Company may, in its discretion, remove the Trustee at any time. A resignation or removal of the Trustee and appointment of a successor Trustee, will become effective only upon (i)&nbsp;notice to the CNV of such appointment and (ii)&nbsp;such successor Trustee&#146;s acceptance of appointment as provided in this Section.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:30.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If the Trustee has been removed by the Holders, Holders of a majority in principal amount of the Notes may appoint a successor Trustee with the consent of the Company. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. If the successor Trustee does not deliver its written acceptance within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the expense of the Company), the Company or the Holders of a majority in principal amount of the Outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:30.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Upon delivery by the successor Trustee of a written acceptance of its appointment to the retiring Trustee and to the Company, (i)&nbsp;the retiring Trustee will transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section&nbsp;7.06, (ii)&nbsp;the resignation or removal of the retiring Trustee will become effective, and (iii)&nbsp;the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. Upon request of any successor Trustee, the Company will execute any and all instruments for fully and vesting in and confirming to the successor Trustee all such rights, powers and trusts. The Company will give notice of any resignation and any removal of the Trustee and each appointment of a successor</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Trustee to all Holders, and include in the notice the name of the successor Trustee and the address of its Corporate Trust Office.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.08.<i>Successor Trustee by Merger</i>. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any further act will be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee in this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.09.<i>Eligibility</i>. This Indenture must always have a Trustee that is a corporation or national banking association organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate Trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least U.S.$50,000,000 as set forth in its most recent published annual report of condition.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.10.<i>Representative of the Trustee in Argentina</i>. (a)&nbsp;As long as it is required by Argentine law or by the CNV Rules, the Trustee will have a representative in Argentina for the sole purpose of receiving notices from the CNV and/or the Holders. Banco Comafi S.A. (as successor of Deutsche Bank S.A.) will initially act as the Representative of the Trustee in Argentina for such purposes. Banco Comafi S.A. (as successor of Deutsche Bank S.A.) hereby accepts such appointment in relation to the Notes and shall perform all matters expressed to be performed by it in, and otherwise comply with, the provisions of this Section&nbsp;7.10(b).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)&nbsp;The Representative of the Trustee in Argentina need to perform only those duties that are specifically set forth in this Section&nbsp;7.10(b), and such duties shall be determined solely by the express provisions of this Section&nbsp;7.10(b), or as the Representative of the Trustee in Argentina may agree in writing from time to time with the Trustee. No implied covenants or obligations shall be read into this Section&nbsp;7.10(b), against the Representative of the Trustee in Argentina. It is further acknowledged that the Representative of the Trustee in Argentina is not and shall not be considered as if it were the Trustee&#146;s attorney-in-fact. The duties of the Representative of the Trustee in Argentina as of the date hereof are solely to: (i)&nbsp;receive from the Holders, the Company, and any governmental or regulatory authority or entity in Argentina, all letters, claims, requests, notice or any other document required by Argentine law or by the CNV Rules&nbsp;to be sent to, and received by, the Trustee, (ii)&nbsp;deliver to the Trustee, within three Business Days after its receipt, all such letters, claims, requests, notices or documents, (iii)&nbsp;following the express instructions of the Trustee, respond to or answer such letters, claims, requests, notices or documents, (iv)&nbsp;call a meeting of the Holders pursuant to Section&nbsp;9.04, and (v)&nbsp;take any other action as instructed by the Trustee.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;8</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">DEFEASANCE AND DISCHARGE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.01.<i>Discharge of Company&#146;s Obligations</i>. The Company may, at its option, at any time elect to have either Section&nbsp;8.02 or Section&nbsp;8.03 applied to all Outstanding Notes upon compliance with the conditions set forth in this Section&nbsp;8.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.02.<i>Legal Defeasance</i>. Upon the Company&#146;s election of the &#147;legal defeasance&#148; option applicable to this Section&nbsp;8.02, and subject to the satisfaction of the conditions set forth in Section&nbsp;8.04, the Company will be discharged from any and all obligations in respect of the Notes (except for the obligations to register the transfer or exchange of Notes, replace stolen, lost or mutilated Notes, maintain paying agencies and hold moneys for payment in trust). Subject to compliance with this Section, the Company may exercise its option under this Section&nbsp;notwithstanding the prior exercise of its option under Section&nbsp;8.03. If the Company exercises the &#147;legal defeasance&#148; option, any payment on the Notes may not be accelerated due to an Event of Default with respect thereto.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.03.<i>Covenant Defeasance</i>. Upon the Company&#146;s election of the &#147;covenant defeasance&#148; option applicable to this Section&nbsp;8.03, and subject to the satisfaction of the conditions set forth in Section&nbsp;8.04 hereof, the Company, as applicable, need not comply with the covenants set forth in Sections 4.03 and 4.06 through 4.20, inclusive, and Section&nbsp;5.01(a)(iii)(C)&nbsp;and (D)&nbsp;and clauses (d), (e), (f)&nbsp;and (g)&nbsp;of Section&nbsp;6.01 will no longer constitute Events of Default.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.04.<i>Application of Trust Money</i>. In order to exercise the options set forth in Section&nbsp;8.02 or Section&nbsp;8.03 above the Company must irrevocably deposit with the Trustee, outside of Argentina in trust, (1)&nbsp;money, (2)&nbsp;U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide money in an amount, or (3)&nbsp;a combination thereof, in each case, sufficient in the opinion of a certified public accounting firm delivered to the Trustee to pay and discharge the principal of, interest and Additional Amounts, if any, on the Outstanding Notes on the dates such payments are due, in accordance with the terms of the Notes, to and including the redemption date irrevocably designated by the Company pursuant to the final sentence of this Section&nbsp;on the day on which payments are due and payable in accordance with the terms of this Indenture and of the Notes; and no Event of Default (including by reason of such deposit) with respect to the Notes shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date. The defeasance options set forth in Section&nbsp;8.02 or Section&nbsp;8.03 above will become effective 91 days after such deposit if and only if the Company delivers to the Trustee: (i)&nbsp;an Opinion of Counsel to the effect (x)&nbsp;that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit, defeasance and discharge of certain obligations, which in the case of Section&nbsp;8.02 must be based on a change in law or a ruling by the U.S. Internal Revenue Service, and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; and (x)&nbsp;that the defeasance trust is</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">67<a name="PB_67_123118_141"></a></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">not, or is not required to be registered as, an investment company under the Investment Company Act of 1940, as amended and (ii)&nbsp;an Opinion of Counsel and an Officers&#146; Certificate as to compliance with all conditions precedent provided for in this Indenture relating to the satisfaction and discharge of the Notes. If the Company has deposited or caused to be deposited money or U.S. Government Obligations to pay or discharge the principal of (and premium, if any) and interest, if any, on the Outstanding Notes to and including a redemption date on which all of the Outstanding Notes are to be redeemed, such redemption date shall be irrevocably designated by a resolution of the Board of Directors of the Company delivered to the Trustee on or prior to the date of deposit of such money or U.S. Government Obligations and such resolutions shall be accompanied by an irrevocable request from the Company that the Trustee give notice of such redemption in the name of and at expense of the Company not less than 30 nor more than 60 days prior to such redemption date in accordance with this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to this Section&nbsp;8 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.05.<i>Repayment to Company</i>. Subject to Section&nbsp;7.06, Section&nbsp;8.01, Section&nbsp;8.02 or Section&nbsp;8.03, the Trustee will promptly pay to the Company upon request any excess money held by the Trustee at any time and thereupon be relieved from all liability with respect to such money. The Trustee will pay to the Company upon request any money held for payment with respect to the Notes that remains unclaimed for two years, <i>provided </i>that before making such payment the Trustee may at the expense of the Company publish once in a newspaper of general circulation in New York City, or send to each Holder entitled to such money, notice that the money remains unclaimed and that after a date specified in the notice (at least 30 days after the date of the publication or notice) any remaining unclaimed balance of money will be repaid to the Company. After payment to the Company, Holders entitled to such money must look solely to the Company for payment, unless applicable law designates another Person, and all liability of the Trustee with respect to such money will cease.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.06.<i>Reinstatement</i>. If and for so long as the Trustee is unable to apply any money or U.S. Government Obligations held in trust pursuant to Section&nbsp;8.01, Section&nbsp;8.02 or Section&nbsp;8.03 by reason of any legal proceeding or by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, the Company&#146;s obligations under this Indenture and the Notes will be reinstated as though no such deposit in trust had been made. If the Company makes any payment of principal of or interest on any Notes because of the reinstatement of its obligations, it will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held in trust.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;9</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">AMENDMENTS, SUPPLEMENTS AND WAIVERS</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.01.<i>Amendments Without Consent of Holders</i>. (a)&nbsp;The Company and the Trustee, upon the Trustee&#146;s receipt of an Officers&#146; Certificate confirming compliance with the requirements of this Indenture, may amend or supplement this Indenture or the Notes without notice to or the consent of any Noteholder:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:40.95pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to cure any ambiguity, defect or inconsistency in this Indenture or the Notes in a manner that is not materially adverse to the rights of the Holders of Notes;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.55in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to comply with Article&nbsp;5, including to provide for the assumption by a successor of the obligations of the Company;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to evidence and provide for the acceptance of an appointment by a successor Trustee hereunder;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:36.9pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to provide for any Guarantee of the Notes, to secure the Notes or to confirm and evidence the release, termination or discharge of any Guarantee of or Lien securing the Notes when such release, termination or discharge is permitted by this Indenture;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:38.7pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to provide for or confirm the issuance of Additional Notes;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to comply with any requirement of the CNV, MERVAL or MAE;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:33.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to make any other change that does not materially or adversely affect the rights of any Holder;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:31.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to conform any provision of this Indenture or the Notes to the &#147;Description of the Notes&#148; under the Offering Memorandum;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:36.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to add further covenants, restrictions, conditions or provisions as are for the benefit of the Noteholders; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:37.8pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to surrender any right or power conferred upon the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.02.<i>Amendments With Consent of Holders</i>. Except as otherwise provided in Sections 6.02, 6.04 and 6.07 or Section&nbsp;9.03, the Company and the Trustee, upon the Trustee&#146;s receipt of an Officer&#146;s Certificate and an Opinion of Counsel confirming compliance with the requirements of this Indenture and the Notes in accordance with Section&nbsp;10.03 and Section&nbsp;10.04, may amend this Indenture and the Notes with the consent of the Holders of a majority in principal amount of the Outstanding Notes, and the Holders of a majority in principal amount of the Outstanding Notes may waive future compliance by the Company or a Subsidiary with any provision of this Indenture or the Notes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">69<a name="PB_69_123138_8146"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Trustee shall not be obligated to enter into any amendment that adversely affects its own rights, duties or immunities under this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .7in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.03.<i>Amendments With Unanimous Consent of Holders</i>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Notwithstanding the provisions of Section&nbsp;9.02, without the unanimous consent of the Holders affected, an amendment, supplement or waiver may not:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:51.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">reduce the principal amount of or change the Stated Maturity of any installment of principal of any Note;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:49.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">reduce the rate of or change the Stated Maturity of any interest payment on any Note;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.65in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">amend, change or modify in any material respect the obligation of the Company to make and consummate a Change of Control Offer in respect of a Change of Control that has occurred;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:48.15pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">make any Note payable in money other than that stated in the Note or change the place at which any Note is payable;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:49.95pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">impair the right of any Holder of Notes to receive any principal payment or interest payment on such Holder&#146;s Notes, on or after the Stated Maturity thereof, or to institute suit for the enforcement of any such payment;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:48.15pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">reduce the principal amount of the Notes required for amendments or waivers, or modify any provisions of this Indenture relating to meetings of Holders of the Notes (except to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Note adversely affected thereby);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:45.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">modify or change any provision of this Indenture affecting the ranking of the Notes in a manner adverse to the Holders of the Notes;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.6in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">make any change in the provisions of this Indenture described under Section&nbsp;4.20 that adversely affects the rights of any Holder or amend the terms of the Notes in a way that would result in a loss of exemption from any applicable taxes;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:48.15pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">modify or change the governing law of the Notes or the applicable jurisdiction for actions in connection with this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to the Negotiable Obligations Law, approval of any amendment, supplement or waiver by the Holders requires the consent of such Holders to be obtained pursuant to a meeting of Holders of Notes held in accordance with the provisions described in Section&nbsp;9.04.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">70</font><a name="PB_70_123321_4153"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">It is not necessary for Noteholders to approve the particular form of any proposed amendment, supplement or waiver, but is sufficient if their consent approves the substance thereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">An amendment, supplement or waiver under Section&nbsp;9.02 or this Section&nbsp;will become effective on receipt by the Trustee of written consents from the Holders of the requisite percentage in principal amount of the Outstanding Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.04.<i>Meetings of Holders</i>. (a)&nbsp;A meeting of the Holder of Notes may be called by the Company&#146;s Board of Directors or supervisory committee (<i>&#243;rgano de fiscalizaci&#243;n</i>), the Trustee or upon the request of the Holders of at least 5% in principal amount of the Outstanding Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Meetings of Holders of the Notes shall be held in accordance with the Negotiable Obligations Law. Meetings may be ordinary or extraordinary. Any proposed amendment to the terms and conditions of the Notes shall be dealt with at any extraordinary meeting. Meetings of Holders shall be held in the City of Buenos Aires, Argentina. In any case, meetings shall be held at such time and at such place as the Company, the Holders of the Notes or the Trustee shall determine. Any resolution passed at a meeting with the requisite vote shall be binding on all Holders, as the case may be (whether present or not at such meeting).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If a meeting is being held pursuant to a request of the Holders of the Notes, the agenda for the meeting shall be as determined in the request and such meeting shall be convened within 40 days from the date such request is received by the Trustee or the Company, as the case may be.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Notice of any meeting of Holders of Notes (which shall include the date, place and time of the meeting, the agenda for such meeting and the requirements for attendance) shall be given not less than 10 nor more than 30 days prior to the date fixed for the meeting and will be published at the Company&#146;s expense for five (5)&nbsp;Business Days in Argentina in the Official Gazette of Argentina (<i>Bolet&#237;n Oficial</i>), in a newspaper of general circulation in Argentina, in the Bulletin of the BCBA, in accordance with the delegation of powers of the MERVAL set forth in Resolution No.&nbsp;17,501 of the CNV (as long as the Notes are listed on the MERVAL), in the Bulletin of the MAE (as long as the Notes are traded on the MAE) and on the website of the Luxembourg Stock Exchange (http://www.bourse.lu) (as long as the Notes are listed on the Luxembourg Stock Exchange and the rules&nbsp;of the Luxembourg Stock Exchange so require) or such other informative systems of the markets in which the Notes are listed as is applicable. Meetings of Holders may be simultaneously convened for two dates, in case the initial meeting were to be adjourned for lack of quorum. However, notice of a new meeting resulting from adjournment of the initial meeting for lack of quorum will be given not less than eight days prior to the date fixed for such new meeting and will be published for three Business Days in the Official Gazette of Argentina, a newspaper of general circulation in Argentina, the Bulletin of the BCBA (as long as the Notes are listed on the MERVAL), the Bulletin of the MAE (as long as the Notes are listed on the MAE) and on the website of the Luxembourg Stock Exchange (http://www.bourse.lu) (as long as the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notes are listed on the Luxembourg Stock Exchange and the rules&nbsp;of the Luxembourg Stock Exchange so require) or such other informative system of the markets in which the Note are listed, as is applicable.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">To be entitled to attend and vote at a meeting of Noteholders, a Person shall be (i)&nbsp;a Holder of Notes as of the relevant record date or (ii)&nbsp;a Person appointed by an instrument in writing as proxy by such a Holder of Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The quorum at any ordinary meeting called to adopt a resolution will be Persons holding or representing a majority in aggregate principal amount of the Notes then Outstanding and at any reconvened adjourned ordinary meeting will be any Person(s)&nbsp;present at such reconvened adjourned meeting of Noteholders of the Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The quorum at any extraordinary meeting called to adopt a resolution will be Persons holding or representing at least 60% in aggregate principal amount of the Notes then Outstanding and at any reconvened adjourned extraordinary meeting will be Persons holding or representing at least 30% in aggregate principal amount of the Notes then Outstanding. At a meeting or a reconvened adjourned meeting duly convened and at which a quorum is present, any resolution to modify or amend, or to waive compliance with, any provision of the Notes (other than the provisions referred to in the fourth preceding paragraph) will be validly passed and decided if approved by the persons entitled to vote a majority in aggregate principal amount of the Notes then Outstanding represented and voting at the meeting. Any instrument given by or on behalf of any holder of a Note in connection with any consent to any such modification, amendment or waiver will be irrevocable once given and will be conclusive and binding on all subsequent holders of such Note. Any modifications, amendments or waivers to this Indenture or to the Notes with the requisite vote will be conclusive and binding upon all holders of Notes of such series whether or not they have given such consent or were present at any meeting, and on all Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company will designate or, in the case of any Notes issued under this Indenture, the Trustee will designate the record date for determining the Holders of Notes entitled to vote at any meeting and the Company will provide notice to Holders of Notes in the manner set forth in this Indenture. The Holder of a Note may, at any meeting of Holders of Notes at which such Holder is entitled to vote, cast one vote for each U.S. Dollar in principal amount of the Notes held by such Holder in which such Notes are denominated.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">For the purposes of clarification, Holders of Notes may take such actions outside of Argentina in any other manner permitted by New York law (such as via written consent); however, no such action will be valid under Argentine law until it has been ratified by a meeting of Holders (or their representatives) held in the City of Buenos Aires in accordance with the Negotiable Obligations Law as described above. As a result, the ability of Holders to take actions under this Indenture and/or the Notes, including actions after the occurrence of a Default, will be affected by these requirements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">72</font><a name="PB_72_123330_455"></a></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.05.<i>Effect of Consent</i>. (a)&nbsp;After an amendment, supplement or waiver becomes effective, it will bind every Holder unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind each Holder that has consented to it and every subsequent Holder of a Note that evidences the same debt as the Note of the consenting Holder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require the Holder to deliver it to the Trustee so that the Trustee may place an appropriate notation of the changed terms on the Note and return it to the Holder, or exchange it for a new Note that reflects the changed terms. The Trustee may also place an appropriate notation on any Note thereafter authenticated. However, the effectiveness of the amendment, supplement or waiver is not affected by any failure to annotate or exchange Notes in this fashion.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.06.<i>Trustee&#146;s Rights and Obligations</i>. The Trustee is entitled to receive, and will be fully protected in relying upon, in addition to the documents required by Section&nbsp;10.03, an Officer&#146;s Certificate and an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article&nbsp;is authorized or permitted by this Indenture. If the Trustee has received such Officer&#146;s Certificate and such Opinion of Counsel, it shall sign the amendment, supplement or waiver so long as the same does not adversely affect the rights of the Trustee. The Trustee may, but is not obligated to, execute any amendment, supplement or waiver that affects the Trustee&#146;s own rights, duties or immunities under this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.07.<i>Amendments</i>. Promptly after the execution by the Company and the Trustee of any supplement, amendment or waiver to this Indenture, the Company will give notice thereof to the Holders of the Notes (or cause the Trustee to give notice thereof to the Holders of the Notes), to the CNV, the MERVAL and the MAE, setting forth in general terms the substance of such supplement, amendment or waiver. If the Company fails to give such notice to the Holders of the Notes within fifteen (15) days after the execution of such supplement, amendment or waiver, the Trustee will give notice to the Holders at the Company&#146;s expense. Any failure by the Company or the Trustee to give such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such supplement, amendment or waiver. In the event that the Notes are listed on the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF Market or listed on any other securities exchange, such meetings of Holders and notices thereof will also comply with the applicable rules&nbsp;of the Luxembourg Stock Exchange or such other securities exchange, as applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;10</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">MISCELLANEOUS</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.01.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Noteholder Actions</font></i><font size="3" style="font-size:12.0pt;">. (a)&nbsp;(i)&nbsp;Any request, demand, authorization, direction, notice, consent to amendment, supplement or waiver or other action provided by this Indenture to be given or taken by a Holder (as used in this</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">73</font><a name="PB_73_123337_4141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section, an &#147;<b>act</b>&#148;) may be evidenced by an instrument signed by the Holder delivered to the Trustee. The fact and date of the execution of the instrument, or the authority of the person executing it, may be proved in any manner that the Trustee deems sufficient.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Subject to compliance with Section&nbsp;9.04, the Trustee may make reasonable rules&nbsp;for action by or at a meeting of Holders, which will be binding on all the Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Any act by the Holder of any Note binds that Holder and every subsequent Holder of a Note that evidences the same debt as the Note of the acting Holder, even if no notation thereof appears on the Note. Subject to clause (c), a Holder may revoke an act as to its Notes, but only if the Trustee receives the notice of revocation before the date the amendment or waiver or other consequence of the act becomes effective.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Subject to compliance with Section&nbsp;9.04, the Company may, but is not obligated to, fix a record date for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any other regard, except that during the continuance of an Event of Default, only the Trustee may set a record date as to notices of Default, any declaration or acceleration or any other remedies or other consequences of the Event of Default. If a record date is fixed, those Persons that were Holders at such record date and only those Persons will be entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid or effective for more than 90 days after the record date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.02.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Notices</font></i><font size="3" style="font-size:12.0pt;">. (a)&nbsp;Any notice or communication to the Company will be deemed given if in writing (i)&nbsp;when delivered in person or (ii)&nbsp;when mailed by first class mail, (iii)&nbsp;when sent by facsimile transmission, with transmission confirmed or (iv)&nbsp;when published or, if published on different dates, on the date of the first such publication. Any notice to the Trustee shall be in writing in English and will be effective only upon receipt. Any obligation of the Trustee or any Agent to provide notice to the Holders shall have been satisfied upon delivery of such notice to the relevant clearing system. In each case the notice or communication should be addressed as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">if to the Company:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Cablevisi&#243;n S.A.</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Hornos 690</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ciudad Aut&#243;noma de Buenos Aires</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Argentina</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Tel: +54(11) 5539-4589</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">74</font><a name="PB_74_123358_8627"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax: +54(11) 4001 5783</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attention: Marcelo Iribarne</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">if to the Trustee, Registrar and Transfer Agent, and Paying Agent:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Trust&nbsp;&amp; Agency Services</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60 Wall Street, 16th Floor</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mail Stop: NYC60-1630</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New York, New York 10005</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn: Corporates Team Deal Manager &#150; Cablevision S.A.</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax: 732-578-4635</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">&nbsp;</font></i></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">With a copy to:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">c/o Deutsche Bank National Trust Company</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Trust&nbsp;&amp; Agency Services</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">100 Plaza One, Mailstop JCY03-0699</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Jersey City, New Jersey 07311</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn: Corporates Team Deal Manager &#150; Cablevision S.A.</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax: 732-578-4635</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">if to the Argentine Registrar and Transfer Agent, Argentine Paying Agent and Representative of the Trustee in Argentina:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Banco Comafi S.A. (as successor of Deutsche Bank S.A.)</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Tucum&#225;n 1 piso 13</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ciudad Aut&#243;noma de Buenos Aires</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Argentina</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax: +54(11)4590-2990</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">If to the Luxembourg Paying Agent, Listing Agent and Transfer Agent:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank Luxembourg S.A.</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Corporate Trust and Agency Services</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2, Boulevard Konrad Adenauer, 1115 Luxembourg,</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Luxembourg</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax: +352 473136</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn: Coupon Paying Department</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">75</font><a name="PB_75_123448_7906"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Except as otherwise expressly provided with respect to published notices, any notice or communication to a Holder will be deemed given on the date of mailing or of publication as aforesaid or, if published on different dates, on the date of the first such publication, at its address as it appears on the Register by first class mail or, as to any Global Note registered in the name of DTC or its nominee, as agreed by the Company, the Trustee and DTC. Copies of any notice or communication to a Holder, if given by the Company, will be mailed to the Trustee at the same time. Defect in mailing a notice or communication to any particular Holder will not affect its sufficiency with respect to other Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">For so long as any Notes are listed on the MERVAL and traded on the MAE, the Company will publish all notices to Holders in the Bulletin of the BCBA in the City of Buenos Aires, Argentina, as provided by the MERVAL rules&nbsp;from time to time, in the on-line bulletin of the MAE, and in a widely circulated newspaper in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">For so long as any Notes are listed on the Luxembourg Stock Exchange and the rules&nbsp;of such exchange so require, the Company will publish all notices to Holders in English in a leading newspaper having a general circulation in Luxembourg (which as of the date hereof is expected to be the Luxembourger Wort); or if such Luxembourg publication is not practicable, the Company may publish notices to Holders via the website of the Luxembourg Stock Exchange at http://www.bourse.lu, <i>provided </i>that such method of publication satisfies the rules&nbsp;of such exchange.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company shall also cause all such other publications of such notices as may be required from time to time in any manner by the provisions of the Negotiable Obligations Law, the Argentine Capital Markets Law, the CNV Rules&nbsp;and by any applicable Argentine law (including without limitation publishing notices at the official site of the CNV (www.cnv.gov.ar)).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Where this Indenture provides for notice, the notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with the Trustee, but such filing is not a condition precedent to the validity of any action taken in reliance upon such waivers.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (&#147;Instructions&#148;) given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (&#147;Authorized Officers&#148;) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee&#146;s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">76</font><a name="PB_76_123458_3736"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee&#146;s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i)&nbsp;to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii)&nbsp;that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s)&nbsp;selected by the Company; (iii)&nbsp;that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv)&nbsp;to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.03.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Certificate and Opinion as to Conditions Precedent</font></i><font size="3" style="font-size:12.0pt;">. (a)&nbsp;Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company will furnish to the Trustee:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .6in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">an Officers&#146; Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .6in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">an Opinion of Counsel stating that all such conditions precedent have been complied with.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In any case where several matters are required to be certified by, or covered by an Opinion of Counsel of, any specified Person, it is not necessary that all such matters be certified by, or covered by the Opinion of Counsel of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an Opinion of Counsel with respect to some matters and one or more such Persons as to other matters, and any such Person may certify or give an Opinion of Counsel as to such matters in one or several documents.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Any Officers&#146; Certificate of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel or representation of counsel, unless such Officer knows that such Opinion of Counsel or representation with respect to the matters upon which his certificate is based are erroneous. Any Opinion of Counsel may be based, and may state that it is so based, insofar as it relates to factual matters, upon a certificate of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company unless such counsel knows, or in the exercise of reasonable care should know, that the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">77</font><a name="PB_77_123508_9621"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">certificate or representations with respect to such matters are erroneous. Any certificate of an Officer or Opinion of Counsel may be based, and may state that it is so based, insofar as it relates to accounting matters, upon a certificate, opinion of or representations by an accountant or firm of accountants in the employ of the Company, unless the Officer or such counsel, as the case may be, knows, or in the exercise of reasonable care should know, that the certificate, opinion or representations with respect to the accounting matters upon which such certificate of an Officer or Opinion of Counsel is based are erroneous. Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm is independent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.04.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Statements Required in Certificate or Opinion</font></i><font size="3" style="font-size:12.0pt;">. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a statement that each person signing the certificate or opinion has read the covenant or condition and the related definitions;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in the certificate or opinion is based;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a statement that, in the opinion of each such person, that person has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with, <i>provided </i>that an Opinion of Counsel may rely on an Officer&#146;s Certificate or certificates of public officials with respect to matters of fact.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.05.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Payment Date Other Than A Business Day</font></i><font size="3" style="font-size:12.0pt;">. If any payment with respect to a payment of any principal of, premium, if any, or interest on any Note (including any payment to be made on any date fixed for redemption or purchase of any Note and including Additional Amounts) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on such date, and no interest will accrue for the intervening period.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.06.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Governing Law, Etc</font></i><font size="3" style="font-size:12.0pt;">. (a)&nbsp;Each of this Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York, <i>provided </i>that the Negotiable Obligations Law governs the requirements for the Notes to qualify as <i>obligaciones negociables </i>thereunder while such law, together with Argentine Corporations Law No.&nbsp;19,550 as amended, the Argentine Capital</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">78</font><a name="PB_78_123517_8715"></a></p>
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<p style="margin:0in 0in .0001pt 12.0pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Markets Law, the CNV Rules&nbsp;and other applicable Argentine laws and regulations, govern the capacity and corporate authorization of the Company to execute and deliver the Notes, the authorization of the CNV for the public offering of the Notes in Argentina and certain matters in relation to meetings of Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Each of the parties hereto:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:32.85pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">agrees that any suit, action or proceeding against it arising out of or relating to this Indenture or the Notes, as the case may be, may be instituted in any U.S. federal or New York state court sitting in the Borough of Manhattan, New York City, New York (the &#147;<b>Specified Courts</b>&#148;),</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:31.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">irrevocably submits to the non-exclusive jurisdiction of the Specified Courts in any suit, action or proceeding,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:27.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">waives, to the fullest extent permitted by applicable law, any objection which it may have to the laying of venue of any such suit, action or proceeding, any claim that any suit, action or proceeding in such a court has been brought in an inconvenient forum and any right to the jurisdiction of any other courts to which it may be entitled on account of place of residence or domicile,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:29.25pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding and may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment; <i>provided </i>that service of process is effected upon the Company in the manner provided by this Indenture, and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:31.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Indenture or the Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:30.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">As long as any of the Notes remain Outstanding, the Company will at all times have an authorized agent in New York City (the &#147;<b>Authorized Agent</b>&#148;), upon whom process may be served in any legal action or proceeding arising out of or relating to this Indenture or any Note. Service of process upon such agent and written notice of such service mailed or delivered to the Company shall to the fullest extent permitted by applicable law be deemed in every respect effective service of process upon the Company in any such legal action or proceeding. The Company hereby appoints CT Corporation System as its agent for such purpose, and covenants and agrees that service of process in any suit, action or proceeding may be made upon it at the office of such agent at 111 Eighth Avenue, New York, NY 10011. Notwithstanding the foregoing, the Company may, with prior written notice to the Trustee, terminate the appointment of CT Corporation System and appoint another agent for the above purposes so that the Company shall at all times have an agent for the above purposes in New York City.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:30.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">To the extent that the Company or any of its properties, assets or revenues may have or hereafter become entitled to, in any jurisdiction in which any Specified Court is vested, or have attributed to the Company, any right of immunity, on the grounds</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">79</font><a name="PB_79_123527_563"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from setoff or from counterclaim, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, in any Specified Court in which proceedings may at any time be commenced, with respect to the obligations and liabilities of the Company , or any other matter under or arising out of or in connection with, the Notes or this Indenture, the Company irrevocably and unconditionally waives or shall waive such right, and agrees not to plead or claim any such immunity and consent to such relief and enforcement; <i>provided </i>that if the Argentine courts determine that any of the Company&#146;s properties located in Argentina is necessary for the provision of an essential public services, such property might not be subject to attachment, whether preliminary or in aid of execution.</font></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.07.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Currency Indemnity</font></i><font size="3" style="font-size:12.0pt;">. (a)&nbsp;U.S. Dollars is the sole currency of account and payment for all sums payable by the Company and under or in connection with the Notes or this Indenture. The Company&#146;s obligations under the Notes and this Indenture to the Trustee and the Holders of the Notes to make payment in U.S. Dollars shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any other currency (in this Section, the &#147;<b>Judgment Currency</b>&#148;) or in another place except to the extent that on the Business Day following receipt of any sum adjudged to be so due in the Judgment Currency the payee may in accordance with normal banking procedures purchase U.S. Dollars in the amount originally due with the Judgment Currency. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum due under the Notes and this Indenture in U.S. Dollars into a Judgment Currency, the rate of exchange shall be that at which, in accordance with normal banking procedures, such payee could purchase such U.S. Dollars in New York, New York with the Judgment Currency on the Business Day immediately preceding the day on which such judgment is rendered. The Company&#146;s obligation in respect of any such sum due under the Notes and this Indenture shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by the relevant payee of any sum adjudged to be due under the Notes and this Indenture in the Judgment Currency the relevant payee may, in accordance with normal banking procedures, purchase and transfer U.S. Dollars to New York City with the amount of the Judgment Currency so adjudged to be due (giving effect to any set-off or counterclaim taken into account in rendering such judgment). Accordingly, the Company, as a separate obligation and notwithstanding any such judgment, agrees to indemnify each of the Holders of the Notes and the Trustee against, and to pay on demand, in U.S. Dollars, the amount by which the sum originally due to the Holders of the Notes or the Trustee in U.S. Dollars under the Notes and this Indenture exceeds the amount of the U.S. Dollars so purchased and transferred.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:30.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Company agrees that, notwithstanding any restriction or prohibition on access to the MULC in Argentina, any and all payments to be made under the Notes and this Indenture shall be made in U.S. Dollars. Nothing in the Notes and this Indenture shall impair any of the rights of the Holders of the Notes or the Trustee or justify the Company in refusing to make payments under the Notes and this Indenture in U.S.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">80</font><a name="PB_80_124353_1268"></a></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dollars for any reason whatsoever, including, without limitation, any of the following: (i)&nbsp;the purchase of U.S. Dollars in Argentina by any means becoming more onerous or burdensome for the Company than as of the date of this Indenture and (ii)&nbsp;the exchange rate in force in Argentina increasing significantly from that in effect as of the date of this Indenture. The Company waives the right to invoke any defense of payment impossibility (including any defense under Section&nbsp;1091 of the Argentine Civil and Commercial Code), impossibility of paying in U.S. Dollars (assuming liability for any force majeure or act of God), or similar defenses or principles (including, without limitation, equity or sharing of efforts principles).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In the event that, on any payment date in respect of the Notes, any restriction (including <i>de facto </i>restrictions) or prohibition to access the MULC in Argentina exists, the Company shall seek to pay all amounts payable under the Notes in U.S. Dollars either (i)&nbsp;by purchasing at market price securities of any series of U.S. Dollar-denominated Argentine sovereign bonds or any other securities or private or public bonds issued in Argentina, and transferring and selling such instruments outside Argentina for U.S. Dollars, to the extent permitted by applicable law, or (ii)&nbsp;by any other reasonable means permitted by Argentine law, in each case, on such payment date. All costs and taxes payable in connection with such procedures referred to in clauses (i)&nbsp;and (ii)&nbsp;of this paragraph (c)&nbsp;shall be borne by the Company.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.08.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">No Adverse Interpretation of Other Agreements</font></i><font size="3" style="font-size:12.0pt;">. This Indenture may not be used to interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the Company, and no such indenture or loan or debt agreement may be used to interpret this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.09.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Successors</font></i><font size="3" style="font-size:12.0pt;">. All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successor.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Counterparts</font></i><font size="3" style="font-size:12.0pt;">. The parties may sign this Indenture in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Separability</font></i><font size="3" style="font-size:12.0pt;">. In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Table of Contents and Headings</font></i><font size="3" style="font-size:12.0pt;">. The Table of Contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and in no way modify or restrict any of the terms and provisions of this Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">No Personal Liability of Directors, Officers, Employees,&nbsp;Incorporators, Members or Stockholders</font></i><font size="3" style="font-size:12.0pt;">. Except as specifically provided under Argentine law, no director, officer, employee, incorporator, member or stockholder of the Company, as such, will have any liability for any obligations of the Company under</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">81</font><a name="PB_81_124404_7056"></a></p>
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<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations. Each Holder of Notes by accepting a Note waives and releases all such liability. This waiver may not be effective to waive liabilities under the Article&nbsp;34 of the Negotiable Obligations Law, Article&nbsp;54 of the General Corporations Law, Sections 119 and 120 of the Argentine Capital Markets Law and other applicable Argentine regulations, or under federal securities laws and it is the view of the U.S. Securities and Exchange Commission that such a waiver is against public policy.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.14.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Patriot Act</font></i><font size="3" style="font-size:12.0pt;">. In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section&nbsp;326 of the USA PATRIOT Act of the United States (as used in this Section&nbsp;10.14, &#147;<b>Applicable Law</b>&#148;), the Trustee and the applicable Agents are required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee and/or the Agents, as applicable. Accordingly, each of the parties agree to provide to the Trustee and the applicable Agents upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee and the Agents to comply with Applicable Law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.15.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Force Majeure</font></i><font size="3" style="font-size:12.0pt;">. Each of the Trustee and the Agents shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond their own control that could not have reasonably been avoided or overcome (including but not limited to any act or provision of any present or future law or regulation or Governmental Authority restricting or prohibiting the performance of obligations contemplated by this Indenture, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .2in;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;10.16.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Waiver of Trial by Jury</font></i><font size="3" style="font-size:12.0pt;">. Each of the Company, the Holders and the Trustee hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Indenture or the Securities of any Series.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">82</font><a name="PB_82_124416_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A., as   Issuer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/   </font><font size="3" style="font-size:12.0pt;">A</font>LEJANDRO <font size="3" style="font-size:12.0pt;">U</font>RRICELQUI</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Alejandro   Urricelqui</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Chairman of the   Board</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="35%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/   </font><font size="3" style="font-size:12.0pt;">M</font>ARCELO <font size="3" style="font-size:12.0pt;">I</font>RIBARNE</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Marcelo Iribarne</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Attorney-in-fact</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>Signature Page&nbsp;&#150; Cablevisi&#243;n Amended Indenture</i>]</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">DEUTSCHE BANK TRUST   COMPANY</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">AMERICAS, as Trustee,   Paying Agent,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Registrar and Transfer   Agent</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:&nbsp;Deutsche Bank   National Trust</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Company</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/   </font><font size="3" style="font-size:12.0pt;">I</font>RINA <font size="3" style="font-size:12.0pt;">G</font>OLOVASHCHUK</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Irina   Golovashchuk</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Vice President</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/   </font><font size="3" style="font-size:12.0pt;">C</font>HRIS <font size="3" style="font-size:12.0pt;">N</font>IESZ</p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Chris Niesz</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Assistance Vice   President</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>Signature Page&nbsp;&#150; Cablevisi&#243;n Amended Indenture</i>]</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXHIBIT&nbsp;A</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[FORM&nbsp;OF FACE OF CERTIFICATED NOTE]</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[RESTRICTED SECURITIES ACT LEGEND]</font></b></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY&nbsp;BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)&nbsp;TO THE ISSUER, (2)&nbsp;SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (&#147;RULE 144A&#148;), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH RULE 144A, (3)&nbsp;IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (4)&nbsp;PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR (5)&nbsp;PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, REPRESENTS AND AGREES THAT IT SHALL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. THIS LEGEND MAY&nbsp;BE REMOVED SOLELY AT THE DIRECTION OF THE ISSUER.]</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[REGULATION S SECURITIES ACT LEGEND]</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY&nbsp;BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION AND IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY OTHER APPLICABLE JURISDICTION. THIS LEGEND MAY&nbsp;BE REMOVED SOLELY AT THE DIRECTION OF THE ISSUER.]</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No.&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>    </td>
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<p style="margin:0in .25in .0001pt 0in;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>    </td>   </tr>
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<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ISIN No.</font></p>    </td>
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<p style="margin:0in .25in .0001pt 0in;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>    </td>   </tr>
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<p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Common Code No.</font></p>    </td>
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<p style="margin:0in .25in .0001pt 0in;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">A <i>sociedad an&#243;nima </i>having its principal offices at Hornos 690, Ciudad Aut&#243;noma de Buenos Aires, Argentina, incorporated under the laws of Argentina on April&nbsp;5, 1979, having its main purpose and activity the exploitation of ancillary broadcasting services and telecommunications services, and registered with the Public Registry of Commerce under the number 2719, Book 93, Volume A of &#147;<i>Sociedades An&#243;nimas</i>&#148;, having its domicile in the City of Buenos Aires and a term of existence of 99 years.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A., a <i>sociedad an&#243;nima </i>organized under the laws of Argentina (the &#147;<b>Company</b>&#148;), for value received, hereby promises to pay to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> or registered assigns, upon surrender hereof the principal sum of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> UNITED STATES DOLLARS (U.S. $<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>) or such amount as shall be the outstanding principal amount hereof, on June&nbsp;15, 2021, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is made to the Indenture dated as of June&nbsp;15, 2016 (as amended and restated in its entirety as of December&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2017, and as may be amended, supplemented or otherwise modified from time to time, the &#147;<b>Indenture</b>&#148;) among the Company, Deutsche Bank Trust Company Americas, as Trustee (the &#147;<b>Trustee</b>&#148;), Paying Agent (the &#147;<b>Paying Agent</b>&#148;), Registrar and Transfer Agent (the &#147;<b>Registrar and Transfer Agent</b>&#148;), Banco Comafi S.A. (as successor of Deutsche Bank S.A.), as Argentine Registrar and Transfer Agent, Argentine Paying Agent and Representative of the Trustee in Argentina, and Deutsche Bank Luxembourg S.A., as Luxembourg Paying Agent, Listing Agent and Transfer Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest Rate: 6.500% per annum</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest Payment Dates: June&nbsp;15 and December&nbsp;15, commencing December&nbsp;15. 2016.</font></p>
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<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Regular Record Dates: June&nbsp;1 and December&nbsp;1.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is hereby made to the further provisions set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Certificated Note is a negotiable obligation (<i>obligaci&#243;n negociable</i>) under, and has been issued pursuant to and in compliance with, all applicable requirements of the Argentine Negotiable Obligations Law No.&nbsp;23,576, as amended by Law No.&nbsp;23,962 (the &#147;<b>Negotiable Obligations Law</b>&#148;) and other applicable Argentine laws and regulations.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Certificated Note has been issued pursuant to the resolutions of the meeting of shareholders of CABLEVISI&#211;N S.A. passed on April&nbsp;28, 2014 and April&nbsp;20, 2016 and the resolutions of the Board of Directors of CABLEVISI&#211;N S.A. passed on May&nbsp;11, 2016 and May&nbsp;27, 2016.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Note shall not be valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee acting under the Indenture.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.</font></p>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.4%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.4%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
<td width="39%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:39.18%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Director</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="37%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
<td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Syndic</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFICATE OF AUTHENTICATION</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 30.25pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This is one of the 6.500% Notes Due 2021 described in the Indenture referred to in this Note.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank Trust   Company Americas, as</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Trustee</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:&nbsp;Deutsche Bank   National Trust Company</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="37%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Authorized Signatory</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[FORM&nbsp;OF REVERSE OF CERTIFICATED NOTE]</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A.</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.500% Notes Due 2021</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Principal and Interest.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company promises to pay the principal of this Note on June&nbsp;15, 2021.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest on this Notes will accrue at the rate of 6.500% per year and will be payable semi-annually in arrear on June&nbsp;15 and December&nbsp;15 of each year, commencing on December&nbsp;15, 2016. Payments will be made to the persons who are registered Holders at the close of business on the June&nbsp;1 and December&nbsp;1, as the case may be, immediately preceding the applicable interest payment date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest on this Note will accrue from the most recent date to which interest has been paid on this Note or, if no interest has been paid, from and including the Issue Date. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest not paid when due and any interest on principal, premium or interest not paid when due will be paid to the Persons that are Holders on a special record date, which will be the 15th day preceding the date fixed by the Company for the payment of such interest, whether or not such day is a Business Day. At least 15 days before a special record date, the Company will send to each Holder and to the Trustee a notice that sets forth the special record date, the payment date and the amount of interest to be paid.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This is one of the Notes issued under the Indenture. Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes are: (a)&nbsp;general, unsecured obligations of the Company; (b)&nbsp;rank equal in right of payment with all existing and future unsubordinated obligations of the Company (except those obligations preferred by operation of Argentine law, including without limitation labor and tax claims); (c)&nbsp;rank senior in right of payment to all existing and future subordinated indebtedness of the Company, if any (d)&nbsp;effectively subordinated to all existing and future secured obligations of the Company, to the extent of the value of the assets securing such obligations; and (e)&nbsp;not guaranteed by any Subsidiary and therefore are effectively subordinated to all existing and future obligations of the Subsidiaries. The Indenture limits the original aggregate principal amount of the Notes to U.S.$500,000,000, but Additional Notes may be issued pursuant to the Indenture,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and the originally issued Notes and all such Additional Notes vote together for all purposes as a single class.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Redemption and Repurchase.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes are subject to redemption by the Company on the terms and conditions specified in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Registered Form; Denominations; Transfer; Exchange.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes are issuable in registered form only without coupons in minimum denominations of U.S.$1,000 principal amount and integral multiples of U.S.$1,000 in excess thereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Person in whose name any Note is registered at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest, if any, payable on such Interest Payment Date notwithstanding any transfer or exchange of such Note subsequent to the Regular Record Date and prior to such Interest Payment Date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Trustee may require a Holder to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to issue, register the transfer of or exchange any Note or certain portions of a Note.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Defaults and Remedies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If an Event of Default, as defined in the Indenture, occurs and is continuing, Holders shall be entitled to the rights and remedied provided in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Amendment and Waiver.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Subject to certain exceptions, the Indenture and the Notes may be amended, or default may be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Notes present or represented at a meeting in which a quorum is present. Without notice to or the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other things, to cure any ambiguity, to correct or supplement any provision in the Indenture which may be inconsistent with any other provision therein, or to make any other provisions with respect to matters or questions arising under the Indenture which shall not be inconsistent with the provisions of the Indenture; provided such actions shall not adversely affect the interest of the Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Authentication.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Note is not valid until the Trustee (or Authenticating Agent) signs the certificate of authentication on the other side of this Note.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Governing Law, Consent to Jurisdiction, Currency Conversion and Service of Process.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes shall be governed by, and construed in accordance with, the laws of the State of New York; <i>provided </i>that the Negotiable Obligations Law governs the requirements for the Notes to qualify as <i>obligaciones negociables </i>thereunder while such law, together with Argentine Corporations Law No.&nbsp;19,550, as amended, the Argentine Capital Markets Law, the CNV Rules&nbsp;and other applicable Argentine laws and regulations, govern the capacity and corporate authorization of the Company to execute and deliver the Notes, the authorization of the CNV for the public offering of the Notes in Argentina and certain matters in relation to meetings of Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company submits to the non-exclusive jurisdiction of the New York State and U.S. federal courts located in the Borough of Manhattan, New York City (the &#147;<b>Specified Courts</b>&#148;) with respect to any action that may be brought in connection with the Notes and has appointed CT Corporation System as agent for service of process.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder to the Holder of a Note from U.S. dollars into another currency, the Company has agreed, and each Holder by holding such Note will be deemed to have agreed, to the fullest extent that the Company may effectively do so, that the rate of exchange used will be that at which in accordance with normal banking procedures such holder could purchase U.S. dollars with such other currency in New York City, New York on the day that is two Business Days preceding the day on which final judgment is given.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Claims against the Company for the payment of principal and interest, premium, if any, or other amounts due on the Notes (including Additional Amounts) must be made within five years, with respect to principal, and two years, with respect to interest, premium, if any, or other amounts due on the Notes (including Additional Amounts), in each case from the date on which such payment first became due, or a shorter period if provided by law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Waiver of Immunity.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To the extent that the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, in any jurisdiction in which any Specified Court is vested, or have attributed to the Company, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from setoff or from counterclaim, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment in any Specified Court in which proceedings may at any time be commenced, with respect to the obligations and liabilities of the Company, or any other matter under or arising out of or in connection with, the Notes, the Company irrevocably and unconditionally waives or will waive such right, and agrees not to plead or claim any such immunity and consents to such relief and enforcement; provided that if the Argentine courts determine that any of the Company&#146;s properties located in Argentina is necessary for the provision of an essential public service, such property might not be subject to attachment, whether preliminarily or in aid of execution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160; Abbreviations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A/ (= Uniform Gifts to Minors Act).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company will furnish a copy of the Indenture to any Holder upon written request and without charge.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">OPTION OF HOLDER TO ELECT PURCHASE</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If you wish to have all of this Note purchased by the Company pursuant to Section&nbsp;3.06 or [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] of the Indenture, check the box: </font><font size="3" face="Wingdings" style="font-size:12.0pt;">o</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If you wish to have a portion of this Note purchased by the Company pursuant to Section&nbsp;3.06 or [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] of the Indenture, state the amount (in original principal amount) below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">U.S.$</font></p>    </td>
<td width="55%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:55.22%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0.375pt 0in;width:37.22%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">.</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.56%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="55%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:55.22%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.22%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.22%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="27%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:27.44%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.22%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="20%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:20.44%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Your   Signature:</font></p>    </td>
<td width="42%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.22%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 77.7pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(Sign exactly as your name   appears on the other side of this Note)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 77.7pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Signature   Guarantee</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">1</font><font size="3" style="font-size:12.0pt;">:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.22%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="40" style="border:none;"></td>
<td width="68" style="border:none;"></td>
<td width="37" style="border:none;"></td>
<td width="188" style="border:none;"></td>
<td width="198" style="border:none;"></td>   </tr> </table>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="1" face="Times New Roman" style="font-size:7.0pt;position:relative;top:-4.0pt;">1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Signatures must be guaranteed by an &#147;<b>eligible guarantor institution</b>&#148; meeting the requirements of the Trustee, which requirements include membership or participation in the Securities Transfer Association Medallion Program (&#147;<b>STAMP</b>&#148;) or such other &#147;<b>signature guarantee program</b>&#148; as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.</p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">S<b>CHEDULE OF EXCHANGES OF NOTES</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The following changes in the aggregate principal amount of Notes represented by this Certificated Note have been made:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Amount of</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Amount of</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">decrease in</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">increase in</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">aggregate</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">aggregate</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">principal</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">principal</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">amount of</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">amount of</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Outstanding</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Date</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Notes</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Notes</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Balance</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Signature</font></b></p>    </td>   </tr>  </table>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXHIBIT&nbsp;B</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TRANSFER NOTICE</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s)&nbsp;and transfer(s)&nbsp;unto</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Insert Taxpayer Identification No.</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Please print or typewrite name and address including zip code of assignee</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 2.5in .0001pt 0in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the within Note and all rights thereunder, hereby irrevocably constituting and appointing <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> attorney to transfer said Note on the books of the Company with full power of substitution in the premises.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In connection with any transfer of this Note:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<u>Check One</u>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .95in;punctuation-wrap:simple;text-align:justify;text-indent:-.75in;"><font size="3" face="Wingdings" style="font-size:12.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">this Note is being transferred to the Company; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .95in;punctuation-wrap:simple;text-align:justify;text-indent:-.75in;"><font size="3" face="Wingdings" style="font-size:12.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">(b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="3" style="font-size:12.0pt;">this Note is being transferred pursuant to and in accordance with Rule&nbsp;144A under the U.S. Securities Act of 1933 (the &#147;<b>Securities Act</b>&#148;) and, accordingly, the undersigned does hereby further certify that this Note is being transferred to a Person that the undersigned reasonably believes is purchasing this Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a &#147;qualified institutional buyer&#148; within the meaning of Rule&nbsp;144A, in each case in a transaction meeting the requirements of Rule&nbsp;144A and in accordance with any applicable securities laws of any state of the United States;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .95in;punctuation-wrap:simple;text-align:justify;text-indent:-.75in;"><font size="3" face="Wingdings" style="font-size:12.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">this Note is being transferred pursuant to and in accordance with Regulation S and:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the offer of this Note was not made to a Person in the United States;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">either:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="3" style="font-size:12.0pt;">at the time the buy order was originated, the transferee was outside the United States or the undersigned and any person acting on its</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">behalf reasonably believed that the transferee was outside the United States, or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.5in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="3" style="font-size:12.0pt;">the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the undersigned nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States;</font></p>
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<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">no directed selling efforts have been made in contravention of the requirements of Rule&nbsp;903(b)&nbsp;or 904(b)&nbsp;of Regulation S, as applicable; and</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(D)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="3" style="font-size:12.0pt;">the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .95in;punctuation-wrap:simple;text-align:justify;text-indent:-.75in;"><font size="3" face="Wingdings" style="font-size:12.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">this Note is being transferred in a transaction permitted by Rule&nbsp;144;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .95in;punctuation-wrap:simple;text-align:justify;text-indent:-.75in;"><font size="3" face="Wingdings" style="font-size:12.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">(e)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="3" style="font-size:12.0pt;">the undersigned did not purchase this Note as part of the initial distribution thereof and the transfer is being effected pursuant to and in accordance with an applicable exemption (other than (a)&nbsp;through (d)&nbsp;above) from the registration requirements under the Securities Act and the undersigned has delivered to the Trustee such additional evidence that the Company or the Trustee may require as to compliance with such available exemption.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If none of the foregoing boxes are checked, the Trustee or other Registrar shall not be obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer or registration set forth herein and the Indenture shall have been satisfied.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date:&#160; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TO BE COMPLETED BY PURCHASER IF (b)&nbsp;ABOVE IS CHECKED.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a &#147;qualified institutional buyer&#148; within the meaning of Rule&nbsp;144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule&nbsp;144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule&nbsp;144A or has determined not to request such information and that it is aware that the</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">transferor is relying upon the undersigned&#146;s foregoing representations in order to claim the exemption from registration provided by Rule&nbsp;144A.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date:&#160; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">NOTICE: To be executed by an executive officer</font></p>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXHIBIT&nbsp;C</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[FORM&nbsp;OF RESTRICTED GLOBAL NOTE]</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART&nbsp;FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY&nbsp;NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF THE ISSUER THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY&nbsp;BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)&nbsp;TO THE ISSUER, (2)&nbsp;SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (&#147;RULE 144A&#148;), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A) IN ACCORDANCE WITH RULE 144A, (3)&nbsp;IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (4)&nbsp;PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR (5)&nbsp;PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, REPRESENTS AND AGREES THAT IT SHALL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">THIS LEGEND MAY&nbsp;BE REMOVED SOLELY AT THE DIRECTION OF THE ISSUER.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No.&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CUSIP No.&nbsp;12686N AT2</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ISIN No.&nbsp;US12686NAT28</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">A <i>sociedad an&#243;nima </i>having its principal offices at Hornos 690, Ciudad Aut&#243;noma de Buenos Aires, Argentina, incorporated under the laws of Argentina on April&nbsp;5, 1979, having its main purpose and activity the exploitation of ancillary broadcasting services and telecommunications services, and registered with the Public Registry of Commerce under the number 2719, Book 93, Volume A of &#147;<i>Sociedades An&#243;nimas</i>&#148;, having its domicile in the City of Buenos Aires and a term of existence of 99 years.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A., a <i>sociedad an&#243;nima </i>organized under the laws of Argentina (the &#147;<b>Company</b>&#148;), for value received, hereby promises to pay to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;or registered assigns, upon surrender hereof the principal sum of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> UNITED STATES DOLLARS (U.S. $<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>) or such amount as shall be the outstanding principal amount hereof, on June&nbsp;15, 2021, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is made to the Indenture dated as of June&nbsp;15, 2016 (as amended and restated in its entirety as of December&nbsp;11, 2017, and as may be amended, supplemented or otherwise modified from time to time, the &#147;<b>Indenture</b>&#148;) among the Company, Deutsche Bank Trust Company Americas, as Trustee (the &#147;<b>Trustee</b>&#148;), Paying Agent (the &#147;<b>Paying Agent</b>&#148;), Registrar and Transfer Agent (the &#147;<b>Registrar and Transfer Agent</b>&#148;), Deutsche Bank S.A., as Argentine Registrar and Transfer Agent, Argentine Paying Agent and Representative of the Trustee in Argentina, and Deutsche Bank Luxembourg S.A. as Luxembourg Paying Agent, Listing Agent and Transfer Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.</font></p>
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<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest Rate: 6.500% per annum</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest Payment Dates: June&nbsp;15 and December&nbsp;15, commencing December&nbsp;15, 2016.</font></p>
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<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Regular Record Dates: June&nbsp;1 and December&nbsp;1.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is hereby made to the further provisions set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Restricted Global Note is a negotiable obligation (<i>obligaci&#243;n negociable</i>) under, and has been issued pursuant to and in compliance with, all applicable requirements of the Argentine Negotiable Obligations Law No.&nbsp;23,576, as amended by Law No.&nbsp;23,962 (the &#147;<b>Negotiable Obligations Law</b>&#148;) and other applicable Argentine laws and regulations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Restricted Global Note has been issued pursuant to the resolutions of the meeting of shareholders of CABLEVISI&#211;N S.A. passed on April&nbsp;28, 2014 and April&nbsp;20, 2016 and the resolutions of the Board of Directors of CABLEVISI&#211;N S.A. passed on May&nbsp;11, 2016 and May&nbsp;27, 2016.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Note shall not be valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee acting under the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 46.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N   S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="36%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
<td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Director</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="36%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
<td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:   </font></p>    </td>
<td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Syndic</font></p>    </td>   </tr>
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<td width="354" style="border:none;"></td>
<td width="28" style="border:none;"></td>
<td width="47" style="border:none;"></td>
<td width="210" style="border:none;"></td>
<td width="69" style="border:none;"></td>   </tr> </table>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFICATE OF AUTHENTICATION</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This is one of the 6.500% Notes Due 2021 described in the Indenture referred to in this Note.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche   Bank Trust Company Americas, as Trustee</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche   Bank National Trust Company</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="36%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Authorized   Signatory</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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</div>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[FORM&nbsp;OF REVERSE OF RESTRICTED GLOBAL NOTE]</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A.</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.500% Notes Due 2021</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Principal and Interest.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company promises to pay the principal of this Note on June&nbsp;15, 2021.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest on this Notes will accrue at the rate of 6.500% per year and will be payable semi- annually in arrear on June&nbsp;15 and December&nbsp;15 of each year, commencing on December&nbsp;15, 2016. Payments will be made to the persons who are registered Holders at the close of business on the June&nbsp;1 and December&nbsp;1, as the case may be, immediately preceding the applicable interest payment date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest on this Note will accrue from the most recent date to which interest has been paid on this Note or, if no interest has been paid, from and including the Issue Date. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest on this Note will accrue from the most recent date to which interest has been paid on this Note (or, if there is no existing default in the payment of interest and if this Note is authenticated between a regular record date and the next interest payment date, from such interest payment date) or, if no interest has been paid, from the Issue Date. Interest will be computed in the basis of a 360-day year comprised of twelve 30-day months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest not paid when due and any interest on principal, premium or interest not paid when due will be paid to the Persons that are Holders on a special record date, which will be the 15th day preceding the date fixed by the Company for the payment of such interest, whether or not such day is a Business Day. At least 15 days before a special record date, the Company will send to each Holder and to the Trustee a notice that sets forth the special record date, the payment date and the amount of interest to be paid.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This is one of the Notes issued under the Indenture. Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes are: (a)&nbsp;general, unsecured obligations of the Company; (b)&nbsp;rank equal in right of payment with all existing and future unsubordinated obligations of the Company (except those obligations preferred by operation of Argentine law, including without limitation labor and tax claims); (c)&nbsp;rank senior in right of payment to all existing and future subordinated indebtedness of the Company, if any (d)&nbsp;effectively subordinated to all existing and future secured obligations of the Company, to the extent of the value of the assets securing such obligations; and (e)&nbsp;not guaranteed by any Subsidiary and therefore are effectively subordinated to all existing and future obligations of the</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Subsidiaries. The Indenture limits the original aggregate principal amount of the Notes to U.S.$500,000,000, but Additional Notes may be issued pursuant to the Indenture, and the originally issued Notes and all such Additional Notes vote together for all purposes as a single class.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Redemption and Repurchase.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes are subject to redemption by the Company on the terms and conditions specified in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Registered Form; Denominations; Transfer; Exchange.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes are issuable in registered form only without coupons in minimum denominations of U.S.$1,000 principal amount and integral multiples of U.S.$1,000 in excess thereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Person in whose name any Note is registered at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest, if any, payable on such Interest Payment Date notwithstanding any transfer or exchange of such Note subsequent to the Regular Record Date and prior to such Interest Payment Date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Trustee may require a Holder to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to issue, register the transfer of or exchange any Note or certain portions of a Note.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Defaults and Remedies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If an Event of Default, as defined in the Indenture, occurs and is continuing, Holders shall be entitled to the rights and remedies provided in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Amendment and Waiver.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Subject to certain exceptions, the Indenture and the Notes may be amended, or default may be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Notes present or represented at a meeting in which a quorum is present. Without notice to or the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other things, to cure any ambiguity, to correct or supplement any provision in the Indenture which may be inconsistent with any other provision therein, or to make any other provisions with respect to matters or questions arising under the Indenture which shall not be inconsistent with the provisions of the Indenture; provided such actions shall not adversely affect the interest of the Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Authentication.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Note is not valid until the Trustee (or Authenticating Agent) signs the certificate of authentication on the other side of this Note.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Governing Law, Consent to Jurisdiction, Currency Conversion and Service of Process.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes shall be governed by, and construed in accordance with, the laws of the State of New York; <i>provided </i>that the Negotiable Obligations Law governs the requirements for the Notes to qualify as <i>obligaciones negociables </i>thereunder while such law, together with Argentine Corporations Law No.&nbsp;19,550, as amended, the Argentine Capital Markets Law, the CNV Rules&nbsp;and other applicable Argentine laws and regulations, govern the capacity and corporate authorization of the Company to execute and deliver the Notes, the authorization of the CNV for the public offering of the Notes in Argentina and certain matters in relation to meetings of Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company submits to the non-exclusive jurisdiction of the New York State and U.S. federal courts located in the Borough of Manhattan, New York City (the &#147;<b>Specified Courts</b>&#148;) with respect to any action that may be brought in connection with the Notes and has appointed CT Corporation System as agent for service of process.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder to the Holder of a Note from U.S. dollars into another currency, the Company has agreed, and each Holder by holding such Note will be deemed to have agreed, to the fullest extent that the Company may effectively do so, that the rate of exchange used will be that at which in accordance with normal banking procedures such holder could purchase U.S. dollars with such other currency in New York City, New York on the day that is two Business Days preceding the day on which final judgment is given.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Claims against the Company for the payment of principal and interest, premium, if any, or other amounts due on the Notes (including Additional Amounts) must be made within five years, with respect to principal, and two years, with respect to interest, premium, if any, or other amounts due on the Notes (including Additional Amounts), in each case from the date on which such payment first became due, or a shorter period if provided by law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Waiver of Immunity.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To the extent that the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, in any jurisdiction in which any Specified Court is vested, or have attributed to the Company, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from setoff or from counterclaim, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment in any Specified Court in which proceedings may at any time be commenced, with respect to the obligations and liabilities of the Company, or any other matter under or arising out of or in connection with, the Notes, the Company irrevocably and unconditionally waives or will waive such right, and agrees not to plead or claim any such immunity and consents to such relief and enforcement; provided that if the Argentine courts determine that any of the Company&#146;s properties located in Argentina is necessary for the provision of an essential public service, such property might not be subject to attachment, whether preliminarily or in aid of execution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Abbreviations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A/ (= Uniform Gifts to Minors Act).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company will furnish a copy of the Indenture to any Holder upon written request and without charge.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">OPTION OF HOLDER TO ELECT PURCHASE</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If you wish to have all of this Note purchased by the Company pursuant to Section&nbsp;3.06 or [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] of the Indenture, check the box: </font><font size="3" face="Wingdings" style="font-size:12.0pt;">o</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If you wish to have a portion of this Note purchased by the Company pursuant to Section&nbsp;3.06 or [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] of the Indenture, state the amount (in original principal amount) below:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">U.S.$</font></p>    </td>
<td width="40%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.36%;">
<p align="center" style="margin:0in 0in .0001pt 1.0in;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0.375pt 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">.</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="40%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:40.36%;">
<p align="center" style="margin:0in 0in .0001pt 1.0in;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date:</font></p>    </td>
<td width="40%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.36%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.66%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="40%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:40.36%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Your   Signature:</font></p>    </td>
<td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.36%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.66%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.36%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 82.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(Sign exactly as your name appears on the other   side of this Note)</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 82.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:34.26%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Signature   Guarantee</font><font size="1" style="font-size:8.0pt;position:relative;top:-3.0pt;">1</font><font size="3" style="font-size:12.0pt;">:</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.76%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="139" style="border:none;"></td>
<td width="64" style="border:none;"></td>
<td width="40" style="border:none;"></td>
<td width="182" style="border:none;"></td>
<td width="283" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Signatures must be guaranteed by an &#147;<b>eligible guarantor institution</b>&#148; meeting the requirements of the Trustee, which requirements include membership or participation in the Securities Transfer Association Medallion Program (&#147;<b>STAMP</b>&#148;) or such other &#147;<b>signature guarantee program</b>&#148; as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SCHEDULE OF EXCHANGES OF NOTES</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The following changes in the aggregate principal amount of Notes represented by this Global Note have been made:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Amount of</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Amount of</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">decrease in</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">increase in</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">aggregate</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">aggregate</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">principal</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">principal</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">amount of</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">amount of</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Outstanding</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Date</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Notes</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Notes</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Balance</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Signature</font></b></p>    </td>   </tr>  </table>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXHIBIT&nbsp;D</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[FORM&nbsp;OF REGULATION S GLOBAL NOTE]</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CABLEVISI&#211;N S.A.</font></b></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART&nbsp;FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY&nbsp;NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY&nbsp;BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION AND IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY OTHER APPLICABLE JURISDICTION. THIS LEGEND MAY&nbsp;BE REMOVED SOLELY AT THE DIRECTION OF THE ISSUER.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No.&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CUSIP No.&nbsp;P19157 AR0</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ISIN No.&nbsp;USP19157AR03</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">A <i>sociedad an&#243;nima </i>having its principal offices at Hornos 690, Ciudad Aut&#243;noma de Buenos Aires, Argentina, incorporated under the laws of Argentina on April&nbsp;5, 1979, having its main purpose and activity the exploitation of ancillary broadcasting services and telecommunications services, and registered with the Public Registry of Commerce under the number 2719, Book 93, Volume A of &#147;<i>Sociedades An&#243;nimas</i>&#148;, having its domicile in the City of Buenos Aires and a term of existence of 99 years.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A., a <i>sociedad an&#243;nima </i>organized under the laws of Argentina (the &#147;<b>Company</b>&#148;), for value received, hereby promises to pay to upon surrender hereof the principal sum of&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;or registered assigns, UNITED STATES DOLLARS (U.S. $<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>) or such amount as shall be the outstanding principal amount hereof, on June&nbsp;15, 2021, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is made to the Indenture dated as of June&nbsp;15, 2016 (as amended and restated in its entirety as of December&nbsp;11, 2017, and as may be amended, supplemented or otherwise modified from time to time, the &#147;<b>Indenture</b>&#148;) among the Company, Deutsche Bank Trust Company Americas, as Trustee (the &#147;<b>Trustee</b>&#148;), Paying Agent (the &#147;<b>Paying Agent</b>&#148;), Registrar and Transfer Agent (the &#147;<b>Registrar and Transfer Agent</b>&#148;), Banco Comafi S.A. (as successor of Deutsche Bank S.A.), as Argentine Registrar and Transfer Agent, Argentine Paying Agent and Representative of the Trustee in Argentina, and Deutsche Bank Luxembourg S.A. as Luxembourg Paying Agent, Listing Agent and Transfer Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest Rate: 6.500% per annum</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest Payment Dates: June&nbsp;15 and December&nbsp;15, commencing December&nbsp;15, 2016.</font></p>
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<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Regular Record Dates: June&nbsp;1 and December&nbsp;1.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is hereby made to the further provisions set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Global Note is a negotiable obligation (<i>obligaci&#243;n negociable</i>) under, and has been issued pursuant to and in compliance with, all applicable requirements of the Argentine Negotiable Obligations Law No.&nbsp;23,576, as amended by Law No.&nbsp;23,962 (the &#147;<b>Negotiable Obligations Law</b>&#148;) and other applicable Argentine laws and regulations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Global Note has been issued pursuant to the resolutions of the meeting of shareholders of CABLEVISI&#211;N S.A. passed on April&nbsp;28, 2014 and April&nbsp;20, 2016 and the resolutions of the Board of Directors of CABLEVISI&#211;N S.A. passed on May&nbsp;11, 2016 and May&nbsp;27, 2016.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Note shall not be valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee acting under the Indenture.</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 46.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N   S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Director</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="36%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:   </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Syndic</font></p>    </td>   </tr>
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<td width="69" style="border:none;"></td>   </tr> </table>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFICATE OF AUTHENTICATION</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This is one of the 6.500% Notes Due 2021 described in the Indenture referred to in this Note.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche   Bank Trust Company Americas, as Trustee</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche   Bank National Trust Company</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="36%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Authorized   Signatory</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[FORM&nbsp;OF REVERSE OF REGULATION S GLOBAL NOTE]</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CABLEVISI&#211;N S.A.</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.500% Notes Due 2021</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Principal and Interest.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company promises to pay the principal of this Note on June&nbsp;15, 2021.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest on this Notes will accrue at the rate of 6.500% per year and will be payable semi- annually in arrear on June&nbsp;15 and December&nbsp;15 of each year, commencing on December&nbsp;15, 2016. Payments will be made to the persons who are registered Holders at the close of business on the June&nbsp;1 and December&nbsp;1, as the case may be, immediately preceding the applicable interest payment date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest on this Note will accrue from the most recent date to which interest has been paid on this Note or, if no interest has been paid, from and including the Issue Date. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest not paid when due and any interest on principal, premium or interest not paid when due will be paid to the Persons that are Holders on a special record date, which will be the 15th day preceding the date fixed by the Company for the payment of such interest, whether or not such day is a Business Day. At least 15 (fifteen) days before a special record date, the Company will send to each Holder and to the Trustee a notice that sets forth the special record date, the payment date and the amount of interest to be paid.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This is one of the Notes issued under the Indenture. Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes are: (a)&nbsp;general, unsecured obligations of the Company; (b)&nbsp;rank equal in right of payment with all existing and future unsubordinated obligations of the Company (except those obligations preferred by operation of Argentine law, including without limitation labor and tax claims); (c)&nbsp;rank senior in right of payment to all existing and future subordinated indebtedness of the Company, if any (d)&nbsp;effectively subordinated to all existing and future secured obligations of the Company, to the extent of the value of the assets securing such obligations; and (e)&nbsp;not guaranteed by any Subsidiary and therefore are effectively subordinated to all existing and future obligations of the Subsidiaries. The Indenture limits the original aggregate principal amount of the Notes to U.S.$500,000,000, but Additional Notes may be issued pursuant to the Indenture, and the</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">originally issued Notes and all such Additional Notes vote together for all purposes as a single class.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Redemption and Repurchase.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes are subject to redemption by the Company on the terms and conditions specified in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Registered Form; Denominations; Transfer; Exchange.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes are issuable in registered form only without coupons in minimum denominations of U.S.$1,000 principal amount and integral multiples of U.S.$1,000 in excess thereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Person in whose name any Note is registered at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest, if any, payable on such Interest Payment Date notwithstanding any transfer or exchange of such Note subsequent to the Regular Record Date and prior to such Interest Payment Date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Trustee may require a Holder to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to issue, register the transfer of or exchange any Note or certain portions of a Note.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Defaults and Remedies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If an Event of Default, as defined in the Indenture, occurs and is continuing, Holders shall be entitled to the rights and remedies provided in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Amendment and Waiver.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Subject to certain exceptions, the Indenture and the Notes may be amended, or default may be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Notes present or represented at a meeting in which a quorum is present. Without notice to or the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other things, to cure any ambiguity, to correct or supplement any provision in the Indenture which may be inconsistent with any other provision therein, or to make any other provisions with respect to matters or questions arising under the Indenture which shall not be inconsistent with the provisions of the Indenture; provided such actions shall not adversely affect the interest of the Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Authentication.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Note is not valid until the Trustee (or Authenticating Agent) signs the certificate of authentication on the other side of this Note.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Governing Law, Consent to Jurisdiction, Currency Conversion and Service of Process.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Notes shall be governed by, and construed in accordance with, the laws of the State of New York; <i>provided </i>that the Negotiable Obligations Law governs the requirements for the Notes to qualify as <i>obligaciones negociables </i>thereunder while such law, together with Argentine Law No.&nbsp;19,550, as amended, the Argentine Capital Markets Law, the CNV Rules&nbsp;and other applicable Argentine laws and regulations, govern the capacity and corporate authorization of the Company to execute and deliver the Notes, the authorization of the CNV for the public offering of the Notes in Argentina and certain matters in relation to meetings of Holders.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company submits to the non-exclusive jurisdiction of the New York State and U.S. federal courts located in the Borough of Manhattan, New York City (the &#147;<b>Specified Courts</b>&#148;) with respect to any action that may be brought in connection with the Notes and has appointed CT Corporation System as agent for service of process.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder to the Holder of a Note from U.S. dollars into another currency, the Company has agreed, and each Holder by holding such Note will be deemed to have agreed, to the fullest extent that the Company may effectively do so, that the rate of exchange used will be that at which in accordance with normal banking procedures such holder could purchase U.S. dollars with such other currency in New York City, New York on the day that is two Business Days preceding the day on which final judgment is given.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Claims against the Company for the payment of principal and interest, premium, if any, or other amounts due on the Notes (including Additional Amounts) must be made within five years, with respect to principal, and two years, with respect to interest, premium, if any, or other amounts due on the Notes (including Additional Amounts), in each case from the date on which such payment first became due, or a shorter period if provided by law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Waiver of Immunity.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To the extent that the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, in any jurisdiction in which any Specified Court is vested, or have attributed to the Company, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from setoff or from counterclaim, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment in any Specified Court in which proceedings may at any time be commenced, with respect to the obligations and liabilities of the Company, or any other matter under or arising out of or in connection with, the Notes, the Company irrevocably and unconditionally waives or will waive such right, and agrees not to plead or claim any such immunity and consents to such relief and enforcement; provided that if the Argentine courts determine that any of the Company&#146;s properties located in Argentina is necessary for the provision of an essential public service, such property might not be subject to attachment, whether preliminarily or in aid of execution.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Abbreviations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A/ (= Uniform Gifts to Minors Act).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Company will furnish a copy of the Indenture to any Holder upon written request and without charge.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">OPTION OF HOLDER TO ELECT PURCHASE</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If you wish to have all of this Note purchased by the Company pursuant to Section&nbsp;3.06 or [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] of the Indenture, check the box: </font><font size="3" face="Wingdings" style="font-size:12.0pt;">o</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If you wish to have a portion of this Note purchased by the Company pursuant to Section&nbsp;3.06 or [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] of the Indenture, state the amount (in original principal amount) below:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">U.S.$</font></p>    </td>
<td width="40%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.6%;">
<p align="center" style="margin:0in 0in .0001pt 1.0in;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0.375pt 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">.</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="40%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:40.6%;">
<p align="center" style="margin:0in 0in .0001pt 1.0in;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="40%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:40.6%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.76%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Your   Signature:</font></p>    </td>
<td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.26%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.76%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="31%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:31.26%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 82.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(Sign exactly as your name appears on the other   side of this Note)</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 82.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="34%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:34.26%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Signature   Guarantee</font><font size="1" style="font-size:8.0pt;position:relative;top:-3.0pt;">1</font><font size="3" style="font-size:12.0pt;">:</font></p>    </td>
<td width="25%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.76%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="137" style="border:none;"></td>
<td width="66" style="border:none;"></td>
<td width="39" style="border:none;"></td>
<td width="182" style="border:none;"></td>
<td width="283" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Signatures must be guaranteed by an &#147;<b>eligible guarantor institution</b>&#148; meeting the requirements of the Trustee, which requirements include membership or participation in the Securities Transfer Association Medallion Program (&#147;<b>STAMP</b>&#148;) or such other &#147;<b>signature guarantee program</b>&#148; as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.</p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SCHEDULE OF EXCHANGES OF NOTES</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The following changes in the aggregate principal amount of Notes represented by this Global Note have been made:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Amount of</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Amount of</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">decrease in</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">increase in</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">aggregate</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">aggregate</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">principal</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:1.0pt 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">principal</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">amount of</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">amount of</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Outstanding</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Date</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Notes</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Notes</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Balance</font></b></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.32%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.84%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Signature</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXHIBIT&nbsp;E</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[FORM&nbsp;OF CERTIFICATE TO BE DELIVERED</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">IN CONNECTION WITH TRANSFERS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT TO REGULATION S</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">DURING THE DISTRIBUTION COMPLIANCE PERIOD]</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Date]</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><hr size="1" width="20%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Trustee</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">CABLEVISI&#211;N S.A.</font></p>
<p style="margin:0in 0in .0001pt .35in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.500% Notes Due 2021 (the &#147;<b>Notes</b>&#148;)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Sirs:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is hereby made to the Indenture, dated as of June&nbsp;15, 2016 (as amended and restated in its entirety as of December&nbsp;11, 2017, and as may be amended, supplemented or otherwise modified from time to time, the &#147;<b>Indenture</b>&#148;) among CABLEVISI&#211;N S.A., a <i>sociedad an&#243;nima </i>under the laws of Argentina, (the &#147;<b>Company</b>&#148;), Deutsche Bank Trust Company Americas, as trustee (the &#147;<b>Trustee</b>&#148;), paying agent (the &#147;<b>Paying Agent</b>&#148;), registrar and transfer agent (the &#147;<b>Registrar and Transfer Agent</b>&#148;), Banco Comafi S.A. (as successor of Deutsche Bank S.A.), as Argentine Registrar and Transfer Agent, Argentine Paying Agent and Representative of the Trustee in Argentina, and Deutsche Bank Luxembourg S.A. as Luxembourg Paying Agent, Listing Agent and Transfer Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This letter relates to U.S.$<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> principal amount of Notes which are evidenced by one or more Restricted Global Notes (CUSIP No.&nbsp;12686N AT2) and held with the Depositary in the name of [insert name of transferor] (the &#147;<b>Transferor</b>&#148;). The Transferor has requested a transfer of such beneficial interest in the Notes to a Person who will take delivery thereof in the form of an equal principal amount of Notes evidenced by one or more Regulation S Global Notes (CUSIP No.&nbsp;P19157 AR0), which amount, immediately after such transfer, is to be held with the Depositary through DTC, Euroclear or Clearstream, Luxembourg, or both.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In connection with our proposed sale of U.S.$<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> aggregate principal amount of the Notes, we hereby confirm that such sale has been effected pursuant to and in accordance with Rule&nbsp;903 or Rule&nbsp;904 of Regulation S under the Securities Act of 1933, as amended, and, accordingly, we represent that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the offer of the Notes was not made to a person in the United States;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">either:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt 1.5in;punctuation-wrap:simple;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the transaction was executed in, on or through the facilities of a designated offshore securities market and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(3)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">no directed selling efforts have been made by us in the United States in contravention of the requirements of Rule&nbsp;903(b)&nbsp;or Rule&nbsp;904(b)&nbsp;of Regulation S, as applicable;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities Act of 1933; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">upon completion of the transaction, the beneficial interest being transferred as described above is to be held with the Depositary through Euroclear or Clearstream, Luxembourg, or both.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Very   truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Name   of Transferor]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Authorized   Signature</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXHIBIT&nbsp;F</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[FORM&nbsp;OF CERTIFICATE TO BE DELIVERED</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">IN CONNECTION WITH TRANSFERS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PURSUANT TO REGULATION S UPON AND FOLLOWING</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD]</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Date]</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Trustee</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Re:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;CABLEVISI&#211;N S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.500%   Notes Due 2021 (the &#147;<b>Notes</b>&#148;)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Sirs:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is hereby made to the Indenture, dated as of June&nbsp;15, 2016 (as amended and restated in its entirety as of December&nbsp;11, 2017, and as may be amended, supplemented or otherwise modified from time to time, the &#147;<b>Indenture</b>&#148;) among CABLEVISI&#211;N S.A., a <i>sociedad an&#243;nima </i>under the laws of Argentina, (the &#147;<b>Company</b>&#148;), Deutsche Bank Trust Company Americas, as trustee (the &#147;<b>Trustee</b>&#148;), paying agent (the &#147;<b>Paying Agent</b>&#148;), registrar and transfer agent (the &#147;<b>Registrar and Transfer Agent</b>&#148;), Banco Comafi S.A. (as successor of Deutsche Bank S.A.), as Argentine Registrar and Transfer Agent, Argentine Paying Agent and Representative of the Trustee in Argentina, and Deutsche Bank Luxembourg S.A. as Luxembourg Paying Agent, Listing Agent and Transfer Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This letter relates to U.S.$ principal amount of Notes which are evidenced by one or more Restricted Global Notes (CUSIP No.&nbsp;12686N AT2) and held with the Depositary in the name of [insert name of transferor] (the &#147;<b>Transferor</b>&#148;). The Transferor has requested a transfer of such beneficial interest in the Notes to a Person who will take delivery thereof in the form of an equal principal amount of Notes evidenced by one or more Regulation S Global Notes (CUSIP No.&nbsp;P19157 AR0).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In connection with such request and in respect of such Notes, we hereby certify that such sale has been effected pursuant to and in accordance with either Rule&nbsp;903 or Rule&nbsp;904 of Regulation S or Rule&nbsp;144 under the United States Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and accordingly we hereby further certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">if the transfer has been effected pursuant to Rule&nbsp;903 or Rule&nbsp;904:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;punctuation-wrap:simple;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the offer of the Notes was not made to a Person in the United States;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">either:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">at the time the buy order was originated, the transferee was outside the United States or we and any Person acting on our behalf reasonably believed that the transferee was outside the Untied States, or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the transaction was executed in, on or through the facilities of a designated offshore securities market and neither we nor any Person acting on our behalf knows that the transaction was pre- arranged with a buyer in the United States;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(C)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">no directed selling efforts have been made in contravention of the requirements of Rule&nbsp;903(b)&nbsp;or 904(b)&nbsp;of Regulation S, as applicable; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(D)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">if the transfer has been effected pursuant to Rule&nbsp;144, the Notes have been transferred in a transaction permitted by Rule&nbsp;144.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Very   truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Name   of Transferor]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Authorized   Signature</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EXHIBIT&nbsp;G</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[FORM&nbsp;OF CERTIFICATE TO BE DELIVERED</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">IN CONNECTION WITH TRANSFERS TO QIBs]</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Date]</font></p>
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<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Trustee</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Re:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;CABLEVISI&#211;N S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.500%   Notes Due 2021 (the &#147;<b>Notes</b>&#148;)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Sirs:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is hereby made to the Indenture, dated as of June&nbsp;15, 2016 (as amended and restated in its entirety as of December&nbsp;11, 2017, and as may be amended, supplemented or otherwise modified from time to time, the &#147;<b>Indenture</b>&#148;) among CABLEVISI&#211;N S.A., a <i>sociedad an&#243;nima </i>under the laws of Argentina, (the &#147;<b>Company</b>&#148;), Deutsche Bank Trust Company Americas, as trustee (the &#147;<b>Trustee</b>&#148;), paying agent (the &#147;<b>Paying Agent</b>&#148;), registrar and transfer agent (the &#147;<b>Registrar and Transfer Agent</b>&#148;), Banco Comafi S.A. (as successor of Deutsche Bank S.A.), as Argentine Registrar and Transfer Agent, Argentine Paying Agent and Representative of the Trustee in Argentina, and Deutsche Bank Luxembourg S.A. as Luxembourg Paying Agent, Listing Agent and Transfer Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This letter relates to U.S.$ principal amount of Notes which are evidenced by one or more Regulation S Global Notes (CUSIP No.&nbsp;P19157 AR0) and held with the Depositary through [DTC] [Euroclear] [Clearstream, Luxembourg] in the name of [insert name of transferor] (the &#147;Transferor&#148;). The Transferor has requested that a transfer of such beneficial interest in the Notes to a Person who will take delivery thereof (the &#147;Transferee&#148;) in the form of an equal principal amount of Notes evidenced by one or more Restricted Global Notes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[CHECK ONE]</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In connection with such request and in respect of such Notes, the Transferee does hereby certify that (i)&nbsp;it is a &#147;qualified institutional buyer&#148; (&#147;<b>QIB</b>&#148;) as defined in and pursuant to Rule&nbsp;144A (&#147;<b>Rule&nbsp;144A</b>&#148;) under the U.S. Securities Act of 1933, as amended, purchasing the Notes for its own account (or for the account of one or more QIBs over which account it exercises sole investment discretion) and (ii)&nbsp;the transfer was made in a transaction meeting the requirements of Rule&nbsp;144A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Transferor did not purchase such Notes as part of the initial distribution thereof and the transfer is being effected pursuant to and in accordance with an applicable exemption from the registration requirements of the Securities Act and the Transferor has delivered to the Trustee such additional evidence that the Company or the Trustee may require as to compliance with such available exemption.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">You are entitled to rely on this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Very   truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Name   of Transferee or Transferor]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Authorized   Signature</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Exhibit&nbsp;4.4</font></b><a name="Exhibit4_4_024427"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">the Issuer, as successor to Cablevisi&#243;n S.A.,</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">DEUTSCHE BANK TRUST COMPANY AMERICAS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">as Trustee, Paying Agent, Registrar and Transfer Agent</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">and</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">BANCO COMAFI S.A.,</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">(as successor to Deutsche Bank S.A.)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">as Argentine Registrar and Transfer Agent, Argentine Paying Agent and</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Representative of the Trustee in Argentina</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Supplemental Indenture</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Dated as of July&nbsp;12, 2018</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">6.500% Senior Notes due 2021</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 7.9pt .0001pt 0in;text-align:center;"></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;1</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">DEFINITIONS</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.01.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Definitions</font></i></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.02.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Certain   Conventions</font></i></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;2</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ASSUMPTION</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.01.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Assumption</font></i></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;3</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">MISCELLANEOUS</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.01.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Governing   Law</font></i></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.02.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Separability</font></i></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.03.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Effectiveness</font></i></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.04.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Counterparts</font></i></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">i</font><a name="PB_i_145526_9885"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">THIS SUPPLEMENTAL INDENTURE (the &#147;<b>Supplemental Indenture</b>&#148;), dated as of July&nbsp;12, 2018, is among Telecom Argentina S.A. (the &#147;<b>Company</b>&#148; or the &#147;<b>Issuer</b>&#148;), a <i>sociedad an&#243;nima </i>organized, existing and incorporated in the City of Buenos Aires, Argentina under the laws of Argentina on July&nbsp;13, 1990, with a term of duration expiring on July&nbsp;13, 2089, and registered with the Public Registry of Commerce under number 4570, Book 108 of Volume A of corporations, having its principal executive offices at Avda. Alicia Moreau de Justo 50, Ciudad Aut&#243;noma de Buenos Aires, Argentina, as successor to Cablevisi&#243;n S.A. (&#147;<b>Cablevisi&#243;n</b>&#148;), effective as of January&nbsp;1, 2018, Deutsche Bank Trust Company Americas, as <b>Trustee, Paying Agent, Registrar and Transfer Agent </b>and Banco Comafi S.A., as <b>Argentine Registrar and Transfer Agent, Argentine Paying Agent and Representative of the Trustee in Argentina</b>. Unless defined herein, a term defined in the Amended Indenture (as defined below) has the same meaning when used in this Supplemental Indenture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">RECITALS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, Cablevisi&#243;n, the Trustee, Deutsche Bank S.A. (succeeded by Banco Comafi S.A.) and Deutsche Bank Luxembourg S.A. executed and delivered an indenture, dated as of June&nbsp;15, 2016, as amended and restated by the amended and restated indenture, dated as of December&nbsp;11, 2017 (the &#147;<b>Amended Indenture</b>&#148;), providing for the issuance of the Cablevisi&#243;n&#146;s 6.500% Senior Notes due 2021 (the &#147;<b>Notes</b>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, in furtherance of the definitive merger agreement between the Company and Cablevisi&#243;n dated as of October&nbsp;31, 2017, effective on January&nbsp;1, 2018, Cablevisi&#243;n merged into the Company and the Company succeeded to Cablevisi&#243;n in all of Cablevisi&#243;n&#146;s assets and liabilities, included those under the Amended Indenture and the Notes (the &#147;<b>Merger</b>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, Section&nbsp;5.01 of the Amended Indenture provides that Cablevisi&#243;n will not in a single transaction or series of related transactions, (i)&nbsp;consolidate with, amalgamate or merge with or into any Person, or (ii)&nbsp;sell, convey, assign, transfer, or otherwise dispose of (or cause or permit any Subsidiary to sell, convey, assign, transfer, or otherwise dispose of) all or substantially all of its assets as an entirety or substantially an entirety (determined on a consolidated basis for Cablevisi&#243;n and its Subsidiaries) to any Person unless, among other requirements, such Person expressly assumes by supplemental indenture executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations of Cablevisi&#243;n under the Amended Indenture and the Notes;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, on the date hereof, the Trustee has been provided with an Officers&#146; Certificate and an Opinion of Counsel, in each case stating that the Merger and this Supplemental Indenture comply with the Amended Indenture;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture; all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms have been performed; the execution and delivery of this Supplemental Indenture does not require notice to or the consent of any</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">2</font><a name="PB_2_145634_7530"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Noteholder pursuant to Section&nbsp;9.01(a)(ii); and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">NOW THEREFORE, WITNESSETH that, for and in consideration of the premises set forth above, and for the purpose of reflecting the Company as successor to Cablevisi&#243;n and the assumption of its obligations under the Notes, in compliance with the Amended Indenture, including, without limitation, Section&nbsp;5.01 of the Amended Indenture, it is mutually covenanted and agreed, for the benefit of all Holders from time to time, as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;1</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">DEFINITIONS</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:48.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.01. <i>Definitions</i>. Except insofar as herein otherwise expressly provided, all the definitions, provisions, terms and conditions of the Amended Indenture shall remain in full force and effect. The Amended Indenture is in all respects ratified and confirmed, and the Amended Indenture and this Supplemental Indenture, shall be read, taken and considered as one and the same instrument for all purposes and every Holder authenticated and delivered under the Amended Indenture shall be bound hereby. In the event of conflict between the terms and conditions of the Amended Indenture and this Supplemental Indenture, then the terms of this Supplemental Indenture shall prevail.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:48.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.02. <i>Certain Conventions</i>. For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a term defined anywhere in this Supplemental Indenture has the same meaning throughout;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;punctuation-wrap:simple;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the singular includes the plural and vice versa;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a reference to a Section&nbsp;or Article&nbsp;is to a Section&nbsp;or Article&nbsp;of this Supplemental Indenture; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">headings are for convenience of reference only and do not affect interpretation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;2</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ASSUMPTION</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:48.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.01. <i>Assumption</i>. Effective as of January&nbsp;1, 2018, the Company expressly assumed all of the obligations of Cablevisi&#243;n under the Amended Indenture and the Notes in compliance with Section&nbsp;5.01 of the Amended Indenture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">3</font><a name="PB_3_145809_7056"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;3</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">MISCELLANEOUS</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:48.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.01. <i>Governing Law. Jurisdiction</i>. (a)&nbsp;This Supplemental Indenture shall be governed by, and construed in accordance with, the laws set forth in Section&nbsp;10.06(a)&nbsp;of the Amended Indenture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)&nbsp;Each of the parties hereto irrevocably submits to the jurisdiction set forth in Section&nbsp;10.06(b)&nbsp;of the Amended Indenture, in any action or proceeding arising out of or relating to this Supplemental Indenture, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined as set forth in Section&nbsp;10.06(b)&nbsp;of the Amended Indenture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:48.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.02. <i>Separability</i>. In case any provision in this Supplemental Indenture is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:48.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.03. <i>Effectiveness</i>. This Supplemental Indenture and the Company&#146;s express assumption of all the obligations of Cablevisi&#243;n under the Amended Indenture and the Notes are binding as of January&nbsp;1, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:justify;text-indent:48.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.04. <i>Counterparts</i>. The parties may sign this Supplemental Indenture in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">4</font><a name="PB_4_145918_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TELECOM   ARGENTINA S.A., as Issuer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By::</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/</font><font size="3" style="font-size:12.0pt;"> G</font>ABRIEL   <font size="3" style="font-size:12.0pt;">P</font>ABLO   <font size="3" style="font-size:12.0pt;">B</font>LASI</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font><font size="3" style="font-size:12.0pt;">Name: Gabriel Pablo Blasi</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font><font size="3" style="font-size:12.0pt;">Title: Chief Financial   Officer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By::</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/</font><font size="3" style="font-size:12.0pt;"> J</font>UAN   <font size="3" style="font-size:12.0pt;">M</font>ARTIN   <font size="3" style="font-size:12.0pt;">V</font>ICO</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font><font size="3" style="font-size:12.0pt;">Name: Juan Martin Vico</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font><font size="3" style="font-size:12.0pt;">Title: Attorney-in-fact</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>Signature Page&nbsp;&#150; Supplemental Indenture</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee, Paying Agent,   Registrar and Transfer Agent</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:   Deutsche Bank National Trust Company</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ </font><font size="3" style="font-size:12.0pt;">C</font>HRIS   <font size="3" style="font-size:12.0pt;">N</font>IESZ</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt .1in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:   Chris Niesz</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" style="padding:0in 0in 0in 0in;width:46.16%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:   Vice President</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="36%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.82%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ </font><font size="3" style="font-size:12.0pt;">R</font>OBERT <font size="3" style="font-size:12.0pt;">S</font>.   <font size="3" style="font-size:12.0pt;">P</font>ESCHLER</p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" style="padding:0in 0in 0in 0in;width:36.82%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:   Robert S. Peschler</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" style="padding:0in 0in 0in 0in;width:46.16%;">
<p style="margin:0in 0in .0001pt .1in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:   Vice President</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>Signature Page&nbsp;&#150; Supplemental Indenture</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">BANCO COMAFI S.A. (as successor to Deutsche Bank S.A.), as Argentine Registrar   and Transfer Agent, Argentine Paying Agent and Representative of the Trustee   in Argentina</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="36%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.66%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ </font><font size="3" style="font-size:12.0pt;">C</font>ARLOS   <font size="3" style="font-size:12.0pt;">M</font>AR&#205;A   <font size="3" style="font-size:12.0pt;">P</font>I&#209;EYRO</p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" style="padding:0in 0in 0in 0in;width:36.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:   Carlos Mar&#237;a Pi&#241;eyro</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" style="padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:   Attorney in Fact</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="36%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.66%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/S/ </font><font size="3" style="font-size:12.0pt;">B</font>IBIANA <font size="3" style="font-size:12.0pt;">O</font>GASAWARA</p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="36%" style="padding:0in 0in 0in 0in;width:36.66%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Bibiana Ogasawara</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.34%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" style="padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Attorney in Fact</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>Signature Page&nbsp;&#150; Supplemental Indenture</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-8.1
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<DESCRIPTION>EX-8.1
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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;</font></b><b><font style="font-weight:bold;">8</font>.1</b><a name="Exhibit8_1_072026"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of Subsidiaries of </font>Telecom Argentina S.A.</p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Jurisdiction&nbsp;of&nbsp;incorporation</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name&nbsp;under&nbsp;which&nbsp;the<br>   subsidiary&nbsp;does&nbsp;business</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo S.A.E.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paraguay</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">N&#250;cleo</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PEM S.A.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PEM</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CV Berazategui S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CV Berazategui</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cable Imagen S.R.L.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Televisi&#243;n Dirigida   S.A.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paraguay</font></p>    </td>
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<td width="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Televisi&#243;n Dirigida</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adesol S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Uruguay</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adesol</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#218;ltima Milla S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#218;ltima Milla</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AVC Continente   Audiovisual S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AVC Continente   Audiovisual</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inter Radios S.A.U.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inter Radios</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom USA Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">USA</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom USA</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Microsistemas S.A.U.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Microsistemas</font></p>    </td>   </tr>  </table>
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<TYPE>EX-12.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;12.1</font></b><a name="Exhibit12_1_054311"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Carlos Moltini, certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this Annual Report on Form&nbsp;20-F of Telecom Argentina S.A.;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.0pt;text-indent:-34.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.0pt;text-indent:-34.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.0pt;text-indent:-34.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the Company and have:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-34.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-34.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-34.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>evaluated the effectiveness of the Company&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-34.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>disclosed in this report any change in the Company&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.0pt;text-indent:-34.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company&#146;s auditors and the Audit Committee of the Company&#146;s Board of Directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-34.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company&#146;s ability to record, process, summarize and report financial information; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-34.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any fraud, whether or not material, that involves Management or other employees who have a significant role in the Company&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>March&nbsp;26, 2019</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ C</font><font size="1" style="font-size:8.0pt;">ARLOS</font>   M<font size="1" style="font-size:8.0pt;">OLTINI</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 76.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Carlos Moltini</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 76.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:&nbsp;&nbsp;   Chief Executive Officer</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-12.2
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<DESCRIPTION>EX-12.2
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;12.2</font></b><a name="Exhibit12_2_054310"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Gabriel Blasi, certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this Annual Report on Form&nbsp;20-F of Telecom Argentina S.A.;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the Company and have:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>evaluated the effectiveness of the Company&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>disclosed in this report any change in the Company&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company&#146;s auditors and the Audit Committee of the Company&#146;s Board of Directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company&#146;s ability to record, process, summarize and report financial information; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any fraud, whether or not material, that involves Management or other employees who have a significant role in the Company&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>March&nbsp;26, 2019</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.84%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ G</font><font size="1" style="font-size:8.0pt;">ABRIEL</font> B<font size="1" style="font-size:8.0pt;">LASI</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gabriel Blasi</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<TYPE>EX-13.1
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<DESCRIPTION>EX-13.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;13.1</font></b><a name="Exhibit13_1_054418"></a></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;26, 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission<br> 100 F Street, N.E.<br> Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The certification set forth below is being submitted to the Securities and Exchange Commission solely for the purpose of complying with Rule&nbsp;13a-14(b)&nbsp;or Rule&nbsp;15d-14(b)&nbsp;of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) and Section&nbsp;1350 of Chapter 63 of Title 18 of the United States Code.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carlos Moltini, the Chief Executive Officer and Gabriel Blasi, the Chief Financial Officer of Telecom Argentina S.A. (&#147;Telecom&#148;) each certifies that, to the best of their knowledge:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.0pt;text-indent:-17.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>this Annual Report on Form&nbsp;20-F (the &#147;Report&#148;) fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 35.3pt;text-indent:-17.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Telecom.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;/S/ C</font><font size="1" style="font-size:8.0pt;">ARLOS</font> M<font size="1" style="font-size:8.0pt;">OLTINI</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 75.5pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Carlos Moltini</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 75.5pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.58%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;/S/ G</font><font size="1" style="font-size:8.0pt;">ABRIEL</font> B<font size="1" style="font-size:8.0pt;">LASI</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 79.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gabriel Blasi</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 79.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>   </tr>  </table>
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<TYPE>EX-15.5
<SEQUENCE>8
<FILENAME>a19-2958_1ex15d5.htm
<DESCRIPTION>EX-15.5
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Exhibit 15.5</font></b><a name="Exhibit15_5_072733"></a></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Execution Version</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">PRIVATE&nbsp;&amp; CONFIDENTIAL</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">October&nbsp;</font><font size="3" style="font-size:12.0pt;">8</font><font size="3" style="font-size:12.0pt;">, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citigroup Global Markets Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Industrial and Commercial Bank of China Limited</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Banco Santander, S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Industrial and Commercial Bank of China Limited</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Banco Santander, S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The branch of Citibank, N.A. established in the Republic of Argentina</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Onshore Custody Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Re: <b>Offer Telecom No.&nbsp;4/2018</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Sirs,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), hereby irrevocably offers to (i)&nbsp;Citibank, N.A., </font><font size="3" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, </font><font size="3" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A. and Banco Santander, S.A. (the &#147;<b>Lenders</b>&#148;), (ii)&nbsp;Citigroup Global Markets Inc., </font><font size="3" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, </font><font size="3" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A. and </font><font size="3" style="font-size:12.0pt;">Banco Santander, S.A.</font><font size="3" style="font-size:12.0pt;"> (the &#147;<b>Joint Bookrunners and Lead Arrangers</b>&#148;) (iii)&nbsp;Citibank, N.A., as administrative agent (the &#147;<b>Administrative Agent</b>&#148;) and (iv)&nbsp;</font><font size="3" style="font-size:12.0pt;">the branch of Citibank, N.A. established in the Republic of Argentina as onshore custody agent (the &#147;<b>Onshore Custody Agent</b>&#148;</font><font size="3" style="font-size:12.0pt;">, and collectively with the Borrower and the Lenders, the &#147;<b>Parties</b>&#148;, and each individually, a &#147;<b>Party</b>&#148;), to enter into an amendment agreement to that certain credit agreement documented through Offer Telecom No.1/2018 from the Borrower and accepted on the same date by the Lenders, the Joint Bookrunners and Lead Arrangers, the Administrative Agent and the Onshore Custody Agent dated as of February&nbsp;2, 2018 (the &#147;<b>Original Credit Agreement</b>&#148;), in the terms attached hereto as Annex I (including all exhibits and schedules thereto) (the &#147;<b>Offer</b>&#148;, and once accepted pursuant to the terms hereof, the &#147;<b>Amendment Agreement</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be open for acceptance in writing by the Lenders, the Onshore Custody Agent and the Administrative Agent until 11:59 p.m.&nbsp;Buenos Aires time on October&nbsp;8, 2018, unless extended in writing for an additional period of time by the Borrower (the &#147;<b>Expiration Date</b>&#148;); forthwith after the Expiration Date, this Offer shall automatically lose all force and effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Upon written acceptance of the Offer on or before the Expiration Date by the Majority Lenders (as defined in the Original Credit Agreement), the Amendment Agreement shall become in full force and effect subject to the terms and conditions set forth in <u>Annex I</u> as if the Parties had executed and delivered the same and shall be legally binding upon, and enforceable against, each and all of the Parties, and each and all of them shall become parties to the Amendment Agreement. The Amendment Agreement shall be deemed entered into as of the date of the acceptance of Lenders, the Onshore Custody Agent and Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be governed by, and interpreted in accordance with, the law of the State of New York (without regard to conflicts of law principles other than sections 5-1401 and 5-1402 of the New York general obligations law).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature page&nbsp;follows</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Sincerely,</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.58%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ </font><font size="3" style="font-size:12.0pt;">G</font>ABRIEL <font size="3" style="font-size:12.0pt;">B</font>LASI</p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Gabriel Blasi</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Chief Financial Officer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.58%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ </font><font size="3" style="font-size:12.0pt;">J</font>UAN M. <font size="3" style="font-size:12.0pt;">V</font>ICO</p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Juan M. Vico</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.24%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Attorney-in-fact</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>Signature Page to Amendment Agreement</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="border:none;border-top:solid windowtext 2.25pt;padding:1.0pt 0in 0in 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">AMENDMENT AGREEMENT</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">among</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Borrower,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CITIBANK, N.A.</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THE BRANCH OF CITIBANK, N.A. ESTABLISHED IN THE REPUBLIC OF ARGENTINA</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Onshore Custody Agent,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and <b>THE LENDERS NAMED HEREIN</b>,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Lenders</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CITIGROUP GLOBAL MARKETS INC.</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">HSBC M&#201;XICO, S.A.,&nbsp;INSTITUCI&#211;N DE BANCA M&#218;LTIPLE, GRUPO FINANCIERO HSBC</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">JPMORGAN CHASE BANK, N.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">BANCO SANTANDER, S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Joint Bookrunners and Lead Arrangers</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">RELATING TO A TERM LOAN AGREEMENT<br> DATED FEBRUARY 2, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 2.25pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Article&nbsp;I</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">   Definitions and Principles of Construction</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.01</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Defined   Terms</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.02</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Principles   of Construction</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Article&nbsp;II</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">   Terms of the Amendment</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.01</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Amendment</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Article&nbsp;III</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">   Continuing obligations</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.01</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Continuing   obligations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Article&nbsp;IV</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">   Miscellaneous</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">2</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.01</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Loan   Document</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.02</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Incorporation   of terms</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.03</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No   Waiver, Remedies Cumulative</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.04</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Governing   Law; Waiver of Jury Trial; Enforcement</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.05</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Counterparts</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.06</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Severability</font></p>    </td>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.07</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">USA   Patriot Act Notice</font></p>    </td>
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<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.08</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Entire   Agreement</font></p>    </td>
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<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.09</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Waiver   of Immunity</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">AMENDMENT AGREEMENT</font></b><font size="3" style="font-size:12.0pt;">, dated as of October&nbsp;</font><font size="3" style="font-size:12.0pt;">8</font><font size="3" style="font-size:12.0pt;">, 2018, by and between the Borrower, </font><font size="3" style="font-size:12.0pt;">the Lenders, the Joint Bookrunners and Lead Arrangers</font><font size="3" style="font-size:12.0pt;">,</font><font size="3" style="font-size:12.0pt;"> the Administrative Agent and the Onshore Custody Agent (the &#147;<b>Amendment Agreement</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">RECITALS:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, the Borrower, </font><font size="3" style="font-size:12.0pt;">the Lenders, the Joint Bookrunners and the Lead Arrangers and the Administrative Agent and the Onshore Custody Agent entered into the Original Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, the Borrower has requested that </font><font size="3" style="font-size:12.0pt;">Citibank, N.A., </font><font size="3" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, </font><font size="3" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A. and Banco Santander, S.A</font><font size="3" style="font-size:12.0pt;">  provide a senior unsecured term loan facility in an aggregate principal amount of up to $500,000,000 (which may be increased, subject to its terms and conditions) (the &#147;<b>Long-Term Facility</b>&#148;), the proceeds of which shall be used to partially refinance the Original Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, as a condition to the entering into of the Long-Term Facility, and subject to and upon the terms and conditions set forth herein, the Borrower, the Lenders and the Administrative Agent have agreed to amend certain terms of the Original Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">NOW, THEREFORE, in consideration of the undertakings contained herein, the Parties hereto agree as follows:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Article&nbsp;I</font></b><b><u><font size="3" style="font-size:12.0pt;font-weight:bold;"><br> Definitions and Principles of Construction</font></u></b></p>
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<p style="margin:0in 0in 12.0pt 12.25pt;text-align:justify;text-indent:.5in;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;1.01</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Defined Terms</u></b>.&#160; Unless a contrary indication appears, terms defined in the Original Credit Agreement have the same meaning in this Amendment Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in 12.0pt 12.25pt;text-align:justify;text-indent:.5in;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;1.02</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Principles of Construction</u></b></font><font size="3" style="font-size:12.0pt;">.&#160; The principles of construction and interpretation set out in the Original Credit Agreement shall have effect as if set out in this Amendment Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Article&nbsp;II</font></b><b><u><font size="3" style="font-size:12.0pt;font-weight:bold;"><br> Terms of the Amendment</font></u></b></p>
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<p style="margin:0in 0in 12.0pt;text-align:justify;text-indent:.5in;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;2.01</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160; <b><u style="font-weight:bold;">Amendment</u></b>.&#160; The Parties agree that the Original Credit Agreement shall be amended as set out in <u>Schedule I</u></font><font size="3" style="font-size:12.0pt;"> (<i>Amendments to the Original Credit Agreement</i>)</font><i><font size="3" style="font-size:12.0pt;font-style:italic;">.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Article&nbsp;III</font></b><b><u><font size="3" style="font-size:12.0pt;font-weight:bold;"><br> Continuing obligations</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;3.01</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Continuing obligations</u></b>.&#160; The Borrower hereby confirm all terms and conditions contained in the Original Credit Agreement so that the provisions of the Original Credit Agreement shall, save as amended by this Amendment Agreement, continue in full force</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and effect and any reference in the Original Credit Agreement shall be construed as a reference to the Original Credit Agreement as amended by this Amendment Agreement.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Article&nbsp;IV</font></b><b><u><font size="3" style="font-size:12.0pt;font-weight:bold;"><br> Miscellaneous</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;4.01</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Loan Document</u></b>.&#160; This Amendment Agreement constitutes a Loan Document and read together with the other Loan Documents constitutes the sole record of the agreement between the Parties in regard to the subject matter thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;4.02</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Incorporation of terms</u></b>.&#160; The provisions of Section&nbsp;9.2 (<i>Notices</i>) and 9.5 (<i>Payment of Expenses and Taxes,&nbsp;Indemnity</i>) of the Original Credit Agreement shall be incorporated into this Amendment Agreement as if set out in full in this Amendment Agreement and as if references in those sections to &#147;this Agreement&#148; are references to this Amendment Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;4.03</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">No Waiver, Remedies Cumulative</u></b>.&#160; No (i)&nbsp;failure or delay on the part of the Lender in exercising any right, power or privilege hereunder or under any other Loan Document, or (ii)&nbsp;course of dealing between the Borrower and the Lenders, shall operate as a waiver thereof or constitute an election to affirm any of the Loan Documents; nor shall any single or partial exercise of any right, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder or thereunder. No waiver or election to affirm any of the Loan Documents on the part of any of the Lenders shall be effective unless in writing. The rights, powers and remedies herein or in any other Loan Document expressly provided are cumulative and not exclusive of any rights, powers or remedies which any of the Lenders would otherwise have. No notice to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of any of the Lenders to any other or further action in any circumstances without notice or demand.</font></p>
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<p style="margin:0in 0in 12.0pt 12.25pt;page-break-after:avoid;text-indent:.5in;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;4.04</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Governing Law; Waiver of Jury Trial; Enforcement</u></b>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">a)</font><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>THIS AMENDMENT AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO UNDER THIS AMENDMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">b)</font><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT AGREEMENT OR THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).&#160; EACH PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,</b></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THAT SUCH OTHER PERSON WOULD NOT,&nbsp;IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS OF THIS SECTION.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">c)</font><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower hereby irrevocably appoints the Process Agent, as its authorized agent, to accept and acknowledge on its behalf service of any and all process which may be served in any suit, action or proceeding of the nature referred to above in any New York Court. Such designation and appointment shall be irrevocable until all principal of and interest under the Loan shall have been paid in full in accordance with the provisions hereof. The Borrower covenants and agrees that it shall take any and all reasonable action, including the execution and filing of any and all documents, that may be necessary to continue the foregoing designations and appointments in full force and effect and to cause the Process Agent to continue to act in such capacity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">d)</font><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower hereby irrevocably waives, to the fullest extent it may effectively do so, in connection with any legal action or proceeding arising out of or in connection with this Amendment Agreement or any other Loan Document (collectively, &#147;<u>Proceedings</u>&#148;) instituted against the Borrower in Argentina (i)&nbsp;the right to demand that the Lender posts a performance bond or guarantee (</font><i><font size="3" style="font-size:12.0pt;font-style:italic;">excepci&#243;n de arraigo</font></i><font size="3" style="font-size:12.0pt;">) and (ii)&nbsp;the right to challenge without cause the presiding judge or any other member of the court having jurisdiction over any such Proceedings.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;4.05</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Counterparts</u></b>.&#160; This Amendment Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the Parties hereto may execute this Amendment Agreement by signing any such counterpart.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;4.06</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Severability</u></b>.&#160; If any provision of this Amendment Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a)&nbsp;the legality, validity and enforceability of the remaining provisions of this Amendment Agreement and the other Loan Documents shall not be affected or impaired thereby and (b)&nbsp;the Parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;4.07</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">USA Patriot Act Notice</u></b>.&#160; The Administrative Agent hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (provided such act applies to the Lender), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Administrative Agent and the Lenders to identify the Borrower in accordance with the USA Patriot Act. The Borrower shall, and shall cause each of its Subsidiaries to, provide such information and take such actions as are reasonably requested by</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the Lender in order to assist the Administrative Agent in maintaining compliance with the USA Patriot Act.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;4.08</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Entire Agreement</u></b>.&#160; This Amendment Agreement and the other Loan Documents represent the final agreement between the Parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the Parties. There are no unwritten agreements between the Parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">Section&nbsp;4.09</font></b><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><u style="font-weight:bold;">Waiver of Immunity</u></b>.&#160; To the extent that the Borrower or any of their respective properties, assets or revenues may have or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its assets, the Borrower hereby irrevocably waives such immunity in respect of its obligations under this Amendment Agreement and the other Loan Documents. The foregoing waiver is intended to be effective to the fullest extent now or hereafter permitted by Applicable Law.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_080205_5335"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule I</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Amendments to the Original Credit Agreement</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">1.</font><font size="3" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;1.1 (Defined Terms) of the Original Facility Agreement is amended by replacing the definition of &#147;Qualified Transaction&#148; in its entirety with the following</font><font size="3" style="font-size:12.0pt;">:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:3.2pt;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">&#147;<b>Qualified Transaction</b>&#148;:</font></i><font size="3" style="font-size:12.0pt;"> any (i)&nbsp;bilateral or syndicated bank financing with a tenor equal or greater than one (1)&nbsp;year or (ii)&nbsp;underwritten offering or private placement of debt securities of the Borrower with a tenor of more than one (1)&nbsp;year.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;2.6 (<i>Mandatory Prepayments</i>) of the Original Facility Agreement is amended in its entirety by replacing it with the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.6&#160;&#160;&#160;&#160;&#160; <u>Mandatory Prepayments</u></font><i><font size="3" style="font-size:12.0pt;font-style:italic;">.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="3" color="black" style="color:black;font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Qualified Transaction.</font></i><font size="3" style="font-size:12.0pt;">&#160; No later than one Business Day following the receipt by the Borrower of any Net Available Proceeds from any Qualified Transaction, the Borrower shall prepay the Loans, together with all unpaid accrued interest thereon and any other sum then payable under this Agreement and any other Loan Document in an amount equal to 100% of such Net Available Proceeds.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="3" color="black" style="color:black;font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Change of Control.&#160; </font></i><font size="3" style="font-size:12.0pt;">Upon the occurrence of a Change of Control, the Borrower shall notify the Administrative Agent as soon as possible before, and in any event promptly upon, the occurrence of such an event.&#160; Upon receipt of notice of a Change of Control, the Administrative Agent shall promptly provide a copy of such notice to the Lenders. Each Lender shall promptly notify the Administrative Agent if it intends to cancel its Commitment, and upon receipt of notice from any Lender that it intends to cancel its Commitments, the Administrative Agent shall by not less than five (5)&nbsp;Business Days prior notice to the Borrower, require the Borrower to prepay such Lender&#146;s Loan, together with all unpaid accrued interest thereon and any other sum then payable under this Agreement and any other Loan Document in relation to such Lender&#146;s Loan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="3" color="black" style="color:black;font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Maximum Amount Outstanding. </font></i><font size="3" style="font-size:12.0pt;">Simultaneously with the receipt of advances under the Long-Term Facility of at least $500,000,000 principal amount in the aggregate, and in addition to the transactions contemplated thereby, the Borrower shall prepay an amount equal to at least $100,000,000 principal amount of the Loans so that the outstanding aggregate principal amount of the Loans, after taking into account any prepayment made pursuant to this <u>Section&nbsp;2.6(c)</u>, shall not exceed $400,000,000 on the date of such receipt of advances</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="3" color="black" style="color:black;font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; <i>General. </i>If the Borrower is required to make a prepayment of Loans in accordance with <u>Section&nbsp;2.6(a)&nbsp;or Section&nbsp;2.6(c)</u>, it shall give the Administrative Agent notice of the occurrence of any event described in <u>Section&nbsp;2.6(a)&nbsp;or Section&nbsp;2.6(c)</u>, as applicable, not later than&nbsp;11:00 a.m.&nbsp;(New York City time) no later than three (3)&nbsp;Business Days prior to the date of expected receipt of the Net Available Proceeds or, as the case may be, of the intended prepayment date.&#160; Each such notice shall specify the date and the amount that is subject to prepayment.&#160; The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and, if applicable of the amount of Net Available Proceeds.&#160; The prepayments required in clauses <u>(a)</u>, (<u>b</u>)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">and <u>(c)</u>&nbsp;of this <u>Section&nbsp;2.6</u> shall be due and payable on the date set forth in each such clause.&#160; Each prepayment shall be accompanied by all accrued interest on the amount prepaid and any amounts owing under <u>Section&nbsp;2.13</u> of this Agreement, if any.&#160; Any amounts prepaid pursuant to this <u>Section.2.6 (a)</u>, <u>(b)</u>&nbsp;and <u>(c)</u>&nbsp;may not be reborrowed.&#160; Each prepayment of the outstanding Loans pursuant to <u>clauses (a)</u>&nbsp;or <u>(c)</u>&nbsp;of this <u>Section&nbsp;2.6</u> shall be paid to the Lenders in accordance with their respective <i>pro rata</i> share of the Commitments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;5.4 (Limitations on Investments) of the Original Facility Agreement is amended in its entirety by replacing it with the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.4&#160;&#160;&#160;&#160;&#160; Limitations on Investments. The Borrower and its Principal Subsidiaries will not make or acquire any Investment if, prior to or immediately after the making of such Investment an Event of Default shall have occurred and be continuing.</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Exhibit 15.6<a name="Exhibit15_6_032532"></a></font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Execution Version</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">October&nbsp;8, 2018</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Banco Santander, S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Banco Santander, S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The branch of Citibank, N.A. established in the Republic of Argentina</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Onshore Custody Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Re: <b>Offer Telecom No.&nbsp;3/2018</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Sirs,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), hereby irrevocably offers to (i)&nbsp;Citibank, N.A., </font><font size="3" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, </font><font size="3" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A. and Banco Santander, S.A. (the &#147;<b>Lenders</b>&#148;), (ii)&nbsp;Citibank, N.A., </font><font size="3" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, </font><font size="3" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A. and Banco Santander, S.A. (the &#147;<b>Joint Bookrunners and Lead Arrangers</b>&#148;), (iii)&nbsp;Citibank, N.A., as administrative agent (the &#147;<b>Administrative Agent</b>&#148;) and (iv)&nbsp;</font><font size="3" style="font-size:12.0pt;">the branch of Citibank, N.A. established in the Republic of Argentina as onshore custody agent (the &#147;<b>Onshore Custody Agent</b>&#148;</font><font size="3" style="font-size:12.0pt;">, and collectively with the Borrower and the Lenders, the &#147;<b>Parties</b>&#148;, and each individually, a &#147;<b>Party</b>&#148;), to enter into a loan agreement in the form attached hereto as <u>Annex I</u> (including all exhibits and schedules thereto) (the &#147;<b>Offer</b>&#148;, and once accepted pursuant to the terms hereof, the &#147;<b>Agreement</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be open for acceptance in writing by the Lenders, the Onshore Custody Agent and the Administrative Agent until 11:59 p.m.&nbsp;Buenos Aires time on October&nbsp;8, 2018, unless extended in writing for an additional period of time by the Borrower (the &#147;<b>Expiration Date</b>&#148;); forthwith after the Expiration Date, this Offer shall automatically lose all force and effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Upon written acceptance of the Offer on or before the Expiration Date, the Agreement shall become in full force and effect subject to the terms and conditions set forth in <u>Annex I</u> as if the Parties had executed and delivered the same and shall be legally binding upon, and enforceable</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">against, each and all of the Parties, and each and all of them shall become parties to the Agreement. The Agreement shall be deemed entered into as of the date of the acceptance of Lenders, the Onshore Custody Agent and Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be governed by, and interpreted in accordance with, the law of the State of New York (without regard to conflicts of law principles other than sections 5-1401 and 5-1402 of the New York general obligations law).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We hereby agree that the delivery of the acceptance notice and service of all notices, writs, process and summons in any suit, action or proceeding brought in connection with this Offer may be made upon us by service to the address, and in the manner, set forth in&nbsp;<u>Section&nbsp;9.2</u> of <u>Annex I</u> hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature page&nbsp;follows</i>]</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Sincerely,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">/S/ GABRIEL BLASI</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Gabriel Blasi</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Chief Financial Officer</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">/S/ JUAN M. VICO</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Juan M. Vico</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Attorney-in-Fact</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature Page&nbsp;to Loan Agreement Offer Letter</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-top:solid windowtext 2.25pt;padding:1.0pt 0in 0in 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TERM LOAN AGREEMENT</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">among</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Borrower,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CITIBANK, N.A.</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THE BRANCH OF CITIBANK, N.A. ESTABLISHED IN THE REPUBLIC OF ARGENTINA</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Onshore Custody Agent,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and <b>THE LENDERS NAMED HEREIN</b>,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Lenders</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CITIBANK, N.A.</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">HSBC M&#201;XICO, S.A.,&nbsp;INSTITUCI&#211;N DE BANCA M&#218;LTIPLE, GRUPO FINANCIERO HSBC</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, </font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">DUBAI (DIFC) BRANCH</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">JPMORGAN CHASE BANK, N.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">BANCO SANTANDER, S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Joint Bookrunners and Lead Arrangers</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-top:solid windowtext 2.25pt;padding:1.0pt 0in 0in 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TERMS AND CONDITIONS OF THE AGREEMENT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;I   DEFINITIONS</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.1</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Defined   Terms</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.2</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Other   Definitional Provisions</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">19</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.3</font></p>    </td>
<td width="70%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Accounting   Terms</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.16%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;II   AMOUNT AND TERMS OF LOANS</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.1</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Amount   and Terms of Loans</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.2</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Repayment   of Loans; Evidence of Debt</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">21</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.3</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Procedure   for the Borrowing Date</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.4</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fees</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.5</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Optional   Prepayments</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.6</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mandatory   Prepayments</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">23</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.7</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest   Rates and Payment Dates</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">23</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.8</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Change   in Conditions</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">24</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.9</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pro   Rata Treatment and Payments</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.10</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Illegality</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.11</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Increased   Costs</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.12</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Taxes</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">27</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.13</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Breakage   Indemnity</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">29</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.14</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mitigation;   Prepayment</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">30</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.15</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Currency   Indemnity; Indemnity Separate</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">31</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.16</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Check</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.17</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Increase   in Commitments</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">33</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.18</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Borrowing   Mechanics and Terms of Increased Loans</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">34</font></p>    </td>   </tr>
<tr>
<td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.16%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;III   CONDITIONS PRECEDENT</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.1</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Conditions   Precedent to the Loans and the Borrowing Date</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.2</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Documents</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.16%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;IV   REPRESENTATIONS AND WARRANTIES</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.1</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Status</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">37</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.2</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Powers</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.3</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Authorization   and Consents</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.4</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Non-Violation   of Laws,&nbsp;etc.</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">i</font><a name="PB_i_035044_3606"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.5</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Governmental   Approvals</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.6</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Obligations   Binding</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.7</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Non-Violation   of Other Agreements</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.8</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mergers</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.9</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No   Default</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.10</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Borrower&#146;s   Financial Statements</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.11</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Cablevision&#146;s   Financial Statements</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.12</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No   Material Adverse Effect</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.13</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Litigation</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.14</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Labor   Relations</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.15</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Disclosure</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.16</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Taxes</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.17</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Purpose   of the Loans</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.18</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Foreign   Exchange Regulations</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.19</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ownership;   Subsidiaries</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.20</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Solvency</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.21</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Investment   Company Act</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.22</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No   Immunity</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.23</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">OFAC and Anti-Money Laundering</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.24</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">FCPA</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.25</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Environmental   Compliance</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.26</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Legal   Form</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.27</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">FATCA   Status</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.28</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Intellectual   Property</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.29</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Insurance   Matters</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.30</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ranking:   Priority</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.31</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">International   Banking Facility</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.16%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;V   COVENANTS</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.1</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Information</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.2</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ranking   of Obligations</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">45</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.3</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Negative   Pledge</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">45</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.4</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Limitations   on Investments</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">47</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.5</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Maintenance   of Existence and Payment of Obligations</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">47</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">ii</font><a name="PB_ii_035055_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.6</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Compliance   With Laws; Authorizations; Contracts; Reporting</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">47</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.7</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Maintenance   of Property; Insurance</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">47</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.8</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Inspection   of Property; Books and Records</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.9</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Accounting   Changes</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.10</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Limitation   on Fundamental Changes</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.11</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Lines   of Business</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.12</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Transactions   with Affiliates</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.13</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Derivatives   Obligations</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.14</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Use   of Proceeds</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.15</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Restricted   Payments</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.16</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Check   Account</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">49</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.17</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Compliance   with Sanctions, Anti-Terrorism Laws, OFAC Rules&nbsp;and Regulations and Anti-Corruption   Laws</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">49</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.18</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Sanctions</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">49</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.19</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Financial   Ratios</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.16%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;VI   EVENTS OF DEFAULT</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.1</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Events   of Default</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.16%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;VII   THE ADMINISTRATIVE AGENT</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.1</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Appointment</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.2</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Delegation   of Duties</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.3</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exculpatory   Provisions</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.4</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reliance   by Administrative Agent</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">54</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.5</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notice   of Events of Default</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.6</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Non-Reliance   on Administrative Agent and Other Lenders</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.7</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Indemnification</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.8</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Successor   Administrative Agent</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">56</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.9</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Joint   Bookrunners and Lead Arrangers,&nbsp;etc.</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">56</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.10</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The   Administrative Agent and the Onshore Custody Agent</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">57</font></p>    </td>   </tr>
<tr>
<td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.16%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;VIII   THE ONSHORE CUSTODY AGENT</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">57</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.1</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Appointment</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">57</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.2</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Delegation   of Duties</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">57</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.3</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exculpatory   Provisions</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">57</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.4</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reliance   by Onshore Custody Agent</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">57</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">iii</font><a name="PB_iii_035226_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.5</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Indemnification</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">58</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.6</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Resignation   and Removal of the Onshore Custody Agent</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">59</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;8.7</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Liabilities</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">59</font></p>    </td>   </tr>
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<td width="94%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:94.16%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;IX   MISCELLANEOUS</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">59</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.1</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Amendments   and Waivers</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">59</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.2</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notices</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.3</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No   Waiver; Cumulative Remedies</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">63</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.4</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Survival   of Representations and Warranties</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">63</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.5</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Payment   of Expenses and Taxes; Indemnity</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">63</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.6</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Successors   and Assigns; Participations and Assignments</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">64</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.7</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Adjustments;   Set-off</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">68</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.8</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Counterparts;   Effectiveness</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">69</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.9</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Severability</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">69</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.10</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Integration</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">69</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.11</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">GOVERNING   LAW</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">69</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.12</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Submission   To Jurisdiction; Waivers</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">69</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.13</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Acknowledgments</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">70</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.14</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WAIVERS   OF JURY TRIAL</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.15</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Confidentiality</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.16</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Financial   Crime Risk Management Activity</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">72</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.17</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Lending   Offices</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">72</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.18</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">USA   Patriot Act</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">72</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.19</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Judgment   Currency</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">72</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.20</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Acknowledgement   and Consent to Bail-In of EEA Financial Institutions</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">73</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
<p style="margin:4.0pt 0in .0001pt 37.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.21</font></p>    </td>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Data   Protection</font></p>    </td>
<td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.84%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">73</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">iv</font><a name="PB_iv_035241_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">SCHEDULES AND EXHIBITS</font></u></p>
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<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.56%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 2.1(a)</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.44%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Commitments</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.56%;">
<p style="margin:4.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 5.1 (d)(i)</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.44%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Quarterly   Compliance Report</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.56%;">
<p style="margin:4.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 5.1 (d)(ii)</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.44%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Annual   Compliance Report</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.56%;">
<p style="margin:4.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 5.3(a)</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.44%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Existing   Security</font></p>    </td>   </tr>
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<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.56%;">
<p style="margin:4.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 5.13</font></p>    </td>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.44%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Transaction   with Affiliates</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;A</font></p>    </td>
<td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of   Assignment and Acceptance</font></p>    </td>   </tr>
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<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;B</font></p>    </td>
<td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of   Notice of Borrowing</font></p>    </td>   </tr>
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<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;C</font></p>    </td>
<td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of   Officer&#146;s Certificate of the Borrower</font></p>    </td>   </tr>
<tr>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;D</font></p>    </td>
<td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of   Check</font></p>    </td>   </tr>
<tr>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;E</font></p>    </td>
<td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of   Legal Opinion of Errecondo, Gonz&#225;lez&nbsp;&amp; Funes, special Argentine   counsel to the Borrower</font></p>    </td>   </tr>
<tr>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;F</font></p>    </td>
<td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of   Legal Opinion of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, special New   York counsel to the Borrower</font></p>    </td>   </tr>
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<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;G</font></p>    </td>
<td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Joinder Agreement</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">i</font><a name="PB_i_035352_4339"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PRELIMINARY STATEMENTS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower has requested that the Lenders provide a senior unsecured term loan facility in an aggregate principal amount of up to $500,000,000 (which may be increased, subject to the terms and conditions set forth in Section&nbsp;2.17), the proceeds of which shall be used to partially refinance the Bridge Facility (as defined below).&#160;&#160; The Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Accordingly, in consideration of the mutual covenants and agreements set forth herein, upon acceptance by each Lender and the Administrative Agent of the Offer Telecom No.3/2018, the Parties hereto shall be bound by the following:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;I</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">DEFINITIONS</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;1.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Defined Terms</font></u><font size="3" style="font-size:12.0pt;">.&#160; As used in this Agreement, unless otherwise specified herein, the following terms shall have the following meanings:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Administrative Agent</b>&#148;:&#160; has the meaning set forth in the Offer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Administrative Agent&#146;s Account</b>&#148;:&#160; the following account (or any other </font><font size="3" style="font-size:12.0pt;">account designated from time to time by the Administrative Agent by notice to the applicable Lenders and the Borrower):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.88%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Bank Name:</font></p>    </td>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.12%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>    </td>   </tr>
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<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.88%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ABA/Routing No.:</font></p>    </td>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.12%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.88%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Account Name:</font></p>    </td>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.12%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Agency Medium Term Finance</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Account No.:</font></p>    </td>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.12%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.88%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attention:</font></p>    </td>
<td width="74%" valign="top" style="padding:0in 0in 0in 0in;width:74.12%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Global Loans/Agency</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Administrative Agent&#146;s Questionnaire</b>&#148;: with respect to each Lender, an administrative questionnaire in a form supplied by the Administrative Agent and submitted to the Administrative Agent duly completed by such Lender.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b><font style="font-weight:bold;">Administrative Agent&#146;s </font>Responsible Officer</b>&#148;: any officer within the department of the Administrative Agent administering this matter, including any vice president, assistant vice president, senior associate, assistant secretary, assistant treasurer, trust officer or any other officer of the Administrative Agent who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any such matter is referred because of such person&#146;s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Affiliate</b>&#148;:&#160; with respect to any specified Person, any other Person that Controls, or is Controlled by or is under direct or indirect common Control with, such specified Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>AFIP</b>&#148;:&#160; the <i>Administraci&#243;n Federal de Ingresos P&#250;blicos</i> of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">1</font><a name="PB_1_040942_2897"></a></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Agency</b>&#148;: as to a state, any agency, authority, central bank, department, government, legislature, minister, ministry, official or public or statutory Person (whether autonomous or not) of, or of the government of, such state.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:78.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Agreement</b>&#148;:&#160; has the meaning set forth in the Offer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Anti-Money Laundering Laws</b>&#148;:&#160; </font><font size="3" color="#2f2f2f" style="color:#2F2F2F;font-size:12.0pt;">any Requirement of Law related to money laundering or financing terrorism including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act </font><font size="3" style="font-size:12.0pt;">(the &#147;<b>USA Patriot Act</b>&#148;) </font><font size="3" color="#2f2f2f" style="color:#2F2F2F;font-size:12.0pt;">of 2001 (Title III of Pub. L. 107-56) and The Currency and Foreign Transactions Reporting Act (also known as the </font><font size="3" style="font-size:12.0pt;">&#147;</font><b><font size="3" color="#2f2f2f" style="color:#2F2F2F;font-size:12.0pt;font-weight:bold;">Bank Secrecy Act</font></b><font size="3" style="font-size:12.0pt;">&#148;</font><font size="3" color="#2f2f2f" style="color:#2F2F2F;font-size:12.0pt;">, 31 U.S.C. &#167;&#167; 5311-5330 and 12 U.S.C. &#167;&#167; 1818(s), 1820(b)&nbsp;and 1951-1959) and Argentina&#146;s Anti-Money Laundering Law No.&nbsp;25,246, as amended, and applicable Resolutions issued by the Argentine Financial Information Unit (<i>Unidad de Informaci&#243;n Financiera</i>) (including but not limited to, Resolutions Nos. 229/2011, as amended, 4/2017, 30/2017 and 21/2018).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Applicable Law</b>&#148;: any applicable statute, treaty, law, regulation, ordinance, rule, judgment, code, rule&nbsp;of common law, order (including consent order), decree, approval (including any Governmental Approval), concession, grant, franchise, license, agreement, directive, guideline, policy, requirement or other governmental restriction or any similar form of decision of, or determination by (or any interpretation or administration of any of the foregoing by) any Governmental Authority, in each case whether in effect as of the date hereof or hereafter.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Applicable Margin</b>&#148;: with respect to the Loans, the rate per annum by reference to the following table:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Period</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Applicable Margin (per cent. per annum)</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For the period from and including the Borrowing Date to and excluding   the date that is one (1)&nbsp;year after the Borrowing Date:</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:4.0pt 4.0pt 4.0pt 4.0pt;width:44.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.50</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For the period from and including the date that is one (1) year after   the Borrowing Date to and excluding the date that is two (2)&nbsp;years after   the Borrowing Date:</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:4.0pt 4.0pt 4.0pt 4.0pt;width:44.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.00</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For the period from and including the date that is two (2) years   after the Borrowing Date to the Maturity Date:</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.25</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentina</b>&#148;: the Republic of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentine Bankruptcy Law</b>&#148; means the Argentine Bankruptcy law No.&nbsp;24,522, as amended, supplemented or otherwise modified from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentine Income Tax Act</b>&#148;: the <i>Ley de Impuesto a las Ganancias</i>, ordered text by Law No.&nbsp;20,628, as amended and supplemented from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Assets</b>&#148;: as to any Person at any time, any asset appearing on the statement of financial position of such Person.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Assignee</b>&#148;: has the meaning set forth in <u>Section&nbsp;9.6(c)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Assignment and Acceptance</b>&#148;:</font><font size="3" style="font-size:12.0pt;">&#160; an assignment and acceptance entered into by a Lender and an Assignee (with the consent of any party whose consent is required by <u>Section&nbsp;9.6(c)</u>), and acknowledged by the Administrative Agent, substantially in the form of <u>Exhibit&nbsp;A</u> or any other form approved by the Administrative Agent (at the direction of the Majority Lenders).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Availability Period</b>&#148;: the period from and including the Closing Date to and including the date that is five (5)&nbsp;Business Days after the Closing Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Authorized Representative</b>&#148; means any natural person who is duly authorized by the Borrower, to act on its behalf for the purposes specified in, and whose name and a specimen of whose signature appear on, the </font><font size="3" style="font-size:12.0pt;">c</font><font size="3" style="font-size:12.0pt;">ertificate of </font><font size="3" style="font-size:12.0pt;">i</font><font size="3" style="font-size:12.0pt;">ncumbency and </font><font size="3" style="font-size:12.0pt;">a</font><font size="3" style="font-size:12.0pt;">uthority most recently delivered by </font><font size="3" style="font-size:12.0pt;">the Borrower </font><font size="3" style="font-size:12.0pt;">to </font><font size="3" style="font-size:12.0pt;">the Administrative Agent.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bail-In Action</b>&#148;: the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bail-In Legislation</b>&#148;: with respect to any EEA Member Country implementing Article&nbsp;55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Basel III</b>&#148;:&#160; (a)&nbsp;</font><font size="3" style="font-size:12.0pt;">the agreements on capital requirements, a leverage ratio and liquidity standards contained in &#147;Basel III: A global regulatory framework for more resilient banks and banking systems&#148;, &#147;Basel III: International framework for liquidity risk measurement, standards and monitoring&#148; and &#147;Guidance for national authorities operating the countercyclical capital buffer&#148; published by the Basel Committee on Banking Supervision in December&nbsp;2010, each as amended, supplemented or restated; (b)&nbsp;the rules&nbsp;for global systemically important banks contained in &#147;Global systemically important banks: assessment methodology and the additional loss absorbency requirement &#150; Rules&nbsp;text&#148; published by the Basel Committee on Banking Supervision in November&nbsp;2011, as amended, supplemented or restated; and (c)&nbsp;any further guidance or standards published by the Basel Committee on Banking Supervision relating to &#147;Basel III&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bankruptcy&nbsp;Code</b>&#148; means Title&nbsp;11 of the United States Code entitled &#147;Bankruptcy,&#148; as now and hereafter in effect, or any successor statute.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Beneficial Ownership Certification</b>&#148;: means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Beneficial Ownership Regulation</b>&#148;: means 31 C.F.R. &#167; 1010.230.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bridge Facility</b>&#148;: means the existing term loan facility of the Borrower provided pursuant to that Offer Telecom No.1/2018 from the Borrower dated as of February&nbsp;2, 2018 to enter into a certain credit agreement and accepted on the same date by Citibank, N.A., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., as lenders, Citigroup Global Markets Inc., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., as joint bookrunners and lead arrangers, Citibank, N.A., as administrative agent, and the branch of Citibank, N.A. established in the Republic of Argentina as onshore custody agent, as amended, amended and restated, supplemented or otherwise modified from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Benefited Lender</font></b><font size="3" style="font-size:12.0pt;">&#148;: has the meaning set forth in <u>Section&nbsp;9.7(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Blocking Law</b>&#148;: means:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any provision of Council Regulation (EC) No 2271/1996 of 22 November&nbsp;1996 (or any law or regulation implementing such Regulation in any member state of the European Union or the United Kingdom);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">section 7 of the German Foreign Trade Regulation (<i>Au&#223;enwirtschaftsverordnun</i>g); or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any similar blocking or anti-boycott law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&#147;Borrower&#148;</font></b><font size="3" style="font-size:12.0pt;">: has the meaning set forth in the Offer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Borrowing</b>&#148;: the borrowing of a Loan on a Borrowing Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Borrowing Date</b>&#148;: the Business Day specified in a Notice of Borrowing delivered by the Borrower requesting a Borrowing pursuant to <u>Section&nbsp;2.3</u> as the date on which the Borrower requests that the Lenders make the Loans requested as part of such Borrowing; <i>provided</i> that (a)&nbsp;all of the conditions precedent set forth in <u>Section&nbsp;3.1</u> shall have been satisfied or waived on or prior to the Borrowing Date and (b)&nbsp;the Borrowing Date shall occur during the Availability Period.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Business Day</b>&#148;:</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">a day other than a Saturday or a Sunday on which (i)&nbsp;commercial banks are open in New York City, Buenos Aires, Mexico City, Dubai and Madrid, and (ii)&nbsp;solely for purposes of determining the LIBO Rate, which is also a day where Dollar deposits may be dealt in on the London interbank market; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">solely for purposes of providing a Notice of Borrowing to the Administrative Agent pursuant to <u>Section&nbsp;2.3</u>, a day other than a Saturday or a Sunday on which commercial banks are open in New York City, Mexico City, Dubai and Madrid.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Cablevision</b>&#148;:&#160; Cablevisi&#243;n S.A.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Calculation Period</b>&#148; means, for any calculation, a period of four consecutive quarters most recently ended prior to the event requiring the calculation for which financial statements should have been made public or otherwise made available to the Administrative Agent pursuant to this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Capital Lease Obligations</b>&#148;: of any Person means obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required under IFRS to be classified and accounted for as capital leases on a balance sheet of such Person; provided that any amounts due under operating leases that are required to be recognized on the statement of financial position of such Person shall be excluded. The amount of such obligations will be the capitalized amount thereof determined in accordance with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Cash Equivalents</b>&#148; means:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)&nbsp;Dollars, Euro, Pesos, the other official currencies of any member of the European Union or money in other currencies received or acquired in the ordinary course of business;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)&nbsp;U.S. Government Obligations or certificates representing an ownership interest in U.S. Government Obligations, or securities issued directly and fully guaranteed or insured by any member of the European Union, or any agency or instrumentality thereof (provided, that the full faith and credit of such member is pledged in support of those securities or other sovereign debt obligations (other than those of Argentina) rated &#147;A&#148; or higher or such similar equivalent or higher rating by at least one nationally recognized statistical rating organization;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(3)&nbsp;Argentine government obligations (including those of the Central Bank) or certificates representing an ownership interest in Argentine government obligations (including those of the Central Bank) acquired in the ordinary course of business or which obligations can be applied in payment of taxes or other obligations under Argentine law;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(4)&nbsp;(i)&nbsp;demand deposits; (ii)&nbsp;time deposits and certificates of deposit with maturities of three months or less from the date of acquisition; (iii)&nbsp;bankers&#180; acceptance with maturities not exceeding three months from the date of acquisition; and (iv)&nbsp;overnight bank deposits, in each case with any bank or trust company organized or licensed under the laws of Argentina or any state thereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(5)&nbsp;(i)&nbsp;demand deposits; (ii)&nbsp;time deposits and certificates of deposit with maturities of three months or less from the date of acquisition; (iii)&nbsp;bankers&#180; acceptance with maturities not exceeding three months from the date of acquisition; and (iv)&nbsp;overnight bank deposits, in each case with any bank or trust company organized or licensed under the laws of the United States of America or any state thereof or under the laws of any member state of the European Union, in each case whose short-term debt is rated &#147;A-2&#148; or higher or such similar equivalent or higher rating by at least one nationally recognized statistical rating organization;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(6)&nbsp;repurchase obligations with a term of not more than 7 days for underlying securities of the type described in clauses (2)&nbsp;and (4)&nbsp;above entered into with any financial institution meeting the qualifications specified in clause (4)&nbsp;above;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(7)&nbsp;commercial paper rated &#147;A-2&#148; or higher rating by at least one nationally recognized statistical rating organization and maturing within three months after the date of acquisition; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(8)&nbsp;money market funds and mutual funds investing substantially all of their assets in investments of the type described in clauses (2)&nbsp;to (7)&nbsp;above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:78.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Central Bank</b>&#148;: Banco Central de la Rep&#250;blica de Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Change of Control</b>&#148;: the failure of the Borrower to be Controlled by one or more of the Permitted Holders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Check</b>&#148; has the meaning provided in <u>Section&nbsp;2.16</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Check Account</b>&#148; means account No.&nbsp;00000158600 opened in Banco Santander Rio S.A., in the name of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Chief Financial Officer</b>&#148;: of any Person means such Person&#146;s chief financial officer or such other natural Person who is principally responsible for such Person&#146;s financial matters.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Closing Date</b>&#148;: the Business Day on which the Administrative Agent shall have received this </font><font size="3" style="font-size:12.0pt;">Agreement</font><font size="3" style="font-size:12.0pt;"> duly </font><font size="3" style="font-size:12.0pt;">executed</font><font size="3" style="font-size:12.0pt;"> and delivered by each Lender, the Administrative Agent and the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Code</b>&#148;: the United States Internal Revenue Code of 1986, as amended.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Commitment</b>&#148;: (i)&nbsp;as to any Lender, the obligation of such Lender to make a Loan to the Borrower hereunder in a principal amount equal to the amount set forth opposite such Lender&#146;s name in the applicable column of </font><u><font size="3" style="font-size:12.0pt;">Schedule 2.1(a)</font></u><font size="3" style="font-size:12.0pt;">&nbsp;and (ii)&nbsp;as to any Increased Lender, such Lender&#146;s Increased Commitment</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Connection Income Taxes</b>&#148; means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Consent</b>&#148;: an approval, authorization, consent, exemption, filing, license, order, permission, recording or registration (and references to obtaining Consents shall be construed accordingly).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Consolidated</b>&#148;: the consolidation of the financial statements of the Borrower and its Subsidiaries in accordance with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Consolidated Net Tangible Assets</b>&#148;: means, at any time, the total of all assets appearing on a consolidated balance sheet of the Borrower and its Subsidiaries, net of all applicable reserves and deductions, but excluding goodwill, trade names, trademarks, patents, unamortized</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">debt discount and all other like intangible assets, less the aggregate of the current liabilities of the Borrower and its Subsidiaries appearing on such balance sheet as determined in accordance with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Contractual Obligation</b>&#148; means, as applied to any Person, any provision of any security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Control</b>&#148; or &#147;<b>Controlled</b>&#148;: with respect to any Person, the power (whether directly or indirectly and whether through the ownership of Voting Shares of such Person, by contract or otherwise) to appoint and/or remove all or a majority of the members of the board of directors or other governing body of such Person and to direct or cause the direction of the management of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>CRD IV</b>&#148;:&#160; (a)&nbsp;Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June&nbsp;2013 on prudential requirements for credit institutions and investment firms; and (b)&nbsp;Directive 2013/36/EU of the European Parliament and of the Council of 26 June&nbsp;2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Currency Event</b>&#148;:</font><font size="3" style="font-size:12.0pt;"> means the value of the Peso shall have declined at least 15% against the Dollar measured with respect to the Exchange Rate in effect from the date the most recent Check was delivered pursuant to the provisions of Section&nbsp;2.16 hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Debtor Relief Laws</b>&#148; means the Bankruptcy Code, the Argentine Bankruptcy Law and all other liquidation, conservatorship, bankruptcy, <i>concurso</i>, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, restructuring, winding-up or composition or readjustment of debts or similar debtor relief Laws of the United States, Argentina or any other applicable jurisdictions from time to time in effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Derivatives Obligations</b>&#148; of any Person:&#160; all obligations of such Person in respect of any Hedge Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Designated Jurisdiction</b>&#148;: any country or territory to the extent that such country or territory is itself the subject of any Sanction (as of the date hereof, the Crimea region, Cuba,&nbsp;Iran, North Korea and Syria.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Directive</b>&#148;:&#160; any present or future directive, regulation, requirement or rule&nbsp;of any Agency of any relevant state or self-regulating organization (but, if not having the force of law, only if compliance with the Directive is in accordance with the general practice of the Person to whom the Directive is intended to apply).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Dollars</b>&#148; and &#147;<b>$</b>&#148;:&#160; refer to lawful money of the United States of America.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EBITDA</b>&#148; means, for any Calculation Period, the operating profit/loss of the Borrower for such period, plus, without duplication and to the extent deducted to determine such operating loss/profit, the sum of (a)&nbsp;amortization of intangible assets of the Borrower for such period</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and (b)&nbsp;depreciation of fixed assets of the Borrower for such period, each determined on a Consolidated basis;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EEA Financial Institution</b>&#148;: (a)&nbsp;any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a parent of an institution described in clause (a)&nbsp;of this definition, or (c)&nbsp;any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a)&nbsp;or (b)&nbsp;of this definition and is subject to consolidated supervision with its parent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EEA Member Country</b>&#148;: any of the member states of the European Union,&nbsp;Iceland, Liechtenstein, and Norway.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EEA Resolution Authority</b>&#148;: any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Electronic Means</b>&#148;: S.W.I.F.T., e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Administrative Agent, or another method or system specified by the Administrative Agent as available for use in connection with its services hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Eligible Assignee</b>&#148; means any Person other than a natural person that is (i)&nbsp;a Lender or an Affiliate of any Lender or a Related Fund (any two or more Related Funds being treated as a single Eligible Assignee for all purposes hereof), (ii)&nbsp;a commercial bank, insurance company, investment or mutual fund or other entity that is an &#147;accredited investor&#148; (as defined in Regulation D under the Securities Act) and which extends credit or buys loans in the ordinary course of business, or (iii)&nbsp;an Affiliate of the Borrower; provided that none of (a)&nbsp;any defaulting Lender or (b)&nbsp;the Borrower shall be an Eligible Assignee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EU Bail-In Legislation Schedule</b>&#148;:&#160; the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Event of Default</b>&#148;:&#160; any of the events specified in <u>ARTICLE&nbsp;VI</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Exchange Rate</font></b><font size="3" style="font-size:12.0pt;">&#148; means, for any day, the exchange rate for Pesos to Dollars published under the Central Bank&#146;s Communication &#147;A&#148; 3500 for such day or, if on such day such rates are not quoted, at the last day on which such rates were offered preceding such day.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Excluded Taxes</b>&#148; means any of the following Taxes imposed on or with respect to the Administrative Agent or a Lender or required to be withheld or deducted from a payment to the Administrative Agent or a Lender: (a)&nbsp;Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i)&nbsp;imposed as a result of the Administrative Agent or such Lender being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii)&nbsp;that are Other Connection Taxes,</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)&nbsp;Taxes attributable to the Administrative Agent or such Lender&#146;s failure to comply with Section&nbsp;2.12(f)&nbsp;or Section&nbsp;2.12(g), (c)&nbsp;any withholding Taxes imposed under FATCA</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Executive Order</b>&#148;:&#160; U.S. Executive Order No.&nbsp;13224 of September&nbsp;23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>FATCA</b>&#148;</font><font size="3" style="font-size:12.0pt;"> means</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Sections 1471 through 1474 of the Code (or any amended or successor version) and any current or future regulations or official interpretations thereof,;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a)&nbsp;above; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">any </font><font size="3" style="font-size:12.0pt;">agreement, </font><font size="3" style="font-size:12.0pt;">fiscal or regulatory legislation, rules&nbsp;or practices adopted </font><font size="3" style="font-size:12.0pt;">pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a)&nbsp;or (b)&nbsp;above with the U.S. Internal Revenue Service, the government of the United States or any governmental or taxation authority in any other jurisdiction</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>FCPA</b>&#148;:&#160; the </font><font size="3" style="font-size:12.0pt;">Foreign Corrupt Practices Act of 1977, and the rules&nbsp;and regulations thereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Federal Funds Rate</b>&#148;: for any period, a fluctuating interest rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the U.S. Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Fee Letters</b>&#148;: (a)&nbsp;that certain offer of Fee Letter delivered by the Borrower to the Joint Bookrunners and Lead Arrangers and accepted pursuant to the acceptance letter in respect thereof delivered by the Joint Bookrunners and Lead Arrangers to the Borrower, each dated as of the date hereof, and (b)&nbsp;that certain offer of Fee Letter delivered by the Borrower to the Administrative Agent and accepted pursuant to the acceptance letter in respect thereof delivered by the Administrative Agent to the Borrower, each dated as of the date hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Financial Crime</b>&#148;:&#160; means money laundering, terrorist financing, bribery, <i>cohecho</i>, corruption, tax evasion, fraud, evasion of economic or trade sanctions, and/or violations, or attempts to circumvent or violate any Anti-Money Laundering Laws or Applicable Laws relating to these matters.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Financial Debt</b>&#148;: means as to any Person:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)&nbsp;any indebtedness of such Person for or in respect of borrowed money;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)&nbsp;the outstanding principal amount of any bonds, debentures, notes, loan stock, commercial paper, acceptance credits, bills or promissory notes drawn, accepted, endorsed or issued by such Person, except indebtedness in respect of any bid, performance, surety bond, <i>cauci&#243;n</i> or <i>fianza</i> in the ordinary course of business for the account of any Person;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)&nbsp;any indebtedness of such Person for or in respect of the deferred purchase price of assets or services (except trade accounts incurred and payable in the ordinary course of business to trade creditors of such Person within one hundred and eighty (180) days of the date they are incurred and which are not overdue);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)&nbsp;non-contingent obligations of such Person to reimburse any other Person for amounts payable by that Person under a letter of credit or similar instrument (excluding any letter of credit or similar instrument issued for the account of such Person with respect to trade accounts incurred and payable in the ordinary course of business to trade creditors of such Person within three hundred and sixty five (365) days of the date they are incurred and which are not overdue);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)&nbsp;the amount of any obligation of such Person in respect of any Capital Lease Obligation;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vi)&nbsp;amounts raised by such Person under any other transaction having the financial effect of a borrowing and which would be classified as a borrowing (and not as an off-balance sheet financing) under IFRS;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vii)&nbsp;the amount of the obligations of such Person under Hedge </font><font size="3" style="font-size:12.0pt;">Agreements</font><font size="3" style="font-size:12.0pt;">  </font><font size="3" style="font-size:12.0pt;">entered into in connection with the protection against or benefit from fluctuation in any rate or price (but only the net amount owing by such Person after marking the relevant </font><font size="3" style="font-size:12.0pt;">Hedge Agreements</font><font size="3" style="font-size:12.0pt;"> to market);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(viii)&nbsp;all indebtedness of the types described in the foregoing items secured by a </font><font size="3" style="font-size:12.0pt;">Security</font><font size="3" style="font-size:12.0pt;"> on any property owned by such Person, whether or not such indebtedness has been assumed by such Person;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(</font><font size="3" style="font-size:12.0pt;">i</font><font size="3" style="font-size:12.0pt;">x)&nbsp;any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, any liability of such Person under any sale and leaseback transactions that do not create a liability on the balance sheet of such Person, any obligation under a &#147;synthetic lease&#148; or any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(x)&nbsp;the amount of any obligation in respect of any </font><font size="3" style="font-size:12.0pt;">Guarantee</font><font size="3" style="font-size:12.0pt;"> or indemnity incurred by such Person for any of the foregoing items incurred by any other Person; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(xi)&nbsp;any premium payable by such Person on a mandatory redemption or replacement of any of the foregoing items</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Financial Year</font></b><font size="3" style="font-size:12.0pt;">&#148;: means with respect to the Borrower and each of its Subsidiaries, the accounting year commencing each year on January&nbsp;1st and ending on the following December</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">31st, or such other period as such Person, with the Administrative Agent&#146;s consent, from time to time designates as its accounting year.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Foreign Bank</b>&#148; means a Lender that makes and maintains its Loan through a Lending Office located outside Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Foreign Exchange Regulations</b>&#148;: any foreign exchange regulation issued by the Argentine Congress, the Executive Branch of the Argentine government, the Argentine Ministry of Treasury, the Argentine Ministry of Finances, the Central Bank or any other applicable Argentine Governmental Authority related to payments in foreign currency, the dealings in foreign exchange and the import and export of currency, currency control and/or foreign indebtedness and, in each case, applicable to the Loan Documents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Governmental Approval</b>&#148;: any action, order, authorization, consent, approval, license, lease, ruling, permit, tariff, rate, certification, exemption, filing, or registration from, by or with any Governmental Authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Governmental Authority</b>&#148;: any branch of power (whether executive, legislative or judicial) of any state, nation, government, supranational entity (e.g., the European Union), any provincial or other political subdivision thereof and any agency, authority, court, regulatory body, self-regulating entity or other entity exercising executive, legislative, judicial, monetary, regulatory or administrative functions of or pertaining to government, including any central bank.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Group</b>&#148;:&#160; at any particular time, the Borrower and all its Consolidated Subsidiaries (and &#147;<b>member of the Group</b>&#148; shall be construed accordingly).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Guarantee</b>&#148;:&#160; a guarantee and any other obligation (whatever called), direct or indirect, contingent or otherwise, of any Person to pay, purchase, provide funds (whether by the advance of money, the purchase of or subscription for shares or other securities, the purchase of Assets or services, or otherwise) for the payment of, indemnify against the consequences of default in the payment of, or otherwise be responsible for, any Indebtedness of any other Person (and &#147;guaranteed&#148; and &#147;guarantor&#148; shall be construed accordingly); <i>provided</i> that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Hedge Agreement</b>&#148;:&#160; any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, futures or any other similar transaction (including any option with respect to any of the foregoing transactions) or any combination of the foregoing transactions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Increased Lender</b>&#148;: shall have the meaning given to that term in Section&nbsp;2.17 hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Increased Commitment</b>&#148;: shall have the meaning given to that term in Section&nbsp;2.17 hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Increased Loan</b>&#148;: shall have the meaning given to that term in Section&nbsp;2.17 hereof.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>IFRS</b>&#148;:&#160; the International Financial Reporting Standards in effect from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Indebtedness</b>&#148; of any Person:&#160; (a)&nbsp;all indebtedness of such Person for or in connection with money borrowed or for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), (b)&nbsp;all obligations of such Person evidenced by bonds (other than insurance, surety, appeal or performance bonds), debentures, notes or other similar instruments, (c)&nbsp;all Capital Lease Obligations of such Person, (d)&nbsp;all Derivatives Obligations of such Person to the extent required to be reflected on the statement of financial position of such Person (the amount of which at any time shall be deemed to be equal to the net termination value, if any, that would be owing by such Person at such time upon close-out or termination at such time, giving effect to enforceable netting arrangements with respect thereto), (e)&nbsp;all Guarantees of such Person in respect of all indebtedness of the type described in clauses (a)&nbsp;trough (d)&nbsp;above (which amount of Indebtedness for purpose of this clause shall be deemed to be equal to the lesser of (x)&nbsp;the aggregate unpaid amount of the Indebtedness so secured and (y)&nbsp;the stated maximum amount (if any) of such Guarantee) and (f)&nbsp;all indebtedness of other Persons referred to in clause (a)&nbsp;or clause (b)&nbsp;above secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any Security on Assets of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Indemnified Liabilities</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.5</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Indemnified Taxes</b>&#148; means (a)&nbsp;Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b)&nbsp;to the extent not otherwise described in&nbsp;(a), Other Taxes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Instructions</b>&#148;:&#160; has the meaning set forth in </font><u><font size="3" style="font-size:12.0pt;">Section&nbsp;9.2</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Interest Coverage Ratio</b>&#148;: means, for the relevant Calculation Period, the ratio obtained by dividing:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)&nbsp;the aggregate EBITDA of the Borrower during such Calculation Period;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">by:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)&nbsp;the aggregate Net Interest of the Borrower for such Calculation Period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Interest Period</b>&#148;:&#160; with respect to the initial Loan, the period commencing on the Borrowing Date and with respect to any Increased Loan on the borrowing date set in accordance with the provisions of Section&nbsp;2.18 of this Agreement and ending, in the case of the initial Loan, three months thereafter, and, in the case of any Increased Loan, on the following interest payment date of any Loan then outstanding, and thereafter, each period commencing on the last day of the preceding Interest Period and ending three months thereafter; <i>provided </i>that, in each case, the foregoing provision relating to Interest Periods is subject to the following:&#160; (a)&nbsp;any Interest Period that would otherwise extend beyond the Maturity Date shall end on the Maturity Date; (b)&nbsp;if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such Business Day falls into another calendar month, in </font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">which case such Interest Period shall end on the next preceding Business Day, and such extension or reduction of time shall in such cases be included in the computation of payment of interest; and (c)&nbsp;if any Interest Period commences on the last day in a calendar month, such Interest Period shall end on the last Business Day in the month that is three months, as the case may be, after the month in which such Interest Period commences.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Investment</b>&#148;: with respect to any Person, any direct or indirect advance, loan (other than advances to customers or suppliers in the ordinary course of business that are recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of the applicable lender) or other extension of credit (including by way of guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of capital stock,&nbsp;Indebtedness or other similar instruments issued by, such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Joinder Agreement</b>&#148; shall mean a joinder agreement substantially in the form of <u>Exhibit&nbsp;G</u> hereto.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Joint Bookrunners and Lead Arrangers</b>&#148;:&#160; Citibank, N.A., </font><font size="3" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</font><font size="3" style="font-size:12.0pt;">,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Lender</b>&#148;:&#160; means (a)&nbsp;each of the Persons that shall hold Loans in the aggregate principal amounts set forth opposite such Person&#146;s name in the applicable column of <u>Schedule 2.1(a)</u>, including any Person that shall have purchased a Loan and become a party hereto pursuant to an Assignment and Acceptance, other than any Lender or any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance and (b)&nbsp;any Increased Lender.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Lending Office</b>&#148;:&#160; with respect to any Lender, the office or affiliate or subsidiary of such Lender designated as such in such Lender&#146;s Administrative Agent Questionnaire or such other office or affiliate or subsidiary as to which such Lender may from time to time notify, in writing, the Administrative Agent and the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>LIBO Rate</b>&#148;:&#160; with respect to each day during each Interest Period pertaining to a Loan, the rate of interest per annum equal to the London Interbank Offered Rate administered by the ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) displayed on pages&nbsp;&#147;LIBOR01&#148; or &#147;LIBOR02&#148; of the Bloomberg screen (or any replacement Bloomberg page&nbsp;which displays that rate) or on the appropriate page&nbsp;of such other information service which publishes that rate from time to time in place of Bloomberg (in each case, the &#147;<b>Screen Rate</b>&#148;), for deposits in dollars at approximately 11:00 a.m.&nbsp;(London time) two (2)&nbsp;Business Days prior to the first day of such Interest Period with a term equivalent to such Interest Period; <i>provided</i> that if the Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.&#160; If, for any reason, the LIBO Rate cannot be determined as described above on the second Business Day prior to the first day of such Interest Period, the London Interbank Offered Rate for such Interest Period shall be the rate determined by the Reference Banks (provided that the Administrative Agent shall maintain as confidential the individual rate provided to the Administrative Agent by each such Reference Bank) to be the average offered quotation rate by major banks in the London interbank market for dollar deposits for such Interest Period so long as </font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">such quotation rates are available to the Reference Banks for two or more such banks, in each case as of 11:00 a.m.&nbsp;(London time) two (2)&nbsp;Business Days prior to the first day of such Interest Period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Loan</b>&#148;:&#160; means, (a)&nbsp;the loans made by the Lenders to the Borrower under <u>ARTICLE&nbsp;II </u>and <u>(</u>b) any Increased Loan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Loan Documents</b>&#148;:&#160; this Agreement, the Checks and the Fee Letters.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Majority Lenders</b>&#148;:&#160; at any time, Lenders having Commitments representing at least 51% of the aggregate Commitments hereunder or Lenders holdings at least 51% of the then aggregate unpaid principal amount of the Loans owing to the Lenders hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Material Adverse Effect</b>&#148;:&#160; a material adverse effect on (a)&nbsp;the business, condition (financial or otherwise), operations, properties or prospects of the Borrower and its Subsidiaries, taken as a whole, (b)&nbsp;the Borrower&#146;s ability to perform its obligations under this Agreement or any other Loan Document or (c)&nbsp;the rights and remedies of the Lenders or the Administrative Agent under this Agreement or any other Loan Document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Maturity Date</b>&#148;:&#160; the date that is forty-eight (48) months after the date of the Closing Date; provided that, if such date is not a Business Day, the Maturity Date shall be the immediately succeeding Business Day unless such Business Day falls into another calendar month, in which case the Maturity Date shall be the immediately preceding Business Day.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Mergers</b>&#148;:&#160; the Telecom Internal Merger and the Telecom/CV Merger.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Net Available Proceeds</b>&#148;:&#160; with respect to any Qualified Transaction, the gross proceeds from such Qualified Transaction, net of (i)&nbsp;underwriting discounts and commissions, (ii)&nbsp;provisions for taxes as a result of such Qualified Transaction (if any), and (iii)&nbsp;other costs and expenses associated therewith, including legal and accountants&#146; fees and expenses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Net Debt to EBITDA Ratio</font></b><font size="3" style="font-size:12.0pt;">&#148;</font><font size="3" style="font-size:12.0pt;">  </font><font size="3" style="font-size:12.0pt;">means, for the relevant Calculation Period, the ratio obtained by dividing:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)&nbsp;the Financial Debt of the Borrower at the time of the calculation less the Borrower&#146;s cash and Cash Equivalents </font><font size="3" style="font-size:12.0pt;">(valued, with respect to instruments falling within clause (3)&nbsp;of such definition, at their mark-to-market value) </font><font size="3" style="font-size:12.0pt;">at such time,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">by:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)&nbsp;the aggregate EBITDA of the Borrower for the </font><font size="3" style="font-size:12.0pt;">relevant Calculation Period</font><font size="3" style="font-size:12.0pt;"> most recently ended prior to the relevant date of calculation;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Net Interest</b>&#148;: means, for any Calculation Period, any interest accrued by the Borrower in connection with liabilities of the Borrower minus any interest received from assets belonging to the Borrower, in each case determined in accordance with IFRS and on a Consolidated basis.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Non-Recourse Pledges</font></b><font size="3" style="font-size:12.0pt;">&#148;:</font><font size="3" style="font-size:12.0pt;"> means pledges of shares of an entity, which entity primarily engages in </font><font size="3" style="font-size:12.0pt;">a </font><font size="3" style="font-size:12.0pt;">business ancillary to the business of the Borrower and which entity&#146;s capital stock is owned by the Borrower in accordance with all applicable provisions of this Agreement, which pledges are without further recourse to the Borrower to guarantee debt incurred by such entity and are not otherwise guaranteed by the Borrower</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Notice of Borrowing</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;2.3</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>OFAC</b>&#148;:&#160; the Office of Foreign Assets Control of the United States Department of the Treasury.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>OFAC List</b>&#148;:&#160; means any list of Restricted Parties issued by Executive Order or any similar list issued by OFAC including, without limitation, the Specially Designated Nationals and blocked persons list maintained by OFAC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Onshore Custody Agent</b>&#148;: means the branch of Citibank, N.A. established in the Republic of Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Original Currency</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.19</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Other Connection Taxes</b>&#148; means, with respect to the Administrative Agent or a Lender, Taxes imposed as a result of a</font><font size="3" style="font-size:12.0pt;"> present or former connection between the Administrative Agent or such Lender and the jurisdiction imposing such Tax (other than connections arising from an Administrative Agent or such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan Document).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Other Currency</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.19</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Other Taxes</font></b><font size="3" style="font-size:12.0pt;">&#148;:&#160; all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an Assignment and Acceptance (other than an assignment made pursuant to <u>Section&nbsp;2.14</u>).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Participants</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.6(b)</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Permitted Holders</b>&#148;:&#160; (a)&nbsp;Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc., Fintech Telecom LLC and any of their respective successors and Affiliates, any limited partnership of which any of them or their successors or Affiliates is the general partner and any investment fund controlled or managed by any of them or their successors or Affiliates, and (b)&nbsp;any of (i)&nbsp;Hector Horacio Magnetto, Jos&#233; Antonio Aranda, Lucio Rafael Pagliaro, (ii)&nbsp;the heirs of each of Ernestina Laura Herrera de Noble, H&#233;ctor Horacio Magnetto, Jos&#233; Antonio Aranda, Lucio Rafael Pagliaro, (iii)&nbsp;any </font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Privileged Relatives of any of the individuals set forth in subclauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition, (iv)&nbsp;any trust the beneficiaries of which are any of the individuals set forth in subclauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition and/or any Privileged Relatives of any of such noted individuals, and (v)&nbsp;any Person (other than an individual) directly or indirectly majority owned and controlled by one or more individuals set forth in subclauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition and/or any Privileged Relatives of any Permitted Holder or any one or more trustees of any trust set forth in clause (b)(iv)&nbsp;of this definition acting in such capacity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Person</b>&#148;:&#160; any individual, company, corporation, firm, partnership, limited liability company, joint venture, association, organization, trust, state or Agency of a state (in such case, whether or not having separate legal personality).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Pesos</b>&#148;:&#160; the lawful currency of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Potential Event of Default</b>&#148;:&#160; any event or circumstance that, if it continued after the giving of any notice, the expiry of any grace period and/or (as the case may be) the making of any determination by the Majority Lenders, would become an Event of Default.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Prepayment Event</b>&#148;:&#160; means any of the events described in <u>Section&nbsp;2.6.</u></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Principal Subsidiary</b>&#148;:&#160; each Subsidiary that is a &#147;significant subsidiary&#148; as such term is defined in Regulation&nbsp;S-X of the U.S. Securities and Exchange Commission.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Privileged Relative</b>&#148; means, in relation to an individual, his or her spouse and any relative of such individual with a common ancestor up to the fourth degree (including adopted children who have been adopted during their minority and step-children who have acquired that relationship with such individual or with any such relative during their minority) and any spouse of any such relative.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Process Agent</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.12(c)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">&#147;</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Pro Forma Basis</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">&#148;</font></b><font size="3" style="font-size:12.0pt;">:</font><font size="3" style="font-size:12.0pt;"> means, in connection with any calculation of compliance with any financial covenant or financial term, the calculation thereof after giving effect on a pro forma basis to (x)&nbsp;the incurrence of any Financial Debt</font><font size="3" style="font-size:12.0pt;"> and</font><font size="3" style="font-size:12.0pt;"> (y)&nbsp;the permanent repayment of any Financial Debt after the first day of the relevant Calculation Period, and (z)&nbsp;</font><font size="3" style="font-size:12.0pt;">the making of a Restricted Payment </font><font size="3" style="font-size:12.0pt;">any other transaction subject to pro forma financial covenant compliance hereunder consummated during the relevant Calculation Period, with the following rules&nbsp;to apply in connection therewith:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)&nbsp;all Financial Debt (x)&nbsp;incurred or issued after the first day of the relevant Calculation Period shall be deemed to have been incurred or issued (and the proceeds thereof applied) on the first day of such Calculation Period and remain outstanding through the date of determination and (y)&nbsp;permanently retired or redeemed after the first day of the relevant Calculation Period shall be deemed to have been retired or redeemed on the first day of such Calculation Period and remain retired through the date of determination;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">16</font><a name="PB_16_034110_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)&nbsp;all Financial Debt assumed to be outstanding pursuant to preceding clause (i)&nbsp;shall be deemed to have borne interest at (x)&nbsp;in the case of fixed rate Financial Debt, the rate applicable thereto, or (y)&nbsp;in the case of floating rate Financial Debt,</font><font size="3" style="font-size:12.0pt;"> the rates which would have been applicable thereto during the respective period when the same was deemed outstanding;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)&nbsp;in making any determination of EBITDA on a Pro Forma Basis, pro forma effect shall be given to any transaction subject to pro forma financial covenant compliance hereunder if effected during the respective Calculation Period as if the same had occurred on the first day of the respective Calculation Period; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)&nbsp;such calculation shall exclude all cash derived from the incurrence or projected incurrence of new Financial Debt (other than an amount of such cash equal to the instalments of Financial Debt coming due within 6 months of such incurrence which are intended to be repaid with the proceeds of such incurrence of Financial Debt).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Qualified Transaction</b>&#148;:&#160; any (i)&nbsp;bilateral or syndicated bank financing in excess of $100,000,000, or (ii)&nbsp;underwritten offering or private placement of any debt securities of the Borrower with a tenor of at least three (3)&nbsp;years, provided that any offering or private placement of any Peso denominated debt securities of the Borrower governed by Argentine law with a tenor of at least three (3)&nbsp;years shall be considered a &#145;Qualified Transaction&#146; for purposes of this Agreement only if the aggregate amount of such offering or placements exceeds the equivalent of $100,000,000.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Qualifying Bank</b>&#148;:&#160; a bank that is entitled to the reduced rate of withholding tax set forth in Section&nbsp;93(c)(1)&nbsp;of the Argentine Income Tax Act (which currently is 15.05%), as certified by the applicable assigning Lender pursuant to an assignment in accordance with <u>Section&nbsp;9.6(c)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Reference Banks</b>&#148;: two or more of the four major banks in the London interbank market reasonably selected as such by the Administrative Agent (as directed by the Majority Lenders).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Refinancing</b>&#148;: means with respect to any Indebtedness, the refinancing, renewal, extension, replacement, defeasance or refunding thereof; provided, that (a)&nbsp;any such Refinancing is in an aggregate principal amount not greater than the aggregate principal amount of the Indebtedness being renewed or refinanced, and (b)&nbsp;such Refinancing has a later or equal final maturity and longer or equal weighted average life than the Indebtedness being renewed or refinanced.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Register</b>&#148;: has the meaning set forth in <u>Section&nbsp;9.6(d)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Related Fund</b>&#148;: means with respect to any Lender that is an investment fund, any other investment fund that invest in commercial loans and that is managed by such Lender or by an Affiliate of such Lender.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Repayment Date</b>&#148;: has the meaning set forth in <u>Section&nbsp;2.1(c)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Requirement of Law</b>&#148;:&#160; as to any Person, the organizational or governing documents of such Person, and any law, treaty, rule&nbsp;or regulation or Directive or determination of an arbitrator </font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">17</font><a name="PB_17_034139_3020"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">or a court or other Agency, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Restricted Party</b>&#148;:&#160; means, a Person that is (a)&nbsp;designated on any Sanctions List, directly or by operation of law, or (b)&nbsp;to the knowledge of the Borrower, otherwise a Person with whom dealings are restricted or prohibited by any Sanctions, including by reason of any direct or indirect relationship of ownership or control with a person described in (a).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Sanction</b>&#148;:&#160; any international economic sanction administered or enforced by any of the Sanctions Authorities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Sanctions Authority</b>&#148;:&#160; means </font><font size="3" style="font-size:12.0pt;">(i)&nbsp;the United States of America, (ii)&nbsp;the United Nations, (iii)&nbsp;the European Union, (iv)&nbsp;the United Kingdom and the member states of the European Union, (v)&nbsp;Mexico, and (vi)&nbsp;the respective Governmental Authorities of any of the foregoing, including without limitation, OFAC, the United States of America Department of State and the British Treasury</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Sanctions List</b>&#148;:&#160; means the OFAC List, and any similar list maintained by, or public announcement of Sanctions designation made by any Sanction Authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>SEC</b>&#148;:&#160; the Securities and Exchange Commission.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Security</b>&#148;:&#160; any mortgage, pledge, lien, hypothecation, security interest or other charge or encumbrance (and &#147;secured&#148; shall be construed accordingly).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Securities Act</b>&#148;: means the Securities Act of 1933, as amended from time to time, and any successor statute.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Solvent</b>&#148;:&#160; </font><font size="3" style="font-size:12.0pt;">with respect to any Person on a particular date, means that (a)&nbsp;the fair value of the Assets of such Person and its Subsidiaries on a consolidated basis is greater than the total amount of liabilities (including contingent liabilities) of such Person and its Subsidiaries on a consolidated basis, (b)&nbsp;the present fair saleable value of the Assets of such Person and its Subsidiaries on a consolidated basis is not less than the amount that will be required to pay the probable liability of such Person and its Subsidiaries on their respective debts as determined on a consolidated basis as they become absolute and matured, (c)&nbsp;such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person&#146;s ability to pay as such debts and liabilities mature and (d)&nbsp;such Person is not engaged in a business and is not about to engage in a business for which such Person&#146;s Assets would constitute an unreasonably small capital.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Subsidiary</b>&#148;:&#160; with respect to a Person at any particular time, any Person that is then directly or indirectly Controlled, or more than 50% of the Voting Shares of such Person is then beneficially owned, by such first Person and/or one or more of such first Person&#146;s Subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Taxes</b>&#148;: means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding and value-added tax), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">18</font><a name="PB_18_034154_7748"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Telecom Internal Merger</b>&#148;:&#160; the merger process between the Borrower, Sofora Telecomunicaciones S.A., Nortel Inversora S.A. and Telecom Personal, and any step or action thereunder or related thereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Telecom/CV Merger</b>&#148;: the merger process between the Borrower and Cablevisi&#243;n, and any step or action thereunder or related thereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Transferee</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.6(f)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">U.S. Government Obligations</font></b><font size="3" style="font-size:12.0pt;">&#148;:</font><font size="3" style="font-size:12.0pt;"> means (i)&nbsp;direct obligations issued by the United States of America and (ii)&nbsp;obligations fully guaranteed by the full faith and credit of the United States of America or any agency thereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>USA Patriot Act</b>&#148;:&#160; has the meaning set forth in the definition of Anti-Money Laundering Laws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Voting Shares</b>&#148;:&#160; at any time, as to any Person, the outstanding securities of such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Winding-up</b>&#148;:&#160; as to a Person, any involuntary case or proceeding under any Debtor Relief Laws against such Person seeking the assignment for the benefit of creditors, bankruptcy, winding-up, dissolution, liquidation, reorganization, receivership or conservatorship, or any other similar procedure under such Debtor Relief Laws (and &#147;<b>Wind-up</b>&#148; shall be construed accordingly).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Write-Down and Conversion Powers</b>&#148;: with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;1.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Other Definitional Provisions</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the applicable other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">As used herein and in the applicable other Loan Documents and any certificate or other document made or delivered pursuant hereto or thereto, accounting terms relating to the Borrower and its Subsidiaries not defined in <u>Section&nbsp;1.1</u> and accounting terms partly defined in <u>Section&nbsp;1.1</u>, to the extent not defined in <u>Section&nbsp;1.1</u>, shall have the respective meanings given to them under <font color="black" style="color:black;">IFRS</font>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The words &#147;hereof&#148;, &#147;herein&#148; and &#147;hereunder&#148; and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section, Schedule and Exhibit&nbsp;references are to this Agreement unless otherwise specified.&#160; The words &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by (depending on the context) the phrase &#147;but not limited to&#148; or &#147;without limitation&#148;.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">19</font><a name="PB_19_034205_141"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Unless the context requires otherwise (i)&nbsp;any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii)&nbsp;any reference herein to any person shall be construed to include such person&#146;s successors and permitted assigns, and (iii)&nbsp; any reference to any law or regulation herein shall refer to such law or regulation as amended, modified or supplemented from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;1.3</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Accounting Terms</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data required to be submitted pursuant to this Agreement shall be prepared in conformity with,&nbsp;IFRS applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in <u>Section&nbsp;5.1</u>, except as otherwise specifically prescribed herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If at any time any change in IFRS would affect the computation of any requirement set forth in any Loan Document, and either that the Borrower or the Lenders shall so request, the Borrower and the Majority Lenders shall negotiate in good faith to amend such requirement to preserve the original intent thereof in light of such change in IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;II</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">AMOUNT AND TERMS OF LOANS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Amount and Terms of Loans</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Subject to and upon the terms and conditions set forth herein, each Lender severally agrees to make the Loans to the Borrower in Dollars in a principal amount up to the amount of such Lender&#146;s Commitment with respect to a Loan as set forth opposite such Lender&#146;s name in the applicable column of <u>Schedule 2.1(a)</u>&nbsp;and, as to all Lenders, up to $500,000,000 in the aggregate (<font color="black" style="color:black;">which may be increased, subject to the terms and conditions set forth in Section&nbsp;2.17)</font>.&#160; Amounts of any Loan that are repaid or prepaid may not be reborrowed.&#160; During the Availability Period and without prejudice to Section&nbsp;2.17, the Borrower shall be entitled to only one (1)&nbsp;Borrowing hereunder.&#160; The Lenders&#146; Commitments shall terminate immediately and without further action upon the earlier of (i)&nbsp;the occurrence of the last Borrowing Date and (ii)&nbsp;the expiration of the Availability Period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">On and as of the Borrowing Date, after giving effect to the making of the Loans on such Borrowing Date, each Lender shall hold a Loan in an equivalent principal amount and in all cases not more than the aggregate principal amount up to the aggregate principal amount set forth opposite such Lender&#146;s name in the applicable column of <u>Schedule 2.1(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">20</font><a name="PB_20_034217_7608"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Unless the Administrative Agent shall have received written notice from a Lender prior to a Borrowing Date that such Lender will not make available to the Administrative Agent the amount of such Lender&#146;s Commitment with respect to the Loans, the Administrative Agent may assume that such Lender has made the amount of its Commitment with respect to the Loans available to the Administrative Agent on such Borrowing Date in accordance with <u>Section&nbsp;2.1(a)</u>&nbsp;and on such date the Administrative Agent may (but shall be under no obligation to), in reliance upon such assumption, make available to the Borrower an amount that corresponds to such Lender&#146;s Loan.&#160; If and to the extent that such Lender shall not have made the amount of its Commitment with respect to the Loans available to the Administrative Agent, such Lender agrees to pay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from such Borrowing Date until the date such amount is repaid to the Administrative Agent (the&nbsp;&#147;<b>Repayment Date</b>&#148;), at the Federal Funds Rate (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be).&#160; If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender&#146;s Loan for purposes of this Agreement.&#160; If such Lender does not make such corresponding amount available to the Administrative Agent within four (4)&nbsp;Business Days of such Borrowing Date, the Administrative Agent shall be entitled to receive from the Borrower all amounts corresponding to such Lender&#146;s Loan that such Lender did not repay to the Administrative Agent together with interest thereon, for each day from such Borrowing Date until the Repayment Date, at the interest rate applicable at the time to such Loan.&#160; Nothing in this <u>Section&nbsp;2.1(c)</u>&nbsp;shall be deemed to relieve any Lender of its obligation to make a Loan under this Agreement or prejudice any rights which the Borrower may have against any Lender as a result of any failure by such Lender to make a Loan under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Lenders shall be under no obligation to make available any loan or extend credit in any other form to the Borrower, except as expressly contemplated herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Repayment of Loans; Evidence of Debt</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower agrees to repay to the Administrative Agent for the account of each Lender the full principal amount of the Loan (which, for the avoidance of doubt, includes any Increased Loan) of such Lender in twelve (12) consecutive equal quarterly payments of 5.88% of the principal amount of the Loans outstanding on the first anniversary of the Closing Date, commencing on such date, and a payment of 29.44% of the principal amount of the Loans outstanding on such date, on the Maturity Date. The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the Borrowing Date until payment in full thereof at the rates per annum, and on the dates, set forth in <u>Section&nbsp;2.7</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from the Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Unless the Administrative Agent shall have received written notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has </font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">21</font><a name="PB_21_034740_7450"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">made such payment in full to the Administrative Agent on such date and the Administrative Agent may (but shall be under no obligation to), in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due to such Lender.&#160; If and to the extent the Borrower shall not have made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender, together with interest thereon for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the Federal Funds Rate (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Subject to <u>Section&nbsp;2.5</u> and <u>Section&nbsp;2.6</u>, all amounts owed hereunder with respect to the Loans shall be paid in full no later than the Maturity Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.3</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Procedure for the Borrowing Date</font></u><font size="3" style="font-size:12.0pt;">.&#160; </font><font size="3" style="font-size:12.0pt;">When the Borrower desires the Lenders to make the Loans to it pursuant to Section&nbsp;2.1(a), the Borrower shall provide the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 2:00&nbsp;p.m.&nbsp;(New York City time) three (3) Business Days prior to the Borrowing Date specifying the amount of Loans to be borrowed (which shall be equal to or less than the aggregate amount of the Commitments with respect to the Loans), the Borrowing Date (which shall be a Business Day and, in addition, a business day on which commercial banks are opened in Beijing), substantially in the form of Exhibit&nbsp;B hereto (the &#147;<b>Notice of Borrowing</b>&#148;).&#160; On the Business Day that the Notice of Borrowing is provided by the Borrower, the Administrative Agent shall promptly notify each Lender thereof.&#160; Each Lender will make the amount of its pro rata share of the Commitments available to the Administrative Agent by wire transfer of immediately available funds by 10:00&nbsp;a.m.&nbsp;(New York City time) on the Borrowing Date, to the Administrative Agent&#146;s Account.&#160; The proceeds of such Commitments will then be made available to the Borrower by the Administrative Agent on the Borrowing Date by wire transfer, in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower, subject to the conditions set forth in <u>ARTICLE&nbsp;III</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.4</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Fees</font></u><font size="3" style="font-size:12.0pt;">.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Borrower shall pay to the Administrative Agent for the account of the other Persons entitled thereto the relevant fees separately agreed to with the Borrower in writing pursuant to the Fee Letters.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.5</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Optional Prepayments</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower may, from time to time, prepay the Loans, in whole or in part, without premium or penalty, but without prejudice to <u>Section&nbsp;2.13</u>, upon at least three (3)&nbsp;Business Days&#146; written notice to the Administrative Agent, specifying the date and amount of prepayment, provided that a notice of prepayment delivered by Borrower may state that such notice is conditioned upon the effectiveness of another credit facility or the closing of a securities offering (other than a Qualified Transaction, which shall be subject to <u>Section&nbsp;2.6(a)</u>, in which case such written notice may be revoked by Borrower (by written notice to the Administrative Agent on or prior to the specified prepayment date) if such condition is not satisfied.&#160; Upon receipt of any such notice, the Administrative Agent shall promptly notify each Lender thereof.&#160; If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the </font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">22</font><a name="PB_22_034823_8146"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">amount prepaid.&#160; Partial prepayments shall be in a minimum aggregate principal amount equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.6</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Mandatory Prepayments</font></u><i><font size="3" style="font-size:12.0pt;font-style:italic;">.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Qualified Transaction.</font></i><font size="3" style="font-size:12.0pt;">&#160; Beginning on the date there are no outstanding amounts under the Bridge Facility, no later than one Business Day following the receipt by the Borrower of any Net Available Proceeds from any Qualified Transaction, the Borrower shall prepay the Loans, all unpaid accrued interest thereon and any other sum then payable under this Agreement and any other Loan Document in an amount equal to 100% of such Net Available Proceeds, provided that the first $100,000,000 of Net Available Proceeds of Qualified Transactions to the Borrower after disbursement of the Loans to the Borrower hereunder shall not be subject to the mandatory prepayment obligation under this <u>Section&nbsp;2.6(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Change of Control.&#160; </font></i><font size="3" style="font-size:12.0pt;">Upon the occurrence of a Change of Control, the Borrower shall notify the Administrative Agent in writing as soon as possible before, and in any event promptly upon, the occurrence of such an event.&#160; Upon receipt of notice of a Change of Control, the Administrative Agent shall promptly provide a copy of such notice to the Lenders. Each Lender shall promptly notify the Administrative Agent in writing if it intends to cancel its Commitment, and upon receipt of notice from any Lender that it intends to cancel its Commitments, the Administrative Agent shall by not less than five (5)&nbsp;Business Days prior notice to the Borrower, require the Borrower to prepay such Lender&#146;s Loan, together with all unpaid accrued interest thereon and any other sum then payable under this Agreement and any other Loan Document in relation to such Lender&#146;s Loan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If the Borrower is required to make a prepayment of Loans in accordance with <u>Section&nbsp;2.6(a)</u>, it shall give the Administrative Agent written notice of the occurrence of any event described in <u>Section&nbsp;2.6(a)</u>, as applicable, not later than&nbsp;11:00 a.m.&nbsp;(New York City time) no later than three (3)&nbsp;Business Days prior to the date of expected receipt of the Net Available Proceeds.&#160; Each such notice shall specify the date and the amount that is subject to prepayment.&#160; The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and, if applicable of the amount of Net Available Proceeds.&#160; The prepayments required in clauses <u>(a)</u>&nbsp;and (b)&nbsp;of this <u>Section&nbsp;2.6</u> shall be due and payable on the date set forth in each such clause.&#160; Each prepayment shall be accompanied by all accrued interest on the amount prepaid and any amounts owing under <u>Section&nbsp;2.13</u>, if any.&#160; Any amounts prepaid pursuant to this <u>Section&nbsp;2.6(a)</u>&nbsp;and (b)&nbsp;may not be reborrowed.&#160; Each prepayment of the outstanding Loans pursuant to <u>Section&nbsp;2.6(a)</u>&nbsp;shall be paid to the Lenders in accordance with their respective <i>pro rata</i> share of the Commitments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.7</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Interest Rates and Payment Dates</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower agrees to pay interest on the unpaid principal amount of the Loans as follows.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Loans shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the LIBO Rate determined for such Interest Period plus </font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">23</font><a name="PB_23_034848_7091"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the Applicable Margin, computed on the basis of a 360-day year, and paid for the actual number of days elapsed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If all or a portion of (i)&nbsp;the principal amount of any Loan, (ii)&nbsp;any interest payable thereon or (iii)&nbsp;any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the LIBO Rate for the Interest Period in effect (or most-recently in effect, as the case may be) for such Loan <u>plus</u> the Applicable Margin <u>plus</u> 2.0% per annum, in each case from the date of such non-payment until such amount is paid in full (after as well as before judgment).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Interest on each Loan shall be payable in arrears on the last day of each Interest Period with respect thereto; <i>provided </i>that interest accruing on overdue amounts shall be payable from time to time on demand.&#160; The Administrative Agent shall as soon as practicable prior to the end of the then effective Interest Period notify the Borrower and the Lenders of each determination of a LIBO Rate for each Interest Period.&#160; Each determination of an interest rate by the Administrative Agent made in accordance with this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error.&#160; Interest for each Interest Period shall accrue from and including the first day of such Interest Period to but excluding the last day of such Interest Period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.8</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Change in Conditions</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If in relation to any Interest Period:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">for any reason, the LIBO Rate cannot be determined as described in the definition of LIBO Rate; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent is notified by the Majority Lenders that they are unable to obtain matching deposits in the London Interbank Market at or about 11:00&nbsp;a.m.&nbsp;on the rate fixing day for that Interest Period in sufficient amounts to fund their respective shares of the Loans during that Interest Period, then</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Upon the occurrence of circumstances set forth in Section&nbsp;2.8(a)&nbsp;above, the Administrative Agent shall promptly notify the Borrower and the Lenders, and the following provisions shall apply:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">if any Loan was to have been made at the beginning of such Interest Period, it shall not be made unless and until an alternative basis for calculating interest has been agreed upon pursuant to this <u>Section&nbsp;2.8(b)</u>;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">if any Loan was to be maintained during such Interest Period, the interest rate for such Interest Period shall be calculated using the alternative basis agreed upon pursuant to this <u>Section&nbsp;2.8(b)</u>;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Lenders shall then negotiate in good faith with the Borrower with a view to agreeing upon an alternative basis for calculating the interest payable on and/or for maintaining and/or funding the Loans in that Interest Period, and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">24</font><a name="PB_24_034906_455"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(1)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any alternative basis agreed in writing by the Majority Lenders and the Borrower (with written notice to the Administrative Agent) within thirty (30) days of the Administrative Agent&#146;s notification to the Borrower and the Lenders of the event in question shall take effect in accordance with its terms; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(2)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">if an alternative basis is not so agreed, then the unpaid principal amount of the Loans shall become due and payable on the date that is five (5)&nbsp;Business Days following the last day of such thirty (30) day period together with all interest thereon and all other amounts payable hereunder;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iv)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">each Lender&#146;s Loan (provided that the Lenders treat the Borrower the same as all borrowers in similar circumstances under comparable provisions of other credit facilities) shall, during that Interest Period, bear interest at the rate per annum equal to the sum of (1)&nbsp;the Applicable Margin and (2)&nbsp;the cost to it (expressed as a percentage rate per annum) of funding its Loan during that Interest Period by whatever means it determines in good faith to be appropriate; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(v)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">each Lender shall certify such cost to the Borrower no later than one Business Day after the end of that thirty (30) day period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that the supervisor for the administrator of the LIBO Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section&nbsp;9.1, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5)&nbsp;Business Days of the date a copy of the amendment is provided to the Lenders, a written notice from the Lenders stating that such Lenders object to such amendment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.9</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Pro Rata Treatment and Payments</font></u><font size="3" style="font-size:12.0pt;">.</font><font size="3" style="font-size:12.0pt;">&#160; Except as otherwise provided in <u>Section&nbsp;2.14(b)</u>, each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans shall be allocated pro rata according to the respective outstanding principal amounts of the Loans then held by the Lenders.&#160; All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest or otherwise, shall be made without setoff or counterclaim and shall be made prior to 2:00&nbsp;p.m.&nbsp;(New York City time) on the due date therefor to the Administrative Agent by wire transfer in immediately available funds, for the account of the Lenders, to the Administrative Agent&#146;s Account.&#160; The Administrative Agent shall distribute the applicable portion of such payment to the Lenders promptly upon receipt in like funds as received.&#160; If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day </font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">25</font><a name="PB_25_034951_4141"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(unless, in the case of any payment of principal of or interest on the Loan, the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day), and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Illegality</font></u><font size="3" style="font-size:12.0pt;">.&#160; If at any time any Lender determines in good faith that, as a result of the adoption of, or any change in, any Requirement of Law occurring after the date of this Agreement, it has become unlawful for it to make, fund or allow to remain outstanding all or part of its Loan, then such Lender shall promptly give written notice to Borrower and Administrative Agent of such determination (which notice Administrative Agent shall promptly transmit to each other Lender).&#160; If the Administrative Agent receives a notice from any Lender pursuant to the preceding sentence, the commitment of such Lender hereunder to make or continue such Loan shall forthwith be cancelled and the Borrower shall prepay such Loan on the last day of the then current Interest Period or on such earlier date (if any) as such Lender shall certify to be necessary to comply with the relevant Requirement of Law with accrued interest thereon and any other sum then due to such Lender under <u>Section&nbsp;2.13</u> or any other provision of this Agreement (unless actions taken pursuant to <u>Section&nbsp;2.14</u> shall make such prepayment unnecessary).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.11</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Increased Costs</font></u><font size="3" style="font-size:12.0pt;">.&#160; If the Administrative Agent or any Lender determines in good faith that, as a result of (i)&nbsp;the introduction or implementation of, any change in, or any change in the interpretation or application of or compliance with, any Requirement of Law occurring after the date of this Agreement (and, for purposes of this Agreement, (x)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection therewith and (y)&nbsp;all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. or non-U.S. regulatory authorities, in each case pursuant to Basel&nbsp;III or CRD IV, or any law or norm implementing, applying or interpreting Basel III or CRD IV, are deemed to have gone into effect and been adopted after the date of this Agreement) or (ii)&nbsp;compliance by it with any future Directive:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">there is imposed, modified or deemed applicable any reserve (including any mandatory deposits to be made with the Central Bank in connection with the Loan Documents, and any costs associated with any other requirements of the Central Bank), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender; and/or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any Lender becomes subject to any Taxes (other than (A)&nbsp;Indemnified Taxes, (B)&nbsp;Taxes described in clauses (b)&nbsp;through (d)&nbsp;of the definition of Excluded Taxes and (C)&nbsp;Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; and/or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">there is imposed on any Lender or the London interbank Eurodollar market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or participation therein;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and the result of any of the foregoing shall be to increase the cost to such Lender or such other recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to reduce the amount of any sum received or receivable by such </font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Lender or other recipient hereunder (whether of principal, interest or any other amount),</font><i><font size="3" style="font-size:12.0pt;font-style:italic;"> then</font></i><font size="3" style="font-size:12.0pt;"> the Borrower shall, within forty-five (45) days after demand therefor and receipt of the certificate provided for in this <u>Section&nbsp;2.11</u>, indemnify the Administrative Agent or such Lender against such cost, reduction, payment or forgone interest or other amount and, accordingly, shall pay to the Administrative Agent or such Lender the amount certified by it to be necessary so to indemnify it, such certificate to set out in reasonable detail the basis for the determination of such amount, unless actions taken pursuant to <u>Section&nbsp;2.14</u> shall make such payment unnecessary; <i>provided</i>,<i> however</i>, that the Borrower shall not be required to pay any amount with respect to any such cost, reduction, payment or forgone interest or other amount to the extent the Administrative Agent or such Lender has not provided notice and the certificate provided for in this <u>Section&nbsp;2.11</u> to the Borrower within ninety (90) days after the date that the Administrative Agent or such Lender becomes aware of the occurrence of such event or circumstance giving rise to such amount.&#160; If the Administrative Agent or any Lender becomes entitled to claim any additional amounts pursuant to this <u>Section&nbsp;2.11</u>, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled; <i>provided</i> that the failure by the Administrative Agent or such Lender to provide such notice to the Borrower shall not affect the Administrative Agent or such Lender&#146;s entitlement to claim such additional amounts, but only to the extent that such Lender timely delivers to the Borrower the certificate provided for in this <u>Section&nbsp;2.11</u>.&#160; A certificate as to any additional amounts payable pursuant to this <u>Section&nbsp;2.11</u> showing calculations of such amounts in reasonable detail submitted by the Administrative Agent or such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error.&#160; The covenants in this <u>Section&nbsp;2.11</u> shall survive the termination of this Agreement and all other amounts payable hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notwithstanding the foregoing, no Lender shall demand compensation for any increased costs or reduction pursuant to this <u>Section&nbsp;2.11</u> in connection with the introduction of, any change in, or any change in the interpretation or application of, any Requirement of Law related to (x)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection therewith or (y)&nbsp;all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. or non-U.S. regulatory authorities, in each case pursuant to Basel III, unless such Lender certifies to the Borrower that it is demanding compensation for increased costs or reduction in connection with the introduction of, the same change in, or the same change in the interpretation or application of, such Requirement of Law from other borrowers under provisions of other credit agreements which permit such Lender to demand such compensation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.12</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Taxes</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Any and all payments by the Borrower hereunder shall be made, in accordance with <u>Section&nbsp;2.9</u>, free and clear of and without deduction for any Tax (except to the extent required by law).&#160; If the Borrower or the Administrative Agent shall be required by law to withhold any amount in account for, and/or to deduct, any Taxes from or in respect of any sum payable hereunder, (i)&nbsp;<font color="black" style="color:black;">if and to the extent such Tax is an Indemnified Tax, </font>the sum payable shall be increased by the Borrower as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this <u>Section&nbsp;2.12</u>) </font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">such Lender or the Administrative Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii)&nbsp;the Borrower shall make such deductions and (iii)&nbsp;the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with Applicable Law; <i><font color="black" style="color:black;font-style:italic;">provided, however, </font></i><font color="black" style="color:black;">that the Borrower shall not be obligated to pay to any Lender </font>or the Administrative Agent (as the case may be) <font color="black" style="color:black;">any additional amount for or on account of any Tax required to be deducted or withheld on behalf of any Lender or the Administrative Agent to the extent it exceeds the amount of any deduction, withholding or payment that would apply to such Lender if it were a foreign bank, provided that the relevant Lender is a bank or financial institution under supervision of the central bank or similar governmental authority incorporated in a country (a)&nbsp;not considered as a low or no tax jurisdiction according to the Argentine Income Tax Law, or (b)&nbsp;that has a tax information exchange agreement in effect with Argentina and, that according to that country&#146;s internal law, bank secrecy or other kind of secrecy cannot be claimed as a privilege to bar the exchange of tax information as per Section&nbsp;93 paragraph (c)&nbsp;of the Argentine Income Tax Law, even if such Lender&#146;s assignor was entitled to receive payments under the Loan Documents subject to a lower rate of withholding or deduction</font>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In addition, the Borrower shall <font color="black" style="color:black;">timely pay all Other Taxes to the relevant Governmental Authorities in accordance with Applicable Law. The Borrower shall, if requested by the Administrative Agent, deliver to the Administrative Agent official receipts or other evidence of such payment reasonably satisfactory to the Administrative Agent in respect of any Other Taxes payable hereunder promptly after payment of such Other Taxes</font>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Borrower shall indemnify each Lender and the Administrative Agent for and hold each of them harmless against the full amount of Indemnified Taxes and Other Taxes that the Borrower is required to pay pursuant to this <u>Section&nbsp;2.12</u> imposed on or paid by such Lender or the Administrative Agent (as the case may be) and any reasonable expenses arising therefrom or with respect thereto.&#160; This indemnification shall be made within thirty (30) days from the date such Lender or the Administrative Agent (as the case may be) makes written demand therefor.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each Lender shall severally indemnify the Administrative Agent, upon demand therefor, against (i)&nbsp;any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), and (ii)&nbsp;any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.&#160; A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.&#160; Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document or otherwise payable by the Administrative Agent to any Lender from any other source against any amount due to the Administrative Agent under this paragraph (d).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Within forty-five (45) days after the date of any payment of Indemnified Taxes or Other Taxes, the Borrower shall furnish to the Administrative Agent, at its address referred to in</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.2</font></u><font size="3" style="font-size:12.0pt;">, the original or a certified copy of a receipt evidencing such payment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Each Lender shall upon written request by the Borrower or the Administrative Agent provide the Borrower and the Administrative Agent, on a timely basis, with two copies of any form, document or other certification, appropriately completed, necessary for such Lender to be exempt from, or entitled to a reduced rate of, Taxes on payments pursuant to this Agreement; <i>provided</i> that no Lender shall have any obligation to provide such form, document or other certification if, in the reasonable judgment of such Lender, the provision of such form, document or other certification would contravene any Applicable Law or would require such Lender to disclose any confidential information or would impose a material regulatory burden or material cost on such Lender that is not reimbursed by the Borrower.&#160; To the extent that any such form, document or certification becomes obsolete, a Lender shall upon written request by the Borrower or the Administrative Agent (subject to the proviso above) provide an updated or successor form, document or certification to the Borrower and the Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If any payment made to a Lender hereunder would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b)&nbsp;or 1472(b)&nbsp;of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i)&nbsp;of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender&#146;s obligations under FATCA or to determine the amount to deduct and withhold from such payment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notwithstanding anything herein to the contrary, the Borrower hereby agrees that the Administrative Agent shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with FATCA for which the Administrative Agent shall not have liability.&#160; The Borrower agrees to indemnify and hold harmless the Administrative Agent for any losses it may suffer due to actions it takes to comply with FATCA.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each party&#146;s obligations under this <u>Section&nbsp;2.12</u> shall survive the termination of this Agreement and the resignation or removal of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.13</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Breakage Indemnity</font></u><i><font size="3" style="font-size:12.0pt;font-style:italic;">.&#160; </font></i><font size="3" style="font-size:12.0pt;">Within five (5)&nbsp;Business Days after the written request of any Lender (with a copy to the Administrative Agent) from time to time, setting forth in reasonable detail the basis for calculating such compensation, the Borrower shall indemnify each Lender and hold each Lender harmless from any loss or expense in connection with the liquidation or re-employment of such funds (including reasonable and documented administrative expenses, but excluding loss of margin over the LIBO Rate for the remainder of the relevant Interest Period or other loss of anticipated profits) that such Lender may sustain or incur as a consequence of (a)&nbsp;the Borrower&#146;s failure to borrow hereunder for any reason (other than a default by any Lender) on the </font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">date specified in the Notice of Borrowing delivered pursuant to <u>Section&nbsp;2.3</u>, (b)&nbsp;default by the Borrower in making any prepayment after the Borrower has given notice thereof in accordance with this Agreement, (c)&nbsp;the making of a prepayment of any Loan on a day that is not the last day of an Interest Period, (d)&nbsp;default by the Borrower in payment when due of the principal of or interest on any Loan or (e)&nbsp;the failure of a condition precedent referred to in <u>ARTICLE&nbsp;III</u> to be satisfied or waived after the Borrower has given the Notice of Borrowing pursuant to <u>Section&nbsp;2.3</u>.&#160; This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.14</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Mitigation; Prepayment</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If any circumstances arise which result, or would on the giving of notice (or the like) result, in the Borrower having to make a payment to or for the account of the Administrative Agent or any Lender under <u>Section&nbsp;2.10</u>, <u>Section&nbsp;2.11</u> or <u>Section&nbsp;2.12</u> (excluding Other Taxes), then without in any way limiting, reducing or otherwise qualifying any of the obligations of the Borrower under <u>Section&nbsp;2.10</u>, <u>Section&nbsp;2.11</u> and <u>Section&nbsp;2.12</u>:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">as promptly as practicable after an officer of the Administrative Agent or an officer of such Lender with responsibility for its participation in this Agreement becomes aware of the relevant circumstances and their results, such Lender shall notify the Borrower and the Administrative Agent; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in consultation with the Borrower and the Administrative Agent, such Lender shall take such steps as it determines are reasonably available to it and are acceptable to the Borrower and the Administrative Agent to mitigate the effect of those circumstances (such as changing its Lending Office, and/or assigning some or all of its rights or obligations under this Agreement at par to another Person acceptable to the Borrower and the Administrative Agent and willing to take that assignment), if such Lender can do so without material cost or expense to such Lender;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided </font></i><font size="3" style="font-size:12.0pt;">that no Lender shall be obliged to take any such steps that in its sole opinion, arrived at in good faith, would or might have an adverse effect on that Lender.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If (i)&nbsp;the Borrower becomes obliged to pay any Taxes for the account of any Lender under <u>Section&nbsp;2.12</u> (excluding Other Taxes) or any amount under <u>Section&nbsp;2.11</u> and (ii)&nbsp;the Borrower gives to such Lender not less than fourteen (14) days&#146; notice of the date of prepayment, the Borrower may prepay all (but not part only) of such Lender&#146;s Loan without premium or penalty at any time.&#160; Any such prepayment must be accompanied by accrued interest on such Loan and by any other sum then due to such Lender under <u>Section&nbsp;2.13</u> or any other provision of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Notwithstanding any other provision of this <u>Section&nbsp;2.14</u>, no Lender shall demand compensation for any increased or other cost or reduction pursuant to this <u>Section&nbsp;2.14</u> if it shall not at the time be the general policy or practice </font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" color="black" style="color:black;font-size:12.0pt;">30</font><a name="PB_30_035525_8715"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">of such Lender to demand such compensation in similar circumstances under comparable provisions of other credit facilities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.15</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Currency Indemnity; Indemnity Separate</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Dollar is the sole currency of account and payment for all sums payable by the Borrower under or in connection with this Agreement, including damages for any breach of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower fully understands that the transactions (a)&nbsp;described in this Agreement are part of a cross-border financing and any disbursements made by any Lender will be made in Dollars and, therefore, it is of the essence of this Agreement and the Loan Documents that any and all payments made by the Borrower (or any other entity on its behalf) hereunder or thereunder is made exclusively in Dollars. Thus, the Borrower hereby expressly, unconditionally and irrevocably waives any right (including without limitation any right under Section&nbsp;765 of the Argentine Civil and Commercial Code (if applicable)) it may have in any jurisdiction to pay any amount under the Loan Documents in a currency other than Dollars.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower irrevocably and unconditionally waives the right to invoke any defense in relation to its obligations of paying any amounts due under the Loan Documents, including without limitation, defenses of impossibility, impracticability or frustration of purpose set forth in Section&nbsp;1091 of the Argentine Civil and Commercial Code, force majeure or act of God set forth in Sections 955, 1031, 1032 or 1730 of the Argentine Civil and Commercial Code, impossibility to comply with the obligations set forth in Section&nbsp;1732 of the Argentine Civil and Commercial Code, or &#147;<i>onerosidad sobreviniente</i>&#148;, &#147;<i>lesion enorme</i>&#148; or &#147;<i>abuso del derecho</i>&#148; set forth in Section&nbsp;10 of the Argentine Civil and Commercial Code.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Any amount received or recovered in a currency other than Dollars (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the Winding-up of the Borrower or otherwise) by the Administrative Agent or any Lender in respect of any sum expressed to be due to it from the Borrower under this Agreement shall constitute a discharge to the Borrower only to the extent of the Dollar amount that the recipient is able, in accordance with its usual practice, to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so).&#160; If that Dollar amount is less than the Dollar amount expressed to be due to the recipient under this Agreement, the Borrower shall pay such additional amount in Dollars as may be necessary to compensate the recipient for such shortfall.&#160; In any event, the Borrower shall indemnify the recipient against the reasonable cost of making any such purchase.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If at the time when any payment by the Borrower in connection with the Agreement is due hereunder or under any other Loan Document there is any restriction or prohibition on access to the Argentine exchange market or a requirement to have prior authorization of the Central Bank or any other Governmental Authority and such authorization is not available on the date when payment is due, to the fullest extent permitted by law, the Borrower shall, at its own expense, obtain the required amount of Dollars to pay such amount due under the Loan Documents, through: (i)&nbsp;the purchase with Pesos of any Dollar-denominated public or private bond or tradable debt or equity security listed in Argentina and the subsequent transfer and sale thereof outside of Argentina for </font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dollars; (ii)&nbsp;the purchase of Dollars in any market in which Dollars may be purchased, with any legal tender; or (iii)&nbsp;any other lawful mechanism for the acquisition of Dollars in the Argentine exchange market. The Borrower shall be liable for and shall pay all taxes, costs, fees and expenses payable in connection with the transactions referred to herein for the purchase of Dollars to effect payment of any amount due and owing hereunder. Interest shall continue to accrue as specified in this Agreement on any amounts that are not paid on the due date therefor as a result of the Borrower&#146;s entering into or consummating any transaction to obtain Dollars to make any required payment hereunder or any other Loan Document and such shall continue to accrue until full payment of such amount due is made to the Administrative Agent or the Lenders, as the case may be, in accordance with this Agreement and the other Loan Documents. Notwithstanding anything to the contrary contained in this Agreement or in any obligation of the Borrower to any other Person, nothing shall be construed to relieve or otherwise affect the unconditional obligation of the Borrower to satisfy all payment and other obligations under this Agreement on or prior to the due dates thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each of the indemnities in this Agreement constitutes a separate and independent obligation from the other obligations in this Agreement, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Administrative Agent </font><font size="3" style="font-size:12.0pt;">(acting at the written direction of the Majority Lenders)<font color="black" style="color:black;"> and/or any Lender and shall continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Agreement or any other judgment or order.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.16</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Check</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower&#146;s obligation to pay the principal of, and interest on, the Loans made by any Lender shall also be evidenced by a deferred payment check for deposit (<i>cheque de pago diferido no a la orden y </i>cruzado), substantially in the form of Exhibit&nbsp;D hereto, issued in Pesos against the Check Account in accordance with Section&nbsp;54 of Law No.&nbsp;24,452, as amended and supplemented from time to time (the&nbsp;&#147;<b>Argentine Check Law</b>&#148;), and registered in accordance with Section&nbsp;55 of the Argentine Check Law (a &#147;<b>Check</b>&#148;), duly executed on the Borrowing Date in favor of the Administrative Agent and delivered to the Onshore Custody Agent, in respect of the Loans and payable in each case ninety (90) days after its issue date.&#160; The Check shall be for an amount in Pesos equal to (a)&nbsp;the aggregate outstanding principal amount on the Loans on the date of issuance of such Check and the interest amount due on the next interest payment date, converted at the Exchange Rate on the Business Day prior to its issuance, plus (b)&nbsp;15% of such principal amount to cover foreign exchange variation, and (ii)&nbsp;issued against the Check Account or any other bank mutually acceptable to Borrower and Administrative Agent (acting on the instructions of the Majority Lenders).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower shall be obliged to replace the Checks one (1)&nbsp;Business Day prior to the date each such Check becomes payable, unless instructed in writing by the Onshore Custody Agent (acting at the written direction of the Majority Lenders), that such replacement will not be required, and such replacement Check shall meet the requirements set out in Section&nbsp;2.16(a)&nbsp;above. In addition, with respect to any existing Check, upon the occurrence of any Currency Event, at the request of the Onshore Custody Agent, the Borrower shall, not later than five (5)&nbsp;Business Days following the Onshore Custody Agent&#146;s request, issue a new Check reflecting the Exchange Rate on the Business Day prior to the issuance date of such Check.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Check and each replacement of the foregoing shall be delivered by Borrower to the Onshore Custody Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160; By receipt of each Check, the Administrative Agent and the Onshore Custody Agent shall be deemed to have agreed (on behalf of the Lenders) to: (i)&nbsp;receive such Check solely as further guaranty of the Borrower&#146; obligation to pay the Loans in full when due and to hold such Check in custody for the benefit of Lenders; (ii)&nbsp;refrain from endorsing or otherwise transferring or assigning such Check, and (iii)&nbsp;deposit such Check only after the outstanding principal amount under the Loans has become immediately due and payable pursuant to <u>ARTICLE&nbsp;VI</u> hereof. The mechanism for the issuance of a Check has been structured and agreed with the Administrative Agent, the Onshore Custody Agent and the Lenders exclusively for the purpose of giving them a right to initiate legal proceedings for the collection of Pesos in Argentina through a summary executive proceeding (<i>acci&#243;n ejecutiva</i>), following a payment default on any principal on the Loans or any other amount due hereunder. In addition, the Administrative Agent, the Onshore Custody Agent and each Lender hereby represents and agrees that the fact of not having sufficient available funds to pay for the Check at the time each Check becomes payable, will not be used by the Lenders, the Administrative Agent or the Onshore Custody Agent (and the Lenders will not direct the Administrative Agent or the Onshore Custody Agent) to pursue, in a criminal court, actions arguing a ploy, scheme, deception, deceit, criminal plan or any other related concept, against the Borrower, the members of its board of Directors, or any officer of the Borrower. Furthermore, the Lenders agree to refrain from the use of criminal courts or criminal prosecutions in any jurisdiction to supplement, improve or implement their bargaining power or position under the Loans in case of a payment default on any principal on the Loans or any other amount due hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon any prepayment pursuant to <u>ARTICLE&nbsp;II</u> hereof, the Borrower shall be entitled to replace any Check held by the Onshore Custody Agent to reflect such prepayment.&#160; Any replacement Check issued pursuant to this <u>Section&nbsp;2.16(e)</u>&nbsp;shall be for an amount in Pesos equal to the aggregate outstanding principal amount of Loans made on the date of issuance of such Check, converted at the Exchange Rate on the Business Day prior to its issuance and the other amounts set out in Section&nbsp;2.16(a).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.17&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Increase in Commitments</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower shall use its best efforts to invite additional interested parties that meet the requirements to be Eligible Assignees to become Lenders pursuant to a Joinder Agreement (each interested party that agrees to become a Lender, an &#147;<b>Increased Lender</b>&#148;)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Commitments are increased (the &#147;<b>Increased Commitments</b>&#148;, and the loans provided by the Increased Lender under the Increased Commitments, the &#147;<b>Increased Loans</b>&#148;) in accordance with this Section&nbsp;2.17, the Administrative Agent, the Increased Lender and the Borrower shall determine the effective date (the &#147;<b>Increase Effective Date</b>&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.18&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Borrowing Mechanics and Terms of Increased Loans</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower may only request one borrowing each time the Commitments are increased pursuant to this <u>Section&nbsp;2.17</u>, which borrowing shall be made on the date that is five (5)&nbsp;Business Days after the relevant Increase Effective Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any amount borrowed pursuant to this <u>Section&nbsp;2.17</u> and subsequently repaid may not be reborrowed.&#160; Each Increased Lender&#146;s Increased Commitments shall terminate immediately and without further action on the date on which the Increased Loans are borrowed (after giving effect to the funding of such Increased Lender&#146;s Increased Commitment on such date).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower shall have delivered to the Administrative Agent an irrevocable notice of borrowing of the Increased Loan (substantially in the form of Exhibit&nbsp;B hereto) no later than 2:00 p.m.&nbsp;</font><font size="3" style="font-size:12.0pt;">(New York City time) <font color="black" style="color:black;">&#160;five (5)&nbsp;Business Days prior to the date the Increased Loans are proposed to be borrowed.&#160; The notice of borrowing shall be executed by an authorized officer of the Borrower and (A)&nbsp;specify the aggregate amount in Dollars of Increased Loans to be borrowed by the Borrower, which shall not exceed the aggregate amount of Increased Commitments on the Increase Effective Date, (B)&nbsp;specify the proposed borrowing date, which shall be a Business Day, (C)&nbsp;specify the account of the Borrower in which the Increased Loans are to be deposited, (D)&nbsp;specify that the first Interest Period of the Increased Loan will end on the next following interest payment date of the other Loans then outstanding and that the duration of any subsequent Interest Period will match that of the other Loans then outstanding, and (E)&nbsp;certify that, as of the date of such notice of borrowing and on the proposed borrowing date (after giving effect to the borrowing)&#160; (x)&nbsp;the representations and warranties contained in <u>ARTICLE&nbsp;IV</u> hereof are true and correct in all material respects, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date, and except that, for purposes of this <u>Section&nbsp;2.18</u> hereof, the representations and warranties contained in Sections 4.10 and 4.11 hereof shall be deemed to refer to the most recent statements furnished pursuant to clauses (b)&nbsp;and (c)&nbsp;of Section&nbsp;5.1 hereof and (y)&nbsp;no Potential Event of Default or Event of Default exists. The Administrative Agent shall promptly notify the Lenders of the content of each such notice.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160; Not later than 10:00 a.m.&nbsp;(New York City time), on the proposed borrowing date of any Increased Loan, the applicable Increased Lender shall make available the amount of Increased Loans to be made by such Increased Lender to the Administrative Agent at the Administrative Agent&#146;s Account in immediately available funds for account of the Borrower.&#160; The proceeds of such Increased Commitments will then be made available to the Borrower by the Administrative Agent on the Borrowing Date by wire transfer, in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The terms and provisions of the Increased Loans shall be identical to the Loans except that interest on such Increased Loan shall accrue only from the date the Increased Loan is actually disbursed.&#160; The Increased Loans and Increased Commitments established pursuant to this <u>Section&nbsp;2.17</u> shall constitute Loans and Commitments under, and (subject to the limitation set forth in the prior sentence) shall be entitled to all the benefits afforded by, this Agreement.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;III</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CONDITIONS PRECEDENT</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;3.1&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Conditions Precedent to the Loans and the Borrowing Date</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement shall become effective upon, and the agreement of the Lenders to make the Loans is subject to, the satisfaction of each Lender or waiver by each Lender on or prior to the Borrowing Date of the following conditions precedent:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received this Agreement, executed and delivered by a duly authorized officer of the Borrower and each Lender;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Lenders shall have received a certificate from the Borrower, dated as of the Borrowing Date, substantially in the form set out in <u>Exhibit&nbsp;C</u>, duly executed by the Chief Executive Officer, the Chief Financial Officer, the General Counsel or other high ranking officer of the Borrower, (i)&nbsp;attaching a copy of the organizational documents of the Borrower, as amended to date, (ii)&nbsp;attaching a copy of the actions of the board of directors of the Borrower authorizing the execution, delivery and performance of this Agreement and the Loan Documents, and (iii)&nbsp;in respect of the incumbency and authority, containing a specimen signature of each person who is authorized to sign this Agreement and the Loan Documents on its behalf;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received a certificate from the Borrower, dated as of the Borrowing Date, duly executed by the Chief Executive Officer or the Chief Financial Officer of the Borrower to the effect that the financial statements set forth below (x)&nbsp;have been prepared, examined and approved in accordance with IFRS and in accordance with the Borrower&#146;s or Cablevision&#146;s constitutive laws and regulations, as applicable, and (y)&nbsp;fairly present the consolidated financial condition and operations of the Borrower and Cablevision, as applicable, and its respective Consolidated Subsidiaries as at that date:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Borrower&#146;s annual consolidated financial statements (including income statements, balance sheets and cash flow statements) of the Borrower and its Subsidiaries for the fiscal year ended December&nbsp;31, 2017;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cablevision&#146;s annual consolidated financial statements (including income statements, balance sheets and cash flow statements) of Cablevision and its Subsidiaries for the fiscal year ended December&nbsp;31, 2017; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; the Borrower&#146;s unaudited condensed consolidated financial statements as of June&nbsp;30, 2018, and for the six months then ended;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received a Notice of Borrowing executed by the Borrower in accordance with <u><font color="black" style="color:black;">Section&nbsp;2.3</font></u>;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Onshore Custody Agent shall have received the Check duly signed by the Borrower in accordance with <u>Section&nbsp;2.16</u> in a principal amount equal to the Loans outstanding as of such date;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received the executed legal opinions, addressed to the Administrative Agent and each Lender, dated on or after the date of this Agreement, from:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Errecondo, Gonz&#225;lez&nbsp;&amp; Funes, special Argentine counsel to the Borrower, substantially in the form set out in <u>Exhibit&nbsp;E</u> hereto;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, special New York counsel to the Borrower, substantially in the form set out in <u>Exhibit&nbsp;F</u> hereto;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Marval, O&#146;Farrell&nbsp;&amp; Mairal, special Argentine counsel to the Lenders and the Joint Bookrunners and Lead Arrangers, in form and substance satisfactory to the Lenders; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Linklaters LLP, special New York counsel to the Lenders and the Joint Bookrunners and Lead Arrangers, in form and substance satisfactory to the Lenders;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received the fees with respect to the Loans payable in accordance with <u>Section&nbsp;2.4</u> of this Agreement, which will only be payable to the Lenders once the Loans have been made;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">since June&nbsp;30, 2018, there shall have been no circumstance, event or condition which has or would reasonably be expected to have a Material Adverse Effect;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Administrative Agent shall have received evidence of payment by the Borrower of all agreed upon accrued fees and expenses of legal counsel (including fees and expenses of (i)&nbsp;Marval, O&#146;Farrell&nbsp;&amp; Mairal, special Argentine counsel to the Lenders and the Joint Bookrunners and Lead Arrangers, (ii)&nbsp;Linklaters LLP, special New&nbsp;York counsel to the Lenders and the Joint Bookrunners and Lead Arrangers <font color="black" style="color:black;">and (iii)&nbsp;Linklaters LLP, special New York counsel to the Administrative Agent</font>);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all corporate and other proceedings and all documents, instruments and other legal matters in connection with the transactions contemplated by this Agreement and the Loan Documents shall be in form and substance reasonably satisfactory to each Lender, and the Administrative Agent and each Lender shall have received such other documents in respect of any aspect or consequence of the transactions contemplated hereby or thereby as they shall reasonably request;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160; all documentation and other information of the Borrower required by regulatory authorities under applicable &#147;know your customer&#148; and anti-money laundering rules&nbsp;and regulations, including the USA Patriot Act, shall have been provided to the Lenders in form and substance satisfactory to each Lender;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to the extent the Borrower qualifies as a &#147;legal entity customer&#148; under the Beneficial Ownership Regulation, Borrower shall have delivered to Administrative Agent a Beneficial Ownership Certification in relation to the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160; the Administrative Agent shall have received written confirmation (in the form and substance reasonably satisfactory to the Administrative Agent) of the appointment by the Borrower of the Process Agent through the Maturity Date;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">as of the Borrowing Date, each of the representations and warranties made by the Borrower in this Agreement shall be: (i)&nbsp;if such representation or warranty is qualified as to materiality or by reference to the existence of a Material Adverse Effect, true and correct to the extent of such qualification on and as of the Borrowing Date as if made on such date (except for such representations and warranties which are expressly stated to have been made as of a specific date, which shall be true and correct to the extent of such qualification as of such specific date); or (ii)&nbsp;if such representation or warranty is not so qualified, true and correct in all material respects on and as of the Borrowing Date, as if made on such date (except for such representations and warranties which are expressly stated to have been made as of a specific date, which shall be true and correct in all material respects as of such date);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160; no Potential Event of Default, Event of Default or Prepayment Event shall have occurred and be continuing on the Borrowing Date or would result from the making of the Loans on such date;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Administrative Agent shall have received executed copies of an amendment to the Bridge Facility in form and substance satisfactory to the Lenders&#146; sole discretion; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Borrower shall have: (i)&nbsp;delivered to the administrative agent under the Bridge Facility a notice of partial prepayment for an outstanding principal amount of $500,000,000 of the loans due under the Bridge Facility; (ii)&nbsp;arranged for the transfer of $100,000,000 (plus an amount equal to the fees with respect to the Loans payable in accordance with Section&nbsp;2.4 of this Agreement), to the administrative agent under the Bridge Facility to be applied to such prepayment; and (iii)&nbsp;instructed the Administrative Agent to transfer to such other administrative agent the proceeds of the Loans disbursed on the Borrowing Date required to effect such prepayment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;3.2&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Documents</font></u><font size="3" style="font-size:12.0pt;">.&#160; All documents submitted to the Administrative Agent or the Onshore Custody Agent, as applicable, pursuant to this Agreement (other than the Check) shall be in the English language or accompanied by an English translation certified by a duly appointed officer of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;IV</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REPRESENTATIONS AND WARRANTIES</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To induce the Administrative Agent and the Lenders to enter into this Agreement and to induce the Lenders make the Loans, the Borrower represents and warrants to the Administrative Agent and each Lender, on the date hereof and on the Borrowing Date, that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.1&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Status</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is a <i>sociedad an&#243;nima</i> duly incorporated and validly existing under the laws of Argentina and has the corporate power and authority to own its Assets and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">to conduct the business that it conducts and/or proposes to conduct as presently conducted and is in compliance in all material respects with all Applicable Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.2&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Powers</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower has the corporate power and authority to execute, deliver and perform this Agreement and the other Loan Documents and to borrow hereunder, and has taken all necessary corporate action to authorize the borrowings on the terms and conditions of this Agreement, and to authorize the execution, delivery and performance of this Agreement and the other Loan Documents.&#160; Each Loan Document has been, and when delivered, will be, duly executed and delivered by the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.3&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Authorization and Consents</font></u><font size="3" style="font-size:12.0pt;">.&#160; No action, condition, approval or authorization is required by the laws of Argentina in order (a)&nbsp;to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under this Agreement or any other Loan Document, (b)&nbsp;to ensure that those obligations are valid, legally binding and enforceable, or (c)&nbsp;to ensure that those obligations rank and will at all times rank in accordance with <u>Section&nbsp;5.2</u>, notwithstanding the Borrower&#146;s compliance of the periodic information regime pursuant to Communication &#147;A&#148; 6401 (as amended and supplemented from time to time) of the Central Bank.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.4&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Non-Violation of Laws,&nbsp;etc.</font></u><font size="3" style="font-size:12.0pt;">.&#160; The execution, delivery and performance of this Agreement and the consummation of the Loans contemplated hereby and thereby will not conflict with or violate (a)&nbsp;the Borrower&#146;s organizational documents or (b)&nbsp;any other Requirement of Law to which the Borrower is subject that would not reasonably be expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.5&#160;&#160;&#160;&#160;&#160; <u>Governmental Approvals</u></font><font size="3" style="font-size:12.0pt;">.&#160; All material Governmental Approvals necessary for conduct the business, trade and ordinary activities of the Borrower and each of the Subsidiaries have been obtained or effected and are in full force and effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.6&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Obligations Binding</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement and each other Loan Documents (each when duly executed and delivered) constitutes a legal, valid and binding obligation of the Borrower, enforceable against it in accordance with their respective terms, except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting enforcement of creditors&#146; rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or in law).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.7&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Non-Violation of Other Agreements</font></u><font size="3" style="font-size:12.0pt;">.&#160; The execution, delivery and performance of this Agreement and the other Loan Documents and the disbursement of the Loans contemplated hereby will not conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of the Borrower or any of its Subsidiaries, except such obligations as to which Borrower has obtained a waiver prior to the Borrowing Date and except for such conflicts or breaches that would not reasonably be expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.8&#160;&#160;&#160;&#160;&#160; <u>Mergers</u></font><font size="3" style="font-size:12.0pt;">.&#160; All necessary corporate action and approvals to authorize the Mergers has been taken and all regulatory approvals and registrations required for the effectiveness of the Mergers have been obtained.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.9&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">No Default</font></u><font size="3" style="font-size:12.0pt;">.&#160; No Event of Default and no Potential Event of Default has occurred and is continuing, or will occur as a result of the disbursement of the Loans contemplated hereby, other than any waived in accordance with <u>Section&nbsp;9.1</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.10&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Borrower&#146;s Financial Statements</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower&#146;s audited consolidated financial statements as of December&nbsp;31, 2017 and for the fiscal year then ended, together with notes thereto, and the Borrower&#146;s unaudited condensed consolidated financial statements as of June&nbsp;30, 2018 and the six-month period then ended, together with notes thereto, and in each case as delivered to the Administrative Agent (with copies of the related reports and approvals referred to in clause (a)&nbsp;below):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">include such financial information as are required under Applicable Law and were prepared, examined, reported on and audited and/or approved, as applicable, in accordance with <font color="black" style="color:black;">IFRS</font> and in accordance with the Applicable Law and the Borrower&#146;s constitutive documents;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">fairly present the consolidated financial condition and operations of the Borrower and its consolidated Subsidiaries as at that date and for the respective period then ended; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to the extent required by <font color="black" style="color:black;">IFRS</font>, disclose or reserve against all liabilities (contingent or otherwise) of the relevant Person(s)&nbsp;as of that date any and all material unrealized or anticipated losses from any commitment entered into by the relevant Person(s)&nbsp;and which existed as of the respective dates thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.11&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Cablevision&#146;s Financial Statements</font></u><font size="3" style="font-size:12.0pt;">.&#160; Cablevision&#146;s audited consolidated financial statements as of December&nbsp;31, 2017 and for the fiscal year then ended, together with notes thereto as delivered to the Administrative Agent (with copies of the related reports and approvals referred to in clause (a)&nbsp;below):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">include such financial information as are required under Applicable Law and were prepared, examined, reported on and audited and/or approved, as applicable, in accordance with <font color="black" style="color:black;">IFRS</font> and in accordance with the Applicable Law and the Cablevision&#146;s constitutive documents;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">fairly present the consolidated financial condition and operations of Cablevision and its Consolidated Subsidiaries as at that date and for the respective period then ended; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">to the extent required by <font color="black" style="color:black;">IFRS</font>, disclose or reserve against all liabilities (contingent or otherwise) of the relevant Person(s)&nbsp;as of that date any and all material unrealized or anticipated losses from any commitment entered into by the relevant Person(s)&nbsp;and which existed as of the respective dates thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.12&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">No Material Adverse Effect</font></u><font size="3" style="font-size:12.0pt;"> On the Borrowing Date, no event or circumstance or combination thereof has had a Material Adverse Effect since the Closing Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.13&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Litigation</font></u><font size="3" style="font-size:12.0pt;">.&#160; No litigation, arbitration or administrative proceeding against the Borrower or any of its Subsidiaries is currently pending or, to the knowledge of the Borrower or any of its Subsidiaries, threatened in writing (a)&nbsp;to reasonably likely to be adversely determined and, if so</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">determined, is reasonably likely to prevent the performance by the Borrower of its obligations under this Agreement or any other Loan Document, or (b)&nbsp;which has or would reasonably be expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.14&#160;&#160;&#160; <u>Labor Relations</u></font><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is not engaged in any unfair labor practice that would be reasonably likely to, individually or in the aggregate, have a Material Adverse Effect.&#160; There is (a)&nbsp;no unfair labor practice complaint pending against the Borrower or, to the knowledge of the Borrower, threatened in writing against the Borrower, before any Governmental Authority with responsibility, authority or jurisdiction for such matters, and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement is so pending against the Borrower or, to the knowledge of the Borrower, threatened in writing against the Borrower, (b)&nbsp;no strike, labor dispute, slowdown or stoppage&nbsp;pending against the Borrower or, to the knowledge of the Borrower, threatened in writing against the Borrower and (c)&nbsp;to the knowledge of the Borrower, no union organizing activities taking place, except (with respect to any matter specified in clause (a), (b) or (c) above, either individually or in the aggregate) such as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.15&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Disclosure</font></u><font size="3" style="font-size:12.0pt;">.&#160; No representation or warranty of the Borrower contained in any Loan Document or in any other documents, certificates or written statements furnished to the Administrative Agent or Lender by or on behalf of the Borrower for use in connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material fact (known to Borrower, in the case of any document not furnished by it) necessary in order to make the statements contained herein or therein, when taken as a whole, not misleading in light of the circumstances in which the same were made. As of the date hereof, the information included in the Beneficial Ownership Certification delivered pursuant to Section&nbsp;3.1(l)&nbsp;is true and correct in all material respects.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.16&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Taxes</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Borrower and each of its Subsidiaries have filed all material tax returns required to be filed and paid all material taxes shown to be due thereon except such as are being contested in good faith by appropriate proceedings, for which the Borrower has made adequate reserves as required under <font color="black" style="color:black;">IFRS</font>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">As of the date hereof, all payments of interest under this Agreement by the Borrower to a Lender located outside Argentina are subject to withholding of Argentine income tax at: (i)&nbsp;a rate of 15.05% if the Lender is a Qualifying Bank, (ii)&nbsp;a lower rate if the Lender is resident in a country that has a treaty to avoid double taxation in force with Argentina; or (iii)&nbsp;a rate of 35% if neither of the conditions indicated in clauses (i)&nbsp;and (ii)&nbsp;above are met; <i>provided</i> that nothing in this clause (b)&nbsp;shall be deemed to limit or otherwise diminish or reduce any of the parties&#146; respective obligations otherwise set forth in this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.17&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Purpose of the Loans</font></u><font size="3" style="font-size:12.0pt;">.&#160; The proceeds of the Loans shall be used by the Borrower solely to partially repay the Bridge Facility. None of the proceeds of the Loans will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any &#147;margin stock&#148; within the meaning of Regulation U of the Board of Governors of the Federal Reserve</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">System of the United States of America or of extending credit to others for the purpose of buying or carrying any &#147;margin stock&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.18&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Foreign Exchange Regulations</font></u><font size="3" style="font-size:12.0pt;">.&#160; On the Borrowing Date, the Borrower shall have complied in all material respects with all Foreign Exchange Regulations, if any, and shall have made all necessary filings, the failure of which might affect any payment to be made under this Agreement, and, to the best of the Borrower&#146;s knowledge, there are no foreign exchange restrictions in effect in Argentina that would adversely affect any payment to be made under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.19&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Ownership; Subsidiaries</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each of the Borrower&#146;s Subsidiaries is a Person duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has the power (corporate or otherwise) and authority to own its Assets and conduct the business that it conducts and/or proposes to conduct.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.20&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Solvency</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is, and upon giving effect to the Loans and the use of proceeds thereof, will be, on a Consolidated basis, Solvent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.21&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Investment Company Act</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is not required to register as an &#147;investment company&#148; under the Investment Company Act of 1940, as amended.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.22&#160;&#160;&#160; <u>No Immunity</u></font><font size="3" style="font-size:12.0pt;">.&#160; Under the laws of Argentina, with respect to the execution, delivery and performance of this Agreement and the other Loan Documents, the Borrower is subject to private commercial law and to suit, and neither it nor its Assets, to the extent located in Argentina, has any immunity from the jurisdiction of any court or any legal process (whether through service of notice, attachment prior to notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) except for such Assets used for the performance of a public service.&#160; Neither the defense of sovereign immunity nor any similar defense is available to the Borrower against (a)&nbsp;any service of process by the Administrative Agent or any Lender in any suit, action or proceeding relating to or arising out of any of the obligations of the Borrower under this Agreement, any Loan Document or any other documents executed in connection with any Loan Document, (b)&nbsp;any claim of jurisdiction over the Borrower in any court of competent jurisdiction in connection with any such suit, action or proceeding, (c)&nbsp;any judgment that could otherwise be obtained against the Borrower as a result of any such suit, action or proceeding or (d)&nbsp;the enforcement of any such judgment against the Borrower or any of its Assets, except for such Assets used for the performance of a public service.&#160; The Borrower has full power and authority to waive immunity and any similar defense as provided in <u>Section&nbsp;9.12</u>, and such waiver is effective, legal, valid and enforceable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.23&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">OFAC and Anti-Money Laundering</font></u><font size="3" style="font-size:12.0pt;">.&#160; None of the Borrower, any of its Subsidiaries or, to the knowledge of the Borrower, any director, officer or Controlled Affiliate of the Borrower or any of its Subsidiaries or Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC, is currently (a)&nbsp;a Person with whom dealings are restricted or prohibited by, or are sanctionable under any Sanction, or (b)&nbsp;located, organized or residing in any Designated Jurisdiction.&#160; The Borrower has not been notified by any relevant Agency that it or any of its Subsidiaries is currently the subject of investigation for violations of any Anti-Money Laundering Laws.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.24&#160;&#160;&#160; <u>FCPA</u></font><font size="3" style="font-size:12.0pt;">.&#160; Neither the Borrower nor, to the knowledge of the Borrower, (i)&nbsp;any Controlled Affiliate of the Borrower or any of its Subsidiaries, (ii)&nbsp;solely in connection with the</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom/CV Merger, (x)&nbsp;Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC or (y)&nbsp;any director, officer or employee acting on behalf of Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC, or (iii)&nbsp;any director, officer or employee acting on behalf of the Borrower, any Controlled Affiliate of the Borrower or any of its Subsidiaries, has violated the FCPA or made a material violation of any other applicable anti-corruption law.&#160; No part of the proceeds of the Loans shall be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or any other Person acting in an official capacity, in each case in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA by the Borrower, any Controlled Affiliate of the Borrower or any of its Subsidiaries or, solely in connection with the Telecom/CV Merger, Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.25&#160;&#160;&#160; <u>Environmental Compliance</u></font><font size="3" style="font-size:12.0pt;">. The Borrower conducts in the ordinary course of business a review of (a)&nbsp;the effect of environmental laws in force in Argentina, Paraguay and Uruguay and (b)&nbsp;claims alleging potential liability or responsibility for violation of any environmental law in force in Argentina, Paraguay and Uruguay, in each case, with respect to its business, operations and properties, and as a result thereof, the Borrower has reasonably concluded that, to the best of its knowledge, the effect of such environmental laws or any such claims would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.26&#160;&#160;&#160; <u>Legal Form</u></font><font size="3" style="font-size:12.0pt;">.&#160; This Agreement is in proper legal form for the enforcement thereof against the Borrower under the laws of Argentina, provided that such enforcement shall be subject to (i)&nbsp;compliance with the requirements of Sections 517 and 519 of Law No.&nbsp;17,454, as amended by Law No.&nbsp;22,434 (Argentine Civil and Commercial Procedures Code) relating to the execution of foreign judgments; (ii)&nbsp;limitations arising from bankruptcy, insolvency, reorganization (including quiebra, concurso preventivo and acuerdo preventivo extrajudicial), fraudulent conveyance, moratorium or similar laws relating to, or affecting enforcement of creditors&#146; rights; (iii)&nbsp;general principles of law, including reasonableness, good faith, fair dealing and regular exercise of rights; (iv)&nbsp;pursuant to Laws No.&nbsp;24,573 and 26,589, the regulatory Decree No.&nbsp;1,467/2011 (as amended and supplemented by Decree No.&nbsp;2,536/2015) and other ancillary regulations (as amended and supplemented), certain mediation procedures must be exhausted prior to the initiation of lawsuits in Argentina, with the exception, among others, of bankruptcy and summarized foreclosure proceedings (which include the enforcement of foreign judgments), in which cases mediation remains optional for the plaintiff; (v)&nbsp;the limitations to foreclosure of property which is determined by law or the courts of Argentina for the validity and enforceability of each of the Loan Documents (including any necessary registration, recording or filing with any court or other authority in Argentina) have been accomplished, and no other Taxes are required to be paid to Argentina, or to any political subdivision thereof or therein (other than any applicable court tax (<i>tasa de justicia</i>), if necessary); and (vi)&nbsp;a translation by a public translator into the Spanish language of any document written in a different language shall be required, for the admissibility in evidence in an Argentine court of any such document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.27&#160;&#160;&#160; <u>FATCA Status</u></font><font size="3" style="font-size:12.0pt;">. The Borrower is not, as of the date of this Agreement, and shall use commercially reasonable efforts to avoid becoming either: (i)&nbsp;a &#147;United States person&#148; as that term is defined in Section&nbsp;7701(a)(30) of the Code or (ii)&nbsp;a person some or all of whose payments under the Loan Documents are from sources within the United States for US federal income tax purposes, as of the date of this Agreement; and accordingly, payment of interest and gross proceeds</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">under this Agreement would not be a &#147;withholdable payment&#148; as that term is defined in FATCA as in effect on the date of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.28</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Intellectual Property</font></u><font size="3" style="font-size:12.0pt;">. The Borrower owns, or is licensed to use or validly and lawfully has the right to use, without restrictions or other obligations, all trademarks, tradenames, copyrights, patents, service marks, licenses and other intellectual property material to its business, and the use thereof by the Borrower does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not be reasonably expected to result in a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.29</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Insurance Matters</font></u><font size="3" style="font-size:12.0pt;">. The Borrower and its Subsidiaries maintain insurance against losses, liabilities or damages (including damage to persons and third-party property) as may customarily be carried or maintained under similar circumstances by Persons engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons, where failure to do so would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.30</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Ranking: Priority</font></u><font size="3" style="font-size:12.0pt;">. The obligations of the Borrower under this Agreement and the other Loan Documents rank in priority of payment at least <i>pari passu</i> with all its other present or future unsecured and unsubordinated Indebtedness, except for Indebtedness having priority by operation of law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.31</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">International Banking Facility</font></u><font size="3" style="font-size:12.0pt;">. The Borrower, an entity located outside the United States, understands that it is the policy of the Board of Governors of the U.S. Federal Reserve System that extensions of credit by international banking facilities, such as the Loans hereunder, may be used to finance the non-U.S. operations of the Borrower located outside the United States, and has consequently applied the proceeds of the Loans as described in Section&nbsp;4.17.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;V</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">COVENANTS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower agrees that, so long as any Loan remains outstanding and unpaid or any other amount is owing to any Lender or the Administrative Agent hereunder:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.1</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Information</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower undertakes that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Preparation of Financial Statements.&#160; </font></i><font size="3" style="font-size:12.0pt;">It will ensure that all financial statements to be delivered by it under this Agreement are prepared in such manner that clauses (a)&nbsp;through (c)&nbsp;of <u>Section&nbsp;4.10</u> would be complied with.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Annual Financial Statements.&#160; </font></i><font size="3" style="font-size:12.0pt;">Only if the Borrower terminates its reporting obligations with the SEC or fails to comply with any of its obligations with the SEC or the New York Stock Exchange<i>, </i>as soon as available and in any event within one hundred twenty (120) days after the end of each of its fiscal years, it will deliver to the Administrative Agent a copy for distribution to the Lenders of its independently audited annual financial statements accounts, prepared on a</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Consolidated basis in accordance with <font color="black" style="color:black;">IFRS</font>, as at the end of and for that fiscal year, together with copies of the related reports and approvals referred to in <u>Section 4.10(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Quarterly Information.&#160; </font></i><font size="3" style="font-size:12.0pt;">Only if the Borrower terminates its reporting obligations with the SEC or fails to comply with any of its obligations with the SEC or the New York Stock Exchange<i>, </i>as soon as available and in any event within sixty (60)&nbsp;days after the end of each of the first three quarters of each of its fiscal years, it will deliver to the Administrative Agent a copy for distribution to the Lenders of its unaudited financial statements, which will be prepared on a Consolidated basis in accordance with <font color="black" style="color:black;">IFRS</font>, as at the end of and for that quarter and that may or may not be condensed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Compliance Reports. </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">(i)&nbsp;within sixty (60) days after the end of each of the first three fiscal quarters of each Financial Year, the Borrower shall deliver to the Administrative Agent a report (in the form of Schedule 5.1(d)(i)) signed by the Borrower&#146;s chief financial officer (on his or her absence, by an Authorized Representative of the Borrower) covering compliance with the financial covenants in this Agreement, </font><font size="3" color="black" style="color:black;font-size:12.0pt;">(ii)&nbsp;within ninety (90) days after the end of each Financial Year, the Borrower shall deliver to the Administrative Agent a report (in the form of Schedule 5.1 (d)(ii)&nbsp;signed by the Borrower&#146;s chief financial officer (or in his or her absence, by an Authorized Representative of the Borrower)</font><font size="3" color="black" style="color:black;font-size:12.0pt;"> certifying compliance with the Net Debt to EBITDA Ratio and the Interest Coverage Ratio set forth in Section&nbsp;5.19 and (iii)&nbsp;if the Borrower intends to approve, declare or consummate any Restricted Payment pursuant to Section&nbsp;5.15, it shall deliver to the Administrative Agent at least three (3)&nbsp;Business Days prior to the relevant date any such action is approved or entered into, a report (in a pre-agreed form) signed by the Borrower&#146;s chief financial officer (or, in his or her absence, by an Authorized Representative of the Borrower) certifying (x)&nbsp;that no Event of Default or Potential Event of Default has occurred and is continuing or would result therefrom and (z)&nbsp;compliance with the relevant financial covenants.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Litigation.&#160; </font></i><font size="3" style="font-size:12.0pt;">It will promptly deliver to the Administrative Agent for distribution to the Lenders details of any litigation, arbitration or administrative proceeding that, if current, pending or threatened in writing at the date of this Agreement, would have rendered the representation and warranty in <u>Section&nbsp;4.13</u> incorrect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Events of Default.&#160; </font></i><font size="3" style="font-size:12.0pt;">It will notify the Administrative Agent of the occurrence of any Event of Default or Potential Event of Default in writing (and of any action taken or proposed to be taken to remedy it) promptly after becoming aware of it.&#160; With each financial statement delivered by it pursuant to <u>Section&nbsp;5.1(b)</u>&nbsp;or <u>Section&nbsp;5.1(c)</u>, and promptly after any request made by the Administrative Agent (acting at the written direction of the Majority Lenders) from time to time (but no more frequently than once in any ninety-day period), it will deliver to the Administrative Agent a certificate signed on its behalf by the Chief Financial Officer or such other Person as may be acceptable to the Majority Lenders for that purpose confirming that, so far as it is aware and (if applicable) except as previously notified to the Administrative Agent or waived in accordance with <u>Section&nbsp;9.1</u>, no Event of Default or Potential Event of Default has occurred and is continuing or (as the case may be) setting out details of any which has occurred and is continuing and has not been so notified and of which it is aware and of any action taken or proposed to be taken to remedy it.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Notices.&#160; </font></i><font size="3" style="font-size:12.0pt;">It will promptly give notice to the Administrative Agent for distribution to the Lenders of (i)&nbsp;any changes known to the Borrower in taxes, duties or other fees of Argentina or any political subdivision or taxing authority thereof, or any change known to the Borrower in any Applicable Law, in each case that could reasonably be expected to adversely affect any payment due under this Agreement, (ii)&nbsp;<font color="black" style="color:black;">any changes known to the Beneficial Ownership Certification.</font> (ii)&nbsp;any development or event that has had or would reasonably be expected to have a Material Adverse Effect and (iii)&nbsp;the occurrence of a Change of Control.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.2</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Ranking of Obligations</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will cause that its payment obligations under this Agreement and the other Loan Documents rank and will at all times rank at least equally and ratably in all respects with all its other senior unsecured Indebtedness except for such Indebtedness as would, by virtue only of Applicable Law, be preferred in the event of its Winding-up.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.3</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Negative Pledge</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will ensure that none of the Principal Subsidiaries will, incur or suffer to exist any Security for any Person&#146;s Indebtedness on or over their respective Assets, except for:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Security existing on the date of this Agreement listed in <u>Schedule 5.3(a)</u>;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any Security existing at the time of acquisition on or over any Asset acquired by it (other than from a member of the Group) after the date of this Agreement and not created in contemplation of or in connection with that acquisition and any renewal or extension of any such Security that is limited to the original Assets covered thereby;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in the case of any Person that becomes a Principal Subsidiary after the date of this Agreement, any Security existing on or over its Assets when it becomes a Principal Subsidiary and not created in contemplation of or in connection with its becoming a Principal Subsidiary;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any Security created for the purpose of financing the acquisition, construction or development of any Asset or Assets if (i)&nbsp;such Security encumbers only such Asset or Assets then being acquired, constructed or developed (including any stock or other interest in any company created for purposes of acquisition, construction, development and holding of such Asset or Assets); and (ii)&nbsp;such Security attaches to such Asset or Assets concurrently or within one hundred and eighty (180) days after the acquisition, or completion of construction or development, thereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any Security on any Asset of any Person existing at the time such Person is merged or consolidated with or into the Borrower or a Principal Subsidiary and not created in contemplation of or in connection with such event;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Security securing reimbursement obligations with respect to letters of credit that encumber documents and other property relating to such letters of credit and the proceeds thereof;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Security securing Indebtedness or other obligations of the Borrower or of a Subsidiary to the Borrower or to another Subsidiary;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Security securing Hedge Agreements so long as such Hedge Agreements relate to Indebtedness for borrowed money that is permitted under this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">extensions, renewals or replacements of any Security referred to in clauses (a), (d)&nbsp;and (e) in connection with the Refinancing of the obligations secured thereby;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any Security arising from any Tax or other Security arising by operation of law, in each case if the obligation underlying any such Security is not yet due or, if due, is being contested in good faith by appropriate proceedings so long as the Borrower has set aside adequate reserves in accordance with IFRS;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(k)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Security created or deposits made in the ordinary course of business (i)&nbsp;in connection with workers&#146; compensation, unemployment insurance and other types of social security, including any Security securing letters of credit issued in the ordinary course of business consistent with past practice in connection therewith, or (ii)&nbsp;to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, purchase, construction or sales contracts, leases, government performance and return-of-money bonds and other similar obligations (other than obligations for the payment of borrowed money), so long as the Security does not interfere with the carrying on of the business or operations of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(l)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Security created in the ordinary course of business upon specific items of inventory or other goods and proceeds of any Person securing such Person&#146;s obligations in respect of bankers&#146; acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods, so long as the Security does not interfere in any material respect with the carrying of the business or operations of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(m)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Security arising from judgments, decrees, awards or attachments in circumstances not constituting an Event of Default;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(n)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Easements, rights-of-way, restrictions, encroachments and other similar charges or encumbrances, and minor title deficiencies, in each case not securing Indebtedness and not interfering in any material respect with the conduct of the business and operations of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(o)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the designation of lessors, construction companies and other counterparties as loss payees under insurance policies in the ordinary course of business as required by customary contractual requirements, other than in connection with or in anticipation of the incurrence of Indebtedness;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(p)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Security created in connection with any sale and leaseback transaction;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(q)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any Security arising out of title retention provisions in a supplier&#146;s standard conditions of supply of goods acquired by the relevant Person in the ordinary course of its business; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(r)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any other Security securing Indebtedness, or created or outstanding on or over Assets, of the Borrower or its Principal Subsidiaries; provided that the aggregate outstanding</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">principal amount of Indebtedness secured by all Security securing Indebtedness, or created or outstanding on or over Assets, of the Borrower and its Principal Subsidiaries under this clause (r)&nbsp;shall not at any time exceed the greater of $200,000,000 (or its equivalent in any other currency) and 7% of Consolidated Net Tangible Assets;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">unless the benefit of the relevant Security, or of alternative Security reasonably satisfactory to the Majority Lenders, is at the same time and in a manner reasonably satisfactory to the Majority Lenders extended equally and ratably to the Loans and all other sums payable by the Borrower under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.4</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Limitations on Investments</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower and its Principal Subsidiaries will not make or acquire any Investment, if, prior to or immediately after the making of such Investment an Event of Default shall have occurred and be continuing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.5</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Maintenance of Existence and Payment of Obligations</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Principal Subsidiaries to, (a)&nbsp;subject to <u>Section&nbsp;5.10</u>, preserve, renew and keep in full force and effect its corporate existence, (b)&nbsp;take all reasonable action to maintain all material rights, privileges and franchises necessary or desirable in the normal conduct of its business and (c)&nbsp;pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all material taxes and other material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with the IFRS with respect thereto have been provided on the books of the Borrower or its Principal Subsidiaries, as the case may be; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">provided</font></i><font size="3" style="font-size:12.0pt;"> neither Borrower (other than with respect to existence) nor any of its Principal Subsidiaries shall be required to preserve any such existence, right or franchise, licenses and permits if Borrower&#146;s board of directors (or similar governing body) shall determine that the preservation thereof is no longer desirable in the conduct of the business of Borrower, and that the loss thereof would not reasonably be expected to have a Material Adverse Effect</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.6</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Compliance With Laws; Authorizations; Contracts; Reporting</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Subsidiaries to, (a)&nbsp;comply in all material respects with all provisions of Applicable Law and contractual obligations and (b)&nbsp;obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorizations, approvals, licenses and consents required in or by Applicable Law to the extent necessary (i)&nbsp;to enable the Borrower lawfully to enter into and perform its obligations under this Agreement and the other Loan Documents, (ii)&nbsp;to ensure the legality, validity, enforceability or admissibility in evidence in Argentina of this Agreement and the other Loan Documents, and (iii)&nbsp;to conduct its business, trade and ordinary activities, </font><font size="3" style="font-size:12.0pt;">where failure to do so has or is reasonably likely to have a Material Adverse Effect</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.7</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Maintenance of Property; Insurance</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Principal Subsidiaries to, keep all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted, and maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks as are currently maintained by it and as are customary for its type of business, where failure to do so would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.8</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Inspection of Property; Books and Records</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Principal Subsidiaries to, keep proper books of records and account in which full, true and correct entries in conformity in all material respects with IFRS shall be made of all dealings and transactions in relation to its business and activities, and; <i>provided</i> that reasonable prior notice has been given, permit representatives of any Lender, at such Lender&#146;s own cost (other than at any time when an Event of Default has occurred and is continuing, in which case the Borrower shall pay all reasonable costs and expenses of such Lender of any such visit and inspection), to visit and inspect any of its properties and examine and make abstracts from any of its books and records at such reasonable times during normal business hours and as often as may reasonably be requested.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.9</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Accounting Changes</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not cause to change the date on which its fiscal year and fiscal quarter will end, provided that the Borrower may make such change if such change shall be required by Applicable Law or as a result of any change in IFRS or the rules&nbsp;or regulations of any Governmental Authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.10</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Limitation on Fundamental Changes</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will cause each of its Principal Subsidiaries not to, enter into any transaction of merger, consolidation or amalgamation (other than the Mergers and any other merger of any Subsidiary of the Borrower with and into the Borrower so long as the Borrower shall be the surviving corporation) or liquidate, Wind-up or dissolve itself (or suffer any liquidation, Winding-up or dissolution).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.11</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Lines of Business</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will not permit any of its Principal Subsidiaries to, make any material change (in the reasonable judgment of the Majority Lenders) in the nature or conduct of its business as conducted on the date hereof other than any change to its business which is the result of the consummation of the Mergers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.12</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Transactions with Affiliates</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will not permit any Subsidiary to, directly or indirectly participate in or effect any transaction with, or for the account of, any Affiliate on terms that are less favorable to Borrower or such Subsidiary than those that might be obtained at the time from a Person who is not an Affiliate;<u> provided</u> that the foregoing restriction shall not apply to (a)&nbsp;reasonable and customary fees paid to members of the board of directors (or similar governing body) of the Borrower; (b)&nbsp;compensation arrangements for officers and other employees of the Borrower entered into in the ordinary course of business; and (c)&nbsp;transactions described in Schedule 5.13.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.13</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Derivatives Obligations</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Derivatives Obligations other than bona fide Derivatives Obligations in the ordinary course of business to hedge risks and, in any event, not for speculative purposes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.14</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Use of Proceeds</font></u><font size="3" style="font-size:12.0pt;">. The Borrower will use the Loans solely to repay the Bridge Facility, not in contravention of any Requirement of Law or of any Loan Document. The Borrower will not use the proceeds of the Loans, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System of the United States).</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.15</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Restricted Payments</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not pay any dividend on, or repurchase or redeem, any of the shares of its capital stock, if at the time thereof or immediately</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">after giving effect thereto (a)&nbsp;any Event of Default shall have occurred and be continuing or would result therefrom or (b)&nbsp;the Borrower and its Subsidiaries do not comply with the financial ratios set out in <u>Section&nbsp;5.19</u> on a Consolidated basis and on a Pro Forma Basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.16</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Check Account</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower shall not close the Check Account.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.17</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Compliance with Sanctions, Anti-Terrorism Laws, OFAC Rules&nbsp;and Regulations and Anti-Corruption Laws</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower will, and will cause its Subsidiaries to, remain in compliance with OFAC rules&nbsp;and regulations and any other Sanctions, except where the failure to do so would not comprise a material violation of such OFAC rules, regulations or Sanctions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower and its Subsidiaries will comply with the FCPA, and </font><font size="3" style="font-size:12.0pt;">the Borrower will and it will cause each of its Subsidiaries to remain in compliance with all other Anti-Corruption Laws except where the failure to do so would not comprise a material violation of such other Anti-Corruption Laws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Borrower shall promptly notify the Administrative Agent in writing if its senior officers have knowledge that the Borrower or any of its Subsidiaries becomes a Restricted Party, has violated any Sanctions or is convicted on, pleads <i>nolo contendere </i>to, is indicted on or is arraigned and held over on charges involving, money laundering or predicate crimes to money laundering.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Any provision of this Section&nbsp;5.17 shall not apply to any Person if and to the extent that it is or would be unenforceable by or in respect of that Person by reason of breach of any applicable Blocking Law.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.18</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Sanctions</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; The Borrower shall not:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">become, or will permit any of its Subsidiaries to become, a Restricted Person;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">directly or knowingly indirectly fund all or part of any repayment or prepayment of the Loans or discharge any obligation due or owing to a Party under this Agreement out of proceeds derived from: (i)&nbsp;any activity or dealing with a Restricted Party; or (ii)&nbsp;any other action or status, in each case as would cause any Party or any of the Borrower&#146;s Subsidiaries to be in breach of, any Sanctions; or</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">directly or indirectly use permit all or any part of the proceeds of the Loans, or other transactions contemplated by this Agreement, or lend, contribute or otherwise make available such proceeds to an Affiliate, joint venture partner or other Person, (i)&nbsp;to fund any trade, business or other activities of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, a country, territory or Person with whom dealings are restricted or prohibited by any Sanctions or (ii)&nbsp;in any other manner, in each case, that would result in a violation of Sanctions by any Person participating in the Loans, whether as underwriter, advisor, investor or otherwise<font color="black" style="color:black;">.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">49</font><a name="PB_49_034044_3736"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Any provision of this Section&nbsp;5.18 shall not apply to any Person if and to the extent that it is or would be unenforceable by or in respect of that Person by reason of breach of any applicable Blocking Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.19</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Financial Ratios</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">. With </font><font size="3" color="black" style="color:black;font-size:12.0pt;">respect</font><font size="3" color="black" style="color:black;font-size:12.0pt;"> to the Borrower and its Subsidiaries, maintain at all times the following ratios on a Consolidated basis:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">an Interest Coverage Ratio of not less than 3.0; and</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a Net Debt to EBITDA Ratio of not more than 3.0.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;VI</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EVENTS OF DEFAULT</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;6.1</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Events of Default</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; The following are Events of Default:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Non-Payment:&#160; </font></i><font size="3" style="font-size:12.0pt;">The Borrower does not pay as provided in this Agreement any principal on the Loans when due, or does not pay any other amount due hereunder within three (3)&nbsp;Business Days after such amount is due.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Breach of Representation or Warranty:&#160; </font></i><font size="3" style="font-size:12.0pt;">Any representation warranty or statement by the Borrower in this Agreement, any Loan Document or in any statement or certificate at any time given by Borrower in writing pursuant hereto or thereto proves to be incorrect in any material respect when made or deemed to have been made.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Breach of Certain Covenants: </font></i><font size="3" style="font-size:12.0pt;">Any agreement contained in <u>Section&nbsp;5.1(f)</u>, <u>Section&nbsp;5.2</u>, <u>Section&nbsp;5.3</u>, <u>Section&nbsp;5.4</u>, <u>Section&nbsp;5.5(a)</u>, <u>Section&nbsp;5.6, Section&nbsp;5.10</u>, <u>Section&nbsp;5.13</u>, <u>Section&nbsp;5.14</u>, <u>Section&nbsp;5.15</u>, <u>Section&nbsp;5.16</u>, <u>Section&nbsp;5.17, Section&nbsp;5.18</u> or <u>Section&nbsp;5.19</u> is not complied with.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Breach of Check Replacement</font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">. The Borrower does not replace and deliver any Check as provided in <u>Section&nbsp;2.16(b)</u>&nbsp;within five (5)&nbsp;Business Days of </font><font size="3" style="font-size:12.0pt;">the date that is ninety (90) days following the issue date of each such Check.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Breach of Other Obligation:&#160; </font></i><font size="3" style="font-size:12.0pt;">The Borrower does not comply in any material respect with any one or more of its covenants or obligations under this Agreement other than those referred to in paragraphs (a), (b), (c)&nbsp;and (d)&nbsp;above and that default is not remedied or waived within forty-five (45) days after notice of the non-compliance has been given to the Borrower by the Administrative Agent at the written direction of the Majority Lenders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Cross Default:&#160; </font></i><font size="3" style="font-size:12.0pt;">The Borrower or any Principal Subsidiary (i)&nbsp;does not make one or more payments, when due after giving effect to any applicable grace period, in respect of (A)&nbsp;any payment or collateralization obligations with respect to any Indebtedness (other than Indebtedness owing to another member of the Group); or (ii)&nbsp;defaults in the observance or</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">50</font><a name="PB_50_034121_9621"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">performance of any other agreement relating to Indebtedness and such Indebtedness is declared to be, or is capable of being rendered, due and payable before its stated maturity by reason of that default or any other event of default or the like (however described).&#160; Notwithstanding the foregoing, no Event of Default will occur under this clause (f)&nbsp;unless and until the aggregate amount of the obligations with respect to the Indebtedness, in respect of which one or more of the events mentioned above in this clause (f)&nbsp;has/have occurred, equals or exceeds, $60,000,000 or its equivalent in any other currency</font><font size="3" style="font-size:12.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Insolvency:&#160; </font></i><font size="3" style="font-size:12.0pt;">The Borrower or any Principal Subsidiary shall commence a <i>concurso preventivo</i>, file a <i>acuerdo preventivo extrajudicial</i> with a court of competent jurisdiction or commence any other voluntary case concerning itself under the Argentine Bankruptcy Law or under any bankruptcy Law of any other jurisdiction, as applicable, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or Borrower or any Principal Subsidiary shall make any assignment or arrangement or composition with or for the benefit of creditors or a moratorium is agreed or declared in respect of, or effecting all or a material part of the Indebtedness of the Borrower or any Subsidiary or any similar event occurs that, under the law of the relevant jurisdiction, has an analogous or equivalent effect to any of the foregoing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Enforcement Proceedings:&#160; </font></i><font size="3" style="font-size:12.0pt;">An warrant of attachment, execution or similar legal process shall have been issued against a substantial part of the Assets of the Borrower or any Principal Subsidiary and such event shall continue for ninety (90) days without having been dismissed, bonded or discharged.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Winding-up:&#160; </font></i><font size="3" style="font-size:12.0pt;">Any involuntary case shall be commenced by or against the Borrower or any Principal Subsidiary, or a court of a competent jurisdiction shall enter into a decree or order, seeking the Winding-Up of the Borrower or any Principal Subsidiary and any such event shall continue for sixty (60) days without having been dismissed, bonded or discharged.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Governmental Approvals.</font></i><font size="3" style="font-size:12.0pt;">&#160; Any Governmental Approval at any time necessary to enable the Borrower to comply with any of its obligations under the Loans Documents or to carry on its business as being conducted on the date hereof shall be permanently revoked, withdrawn or withheld or shall be modified or amended and any of the foregoing actions would be reasonably expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(k)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Illegality:&#160; </font></i><font size="3" style="font-size:12.0pt;">It is or will become unlawful for the Borrower to perform or comply with any one or more of its material obligations under this Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(l)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Judgments:&#160; </font></i><font size="3" style="font-size:12.0pt;">Any final judgment or order which is not subject to appeal or nullity (<i>recurso de nulidad</i>) for the payment of money in excess of $100,000,000 in the aggregate (or the equivalent thereof in any currency) (to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed against the Borrower or any Principal Subsidiary and such judgment or order shall remain undischarged, unvacated, unbonded or unstayed for a period of ninety (90) days.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(m)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Expropriation Event</font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">: any Governmental Authority takes any action to condemn, seize, nationalize, expropriate or appropriate all or any substantial part of the Assets of</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" color="black" style="color:black;font-size:12.0pt;">51</font><a name="PB_51_034151_8715"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">the Borrower and its Principal Subsidiaries taken as a whole(either with or without payment of compensation).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If at any time and for any reason (and whether within or beyond the control of any party to this Agreement) any Event of Default has occurred and is continuing, (A)&nbsp;if such event is an Event of Default specified in clauses (g)&nbsp;or (i)&nbsp;above with respect to the Borrower or any Principal Subsidiary, the Commitments shall, automatically, terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement shall, automatically, become due and payable in full and (B)&nbsp;if such event is any other Event of Default, the Administrative Agent, if so directed, in writing, by the Majority Lenders, may, by notice to the Borrower, cancel the Commitments and/or declare the Loans, all unpaid accrued interest or fees and any other sum then payable under this Agreement to be immediately due and payable, whereupon they shall become so due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;VII</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THE ADMINISTRATIVE AGENT</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.1</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Appointment</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the Loan Documents, and each Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the Loan Documents to which it is a party and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the Loan Documents to which it is a party, together with such other powers and discretion as are reasonably incidental thereto.&#160; Notwithstanding any provision to the contrary elsewhere in this Agreement or the Loan Documents, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or therein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any Loan Documents or otherwise exist against the Administrative Agent. As to those duties and responsibilities not expressly specified herein or in the other Loan Documents, the Administrative Agent shall be entitled to refrain from acting until it has received written direction of the Majority Lenders in accordance with Section&nbsp;9.1, including when an Event of Default has occurred and is continuing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.2</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Delegation of Duties</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorneys-in-fact that it selects as long as such selection was made with due care.&#160; The Administrative Agent may consult with legal counsel (including counsel for the Borrower or any of its Subsidiaries), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.3</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Exculpatory Provisions</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; (a)&nbsp;Neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i)&nbsp;liable for any action taken or omitted to be taken by it or such Person under or in connection with this Agreement or any Loan Document (except for its or such Person&#146;s own gross negligence or willful misconduct, as</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" color="black" style="color:black;font-size:12.0pt;">52</font><a name="PB_52_034302_563"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">determined by a court of competent jurisdiction in a final, non-appealable order) or (ii)&nbsp;responsible in any manner to any of the Lenders for (and makes no representation or warranty to any Lender regarding) any recitals, statements, representations or warranties (whether written or oral) made by the Borrower or any officer thereof contained in this Agreement or any Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any Loan Document, or for the due execution, legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any Loan Document or for any failure of the Borrower to perform its obligations hereunder or thereunder.&#160; The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any Loan Document or to inspect the properties, books or records of the Borrower or any of its Subsidiaries.&#160; As to any matters not expressly provided for by this Agreement, the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Majority Lenders, and such instructions shall be binding upon all Lenders; <i>provided </i>that the Administrative Agent shall not be required to take any action that exposes the Administrative Agent to personal liability or that is contrary to this Agreement or Applicable Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be responsible for (i)&nbsp;perfecting, maintaining, monitoring, preserving or protecting the security interest or lien granted under this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, (ii)&nbsp;the filing, re-filing, recording, re-recording or continuing or any document, financing statement, mortgage, assignment, notice, instrument of further assurance or other instrument in any public office at any time or times or (iii)&nbsp;providing, maintaining, monitoring or preserving insurance on or the payment of taxes with respect to any collateral, to the extent applicable.&#160; The actions described in items (i)&nbsp;through (iii)&nbsp;shall be the sole responsibility of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent has accepted and is bound by this Agreement and the other Loan Documents executed by the Administrative Agent as of the date of this Agreement and, as directed in writing by the Majority Lenders, the Administrative Agent shall execute additional Loan Documents delivered to it after the date of this Agreement; <i>provided</i>, <i>however</i>, that such additional Loan Documents do not adversely affect the rights, privileges, benefits and immunities of the Administrative Agent.&#160; The Administrative Agent will not otherwise be bound by, or be held obligated by, the provisions of any loan agreement, indenture or other agreement governing the Loans (other than this Agreement and the other Loan Documents to which the Administrative Agent is a party).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be liable for any error of judgment made in good faith by an Administrative Agent Responsible Officer of the Administrative Agent unless it shall be proved that the Administrative Agent was grossly negligent in ascertaining the pertinent facts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be required to qualify in any jurisdiction in which it is not presently qualified to perform its obligations as Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be required to take any enforcement action against the Borrower or any other obligor outside of the United States.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">53</font><a name="PB_53_044541_5335"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">No written direction given to the Administrative Agent by the Majority Lenders or the Borrower that in the sole judgment of the Administrative Agent imposes, purports to impose or might reasonably be expected to impose upon such Agent any obligation or liability not set forth in or arising under this Agreement and the other Loan Documents will be binding upon the Administrative Agent unless the Administrative Agent elects, at its sole option, to accept such direction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Delivery of any reports, information and documents to the Administrative Agent is for informational purposes only and the Administrative Agent&#146;s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Borrower&#146;s compliance with any of its covenants hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement or the other Loan Documents arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; business interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">In no event shall the Administrative Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Administrative Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.4</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Reliance by Administrative Agent</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent shall be entitled to rely conclusively, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation (including by way of e-mail, telephone or facsimile) believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower or any of its Subsidiaries), accountants of the Borrower, independent accountants, if any, and other experts selected by the Administrative Agent.&#160; The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless the Administrative Agent shall first receive such advice or concurrence of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances provided herein) and until such instructions are received, such Agent shall act, or refrain from acting, as it deems advisable.&#160; If the Administrative Agent so requests, it shall first be indemnified to its satisfaction by the Lenders or Majority Lenders, as applicable, against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.&#160; The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Majority Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders.&#160; No provision of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby shall require the Administrative Agent to: (i)&nbsp;expend or risk its own funds or provide indemnities in the performance of any of its duties</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">54</font><a name="PB_54_032356_1383"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">hereunder or the exercise of any of its rights or power or (ii)&nbsp;otherwise incur any financial liability in the performance of its duties or the exercise of any of its rights or powers.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.5</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Notice of Events of Default</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Potential Event of Default or Event of Default hereunder other than non-payment of principal of or interest on the Loans unless an Administrative Agent Responsible Officer of the Administrative Agent has received written notice from a Lender or the Borrower specifying such Potential Event of Default or Event of Default and stating that such notice is a &#147;notice of default&#148;.&#160; In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders and the Borrower; <i>provided</i>,<i> however</i>, that the failure of the Administrative Agent to provide such notice to the Borrower shall not give the Borrower any cause of action or right to damages or any other remedy against the Administrative Agent or any Lender.&#160; The Administrative Agent shall take such action with respect to such Potential Event of Default or Event of Default as shall be reasonably directed by the Majority Lenders; <i>provided </i>that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Potential Event of Default or Event of Default as it shall deem advisable in the best interests of the Lenders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.6</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Non-Reliance on Administrative Agent and Other Lenders</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender.&#160; Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, condition (financial or otherwise) and creditworthiness of the Borrower and its Subsidiaries and made its own decision to make its Loan hereunder and enter into this Agreement.&#160; Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and to make such investigation as it deems necessary to inform itself as to the business, operations, property, condition (financial or otherwise) and creditworthiness of the Borrower and its Subsidiaries.&#160; Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Borrower or any of its Subsidiaries which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.7</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Indemnification</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Lenders agree to indemnify the Administrative Agent in its capacity as such upon demand (and, with respect to any EEA Financial Institution, such amounts shall be deemed due and payable no later than six (6)&nbsp;days after demand therefor) (to the extent reimbursable by but not reimbursed by the Borrower upon the Administrative Agent&#146;s demand for such reimbursement by the Borrower and without limiting the obligation of the Borrower to do so),</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">55</font><font size="3"><a name="PB_55_032437_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ratably according to their respective principal amount of the Loans then held by each of them, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever </font><font size="3" face="Times New Roman" style="font-size:12.0pt;">(including reasonable legal fees and expenses) </font><font size="3" style="font-size:12.0pt;">which may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of, the Commitments, this Agreement, the Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; <i>provided </i>that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent they arise from the Administrative Agent&#146;s gross negligence or willful misconduct, in each case as determined in a final non-appealable judgment by a court of competent jurisdiction.&#160; The Borrower also agrees not to assert any claim against the Administrative Agent, any Lender, any of their affiliates, or any of their respective directors, officers, employees, attorneys or agents, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the transactions contemplated hereby or the actual or proposed use of the proceeds of the Loans.&#160; The agreements in this <u>Section&nbsp;7.7</u> shall survive termination of the Commitments, this Agreement and the Loan Documents, the payment of all amounts payable hereunder, the resignation or removal of the Administrative Agent and the exercise of Write-Down and Conversion Powers by an EEA Resolution Authority with respect to any Lender that is an EEA Financial Institution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.8</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Successor Administrative Agent</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrower, and the Administrative Agent may be removed at any time with or without cause by the Majority Lenders.&#160; Upon any such resignation or removal, the Majority Lenders shall have the right to appoint (subject, so long as no Potential Event of Default, Event of Default or Prepayment Event has occurred and is continuing, to the prior written consent of the Borrower, which consent shall not be unreasonably withheld or delayed) a successor Administrative Agent.&#160; If no successor Administrative Agent shall have been so appointed by the Majority Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent&#146;s giving of notice of resignation or the Majority Lenders&#146; removal of the retiring Administrative Agent, then the existing Administrative Agent&#146;s resignation or removal shall nevertheless thereupon become effective and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Majority Lenders appoint a successor administrative agent as provided for above.&#160; Upon the acceptance of any appointment as an Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder.&#160; After any retiring Administrative Agent&#146;s resignation or removal hereunder as Administrative Agent, the provisions of this <u>ARTICLE&nbsp;VII</u> shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.9</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Joint Bookrunners and Lead Arrangers</font></u><u><font size="3" style="font-size:12.0pt;">,&nbsp;etc.</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Joint Bookrunners and Lead Arrangers, in their capacity as such, shall have no obligations, duties or liabilities whatsoever under this Agreement.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">56</font><font size="3"><a name="PB_56_032503_5335"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent and the Onshore Custody Agent</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent shall not be responsible or liable for any action taken or omitted by the Onshore Custody Agent.&#160; The Onshore Custody Agent shall not be responsible for any action taken or omitted by the Administrative Agent.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;VIII</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THE ONSHORE CUSTODY AGENT</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;8.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Appointment</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each Lender hereby irrevocably designates and appoints the Onshore Custody Agent as the agent of such Lender under and in connection with the terms of this Agreement and the Loan Documents, and each Lender irrevocably authorizes the Onshore Custody Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the Loan Documents to which it is a party and to exercise such powers and perform such duties as are expressly delegated to the Onshore Custody Agent by the terms of this Agreement and any other Loan Documents to which it is a party, together with such other powers and discretion as are reasonably incidental thereto.&#160; Each of the Lenders agrees that it will cooperate in good faith and in a commercially reasonable manner with the other Lenders and the Onshore Custody Agent in any enforcement of rights or any exercise of remedies with respect to any Check or other rights or remedies under the Loan Documents.&#160; Notwithstanding any provision to the contrary elsewhere in this Agreement or the Loan Documents, the Onshore Custody Agent shall not have any duties or responsibilities, except those expressly set forth herein or therein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any Loan Document or otherwise exist against the Onshore Custody Agent.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;8.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Delegation of Duties</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Onshore Custody Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys in fact and shall not be responsible for the negligence or misconduct of any agent or attorneys-in-fact that it selects as long as such selection was made with due care.&#160; The Onshore Custody Agent may consult with legal counsel (including counsel for the Borrower or any of its Subsidiaries), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;8.3</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Exculpatory Provisions</font></u><font size="3" style="font-size:12.0pt;">.&#160; Neither the Onshore Custody Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i)&nbsp;liable for any action taken or omitted to be taken by it or such Person under or in connection with this Agreement or any Loan Document (except for its or such Person&#146;s own gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final, non-appealable order), or (ii)&nbsp;responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Administrative Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;8.4</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Reliance by Onshore Custody Agent</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Onshore Custody Agent shall be entitled to rely conclusively, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message,</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">57</font><font size="3"><a name="PB_57_032545_5796"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">statement, order or other document or conversation (including by way of e-mail, telephone or facsimile) believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower or any of their Subsidiaries), accountants of the Borrower, independent accountants, if any, and other experts selected by the Onshore Custody Agent.&#160; The Onshore Custody Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless the Onshore Custody Agent shall first receive such advice or concurrence of the Majority Lenders (acting through the Administrative Agent, if applicable) (or such other number or percentage of the Lenders as shall be necessary under the circumstances provided herein) and until such instructions are received, the Onshore Custody Agent shall act, or refrain from acting, as it deems advisable.&#160; If the Onshore Custody Agent so requests, it shall first be indemnified to its satisfaction by the Lenders, as applicable, against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.&#160; The Onshore Custody Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Majority Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders.&#160; No provision of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby shall require the Onshore Custody Agent to: (i)&nbsp;expend or risk its own funds or provide indemnities in the performance of any of its duties hereunder or the exercise of any of its rights or power or (ii)&nbsp;otherwise incur any financial liability in the performance of its duties or the exercise of any of its rights or powers.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;8.5</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Indemnification</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Lenders agree to indemnify the Onshore Custody Agent in its capacity as such upon demand (to the extent reimbursable by but not reimbursed by the Borrower upon the Onshore Custody Agent&#146;s demand for such reimbursement by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective principal amount of the Loans from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever (including reasonable legal fees and expenses) which may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against the Onshore Custody Agent in any way relating to or arising out of, the Commitments, this Agreement, the Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Onshore Custody Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent they arise from the Onshore Custody Agent&#146;s gross negligence or willful misconduct, in each case as determined in a final non-appealable judgment by a court of competent jurisdiction.&#160; The Borrower also agrees not to assert any claim against the Onshore Custody Agent, any Lender, any of their affiliates, or any of their respective directors, officers, employees, attorneys or agents, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the transactions contemplated hereby or the actual or proposed use of the proceeds of the Loans.&#160; The agreements in this <u>Section&nbsp;8.5</u> shall survive termination of the Commitments, this Agreement and the Loan Documents, the payment of all amounts payable hereunder, the resignation or removal of the Onshore Custody Agent.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">58</font><font size="3"><a name="PB_58_032615_2897"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;8.6</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Resignation and Removal of the Onshore Custody Agent</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Onshore Custody Agent may resign at any time by giving notice thereof to the Lenders, the Borrower and the Administrative Agent, and the Onshore Custody Agent may be removed at any time with or without cause by the Majority Lenders.&#160; Upon any such resignation or removal, the Majority Lenders shall have the right to appoint (subject, so long as no Potential Event of Default, Event of Default or Prepayment Event has occurred and is continuing, to the prior written consent of the Borrower, which consent shall not be unreasonably withheld or delayed) a successor Onshore Custody Agent.&#160; If no successor Onshore Custody Agent shall have been so appointed by the Majority Lenders and shall have accepted such appointment within thirty (30) days after the retiring Onshore Custody Agent&#146;s giving of notice of resignation or the Majority Lenders&#146; removal of the retiring Onshore Custody Agent, then the existing Onshore Custody Agent&#146;s resignation or removal shall nevertheless thereupon become effective and the Lenders shall assume and perform all of the duties of the Onshore Custody Agent hereunder until such time, if any, as the Majority Lenders appoint a successor onshore custody agent as provided for above.&#160; Upon the acceptance of any appointment as an Onshore Custody Agent hereunder by a successor Onshore Custody Agent, such successor Onshore Custody Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Onshore Custody Agent, and the retiring Onshore Custody Agent shall be discharged from its duties and obligations hereunder.&#160; After any retiring Onshore Custody Agent&#146;s resignation or removal hereunder as Onshore Custody Agent, the provisions of this <u>ARTICLE&nbsp;VIII</u> shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Onshore Custody Agent.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;8.7</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Liabilities</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Onshore Custody Agent shall not be liable for failure to perform any of its obligations under this Agreement or any of the other Loan Documents where such failure is due to any of the following: restrictions on transfer and/or conversion of the relevant currency, confiscation, expropriation, nationalization, acts of war, civil riot or insurrection, acts by any governmental or similar agency (de jure or de facto), or other cases of force majeure or circumstances beyond Onshore Custody Agent&#180;s control. Only the assets of Onshore Custody Agent shall be used for the purpose of meeting its obligations under this Agreement and the other Loan Documents. No office or branch of Citibank, N.A. (including its head office in the United States) other than the branch of Citibank N.A. established in the Republic of Argentina, and no entity or Person affiliated and/or related to Citibank N.A., shall be liable for performance of the obligations of Onshore Custody Agent under this Agreement and the other Loan Documents. Accordingly, Borrower, each of the Lenders, Administrative Agent and Offshore Custody Agent hereby expressly waive any right to look to or seek payment from or at any office, branch or affiliate of Citibank, N.A. outside of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;IX</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">MISCELLANEOUS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Amendments and Waivers</font></u><font size="3" style="font-size:12.0pt;">.&#160; Neither this Agreement nor any terms hereof may be amended, supplemented or modified except in accordance with the provisions of this <u>Section&nbsp;9.1</u>.&#160; The Majority Lenders may, or, with the written consent of the Majority Lenders, the Administrative Agent may, from time to time, (a)&nbsp;enter into with the Borrower written amendments, supplements or modifications hereto and to the Loan Documents for the purpose of adding any provisions to this Agreement or the Loan Documents or changing in any manner the</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">59</font><font size="3"><a name="PB_59_032656_3020"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">rights of the Lenders or of the Borrower hereunder or thereunder or (b)&nbsp;waive, on such terms and conditions as the Majority Lenders or the Administrative Agent (acting at the written direction of the Majority Lenders), as the case may be, may specify in such instrument, any of the requirements of this Agreement or any Prepayment Event, Potential Event of Default or Event of Default and its consequences; <i>provided, however, </i>that no such waiver and no such amendment, supplement or modification shall (i)&nbsp;reduce the amount or extend the scheduled maturity of the principal of any Loan, or reduce the stated rate of any interest or fee payable hereunder or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Lender&#146;s Commitment or modify the first sentence of <u>Section&nbsp;2.9</u>, in each case, without the consent of each Lender affected thereby or (ii)&nbsp;waive any condition precedent set forth in <u>Section&nbsp;3.1</u> without the consent of each Lender or (iii)&nbsp;amend, modify or waive any provision of this <u>Section&nbsp;9.1</u>, <u>Section&nbsp;2.15</u> or <u>Section&nbsp;9.7(a)</u>&nbsp;or reduce the percentage specified in the definition of Majority Lenders, or consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement, in each case without the written consent of each Lender, or (iv)&nbsp;amend, modify or waive any provision of <u>ARTICLE&nbsp;VII</u> or otherwise affect the rights or duties of the Administrative Agent under this Agreement without the written consent of the Administrative Agent.&#160; Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Borrower, the Lenders, the Administrative Agent and each of their respective successors and permitted assigns.&#160; In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder, and any Prepayment Event, Potential Event of Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Prepayment Event, Potential Event of Default or Event of Default, or impair any right consequent thereon.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Notices</font></u><font size="3" style="font-size:12.0pt;">.&#160; All notices, requests and demands to or upon the respective parties hereto to be effective shall be either (a)&nbsp;in writing (including by telecopy, encrypted or unencrypted, or by e-mail) or (b)&nbsp;as and to the extent set forth in the proviso to this <u>Section&nbsp;9.2</u>, and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered or, in the case of telecopy or e-mail notice, when received, addressed as follows in the case of the Borrower, the Administrative Agent and the Onshore Custody Agent, and as set forth in the applicable Administrative Agent Questionnaire in the case of the other parties hereto, or to such other address as may be hereafter notified by the respective parties hereto:</font></p>
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<p style="margin:0in 0in .0001pt .75in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The   Borrower:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom   Argentina S.A.<br>   Avenida Alicia Moreau de Justo 50</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ciudad   Aut&#243;noma de Buenos Aires</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Argentina,   C1107AAB</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attention: Marcelo Iribarne<br>   Email: miribarne@teco.com.ar</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .75in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Administrative Agent:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Daniel Rothman</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Vice President and Senior Trust Officer</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank Issuer Services</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">480 Washington Blvd 18th Floor</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">60</font><font size="3"><a name="PB_60_032728_7748"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Jersey City, NJ 07310</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Phone: 201-763-1887</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">email: daniel.rothman@citi.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank Delaware</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1615 Brett Road</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">OPS III</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New Castle, DE 19720</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn: Agency Operations</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Phone: (302) 894-6010</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax: (646) 274-5080</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Borrower inquiries only:   AgencyABTFSupport@citi.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Borrower notifications:   GlAgentOfficeOps@Citi.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Disclosure Team Mail (Financial   Reporting):&nbsp; GlAgentOfficeOps@Citi.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Investor Relations Team (investor inquiries   only):&nbsp; global.loans.support@citi.com</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .75in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Onshore   Custody Agent:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Branch   of Citibank NA established in the Republic of Argentina</font><font size="3" style="font-size:12.0pt;"><br>    </font><font size="3" style="font-size:12.0pt;">Bartolom&#233; Mitre 530, 4</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&nbsp;floor</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ciudad   Aut&#243;noma de Buenos Aires</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Argentina,   C1036AAJ</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attention:   Manuel Tristany / Tom&#225;s Servente</font><font size="3" style="font-size:12.0pt;"><br>    </font><font size="3" style="font-size:12.0pt;">Email:   manuel.tristany@citi.com ; tomas.servente@citi.com</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided </font></i><font size="3" style="font-size:12.0pt;">that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to <u>Section&nbsp;2.3</u> or <u>Section&nbsp;2.5</u> shall not be effective until received.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Administrative Agent shall have the right to accept and act upon instructions, including funds transfer instructions (&#147;<b>Instructions</b>&#148;) given pursuant to this Agreement and delivered using Electronic Means; provided, however, that the Borrower shall provide to the Administrative Agent an incumbency certificate listing authorized officers and containing specimen signatures of such authorized officers, which incumbency certificate shall be amended by the Borrower whenever a person is to be added or deleted from the listing.&#160; If the Borrower elects to give the Administrative Agent Instructions using Electronic Means and the Administrative Agent in its discretion elects to act upon such Instructions, the Administrative Agent&#146;s understanding of such Instructions shall be deemed controlling.&#160; The Borrower understands and agrees that the Administrative Agent cannot determine the identity of the actual sender of such Instructions and that the Administrative Agent shall conclusively presume that directions that purport to have been sent by an authorized officer listed on the incumbency certificate provided to the Administrative Agent have been sent by such</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">61</font><font size="3"><a name="PB_61_033134_141"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">authorized officer.&#160; The Borrower shall be responsible for ensuring that only authorized officers transmit such Instructions to the Administrative Agent and that the Borrower and all authorized officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Borrower.&#160; The Administrative Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Administrative Agent&#146;s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction.&#160; The Borrower agrees: (i)&nbsp;to assume all risks arising out of the use of Electronic Means to submit Instructions to the Administrative Agent, including without limitation the risk of the Administrative Agent acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii)&nbsp;that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Administrative Agent and that there may be more secure methods of transmitting Instructions than the method(s)&nbsp;selected by the Borrower; (iii)&nbsp;that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv)&nbsp;to notify the Administrative Agent in writing immediately upon learning of any compromise or unauthorized use of the security procedures.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower may provide to the Administrative Agent all information, documents and other materials that they are obligated to furnish to the Administrative Agent pursuant to this Agreement and the Loan Documents, including all notices, requests, financial statements, financial and other reports, certificates and other information materials (all such communications being referred to collectively, as &#147;<b>Communications</b>&#148;), by transmitting the Communications to the Administrative Agent&#146;s electronic mail address: daniel.rothman@citi.com, <i><u style="font-style:italic;">provided</u></i> that the foregoing shall not apply to notices to the Administrative Agent or any Lender pursuant to <u>ARTICLE&nbsp;II</u> and <u>ARTICLE&nbsp;III</u> if such Person has notified the Administrative Agent and the Borrower in writing that it is incapable of receiving notices under such Articles by electronic communication.&#160; In addition, each of the Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it.&#160; The Borrower further agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications on Debt Domain or a substantially similar electronic transmission system (the &#147;<b>Platform</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">THE PLATFORM&nbsp;IS PROVIDED &#147;AS IS&#148; AND &#147;AS AVAILABLE.&#148;&#160; THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM&nbsp;AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS.&#160; NO WARRANTY OF ANY KIND, EXPRESS,&nbsp;IMPLIED OR STATUTORY,&nbsp;INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS,&nbsp;IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM.&#160; IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, &#147;<b>AGENT PARTIES</b>&#148;) HAVE ANY LIABILITY, TO ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND,&nbsp;INCLUDING DIRECT OR</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">INDIRECT, SPECIAL,&nbsp;INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE ADMINISTRATIVE AGENT&#146;S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH AGENT PARTY&#146;S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. EACH OF THE BORROWER AND THE LENDERS UNDERSTANDS THAT THE DISTRIBUTION OF MATERIALS AND OTHER COMMUNICATIONS THROUGH AN ELECTRONIC MEDIUM IS NOT NECESSARILY SECURE AND THAT THERE ARE CONFIDENTIALITY AND OTHER RISKS ASSOCIATED WITH SUCH DISTRIBUTION AND AGREES AND ASSUMES THE RISKS ASSOCIATED WITH SUCH ELECTRONIC DISTRIBUTION.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.&#160; Each Lender agrees to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender&#146;s email address to which the foregoing notice may be sent by electronic transmission and that the foregoing notice may be sent to such email address.&#160; Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.3</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">No Waiver; Cumulative Remedies</font></u><font size="3" style="font-size:12.0pt;">.&#160; No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.&#160; The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.4</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Survival of Representations and Warranties</font></u><font size="3" style="font-size:12.0pt;">.&#160; All representations and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the Loan Documents and the making of the Loans hereunder.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.5</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Payment of Expenses and Taxes; Indemnity</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower agrees (a)&nbsp;to pay or reimburse the Administrative Agent, the Onshore Custody Agent and the Lenders for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the negotiation, preparation and execution of this Agreement and the Loan Documents, including reasonable fees and disbursements of counsel to the Administrative Agent, the Onshore Custody Agent and the Lenders; <i>provided, however, </i>that the obligation of the Borrower to pay or reimburse the expenses covered by this clause (a)&nbsp;shall not exceed the amount previously agreed in writing with the Joint Bookrunners and Lead Arrangers, the Administrative Agent, the Onshore Custody Agent and the Borrower, (b)&nbsp;to pay or reimburse the Administrative Agent, the Onshore Custody Agent and the Lenders for all their reasonable and documented out-of-pocket costs and expenses in connection with any amendment, supplement or modification to this Agreement and the Loan Documents,</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">including the reasonable fees and disbursements of counsel to the Administrative Agent, the Onshore Custody Agent and the Lenders, (c)&nbsp;to pay or reimburse each Lender and the Administrative Agent and the Onshore Custody Agent for all the reasonable and documented costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the Loan Documents and any such other documents, including the fees and disbursements of counsel to each Lender and of counsel to the Administrative Agent and the Onshore Custody Agent, and (d)&nbsp;to pay, indemnify, and hold each Lender, each Joint Bookrunner and Lead Arranger, the Administrative Agent and the Onshore Custody Agent harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed to such Lender, Joint Bookrunner and Lead Arranger, such Administrative Agent or such Onshore Custody Agent arising from this Agreement or the actual or proposed use of the proceeds of the Loans or with respect to the enforcement of this Agreement and any such other documents (all the foregoing in this clause (d), collectively, the &#147;<b>Indemnified Liabilities</b>&#148;);<i> provided </i>that the Borrower shall have no obligation hereunder to the Administrative Agent, the Onshore Custody Agent, any Lender or any Joint Bookrunner and Lead Arranger with respect to any Indemnified Liabilities arising from the gross negligence or willful misconduct of the Administrative Agent, the Onshore Custody Agent, such Lender or such Joint Bookrunner and Lead Arranger, in each case as determined in a final non-appealable judgment by a court of competent jurisdiction.&#160; To the extent permitted by Applicable Law, no Party hereto shall assert, and each such Party hereby waives, any claim against any other Party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, any Loan or the use of the proceeds thereof; provided that, nothing in this <u>Section&nbsp;9.5</u> shall relieve the Borrower of any obligation it may have to indemnify a Lender, Joint Bookrunner and Lead Arranger, the Administrative Agent or the Onshore Custody Agent against special, indirect, consequential or punitive damages asserted against such Lender, Joint Bookrunner and lead Arranger or Administrative Agent by a third party except, in respect of such indemnification obligation, where such damages arise from the gross negligence or willful misconduct of such Lender, such Joint Bookrunner and Lead Arranger, the Administrative Agent or the Onshore Custody Agent, in each case as determined in a final non-appealable judgment by a court of competent jurisdiction.&#160; </font><font size="3" style="font-size:12.0pt;">This </font><u><font size="3" style="font-size:12.0pt;">Section&nbsp;9.5</font></u><font size="3" style="font-size:12.0pt;"> shall not apply with respect to any Taxes other than any Taxes that represent losses, claims, charges,&nbsp;etc. arising from any non-Tax claim.&#160; </font><font size="3" style="font-size:12.0pt;">The agreements in this <u>Section&nbsp;9.5</u> shall survive the resignation and removal of the Administrative Agent or the Onshore Custody Agent and the repayment of the Loans and all other amounts payable hereunder.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.6</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Successors and Assigns; Participations and Assignments</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Administrative Agent,<font color="black" style="color:black;"> the Onshore Custody Agent</font> and their respective successors and assigns, except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent and each Lender. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Any Lender, in the ordinary course of its commercial banking business and in accordance with applicable law, may at any time sell to one or more banks or other entities (&#147;<b>Participants</b>&#148;) participating interests in any portion of the Loan owing to such Lender, the Commitment of such Lender or any other interest of such Lender hereunder.&#160; Each Lender that sells a participation pursuant to this Section&nbsp;shall, acting solely for U.S. federal income tax purposes as a non-fiduciary agent of the Borrower, maintain a register on which it records the name and address of each participant and the principal amounts (and stated interest) of each participant&#146;s participation interest with respect to the Loans (each, a <b>&#147;Participant Register&#148;</b>); </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">provided</font></i><font size="3" color="black" style="color:black;font-size:12.0pt;"> that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant&#146;s interest in any Commitment, Loans or its other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section&nbsp;5f.103-1(c)&nbsp;of the United States Treasury Regulations</font><font size="3" style="font-size:12.0pt;">.&#160; Any such recordation shall be conclusive and binding on Borrower and each Lender, absent manifest error; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">provided that failure to make any such recordation, or any error in such recordation, shall not affect Borrower&#146;s Obligations in respect of any Loan</font><font size="3" style="font-size:12.0pt;">.&#160; The entries in the Participant Register shall be <i>prima facie</i> evidence of, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of, a participation with respect to the Loans for all purposes under this Agreement, notwithstanding any notice to the contrary. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender&#146;s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender&#146;s rights and obligations under this Agreement.&#160; Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain sole right and responsibility to enforce the obligations of the Borrower hereunder, including the right to approve any amendment, modification or waiver of any provision of this Agreement; <i>provided </i>that such participation agreement may provide that such Lender will not agree to any amendment, modification or waiver described in <u>Section&nbsp;9.1(b)(i)</u>&nbsp;or <u>(b)(ii)</u>&nbsp;without the consent of the Participant.&#160; The Borrower agrees that if amounts outstanding under this Agreement are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of a Prepayment Event or an Event of Default, each Participant shall, to the maximum extent permitted by Applicable Law, be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement; <i>provided </i>that, in purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in <u><font color="black" style="color:black;">Section&nbsp;9.7(a)</font></u>&nbsp;as fully as if it were a Lender hereunder.&#160; Any Participant exercising such right of setoff shall promptly provide notice to the Borrower and the Administrative Agent of such setoff; <i>provided</i>, <i>however</i>, that the failure by any Participant to provide such notice to the Borrower or the Administrative Agent shall not give the Borrower any cause of action or right to damages or any other remedy against such Participant, any Lender or the Administrative Agent, except as otherwise provided by law.&#160; The Borrower agrees that each Participant shall be entitled to the benefits of <u><font color="black" style="color:black;">Section&nbsp;2.11</font></u><font color="black" style="color:black;">, <u>Section&nbsp;2.12</u></font> and <u>Section&nbsp;2.13</u> with respect to its participation in the Commitments and the Loans outstanding from time to time as if it were a Lender;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided </font></i><font size="3" style="font-size:12.0pt;">that (x)&nbsp;no Participant shall be entitled to receive any greater </font><font size="3" color="black" style="color:black;font-size:12.0pt;">payment under <u>Section&nbsp;2.11</u> and <u>Section&nbsp;2.12</u>, with respect to any participation, than its participating Lender would have been entitled to receive, (y)&nbsp;such Participant shall not be entitled to any benefit under <u>Section&nbsp;2.12</u> unless Borrower is notified of the participation sold to such Participant and such Participant agrees to comply with the obligations in <u>Section&nbsp;2.12(f)</u>&nbsp;and <u>Section&nbsp;2.12(g)</u>&nbsp;and (z)&nbsp;such Participant agrees to be subject to the provisions of <u>Section&nbsp;2.14</u> as if it were an Assignee</font><font size="3" style="font-size:12.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Any Lender may, in the ordinary course of its commercial banking business and in accordance with applicable law, at any time and from time to time assign to any other existing Lender or an Affiliate, Subsidiary or successor of an existing Lender that is a bank or a financial institution or to another bank or financial institution all or any part of its rights and obligations under this Agreement and the other Loan Documents to (i)&nbsp;any Person meeting the criteria of clause (i)&nbsp;of the definition of the term &#147;Eligible Assignee&#148; upon five (5)&nbsp;Business Days&#146; advanced written notice to the Administrative Agent, and (ii)&nbsp;any Person meeting the criteria of clause (ii)&nbsp;or clause (iii)&nbsp;of the definition of the term &#147;Eligible Assignee&#148; upon ten (10)&nbsp;Business Days&#146; advanced written notice to Borrower and Administrative Agent and, with respect to this clause (ii), with the prior written consent of each of the Borrower (such consent not to be (x) unreasonably withheld or delayed, <i>provided that </i>if the Borrower has not notified the assigning Lender and the Administrative Agent of its consent of such assignment within ten (10)&nbsp;Business Days from receipt of a request for consent from the assigning Lender or the Administrative Agent, the Borrower shall be deemed to have given its consent to the proposed assignment, or, (y)&nbsp;required at any time an Event of Default shall have occurred and then be continuing) (each Person under (i)&nbsp;or (ii), an &#147;<b>Assignee</b>&#148;); <i>provided </i>that each such assignment pursuant to (i)&nbsp;shall be in an aggregate amount of not less than (A)&nbsp;$10,000,000, (B)&nbsp;such lesser amount as agreed to by Borrower and Administrative Agent (acting upon the direction of the Majority Lenders), or (C)&nbsp;the aggregate outstanding amount of the Loans of the assigning Lender.&#160; Any assignment of all or any part of a Lender&#146;s rights and obligations under this Agreement and the other Loan Documents shall be made pursuant to an Assignment and Acceptance.&#160; Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x)&nbsp;the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights, benefits and obligations of a Lender hereunder as set forth therein; <i>provided </i>that no Assignee shall be entitled to receive any greater amount pursuant to <u><font color="black" style="color:black;">Section&nbsp;2.11</font></u><font color="black" style="color:black;">, <u>Section&nbsp;2.12</u></font> and <u>Section&nbsp;2.13</u> than the Lender assigning such rights and obligations would have been entitled to receive in respect of the rights and obligations assigned to such Assignee had no such assignment occurred (unless, in the case of <u><font color="black" style="color:black;">Section&nbsp;2.11</font></u> or <u>Section&nbsp;2.13</u>, the Borrower has consented to such assignment), unless such assignment was made at a time when the circumstances giving rise to such increased cost did not exist; <i>provided further that</i>, no Assignee shall be entitled to receive any greater amount pursuant to <u><font color="black" style="color:black;">Section&nbsp;2.12</font></u><font color="black" style="color:black;"> than the amount payable under <u>Section&nbsp;2.12</u> to an Assignee as to which interest payments hereunder would be subject to tax at the then-applicable rate to a Qualifying Bank<u>,</u></font> (y)&nbsp;the assigning Lender thereunder shall, solely to the extent that its rights and obligations hereunder have been assigned to the assignee, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender&#146;s rights and obligations</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">under this Agreement, such assigning Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of <u><font color="black" style="color:black;">Section&nbsp;2.11</font></u><font color="black" style="color:black;">, <u>Section&nbsp;2.12</u></font>, <u>Section&nbsp;2.13</u> and <u>Section&nbsp;9.5</u> with respect to facts and circumstances occurring prior to the effective date determined pursuant to such Assignment and Acceptance)</font><font size="3" style="font-size:12.0pt;"> and </font><font size="3" style="font-size:12.0pt;">(z)&nbsp;the commitments of the Lenders hereunder shall be modified to reflect any commitment of such Assignee and any commitment of such assigning Lender, if any.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Administrative Agent</font><font size="3" color="black" style="color:black;font-size:12.0pt;">, acting solely for this purpose as a non-fiduciary agent of the Borrower,</font><font size="3" style="font-size:12.0pt;"> shall maintain at its address referred to in <u>Section&nbsp;9.2</u> a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the &#147;<b>Register</b>&#148;).&#160; The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement,.&#160; The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee (and, when required by <u>Section&nbsp;9.6(c)</u>, acknowledged by the Administrative Agent and consented by the Borrower), any required forms and certificates regarding tax matters, and any fees payable in connection with such assignment and payment by the assigning Lender to the Administrative Agent of a registration and processing fee of $3,500 (which registration and processing fee the Administrative Agent may, in its sole discretion, elect to waive), the Administrative Agent shall (i)&nbsp;promptly acknowledge such Assignment and Acceptance and (ii)&nbsp;on the effective date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Borrower. Any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding commitments or Loans; <i>provided</i> that any Assignee that is then a Lender or an Affiliate, subsidiary or successor of an existing Lender that is a bank or a financial institution shall not be required to pay the registration and processing fee set forth in this Section.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Borrower authorizes each Lender to disclose to any Participant or Assignee (each, a &#147;<b>Transferee</b>&#148;) and any prospective Transferee that has agreed in writing to comply with the restrictions set forth in <u>Section&nbsp;9.15</u> any and all financial information in such Lender&#146;s possession concerning the Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender&#146;s credit evaluation of the Borrower and its respective Affiliates prior to becoming a party to this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The parties to this Agreement acknowledge that the provisions of this <u>Section&nbsp;9.6</u> concerning assignments of the Loans relate only to absolute assignments and that such provisions do not prohibit pledging and/or granting a security interest in all or any portion of its Loans, the other obligations owed by or to such Lender to secure obligations of such Lender to any Federal Reserve Bank as collateral security pursuant to Regulation&nbsp;A of the</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Board of Governors and any operating circular issued by such Federal Reserve Bank; <i>provided</i> that no Lender, as between Borrower and such Lender or between the Administrative Agent and such Lender, shall be relieved of any of its obligations hereunder as a result of any such assignment and pledge, and <i>provided further</i> that in no event shall the applicable Federal Reserve Bank be considered to be a &#147;Lender&#148; or be entitled to require the assigning Lender to take or omit to take any action hereunder.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">By its acquisition of Loans, an Affiliate of the Borrower shall be deemed to have acknowledged and agreed that:</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:22.5pt;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(A)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Loans held by such Affiliate of the Borrower shall be disregarded in both the numerator and denominator in the calculation of Majority Lenders or any other Lender vote, except that such Affiliate of the Borrower shall have the right to vote (and the Loans held by such Affiliate of the Borrower shall not be so disregarded) with respect to any amendment, modification, waiver, consent or other action that requires the vote of all Lenders or all Lenders directly and adversely affected thereby, as the case may be; provided that no amendment, modification, waiver, consent or other action shall (1)&nbsp;disproportionately affect such Affiliate of the Borrower in its capacity as a Lender as compared to other Lenders that are not affiliates of the Borrower or (2)&nbsp;deprive any Affiliate of the Borrower of its share of any payments which the Lenders are entitled to share on a pro rata basis hereunder, in each case without the consent of such Affiliate of the Borrower; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:22.5pt;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(B)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Affiliates of the Borrower, <font color="black" style="color:black;">solely in their capacity as an Affiliate of the Borrower, will not be entitled to (i)&nbsp;attend (including by telephone) or participate in any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender or among Lenders to which the Borrower or their representatives are not invited or (ii)&nbsp;receive any information or material prepared by the Administrative Agent or any Lender or any communication by or among the Administrative Agent and one or more Lenders, except to the extent such information or materials have been made available by the Administrative Agent or any Lender to any Borrower or its representatives (and in any case, other than the right to receive notices of borrowings, prepayments and other administrative notices in respect of its Loans or required to be delivered to Lenders pursuant to <u>Sections 2.3</u> or <u>2.18</u> of this Agreement).</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.7</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Adjustments; Set-off</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">If any Lender (a &#147;<b>Benefited Lender</b>&#148;) shall at any time receive any payment of all or part of its Loan, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by setoff, pursuant to events or proceedings of the nature referred to in clause (g), (h)&nbsp;or (i)&nbsp;of <u>ARTICLE&nbsp;VI</u> or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender&#146;s portion of the Loan, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender&#146;s Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the other Lenders; <i>provided, however, </i>that if all or any portion of</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In addition to any rights and remedies of the Lenders provided by law, if any amount becoming due and payable by the Borrower hereunder or under the Loan Documents (whether at the stated maturity, by acceleration or otherwise) is not paid when due, each Lender shall have the right, <font color="black" style="color:black;">without prior notice to the Borrower, any such notice being expressly </font>waived by the Borrower, to the extent permitted by applicable law, to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Borrower, against any and all of the obligations of the Borrower then existing and matured under this Agreement to such Lender.&#160; Upon exercising such right of set-off, each Lender shall promptly provide notice to the Borrower and the Administrative Agent of such set-off; <i>provided, however,</i> that the failure by any Lender to provide such notice to the Borrower or the Administrative Agent shall not give the Borrower any cause of action or right to damages or any other remedy against such Lender, any other Lender or the Administrative Agent, nor affect the validity of such set-off and application.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.8</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Counterparts; Effectiveness</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy or e-mail transmission of a .pdf copy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.&#160; A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.9</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Severability</font></u><font size="3" style="font-size:12.0pt;">.&#160; Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Integration</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement and the writings referred to in <u>Section&nbsp;2.4</u> represent the entire agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Borrower, the Administrative Agent or any Lender relative to subject matter hereof not expressly set forth or referred to herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.11</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">GOVERNING LAW</font></u><b><font size="3" style="font-size:12.0pt;font-weight:bold;">.&#160; THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.12</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Submission To Jurisdiction; Waivers</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower hereby irrevocably and unconditionally:&#160; (a)&nbsp;submits for itself and its Assets in any legal action or proceeding relating to this</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Agreement, or for recognition and enforcement of any judgment in respect thereof, to the general jurisdiction of any federal court of the United States of America sitting in the Borough of Manhattan or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New Nork; (b)&nbsp;consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; (c)&nbsp;agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to CT Corporation System (the &#147;<b>Process Agent</b>&#148;), as the Borrower&#146;s agent in New York City for service of process at its address currently at 111 Eighth Avenue, New York, New York 10011, or at such other address in New York, New York of which the Administrative Agent shall have been notified in writing by the Borrower; (d)&nbsp;agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; (e)&nbsp;waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section&nbsp;9.12</u> any special, exemplary, punitive or consequential damages; and (f)&nbsp;agrees that, to the extent that it or any of its Assets has or hereafter may acquire any right of immunity related to or arising from the transactions contemplated by this Agreement or the Loan Documents, whether characterized as sovereign immunity or otherwise, from any legal proceedings, whether in the United States of America, Argentina or elsewhere, to enforce or collect upon the Loans, the Loan Documents or any other liability or obligation of the Borrower related to or arising from the transactions contemplated by this Agreement or the Loan Documents, including immunity from service of process, immunity from jurisdiction or judgment of any court or tribunal, immunity from execution of a judgment, and immunity of any of its Assets from attachment prior to any entry of judgment, or from attachment in aid of execution upon a judgment, the Borrower hereby expressly and irrevocably waives any such immunity and agrees not to assert any such right or claim in any such proceeding, whether in the United States of America or Argentina or elsewhere, except for the immunity referred to in <u>Section&nbsp;4.22</u> in respect of Assets used for the performance of a public service.&#160; The appointment of the Process Agent in clause (c)&nbsp;above shall be irrevocable, except that if for any reason the Process Agent appointed in said clause (c)&nbsp;ceases to be able to act as such, the Borrower will, by an instrument in form and substance reasonably satisfactory to the Administrative Agent, appoint another Person in the Borough of Manhattan as such Process Agent subject to the approval (which approval will not be unreasonably withheld or delayed) of the Administrative Agent (acting at the written direction of the Majority Lenders).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To the extent that the Borrower shall, in any action, suit or proceeding brought in any of the courts referred to in this <u>Section&nbsp;9.12</u> or a court of Argentina or elsewhere arising out of or in connection with this Agreement or any of the other Loan Documents, be entitled to the benefit of any provision of applicable law requiring any Lender in such action, suit or proceeding to post security for the costs of the Borrower, or to post a bond or take similar action (<i>caution judicatum solvi </i>or <i>excepci&#243;n de arraigo</i>), the Borrower hereby irrevocably waives such benefit, in each case to the fullest extent now or in the future permitted under the laws of Argentina or, as the case may be, such other jurisdictions.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.13</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Acknowledgments</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower hereby acknowledges that:&#160; (a)&nbsp;it has been advised by counsel in the negotiation, execution and delivery of this Agreement, (b)&nbsp;none of the</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Administrative Agent or the Lenders has any fiduciary relationship to the Borrower under this Agreement, and the relationship between the Lenders, on the one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that of creditor and debtor; (c)&nbsp;the Administrative Agent and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Administrative Agent nor any Lender has any obligation to disclose any of such interests to the Borrower or any of its Affiliates; and (d)&nbsp;it is the policy of the Board of Governors of the Federal Reserve System of the United States of America that extensions of credit by international banking facilities, such as the Loans, may be used only to finance operations outside the United States of America of the Borrower or its Affiliates.&#160; To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.14</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">WAIVERS OF JURY TRIAL</font></u><b><font size="3" style="font-size:12.0pt;font-weight:bold;">.&#160; EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).&#160; EACH PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT,&nbsp;IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS OF THIS SECTION.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.15</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Confidentiality</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent and each Lender agrees that it will hold in confidence, in accordance with the customary practices of such Person, any confidential information provided to such Person pursuant to this Agreement; <i>provided </i>that nothing in this <u>Section&nbsp;9.15</u> shall be deemed to prevent the disclosure by the Administrative Agent or any Lender of any such information (a)&nbsp;to any Affiliate, employee, officer, director, accountant, attorney or consultant of such Person, or any auditor, examiner or other Agency, so long as such disclosure is deemed necessary in the reasonable determination of the Administrative Agent or such Lender, as the case may be, for proper administration and/or enforcement of this Agreement or any Loan Document, or in order to comply with any law or regulation or request of an auditor, examiner or other Agency, (b)&nbsp;that has been or is made public by the Borrower or any of its Subsidiaries or affiliates or by any third party without breach of this Agreement or that otherwise becomes generally available to the public other than as a result of a disclosure in violation of this <u>Section&nbsp;9.15</u>, (c)&nbsp;that is or becomes available to any such Person from a third party not known to such person to be subject to confidentiality obligations to the Borrower, (d)&nbsp;that is required to be disclosed by any Requirement of Law, including to any bank examiners or regulatory authorities, (e)&nbsp;that is required to be disclosed by any court, agency, arbitrator or legislative body or (f)&nbsp;subject to the provisions of <u>Section&nbsp;9.6(f)</u>, to any Transferee or proposed Transferee.&#160; Notwithstanding the foregoing and any other provision herein, the Borrower and any Lender (and</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">each employee, representative or other agent of the Borrower and any Lender) may disclose to any and all Persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure, if any, of the transactions contemplated by this Agreement, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.16</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Financial Crime Risk Management Activity</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower hereby agrees and acknowledges that the Lenders may be required to and may take any reasonable action to the extent permitted by Applicable Law, to meet their compliance obligations in connection with the detection, investigation and prevention of Financial Crime (the &#147;<b>Financial Crime Risk Management Activity</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Lenders may also, subject to the limitations set forth under Applicable Laws, cooperate with local and foreign authorities, through the appropriate channels allowable under Applicable Laws, with respect to Financial Crime Risk Management Activities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower hereby acknowledges and agrees that, to the extent permissible by law, neither the Lenders nor any other their Affiliates shall be liable to the Borrower or any third party in respect of any damage or loss whether incurred by the Borrower or a third party in connection with the delaying, blocking, suspension or cancelation of any payment or the provision of all or part of the obligations under the Loan Documents, or otherwise required by Applicable Law relating to Financial Crime Risk Management Activity.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.17</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Lending Offices</font></u><font size="3" style="font-size:12.0pt;">.&#160; Any Lender may at any time change its Lending Office in relation to all or a specified part of its Loan by notifying the Administrative Agent and the Borrower in writing of the fax number, telex number and address of its new Lending Office; <i>provided </i>that such change does not oblige the Borrower to pay any additional amount, cost or expense pursuant to this Agreement, in excess of such additional amount, cost or expense, as the case may be, that the Borrower would otherwise have been obliged to pay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.18</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">USA Patriot Act</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the USA Patriot Act.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.19</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Judgment Currency</font></u><font size="3" style="font-size:12.0pt;">.&#160; To the fullest extent permitted by law: (a)&nbsp;if, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder from a currency (the &#147;<b>Original Currency</b>&#148; into another currency (the &#147;<b>Other Currency</b>&#148;), the parties hereto agree, to the fullest extent that they may effectively do so, such conversion shall be done at the exchange rate used on the Business Day preceding that day on which final judgment is given and (b)&nbsp;the obligations of the Borrower in respect of any sum due from it to the Administrative Agent or the Lenders shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or the Lenders of any sum adjudged to be due hereunder in the Other Currency the Administrative Agent or the Lenders may in accordance with normal banking procedures purchase and transfer the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">72</font><font size="3"><a name="PB_72_034312_8715"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Original Currency to New York City with the amount of the Other Currency so adjudged to be due, and the Borrower agrees, as a separate obligations and notwithstanding any such judgment, to indemnify the Administrative Agent and the Lenders against, and to pay the Administrative Agent and the Lenders on demand, in the Original Currency, the amount (if any) by which the sum originally due to the Administrative Agent and the Lenders in the Original Currency hereunder exceeds the amount of the Original Currency so purchased and transferred.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.20</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Acknowledgement and Consent to Bail-In of EEA Financial Institutions</font></u><font size="3" style="font-size:12.0pt;">.&#160; Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the applicable of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the effects of any Bail-In Action on any such liability, including, if applicable:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a reduction in full or in part or cancellation of any such liability;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.21</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Data Protection</font></u><font size="3" style="font-size:12.0pt;">. The parties to this Agreement represent and acknowledge that they have made their respective signatories and designated contact personnel listed in Section&nbsp;9.2 in this Agreement aware that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:40.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the personal data contained herein and any data that may be gathered during their contractual relationship:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">may be processed by any Party to this Agreement for the purpose of signing, performing, managing and administering this Agreement and every Party will be responsible and liable for its own processing of the data. The legal basis for said processing activities is the &#180;parties&#146; legitimate interest and their compliance with legal obligations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">could be communicated to: (i)&nbsp;fraud prevention agencies; (ii)&nbsp;courts to comply with legal requirements, and for the administration of justice; and (iii)&nbsp;other parties where necessary to protect the security and integrity of your entity&#146;s business operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">73</font><font size="3"><a name="PB_73_034422_563"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:40.5pt;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">they may exercise, at any time, their rights of access, rectification, erasure, blocking, data portability and restriction of processing (or any other recognized legal rights) by sending written notice to the relevant parties. Any such notice should be for the attention of the relevant data protection officer and sent to the addresses set out herein;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:40.5pt;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the data protection officer is entrusted with monitoring and enforcing compliance with data protection law; data subjects may contact the relevant data protection officer, whose contact information </font><font size="3" color="black" style="color:black;font-size:12.0pt;">in the case of Banco Santander is </font><font size="3" style="font-size:12.0pt;">privacidad@gruposantander.es</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:40.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(</font><font size="3" color="black" style="color:black;font-size:12.0pt;">iv)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">data will be processed throughout the term of this Agreement and may be kept and stored by any Party thereafter for as long as any liability may continue to be sought through legal action or contractual claims;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:40.5pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">they may approach the relevant data protection agency for any claim or request relating to personal data protection.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">74</font><font size="3"><a name="PB_74_034433_9497"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule 2.1.(a)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Commitments</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="1" cellspacing="0" cellpadding="0" width="80%" style="border:none;border-collapse:collapse;">
<tr height="37" style="height:28.1pt;page-break-inside:avoid;">
<td width="67%" rowspan="2" valign="top" bgcolor="white" style="background:silver;border-bottom:double windowtext 2.25pt;border-left:double black 4.5pt;border-right:solid black 1.0pt;border-top:double black 4.5pt;height:28.1pt;padding:0in 0in 0in 0in;width:67.76%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Lender</font></b></p>    </td>
<td width="32%" rowspan="2" valign="top" bgcolor="white" style="background:silver;border-bottom:double black 2.25pt;border-left:none;border-right:double black 4.5pt;border-top:double black 4.5pt;height:28.1pt;padding:0in 0in 1.125pt 0in;width:32.24%;">
<p align="center" style="margin:3.0pt 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Commitment</font></b></p>    </td>
<td width="0" height="37" style="border:none;height:28.1pt;"></td>  </tr>
<tr height="37" style="height:28.1pt;page-break-inside:avoid;">
<td width="0" height="37" style="border:none;height:28.1pt;"></td>  </tr>
<tr height="46" style="height:34.8pt;page-break-inside:avoid;">
<td width="67%" height="46" style="border-bottom:solid black 1.0pt;border-left:double black 4.5pt;border-right:solid black 1.0pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:67.76%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>    </td>
<td width="32%" height="46" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 4.5pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:32.24%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$100,000,000.00</font></p>    </td>
<td width="0" height="46" style="border:none;height:34.8pt;"></td>  </tr>
<tr height="46" style="height:34.8pt;page-break-inside:avoid;">
<td width="67%" height="46" style="border-bottom:solid black 1.0pt;border-left:double black 4.5pt;border-right:solid black 1.0pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:67.76%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero   HSBC</font></p>    </td>
<td width="32%" height="46" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 4.5pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:32.24%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$100,000,000.00</font></p>    </td>
<td width="0" height="46" style="border:none;height:34.8pt;"></td>  </tr>
<tr height="46" style="height:34.8pt;page-break-inside:avoid;">
<td width="67%" height="46" style="border-bottom:solid black 1.0pt;border-left:double black 4.5pt;border-right:solid black 1.0pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:67.76%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Industrial and Commercial Bank of China Limited</font><font size="3" style="font-size:12.0pt;">, Dubai (DIFC) Branch</font></p>    </td>
<td width="32%" height="46" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 4.5pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:32.24%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$100,000,000.00</font></p>    </td>
<td width="0" height="46" style="border:none;height:34.8pt;"></td>  </tr>
<tr height="46" style="height:34.8pt;page-break-inside:avoid;">
<td width="67%" height="46" style="border-bottom:solid black 1.0pt;border-left:double black 4.5pt;border-right:solid black 1.0pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:67.76%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">JPMorgan Chase   Bank, N.A.</font></p>    </td>
<td width="32%" height="46" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 4.5pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:32.24%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$100,000,000.00</font></p>    </td>
<td width="0" height="46" style="border:none;height:34.8pt;"></td>  </tr>
<tr height="46" style="height:34.8pt;page-break-inside:avoid;">
<td width="67%" height="46" style="border-bottom:solid black 1.0pt;border-left:double black 4.5pt;border-right:solid black 1.0pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:67.76%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Banco Santander,   S.A.</font></p>    </td>
<td width="32%" height="46" style="border-bottom:solid black 1.0pt;border-left:none;border-right:double black 4.5pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:32.24%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$100,000,000.00</font></p>    </td>
<td width="0" height="46" style="border:none;height:34.8pt;"></td>  </tr>
<tr height="46" style="height:34.8pt;page-break-inside:avoid;">
<td width="67%" height="46" style="border-bottom:double black 4.5pt;border-left:double black 4.5pt;border-right:solid black 1.0pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:67.76%;">
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="32%" height="46" style="border-bottom:double black 4.5pt;border-left:none;border-right:double black 4.5pt;border-top:none;height:34.8pt;padding:0in 0in 0in 0in;width:32.24%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$500,000,000.00</font></p>    </td>
<td width="0" height="46" style="border:none;height:34.8pt;"></td>  </tr>  </table>
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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">75</font><a name="PB_75_035426_9516"></a></p>
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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Schedule 5.1(d)(i)&nbsp;<br> Quarterly Compliance Certificate</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Financial Statement Date: [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To: [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font><font size="3" style="font-size:12.0pt;">,</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font><font size="3" style="font-size:12.0pt;"><br>  </font><font size="3" style="font-size:12.0pt;">Address</font><font size="3" style="font-size:12.0pt;">: [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">I refer to the offer to enter into a Loan Agreement, dated as of October&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on October&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 by the Lenders and the Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time, the &#147;<b>Agreement</b>&#148;) by Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), to the Lenders and Citibank, N.A., as Administrative Agent.&#160; Terms defined and references construed in the Agreement shall have the same meaning and construction in this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to Section&nbsp;5.1(d)(i)&nbsp;the undersigned Authorized Representative hereby certifies that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">I am the [Chief Financial Officer/[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]] of the Borrower and, as such,&nbsp;I am authorized to execute and deliver this Certificate to the Administrative Agent and the Lenders on the behalf of the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and condition of the Borrower during the accounting period ending on the Financial Statement Date specified above; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Borrower is in compliance with the financial covenants of the Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF, the undersigned has executed this Certificate as of [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">].</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="88%" style="border-collapse:collapse;">
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.7%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.2%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.7%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.2%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.7%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">76</font><a name="PB_76_035629_7056"></a></p>
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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Schedule 5.1(d)(ii)&nbsp;<br> Annual Compliance Certificate</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Financial Statement Date: December&nbsp;31, [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To: [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font><font size="3" style="font-size:12.0pt;">,</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font><font size="3" style="font-size:12.0pt;"><br>  </font><font size="3" style="font-size:12.0pt;">Address</font><font size="3" style="font-size:12.0pt;">: [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">I refer to the offer to enter into a Loan Agreement, dated as of October&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on October&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 by the Lenders and the Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time, the &#147;<b>Agreement</b>&#148;) by Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), to the Lenders and Citibank, N.A., as Administrative Agent.&#160; Terms defined and references construed in the Agreement shall have the same meaning and construction in this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to Section&nbsp;5.1(d)(ii)&nbsp;the undersigned Authorized Representative hereby certifies that, as of the date hereof:</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">I am the [Chief Financial Officer/[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]] of the Borrower and, as such,&nbsp;I am authorized to execute and deliver this Certificate to the Administrative Agent and the Lenders on the behalf of the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and condition of the Borrower during the accounting period ending on the Financial Statement Date specified above; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Borrower is in compliance with the Net Debt to EBITDA Ratio and the Interest Coverage Ratio pursuant to Section&nbsp;5.19 of the Agreement as follows:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A) Net debt as of [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B) EBITDA for the Calculation   Period ended on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ratio (A/B)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A) EBITDA for the Calculation   Period ended on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B) Net Interest for the   Calculation Period ended on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.84%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ratio (A/B)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.1%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature page&nbsp;follows</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">77</font><a name="PB_77_035942_5335"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF, the undersigned has executed this Certificate as of [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">].</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.1%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.6%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.1%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
<td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.6%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.3%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">78</font><a name="PB_78_040205_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule 5.3(a)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Existing Security</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">None.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">79</font><a name="PB_79_040227_2897"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='79',FILE='C:\JMS\105537\19-2958-1\task9268029\2958-1-lo-19.htm',USER='105537',CD='Mar 21 04:28 2019' -->

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule 5.13</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Transaction with Affiliates</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CLIENTS</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Service</font></u></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE GRAFICO EDITORIAL ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE RADIOTELEVISIVO ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTES GRAFICAS RIOPLATENSE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CANAL RURAL SATELITAL S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet, and Advertising</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">COMPA&#209;&#205;A DE MEDIOS DIGITALES (CMD) S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">COMPA&#209;&#205;A INVERSORA EN MEDIOS DE COMUNICACION S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CUSPIDE LIBROS S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">DIARIO LOS ANDES HNOS. CALLE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">GC GESTION COMPARTIDA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">GRUPO CLARIN S.A. / CABLEVISION HOLDING S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Financial loans</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">LA VOZ DEL INTERIOR S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">MAS LOGISTICA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PAPEL PRENSA S A I C F Y DE M</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">POLKA PRODUCCIONES S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">RADIO MITRE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet and Advertising</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELE RED IMAGEN S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOR S.A.C.I.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELEDIFUSORA BAHIENSE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">UNIR S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">UTE FEASA</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CONTENTS (Suppliers)</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Service</font></u></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE RADIOTELEVISIVO ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming / Coproduction</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CANAL RURAL</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELE RED IMAGEN S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">POLKA PRODUCCIONES S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Coproduction</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">RADIO MITRE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ADMINISTRATIVE (Suppliers)</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Service</font></u></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">GC GESTION COMPARTIDA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advisory Service, Collection Fee</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">80</font><a name="PB_80_040633_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ADVERTISING/OTHERS (Suppliers)</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Service</font></u></b></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
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<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">COMPA&#209;&#205;A INVERSORA EN MEDIOS DE COMUNICACI&#211;N CIMECO   S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Commercial Servicies</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IMPRIPOST TECNOLOGIAS S.A.</font></p>    </td>
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<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Invoices&#146; Printing and Enveloping</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">LA VOZ DEL INTERIOR S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">MAS LOGISTICA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
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<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
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<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.06%;">
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<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.94%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Invoices&#146;s Distribution, and Logistics</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">81</font><a name="PB_81_040658_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;A</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Assignment and Acceptance</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is made to the offer to enter into a Loan Agreement, dated as of October&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on October&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 by the Lenders and the Administrative Agent, as governed in accordance to the terms set forth in Annex I thereto, the &#147;<b>Agreement</b>&#148;) by Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), to the Lenders and Citibank, N.A., as Administrative Agent.&#160; Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">__________________ (the &#147;<b>Assignor</b>&#148;) and ___________________ (the &#147;<b>Assignee</b>&#148;) agree as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without recourse to the Assignor, as of the Effective Date (as defined below), a ____% interest (the &#147;<b>Assigned Interest</b>&#148;) in and to all of the Assignor&#146;s rights and obligations under the Agreement with respect to the credit facility contained in the Agreement (including, to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any person, whether known or unknown, arising under or in connection with the Agreement) as set forth on <b>Schedule 1</b> (the &#147;<b>Assigned Facility</b>&#148;), in a principal amount for the Assigned Facility as set forth on <b>Schedule 1</b>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Assignor:&#160; (a)&nbsp;represents and warrants that the assignment meets all the requirements of Section&nbsp;8.6 of the Agreement (subject to such consents, if any, as may be required under Section&nbsp;8.6 of the Agreement) (b)&nbsp;makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Agreement or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Agreement or any other instrument or document furnished pursuant thereto, other than that the Assignor has not created any adverse claim upon the interest being assigned by it hereunder and that such interest is free and clear of any such adverse claim, (c)&nbsp;makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or any of the Borrower&#146;s Subsidiaries or any other obligor or the performance or observance by the Borrower or any of the Borrower&#146;s Subsidiaries or any other obligor of any of their respective obligations under the Agreement or any other instrument or document furnished pursuant thereto and [(d)] agrees that it will pay to the Administrative Agent on or before the Effective Date, an assignment fee in an amount of $3,500.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Assignee:&#160; (a)&nbsp;represents and warrants that it is legally authorized to enter into this Assignment and Acceptance, (b)&nbsp;represents and warrants that it meets all the requirements to become an assignee under Section&nbsp;8.6 of the Agreement (subject to such consents, if any, as may be required under Section&nbsp;8.6 of the Loan Agreement) (c)&nbsp;confirms that it has received a copy of the Agreement, together with copies of the financial statements delivered pursuant to <u>Section&nbsp;5.1(b)</u>&nbsp;and <u>Section&nbsp;5.1(c)</u>&nbsp;of the Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance, (d)&nbsp;agrees that it will, independently and without reliance upon the </font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">82</font><a name="PB_82_043105_9532"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Administrative Agent, the Joint Bookrunners and Lead Arrangers or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement or any other instrument or document furnished pursuant thereto, (e)&nbsp;agrees that it will be bound by the provisions of the Agreement and will perform in accordance with its terms all the obligations which by the terms of the Agreement are required to be performed by it as a Lender, and (f)&nbsp;appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Agreement or other instrument or document furnished pursuant thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The effectiveness of the Assignment shall be subject to: (a)&nbsp;receipt by Assignor and Assignee of the consent of Borrower if required pursuant to Section&nbsp;8.6(c)(ii)&nbsp;of the Agreement, (b)&nbsp;payment of any fees or other amounts due pursuant to Section&nbsp;8.6 of the Credit Agreement, and (c)&nbsp;delivery of any required forms and certificates regarding Tax matters.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The effective date of this Assignment and Acceptance shall be [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] (the &#147;<b>Effective Date</b>&#148;).&#160; Following the execution of this Assignment and Acceptance by the Assignor and the Assignee, it will be delivered to the Administrative Agent who, upon receiving such execution by the Assignor and the Assignee, shall record this Assignment and Acceptance pursuant to <u>Section&nbsp;8.6(c)</u>&nbsp;of the Agreement, effective as of the Effective Date (which shall not, unless otherwise agreed to by the Administrative Agent, be earlier than five (5)&nbsp;Business Days after execution hereof by all of the required parties).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Upon such acceptance and recording, from and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee for such amounts which have accrued subsequent to the Effective Date.&#160; The Assignor and the Assignee shall make all appropriate adjustments in payments by the Borrower for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">From and after the Effective Date, (a)&nbsp;each reference in the Agreement to &#147;Lender&#148; or &#147;Lenders&#148; shall be deemed to include the Assignee, (b)&nbsp;the Assignee shall be a party to the Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and shall be bound by the provisions thereof, and (c)&nbsp;the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Agreement with respect to the Assigned Facility (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an Assigning Lender&#146;s rights and obligations under the Agreement, such Assigning Lender shall cease to be a party to the Agreement).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Assignment and Acceptance shall be governed by and construed in accordance with the law of the State of New York.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be executed as of the date first above written by their respective duly authorized officers on <b>Schedule 1</b> hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">83</font><a name="PB_83_043116_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Schedule 1</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">To Assignment and Acceptance</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name of Assignor: <br> Name of Assignee: <br> Effective Date of Assignment:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:81.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Principal</font></p>
<p style="margin:0in 0in .0001pt;text-indent:58.5pt;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Amount Assigned</font></u></p>
<p style="margin:0in 0in .0001pt 81.35pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">84</font><a name="PB_84_043150_5335"></a></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Name of Assignee]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Name of Assignor]</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By</font></p>    </td>
<td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Acknowledged:</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank,   N.A.</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Administrative   Agent</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By</font></p>    </td>
<td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Consented   to:</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.5%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By</font></p>    </td>
<td width="28%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:] </font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">2</font><i><font size="1" style="font-size:8.0pt;font-style:italic;position:relative;top:-4.0pt;">1</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">[Signature Page&nbsp;of Schedule I to the Assignment and Acceptance]</font></i></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To be added only if the consent of the Borrower is required by the terms of the Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">85</font><a name="PB_85_045059_5796"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;B</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Notice of Borrowing</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[LETTERHEAD OF TELECOM ARGENTINA S.A.]</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Administrative Agent]</font><font size="3" style="font-size:12.0pt;"><br>  </font><font size="3" style="font-size:12.0pt;">[Address]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn:&nbsp; [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Email:&nbsp; [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The undersigned, Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), refers to the offer to enter into a Loan Agreement, dated as of October&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on October&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 by the Lenders and the Administrative Agent, as regulated and governed in accordance to the terms set forth in Annex I thereto, the &#147;<b>Agreement</b>&#148;) by the Borrower, to the Lenders and </font><font size="3" style="font-size:12.0pt;">Citibank, N.A.</font><font size="3" style="font-size:12.0pt;">, as Administrative Agent, hereby gives you irrevocable notice, pursuant to <u>Section&nbsp;2.3</u> of the Agreement that the undersigned hereby requests a Borrowing under the Agreement, and in connection therewith sets forth below the information relating to such Borrowing as required by <u>Section&nbsp;2.3</u> of the Agreement:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Business Day of the Borrowing Date is [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">].</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The amount of the Borrowing is $[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">],000,000 ([</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] million United States Dollars).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5pt;text-indent:76.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Furthermore, the Borrower hereby requests that such Borrowing be transferred to the Administrative Agent for further transfer to the administrative agent under the Bridge Facility and be applied for the partial prepayment of the Bridge Facility in accordance with Section&nbsp;3.1(q)&nbsp;of the Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For call-back confirmation and if you should have any questions or comments regarding this loan request, please do not hesitate to contact the [signatory/signatories] below or (in order of preference):&#160; [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Delivery of an executed counterpart of this Notice of Borrowing and any other notice in connection herewith by telecopier or electronic mail shall be effective as delivery of an original executed counterpart of this Notice of Borrowing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">86</font><a name="PB_86_045152_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature   page&nbsp;follows</i>]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Very truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Address:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telephone No.:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax No.:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">E-mail:</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.32%;">
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Address:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telephone No.:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax No.:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">E-mail:</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">87</font><a name="PB_87_045326_3020"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;C</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Officer&#146;s Certificate of the Borrower</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To:&#160; [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font><font size="3" style="font-size:12.0pt;">,</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font><font size="3" style="font-size:12.0pt;"><br>  </font><font size="3" style="font-size:12.0pt;">Address</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">I refer to the offer to enter into a Loan Agreement, dated as of October&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on October&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018 by the Lenders and the Administrative Agent, as regulated and governed in accordance to the terms set forth in Annex I thereto, the &#147;<b>Agreement</b>&#148;) by Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), to the Lenders and Citibank, N.A., as Administrative Agent.&#160; Terms defined and references construed in the Agreement have the same meaning and construction in this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">I am a duly authorized officer of the Borrower and I hereby certify as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">I am duly authorized to give this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font size="3" style="font-size:12.0pt;font-style:italic;">Organizational Documents</font></u></i><font size="3" style="font-size:12.0pt;">:&#160; Attached as <b>Exhibit&nbsp;A</b> to this Certificate and signed or initialed by me for the purpose of identification is a true, complete and up-to-date copy of the Borrower&#146;s organizational documents as amended from time to time and in effect when it signed the Agreement and on the date of this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font size="3" style="font-size:12.0pt;font-style:italic;">Due Authorization</font></u></i><font size="3" style="font-size:12.0pt;">:&#160; Attached as <b>Exhibit&nbsp;B</b> to this Certificate and signed or initialed by me for the purpose of identification is a true and complete copy of the minutes (or copies of public deeds containing such minutes) of the duly convened meeting of the board of directors of the Borrower duly held on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018, at which a duly constituted quorum of directors was present and voting throughout and at which the resolutions set out in the minutes were duly passed.&#160; Each of those resolutions remains in full force and effect without modification.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font size="3" style="font-size:12.0pt;font-style:italic;">Incumbency</font></u></i><font size="3" style="font-size:12.0pt;">:&#160; Each person who signed the Agreement on behalf of the Borrower was a duly authorized signatory of the Borrower when the Agreement was entered into.&#160; Attached as <b>Exhibit&nbsp;C</b> to this Certificate and signed or initialed by us for the purpose of identification is a list of the names and titles, and specimen of the signatures, of the persons who are at the date of this Certificate officers of the Borrower and who (either individually or with others, as provided in the resolutions) signed the Agreement and/or are authorized to give all communications and take any other action required under or in connection with the Agreement on behalf of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5. <i><u style="font-style:italic;">Material Adverse Effect</u></i>: Since June&nbsp;30, 2018, no Material Adverse Effect has occurred.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">88</font><a name="PB_88_045353_7748"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6. <i><u style="font-style:italic;">Representation and Warranties</u></i>: Each of the representations and warranties made by the Borrower in or pursuant to the Agreement are: (i)&nbsp;if such representation or warranty is qualified as to materiality or by reference to the existence of a Material Adverse Effect, true and correct to the extent of such qualification on and as of the date hereof (except for such representations and warranties which are expressly stated to have been made on and as of an earlier date, which were true and correct to the extent of such qualification on and as of such earlier date); or (ii)&nbsp;if such representation or warranty is not so qualified, true and correct in all material respects on and as of the date hereof (except for such representations and warranties which are expressly stated to have been made on as of an earlier date, which were true and correct in all material respects on and as of such earlier date).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7. <i><u style="font-style:italic;">No Default</u></i>: No Potential Event of Default, Event of Default or Prepayment Event has occurred and is continuing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF,&nbsp;I have signed this Certificate as of the date first written above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">89</font><a name="PB_89_045424_141"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;D</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Check</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">90</font><a name="PB_90_045503_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;E</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Legal Opinion of Errecondo, Gonz&#225;lez&nbsp;&amp; Funes<br> special Argentine counsel to the Borrower</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[&#149;], 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., as Lenders,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., </font><font size="3" style="font-size:12.0pt;">as Joint Bookrunners and Lead Arrangers,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font><font size="3" style="font-size:12.0pt;">, as Administrative Agent,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The branch of Citibank, N.A. established in the Republic of Argentina, as Onshore Custody Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Offer Telecom No.&nbsp;3/2018, dated [</font></b><b><font size="3" face="Symbol" style="font-size:12.0pt;font-weight:bold;">&#183;</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">], 2018 (the &#147;Offer&#148;).</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This opinion is furnished to you pursuant to Section&nbsp;3.1(f)(i)&nbsp;of the Annex II of the Offer in connection with the credit agreement dated as of [</font><b><font size="3" face="Symbol" style="font-size:12.0pt;font-weight:bold;">&#183;</font></b><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<u>Credit Agreement</u>&#148;), entered into by and among the Telecom Argentina S.A. (the &#147;<u>Borrower</u>&#148;), as borrower, Citibank, N.A., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. (the &#147;<u>Lenders</u>&#148;), Citigroup Global Markets Inc., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. (the &#147;<u>Joint Bookrunners and Lead Arrangers</u>&#148;), Citibank, N.A. as administrative agent (the &#147;<u>Administrative Agent</u>&#148;) and </font><font size="3" style="font-size:12.0pt;">the branch of Citibank, N.A. established in the Republic of Argentina, as onshore custody agent </font><font size="3" style="font-size:12.0pt;">(the &#147;<u>Onshore Custody Agent</u>&#148;). <b>Capitalized terms used and not otherwise defined herein are used in this opinion letter as defined in the Credit Agreement</b>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We have acted as special Argentine counsel of the Borrower in connection with the preparation, execution and delivery of the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Offer;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Acceptance Letter, dated [</font><b><font size="3" face="Symbol" style="font-size:12.0pt;font-weight:bold;">&#183;</font></b><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<u>Acceptance Letter</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the fee letter delivered by Joint Bookrunners and Lead Arrangers to the Borrower, and accepted by the Borrower on [</font><b><font size="3" face="Symbol" style="font-size:12.0pt;font-weight:bold;">&#183;</font></b><font size="3" style="font-size:12.0pt;">], 2018, and the fee letter delivered by the Administrative Agent to the Borrower and accepted by the Borrower dated on [</font><b><font size="3" face="Symbol" style="font-size:12.0pt;font-weight:bold;">&#183;</font></b><font size="3" style="font-size:12.0pt;">], 2018 (the &#147;<u>Fee Letters</u>&#148;);</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">91</font><a name="PB_91_043315_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the form of deferred payment checks for deposit (</font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">cheque de pago diferido no a la orden y cruzado</font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">)</font><font size="3" style="font-size:12.0pt;"> to be issued by the Borrower, duly executed in favor of the Administrative Agent and delivered to the Onshore Custody Agent, pursuant to the Credit Agreement (the &#147;<u>Checks</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the By-laws (<i>Estatutos Sociales</i>) of the Borrower, as amended and supplemented in effect as of the date hereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the minute of the Borrower&#146;s Board of Directors&#146; meeting No.&nbsp;[</font><b><font size="3" face="Symbol" style="font-size:12.0pt;font-weight:bold;">&#183;</font></b><font size="3" style="font-size:12.0pt;">], passed on [</font><b><font size="3" face="Symbol" style="font-size:12.0pt;font-weight:bold;">&#183;</font></b><font size="3" style="font-size:12.0pt;">], 2018 approving the execution of the Loan Documents, and the transactions contemplated thereby;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the Preliminary Merger Agreement between Telecom Argentina S.A., Sofora Telecomunicaciones S.A., Nortel Inversora S.A. and Telecom Personal S.A. (the &#147;<u>Telecom Internal Merger</u>&#148;), dated March&nbsp;31, 2017 (the &#147;<u>Preliminary Telecom Internal Merger Agreement</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the Merger Prospectus (<i>Prospecto de Fusi&#243;n por Absorci&#243;n</i>), dated May&nbsp;11, 2017, filed before the CNV on the aforementioned date (the &#147;<u>Telecom Internal Merger Prospectus</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the minute of the General Ordinary and Extraordinary Shareholders&#146; Meeting of the Borrower dated May&nbsp;23, 2017, a copy of the minute of the General Ordinary and Extraordinary Shareholders&#146; Meeting of Nortel Inversora S.A. dated May&nbsp;22, 2017; a copy of the minute of the Preferred Class&nbsp;B Shareholders&#146; Special Meeting of Nortel Inversora S.A. dated November&nbsp;10, 2017; a copy of the minute of the Common Shareholders&#180; Special Meeting of Nortel Inversora S.A. dated November&nbsp;10, 2017, a copy of the minute of the General Extraordinary Shareholders&#146; Meeting of Sofora Telecomunicaciones S.A. dated May&nbsp;22, 2017; and a copy of the minute of the General Ordinary and Extraordinary Shareholders&#146; Meeting of Telecom Personal S.A. dated May&nbsp;23, 2017, in all cases approving the Telecom Internal Merger (collectively, the &#147;<u>Telecom Internal Merger Corporate Approvals</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the resolution No.2017-4545-APN-ENCOM#MM granted by the Ente Nacional de Comunicaciones (&#147;<u>ENACOM</u>&#148;), dated November&nbsp;24, 2017 approving, among others, the Telecom Internal Merger (the &#147;<u>ENACOM Telecom Internal Merger Authorization</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the Definitive Merger Agreement (<i>Compromiso Definitivo de Fusi&#243;n</i>) between Telecom Argentina S.A., Sofora Telecomunicaciones S.A., Nortel Inversora S.A. and Telecom Personal S.A., dated November&nbsp;13, 2017 (the &#147;<u>Definitive Telecom Internal Merger Agreement</u>&#148;;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the Preliminary Merger Agreement between Telecom Argentina S.A. and Cablevisi&#243;n S.A. (the &#147;<u>Telecom/CV Merger</u>&#148; and, together with the &#147;<u>Telecom Internal</u></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">92</font><a name="PB_92_043315_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.3pt;text-align:justify;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Merger</font></u><font size="3" style="font-size:12.0pt;">&#148;, the &#147;<u>Mergers</u>&#148;), dated June&nbsp;30, 2017 (the &#147;<u>Preliminary Telecom/CV Merger Agreement</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the Telecom/CV Merger Prospectus (<i>Prospecto de Fusi&#243;n por Absorci&#243;n</i>), dated August&nbsp;18, 2017, filed before the CNV on the aforementioned date (the &#147;<u>Telecom/CV Merger Prospectus</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the minute of the General Ordinary and Extraordinary Shareholders&#146; Meeting of the Borrower dated August&nbsp;31, 2017, and a copy of the minute of the General Ordinary and Extraordinary Shareholders&#146; Meeting of Cablevisi&#243;n S.A. (&#147;<u>CV</u>&#148;), dated August&nbsp;31, 2017, approving the Telecom/CV Merger (the &#147;<u>Telecom/CV Merger Corporate Approvals</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">o)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the resolution No.5644-E/2017 granted by the ENACOM, dated December&nbsp;21, 2017 approving (i)&nbsp;the Telecom/CV Merger, (ii)&nbsp;the transfer to the Borrower of all the permits, licenses and authorizations in connection with broadcasting, radioelectric link, including the permissions / frequencies necessary for the provision of broadcasting services by subscription through radioelectric link, the authorizations for the provision of those services in certain areas, the registration of the radio-electric trunking services license and the authorizations and permits for the use of frequencies and the assignments of numbering and signaling resources for the provision of the referred services that are owned by CV, and (iii)&nbsp;the change of control of the Borrower (the &#147;<u>Telecom/CV ENACOM Authorization</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">p)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the Definitive Merger Agreement (<i>Compromiso Definitivo de Fusi&#243;n</i>) between Telecom Argentina S.A. and Cablevisi&#243;n S.A., dated October&nbsp;31, 2017 (the &#147;<u>Definitive Telecom/CV Merger Agreement</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">q)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of Resolution No.&nbsp;RESOL-2018-374-APN-SECC#MP of the <i>Comisi&#243;n Nacional de Defensa de la Competencia</i> (the Argentine Antitrust Authority) approving (i)&nbsp;the authorization of an assignment by Telecom of 143,464 broadband services residential clients under the Arnet brand to Universo Net S.A., (ii)&nbsp;acceptance of a behavioral commitment submitted by the Borrower, Cablevisi&#243;n Holding S.A. (&#147;<u>CVH</u>&#148;) and Fintech Telecom LLC (&#147;<u>FT</u>&#148;), pursuant to which the Borrower accepted not to sell television services through physical link and mobile communications services as a combined package until certain conditions are met, and (iii)&nbsp;acceptance of a behavioral commitment submitted by the Borrower, Cablevision, CVH and FT, pursuant to which, Telecom assumed the obligation to offer to any new provider of internet services with the capacity to take advantage of Telecom&#146;s wire ADSL network the possibility of using such network in order to provide retail internet services pursuant to the terms set forth in the approval (the &#147;<u>Telecom/CV Merger CNDC Authorization</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">r)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the registration with the <i>Inspecci&#243;n General de Justicia </i>(Public Registry of Commerce) of the Telecom Internal Merger dated March&nbsp;21, 2018 (the &#147;<u>Telecom Internal Merger Registration</u>&#148;);</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">93</font><a name="PB_93_043315_141"></a></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 71.4pt;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">s)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a copy of the registration with the <i>Inspecci&#243;n General de Justicia </i>(Public Registry of Commerce) of the Telecom/CV Merger dated August&nbsp;22, 2018 (the &#147;<u>Telecom/CV Merger Registration</u>&#148;, and together with the Preliminary Telecom Internal Merger Agreement, the Telecom Internal Merger Corporate Approvals, the ENACOM Telecom Internal Merger Authorization, the Definitive Telecom Internal Merger Agreement, the Preliminary Telecom/CV Merger Agreement, the Telecom/CV Merger Corporate Approvals and the ENACOM Telecom/CV Merger Authorization, the Definitive Telecom/CV Merger Agreement, the Telecom/CV Merger CNDC Authorization and the Telecom Internal Merger Registration, the &#147;<u>Mergers Authorizations</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The documents referred to in letters (a)&nbsp;through (c)&nbsp;above, inclusive, are referred to herein collectively as the &#147;<u>Loan Documents</u>&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In such capacity, we have reviewed the Loan Documents (or copies thereof) and made such examination of law as we have considered appropriate to give the opinions set forth below, and we have also reviewed and examined originals or conformed copies of such corporate records, agreements and instruments, certificates of public officials and such other documents and records (including, without limitation, the <i>Estatutos Sociales</i>), and such matters of law, as we have deemed appropriate as a basis for the opinions set forth below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In giving the opinions set forth below, we have made the following assumptions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">that all Loan Documents (and all copies referred to in the preceding paragraph) submitted to us as copy or specimen documents conform to their originals;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">that each of the parties to the Loan Documents has the corporate power and authority to execute, deliver and perform its obligations under each of the Loan Documents and the Checks, as the case may be, and that all Loan Documents, have been, or will be, as the case may be, validly authorized, executed and delivered by the parties thereto (in all cases, other than the Borrower);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">that each of the parties to the Loan Documents will perform its duties under the Loan Documents to which it is a party reasonably and in good faith in taking any action, exercising any discretion and making any determination thereunder;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">that each of the parties to the Loan Documents (other than the Borrower) is not an Argentine tax resident;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">that the signatures of the parties to the Loan Documents submitted to us in connection with this opinion are genuine and correspond to the person(s)&nbsp;executing each such document on behalf of the party whose name(s), as applicable, appear(s)&nbsp;below each such signatures;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">that there are no other agreements among any of the parties to the Loan Documents</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">94</font><a name="PB_94_043315_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.55pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(other than the Loan Documents) that modify or supersede any of the terms of the Loan Documents; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 70.9pt;text-align:justify;text-indent:-35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">that each of the Loan Documents is in proper legal form in accordance with the laws of the jurisdiction under which such Loan Documents, have been executed, or will be executed, as the case may be (other than with respect to the Loan Documents governed by Argentine law).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We are licensed to practice law in Argentina. The following opinions are limited to Argentine law as in effect and applied by the courts of Argentina as of the date hereof and are given on the basis that they will be governed by and construed in accordance with Argentine law. We express no opinion as to any laws other than the laws of Argentina in effect as of the date hereof and we have assumed that there is nothing in any other law that affects our opinions below. Likewise, we have made no investigation of the laws of any jurisdiction other than Argentina, and assume that the terms of the Loan Documents governed by the laws of any jurisdiction other than Argentina are in all respects lawful and effective under the law of such jurisdiction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Based upon the foregoing, and subject to the qualifications set forth below, we are of the opinion that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower (i)&nbsp;is a corporation (<i>sociedad an&#243;nima</i>) duly organized and validly existing under the laws of Argentina as evidenced by its by-laws (<i>estatutos sociales</i>), which have been properly recorded before the <i>Inspecci&#243;n General de Justicia</i>, and (ii)&nbsp;has all requisite corporate power and authority and all governmental licenses, authorizations, permits, consents and approvals necessary to own its assets and carry its business as now being conducted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower has full power, authority and legal right to make, execute, deliver and perform its obligations under each Loan Document to which the Borrower is a party, and when executed, the Checks, and has taken all corporate or other action necessary to authorize the making, execution, delivery and performance by it of its obligations in such Loan Document and the Checks as has been or will be executed and delivered by the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower has duly executed and delivered each of the Loan Documents to which the Borrower is a party. Each of the Loan Documents, and when executed, the Checks, constitute, or will constitute, as the case may be, the legal, valid and binding obligation of the Borrower and enforceable against its terms.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The execution, delivery and performance by the Borrower of the Checks and each of the Loan Documents to which the Borrower is a party, (i)&nbsp;are or will be, as the case may be, within the Borrower&#146;s corporate powers, and have been duly authorized by all necessary corporate action, and (ii)&nbsp;do not, and will not, as the case may be, (a)&nbsp;violate any provision of any Argentine law, rule&nbsp;or regulation applicable to the Borrower, (b)&nbsp;violate any order, writ, injunction or decree of any Governmental Authority or any arbitral award in Argentina applicable to it of which we have knowledge, (c)&nbsp;result in a breach of, or constitute a default under, any agreement or instrument to which the Borrower is a party, or (d)&nbsp;contravene the by-laws (<i>Estatutos Sociales</i>) or organizational documents of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">95</font><a name="PB_95_043315_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption or waiver by, any Argentine Governmental Authority is required to authorize, or is required in connection with, (x)&nbsp;the execution, delivery and performance of each of the Loan Documents and the Checks or (y)&nbsp;the legality, validity, enforceability or binding effect of the Loan Documents and the Checks.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The choice of New York law to govern the Credit Agreement and the Fee Letters, to the extent valid and binding under New York law, will be recognized and enforceable in Argentina, and an Argentine court would give effect to such choice of law in any action, suit or proceeding arising out of, or otherwise relating to, the Credit Agreement and the Fee Letters.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The appointment by the Borrower of an agent in New York to accept service of process in New York in connection with the Credit Agreement and the Fee Letters is a valid and binding appointment by the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The submission by the Borrower in the Credit Agreement and the Fee Letters to the general jurisdiction of the courts of the State of New York, County of New York and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, is, under the laws of Argentina, valid and effective and irrevocably binding on the Borrower. In the event that a judgment of any competent court located outside Argentina for the payment of money were rendered against the Borrower in respect of any obligation arising out of or in relation to any Loan Document to which the Borrower is a party, such judgment would be enforced by the courts of Argentina against the Borrower without a further review on the merits; <i>provided</i>, <i>however</i>, that enforcement of foreign judgments against the Borrower in the competent courts sitting in the City of Buenos Aires is subject to compliance with the requirements of Articles 517 through 519 of Argentine Law No.&nbsp;17,454, as amended (National Code of Civil and Commercial Procedures), namely, that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the judgment, which must be final in the jurisdiction where rendered, was issued by a court competent in accordance with the Argentine laws regarding conflicts of laws and jurisdiction, and result from a personal action, or an <i>in rem </i>action with respect to personal property which was transferred to Argentine territory during or after the prosecution of the foreign action;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the defendant against whom enforcement of the judgment is sought was personally served with the summons and, in accordance with due process of law, was given an opportunity to defend against the foreign action;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the judgment must be valid in the jurisdiction where rendered and its authenticity must be established in accordance with the requirements of Argentine law;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the judgment does not violate the principles of public policy of Argentine law (no provision of the Loan Documents being, in our opinion, contrary to such principles); and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the judgment is not contrary to a prior or simultaneous judgment of an Argentine court.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">96</font><a name="PB_96_043335_7091"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Under current laws in Argentina, payments under any Loan Documents, the Checks and the proceed of any judgement obtained in respect of any Loan Document and/or the Checks, as the case may be, may be remitted out of the Republic of Argentina in U.S. Dollars without restriction and without the need to obtain any consent, approval, license or permission of any Person or Government Authority and all amounts payable by the Borrower under each Loan Documents and the Checks to which it is a party may be paid in the currency in which these amounts are expressly stated to be payable; <i>provided</i> that the Borrower must periodically report its outstanding foreign indebtedness, including without limitation the indebtedness under the Loan Documents, to the Argentine Central Bank in accordance with Communication &#147;A&#148;6401 (as amended from time to time) of the Argentine Central Bank.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">It is not necessary for the Lenders (or the Administrative Agent on behalf of them), in order to enforce any of their rights under any of the Loan Documents and the Checks, to be registered, licensed, subject to taxation, be required to make any filing with any court or governmental authority, or otherwise qualified to carry on business in Argentina (or any political subdivision of Argentina) solely by reason of the execution, delivery or enforcement of any of the Loan Documents and the Checks, as the case may be.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No foreign party to the Loan Documents is or will be deemed to be resident, domiciled or carrying on business in Argentina by reason only of the execution, delivery, performance or enforcement of any of the Loan Documents or be subject to tax or tax filing obligations, solely as a result of the execution and delivery of the Loan Documents or the enforcement thereof. However, to the extent that the transactions to be carried out by any foreign party pursuant to the Loan Documents, when considered together with any other transaction carried out by such party in Argentina, could be considered the carrying out of activities in Argentina on a regular basis, then such foreign party, in order to enforce its rights under the Loan Documents, may be required to register with the Public Registry of Commerce in accordance with Section&nbsp;118 of the Argentine General Companies Law No.&nbsp;19,550, as amended, and comply with certain information requirements under Resolution 7/2015, as amended, of the Public Registry of Commerce with jurisdiction in the City of Buenos Aires (<i>Inspecci&#243;n General de Justicia</i>).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower is subject to civil and commercial law with respect to its obligations under the Loan Documents. The execution, delivery, and performance by the Borrower of the Loan Documents and the Checks constitute private and commercial acts rather than public or governmental acts. Neither the Borrower nor any of its properties, assets or revenues, to the extent located in Argentina: (i)&nbsp;enjoys any right of immunity from suit, court jurisdiction, judgment, attachment (whether before or after judgment), set-off, or execution of a judgment or from any other legal process or remedy relating to its obligations under the Loan Documents and the Checks, or (ii)&nbsp;has any immunity from the jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) relating in any way to the Loan Documents and the Checks under the laws of Argentina; in all cases, except for such properties or assets used for the performance of a public service.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The obligations of the Borrower under the Loan Documents and the Checks with respect to the Lenders and the Administrative Agent do rank, and will rank, at least <i>pari passu</i> in priority of payment and in all other respects with all other senior unsecured indebtedness for borrowed money</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">97</font><a name="PB_97_043348_455"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">As of the date hereof, each of the Lenders and the Administrative Agent is entitled to sue as a plaintiff in an Argentine court for the enforcement of its respective rights under each of the Loan Documents and the Checks and such access to the courts of Argentina would be on the same terms as are available to residents and citizens of Argentina (<i>provided</i>, that an official translation by an Argentine sworn public translator into the Spanish language of any document in any language other than Spanish is required to bring an action thereon in the courts of Argentina), and it is not necessary, in order to ensure the legality, validity, enforceability or priority of the Loan Documents and the Checks under the laws of Argentina or to establish the admissibility into evidence of the Loan Documents or the Checks in any court of Argentina, that any such documents be submitted to, filed or recorded with, any court or other Governmental Authority in Argentina or that any stamp, registration or similar transaction tax be paid on or in respect of any such documents to any Governmental Authority in Argentina, except that: (i)&nbsp;the filing of claims with the Argentine judicial system is subject to payment of taxes collected to fund the court system, which taxes must be paid by the person filing a claim in court and which rates vary from one jurisdiction to another (the current applicable rate in the city of Buenos Aires being 3% of the amount claimed); and (ii)&nbsp;pursuant to Law 26,589 and other ancillary regulations (as amended), including laws and regulations regarding mediations in the City of Buenos Aires, certain mediation procedures must be exhausted prior to the initiation of lawsuits in Argentina, with the exception -among others- of bankruptcy and summarized foreclosure proceedings (which include the enforcement of foreign judgments), in which cases mediation remains optional for the plaintiff.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No stamp tax, duty, registration, documentary or similar tax is payable on the Loan Documents and the Checks.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">There are no Taxes imposed either (i)&nbsp;on or by virtue of the Loan Documents, the Checks and the borrowings thereunder (the &#147;<u>Transactions</u>&#148;), their enforcement or admissibility into evidence or (ii)&nbsp;on any payment to be made by the Borrower pursuant to any Loan Document, except that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">all payments of interest under the Loan Documents or the Checks by the Borrower to a Lender which makes and maintains its loan through a lending office located outside Argentina are subject to withholding of Argentine income tax at a rate of: (i)&nbsp;15.05% if the Lender is a bank or financial institution under supervision of the central bank or similar governmental authority incorporated in a country (a)&nbsp;not considered as a low or no tax jurisdiction according to </font><font size="3" style="font-size:12.0pt;">the</font><font size="3" color="black" style="color:black;font-size:12.0pt;"> Argentine Income Tax Law, or (b)&nbsp;that has a tax information exchange agreement in effect with Argentina and, that according to that country&#146;s internal law, bank secrecy or other kind of secrecy cannot be claimed as a privilege to bar the exchange of tax information as per Section&nbsp;93 paragraph (c)&nbsp;of the Argentine Income Tax Law; (ii)&nbsp;a lower rate if the Lender is resident in a country that has a treaty to avoid double taxation in force with Argentina; or (iii)&nbsp;35.0% if neither of the conditions indicated in clauses (i)&nbsp;and (ii)&nbsp;above are met;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">all payments of interest by the Borrower under the Loan Documents and the Checks to any Lender which makes and maintains its Loan through a lending office in Argentina are subject to (i)&nbsp;Argentine income tax at the rate of 30.0% on net income </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">(</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">for profits obtained</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">from tax periods beginning as of January&nbsp;1, 2018) or at the rate of 25% (for profits obtained from tax periods beginning as of January&nbsp;1, 2020) </font><font size="3" color="black" style="color:black;font-size:12.0pt;">payable directly by such Lender;(ii)&nbsp;gross revenues tax in the Argentine jurisdiction where such Lender is located (at the rates applied by each such jurisdiction) and (iii)&nbsp;</font><font size="3" color="black" style="color:black;font-size:12.0pt;">the tax withholdings and/or collections (<i>retenciones y/o percepciones de impuestos</i>) performed by the Lender or the Borrower under any applicable tax withholding and/or collection regime, as the case may be</font><font size="3" color="black" style="color:black;font-size:12.0pt;">;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">out-of-pocket expenses paid by the Borrower to a non-Argentine resident Lender are not subject to Argentine income tax to the extent that (i)&nbsp;they are duly documented and (ii)&nbsp;they do not relate to services rendered in Argentina nor economically used in Argentina;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">all payments of interest under the Loan Documents and the Checks by the Borrower are subject to Argentine value added tax (&#147;<u>VAT</u>&#148;) at an effective rate of (i)&nbsp;10.5% on the amount of each such interest payment with respect to (x)&nbsp;any foreign Lender that is a bank incorporated in a country where the central bank or similar governmental authority thereof has adopted the international standards approved by the Basel Committee on Banking Regulations and Supervisory Practices or (y)&nbsp;any Lender that is a local licensed financial institution and (ii)&nbsp;21.0% on the amount of each such interest payment if the lending institution does not comply with the requirements of clause (i)&nbsp;above;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any credit and/or debit in a local checking bank account shall be subject to a tax on credits and debits in checking accounts at a rate of 0.6% according to Argentine Law No.&nbsp;25,413, as amended, and the implementing regulations thereof contained in Argentine Decree No.&nbsp;380/2001, as amended, except for any such credits arising from loans granted by a bank and deposited in a checking bank account in a bank located in Argentina;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">fees payable to the Administrative Agent under the Loan Documents and the Checks may be subject to VAT at a rate of 21.0% to the extent such fees are paid in consideration for services rendered outside Argentina and economically used therein, and shall not be subject to income withholding tax to the extent such fees are not deemed to be from an Argentine source or are not recharacterized as interest; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the court system tax mentioned in paragraph 14 above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Checks, when duly executed, will meet all the requirements to be considered as a <i>cheque de pago diferido no a la orden y cruzado</i> under Argentine law, and each Check will be issued and registered in accordance with Sections 54 and 55 of Argentine Law No.&nbsp;24,452, as amended and supplemented from time to time, and, consequently, the Checks shall entitle the Administrative Agent, as payee, to commence executory proceedings (<i>acci&#243;n ejecutiva</i>) against the Borrower in the applicable courts of the Republic of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">All Mergers Authorizations have been granted in connection with the Mergers and are in full force and effect authorizing the Borrower to conduct the combined businesses. All necessary corporate action and approvals to authorize the Mergers has been taken and all regulatory approvals and registrations required for the effectiveness of the Mergers have been obtained.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">99</font><a name="PB_99_043424_8627"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In addition to any other qualification expressed above, the opinions set forth above are subject to the following qualifications:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The exercise of the rights under the Loan Documents and the Checks by the parties thereto as well as the enforcement of the Loan Documents and the Checks by the parties thereto may be limited by bankruptcy, insolvency, liquidation, reorganization, moratorium, receivership and other similar laws of general application relating to or affecting the Borrower in Argentina. In order for a creditor who has a claim payable outside Argentina (such location, the &#147;<u>foreign jurisdiction</u>&#148;) to file a proof of claim in a bankruptcy proceeding in Argentina in respect of obligations owed to it under the Loan Documents and the Checks, such creditor must certify that a creditor with a claim payable in Argentina could file a proof of claim in a bankruptcy proceeding in the foreign jurisdiction in respect of obligations owed to it; <i>provided</i> that if the Borrower is also declared bankrupt outside Argentina, the creditors who belong to the foreign bankruptcy proceedings will be entitled to claim only on the balance of assets in Argentina left over once all the creditors in the Argentine bankruptcy proceeding have been paid off.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The exercise of the rights under the Loan Documents and the Checks by the parties thereto may be limited by the general principles of applicable law relating to the principle of good faith and non-enforcement of the abusive exercise of rights.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Credit Agreement and the Fee Letters are or will be governed by the laws of the State of New York; any of the provisions of such document which are not enforceable under the laws of the State of New York might not be enforceable in the Argentine courts either.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We undertake no responsibility to notify any addressee hereof of any change in the laws of Argentina after the date hereof. The opinions set forth above are rendered solely for use by the addressees hereof in connection with the transaction described herein and may not be relied upon by any Person other than the addressees hereof and their successors and permitted assigns and participants as provided in the Loan Documents on or after the date hereof (collectively, the &#147;<u>Reliance Parties&#148;</u>). This opinion may be furnished to, but not relied upon by, (i)&nbsp;independent accountants and attorneys acting on behalf of any Reliance Party in connection with the transactions contemplated by the Loan Documents, (ii)&nbsp;any actual or prospective hedge provider, (iii)&nbsp;regulatory authorities having jurisdiction over any Reliance Party, (iv)&nbsp;any other Person pursuant to judicial or governmental order or other legal requirement, and (v)&nbsp;any prospective assignee or participant of the Loan.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:35.4pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Very truly yours,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ERRECONDO,   GONZ&#193;LEZ&nbsp;&amp; FUNES</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">100</font><a name="PB_100_043519_3736"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;F</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Legal Opinion of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP<br> special New York counsel to the Borrower</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">October&nbsp;[</font><font size="3" face="Symbol" style="font-size:11.5pt;">&#183;</font><font size="3" style="font-size:11.5pt;">], 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Citibank, N.A., as Administrative Agent under the Credit Agreement referred to below, and each Lender party thereto on the date hereof</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">We have acted as special United States counsel to Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized under the laws of Argentina (the &#147;<u>Borrower</u>&#148;), in connection with the credit agreement evidenced by the Terms and Conditions to the Offer Telecom No.&nbsp;3/2018 dated as of October&nbsp;[</font><font size="3" face="Symbol" style="font-size:11.5pt;">&#183;</font><font size="3" style="font-size:11.5pt;">], 2018 (the &#147;<u>Offer Letter</u>&#148;), executed and delivered by the Borrower, and the notice of acceptance of the Offer Letter dated as of October&nbsp;[</font><font size="3" face="Symbol" style="font-size:11.5pt;">&#183;</font><font size="3" style="font-size:11.5pt;">], 2018 (the &#147;<u>Acceptance Letter</u>&#148; and together with the Offer Letter, the &#147;<u>Credit Agreement</u>&#148;), by and among the Borrower, the Lenders party thereto (each a &#147;<u>Lender</u>&#148;), Citibank, N.A., HSBC M&#233;xico S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., as Joint Bookrunners and Lead Arrangers, Citibank, N.A., as Administrative Agent and the Branch of Citibank, N.A. established in the Republic of Argentina, as Onshore Custody Agent.&#160; Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Credit Agreement.&#160; This opinion letter is furnished pursuant to Section&nbsp;3.1(f)(ii)&nbsp;of the Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">In arriving at the opinions expressed below, we have reviewed an executed copy of the Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">In addition, we have reviewed the originals or copies certified or otherwise identified to our satisfaction of all such other documents, and we have made such investigations of law, as we have deemed appropriate as a basis for the opinions expressed below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">In rendering the opinions expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted to us as copies.&#160; In addition, we have assumed and have not verified the accuracy as to factual matters of each document we have reviewed (including, without limitation, the accuracy of the representations and warranties of the Borrower in the Credit Agreement).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Based on the foregoing, and subject to the further assumptions and qualifications set forth below, it is our opinion that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">The Credit Agreement has been duly executed and delivered by the Borrower under the law of the State of New York and is a valid, binding and enforceable agreement of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">The execution and delivery of the Credit Agreement by the Borrower do not, and the performance by the Borrower of its obligations in the Credit Agreement will not, (a)&nbsp;require any consent, approval, authorization, registration or qualification of or with any governmental authority of the United States of America or the State of New York that in our experience normally would be applicable to general business entities <font color="black" style="color:black;">with respect to such execution, delivery and performance (but we express no opinion relating to the United States federal securities laws, any state securities or Blue Sky laws, or the</font></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">101</font><a name="PB_101_043830_259"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any rule&nbsp;or regulation under any of the foregoing)</font><font size="3" style="font-size:11.5pt;"> or (b)&nbsp;result in a violation of any United States federal or New York State law or published rule&nbsp;or regulation that in our experience normally would be applicable to general business entities with respect to such execution, delivery and performance (but we express no opinion relating to the United States federal securities laws, any state securities or Blue Sky laws, or the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any rule&nbsp;or regulation under any of the foregoing).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">The foregoing opinions are subject to the following further assumptions and qualifications:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">Insofar as the foregoing opinions relate to the validity, binding effect or enforceability of any agreement or obligation of the Borrower or the creation, perfection or transfer of an interest in property, (i)&nbsp;we have assumed that the Borrower and each other party to such agreement or obligation has satisfied those legal requirements that are applicable to it to the extent necessary to make such agreement or obligation enforceable against it (except that no such assumption is made as to the Borrower regarding matters of the federal law of the United States of America or the law of the State of New York that in our experience normally would be applicable to general business entities <font color="black" style="color:black;">with respect to such agreement or obligation</font>), (ii)&nbsp;such opinions are subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights generally and to general principles of equity and (iii)&nbsp;such opinions are subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors&#146; rights.&#160; In addition, certain of the remedial provisions of the Credit Agreement may be further limited or rendered unenforceable by other applicable laws or judicially adopted principles that, however, in our judgment do not make the remedies provided for therein (taken as a whole) inadequate for the practical realization of the principal benefits purported to be afforded thereby (except for the economic consequences of procedural or other delay).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">With respect to Section&nbsp;9.12(a)&nbsp;of the Credit Agreement, we express no opinion as to the subject matter jurisdiction of any United States federal court to adjudicate any action relating to the Credit Agreement where jurisdiction based on diversity of citizenship under 28 U.S.C. &#167;1332 does not exist.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">We note that the designation in Section&nbsp;9.12(a)&nbsp;of the Credit Agreement of the United States federal courts sitting in the borough of Manhattan as the venue for actions or proceedings relating to such agreements is (notwithstanding the waivers in Section&nbsp;9.12(b), Section&nbsp;9.12(f)&nbsp;and Section&nbsp;9.12, second paragraph, of the Credit Agreement) subject to the power of such courts to transfer actions pursuant to 28 U.S.C. &#167;1404(a)&nbsp;or to dismiss such actions or proceedings on the grounds that such a federal court is an inconvenient forum for such an action or proceeding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">We express no opinion as to the enforceability of Section&nbsp;2.15 of the Credit Agreement relating to currency indemnity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">We express no opinion as to the validity or enforceability of Section&nbsp;9.7(b)&nbsp;of the Credit Agreement relating to the right of set-off to the extent that such section implies that set-off may be made without notice.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">The enforceability of the waiver of immunities by the Borrower set forth in Section&nbsp;9.12(f)&nbsp;of the Agreement is subject to the limitations imposed by the Foreign Sovereign Immunities Act of 1976.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">102</font><a name="PB_102_043845_9621"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">Insofar as provisions contained in the Credit Agreement provide for indemnification, the enforcement thereof may be limited by public policy considerations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">We express no opinion with respect to the enforceability of any provision of the Credit Agreement that purports to require that payments made by the Borrower thereunder be made without setoff, counterclaim or other defense.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:11.5pt;">The waivers of defenses contained in Sections 2.15(b)&nbsp;and (c)&nbsp;of the Credit Agreement may be ineffective to the extent that any such defense involves a matter of public policy in New York.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">We express no opinion as to the effectiveness of any service of process made other than in accordance with applicable law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">We express no opinion with respect to the effect of any mandatory choice of law rules.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:11.5pt;">Without limiting the generality of the next paragraph, we express no opinion as to the effect (if any) of the law of any jurisdiction, other than the federal law of the United States of America or the law of the State of New York, wherein any Lender may be located or wherein enforcement of the Credit Agreement may be sought.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">The foregoing opinions are limited to the federal law of the United States of America and the law of the State of New York that in our experience normally would be applicable to general business entities with respect to the transactions of the type contemplated by the Credit Agreement (other than <font color="black" style="color:black;">the United States federal securities laws, any state securities or Blue Sky laws, or the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any rule&nbsp;or regulation under any of the foregoing</font>, as to which we express no opinion).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">We are furnishing this opinion letter to you solely for your benefit in connection with the Credit Agreement.&#160; This opinion letter is not to be relied on by or furnished to any other person or used, circulated, quoted or otherwise referred to for any other purpose.&#160; Notwithstanding the foregoing, a copy of this opinion letter may be shown to any of your permitted assignees of the Loans under the Credit Agreement, it being understood and agreed that we assume no duty or liability whatsoever to any person furnished this letter in accordance with this paragraph and that any such person is not entitled to rely on this letter in any manner as a result of being furnished this letter or for any other reason.&#160; The opinions expressed herein are rendered on and as of the date hereof, and we assume no obligation to advise you or any other person, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinions expressed herein.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">103</font><a name="PB_103_043855_8715"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Very truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">CLEARY GOTTLIEB STEEN&nbsp;&amp; HAMILTON LLP</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 54.75pt;text-indent:-10.1pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Andr&#233;s de la Cruz, a Partner</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">104</font><a name="PB_104_044024_563"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Exhibit&nbsp;G</font></u></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Form&nbsp;of <br> Joinder Agreement</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">JOINDER AGREEMENT, dated as of [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] (this &#147;<u>Agreement</u>&#148;), Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;Borrower&#148;), [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], organized under the laws of </font><font size="3" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] (the &#147;<u>Increased Lender</u>&#148;) and Citibank, N.A., as Administrative Agent for the Lenders (the &#147;<u>Administrative Agent</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">RECITALS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, the Borrower, the Lenders party thereto and the Administrative Agent entered into that certain credit agreement dated October&nbsp;[__], 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the &#147;<u>Credit Agreement</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, pursuant to Section&nbsp;</font><font size="3" style="font-size:12.0pt;">2.17</font><font size="3" style="font-size:12.0pt;"> of the Credit Agreement, the Borrower, may extend to additional Eligible Assignees the possibility to participate in the Credit Agreement, by, upon satisfaction of certain terms and conditions, including executing and delivering to the Administrative Agent a Joinder Agreement;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, the Increased Lender has expressed its intention to provide Increased Commitments and become a Lender under the Credit Agreement;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WHEREAS, the Increased Lender desires to enter into this Agreement and to become a Lender under the Credit Agreement;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">NOW, THEREFORE</font><font size="3" style="font-size:12.0pt;">, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Capitalized</font><font size="3" style="font-size:12.0pt;"> terms used but not otherwise defined herein shall have the respective meanings set forth in the Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Effective on the date referred to below, the Increased Lender shall be a party to the Credit Agreement as a Lender and shall have the rights and obligations of a Lender under the Loan Documents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Increased Lender (a)&nbsp;represents and warrants that (i)&nbsp;it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii)&nbsp;from and after the effective date, it shall be bound by the provisions of the Credit Agreement and have the obligations of a Lender thereunder and (iii)&nbsp;it has received a copy of the Credit Agreement, and to the extent applicable, copies of the most recent financial statements delivered pursuant to Section&nbsp;5.1 (b)&nbsp;and (c)&nbsp;and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement, on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent, the Onshore Custody Agent or any other Lender; and (b)&nbsp;agrees that (i)&nbsp;it will, independently and without reliance on the Administrative Agent, the Onshore Custody Agent or any</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">105</font><a name="PB_105_044253_9497"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents and (ii)&nbsp;it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as Lender.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Increased Lender Commitment shall be in the amount of: U.S.$ [__].</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The effective date of this Agreement shall be [__].</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Increased Lender&#146;s address for notices under the Credit Agreement shall be the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[__]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (NOT INCLUDING SUCH STATE&#146;S CONFLICT OF LAWS PROVISIONS OTHER THAN SECTION&nbsp;5-1401</font><font size="3" style="font-size:12.0pt;"> AND 5-1402 </font><font size="3" style="font-size:12.0pt;">OF THE NEW YORK GENERAL OBLIGATIONS LAW).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.&#160; A set of counterparts executed by all of the parties hereto shall be lodged with the Administrative Agent at all times.&#160; Delivery of signed counterparts via facsimile, e-mail or other electronic communication shall have the same effect as physical delivery of original counterparts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><b><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;font-weight:bold;">IN WITNESS WHEREOF</font></i></b><font size="3" style="font-size:12.0pt;">, the undersigned has caused this Agreement to be executed by its duly authorized officials, officers or agents as of the date first above written.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature Page&nbsp;Follows</i>]</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">106</font><a name="PB_106_044329_3641"></a></p>
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<p style="margin:0in 0in .0001pt .05in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Acknowledged and   agreed to by:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CITIBANK,   N.A</font></b><font size="3" style="font-size:12.0pt;">., </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as the   Administrative Agent</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">107</font><a name="PB_107_044617_5250"></a></p>
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<TYPE>EX-15.7
<SEQUENCE>10
<FILENAME>a19-2958_1ex15d7.htm
<DESCRIPTION>EX-15.7
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Exhibit 15.7<a name="Exhibit15_7_080752"></a></font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">Execution Version</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">PRIVATE&nbsp;&amp; CONFIDENTIAL</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">February&nbsp;11, 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Banco Santander, S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">JPMorgan Chase Bank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Banco Santander, S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The branch of Citibank, N.A. established in the Republic of Argentina</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Onshore Custody Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Re: <b>Offer Telecom No.&nbsp;1/2019</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Sirs,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), hereby irrevocably offers to (i)&nbsp;Citibank, N.A., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. (the &#147;<b>Lenders</b>&#148;), (ii)&nbsp;Citigroup Global Markets Inc., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. (the &#147;<b>Joint Bookrunners and Lead Arrangers</b>&#148;) (iii)&nbsp;Citibank, N.A., as administrative agent (the &#147;<b>Administrative Agent</b>&#148;) and (iv)&nbsp;</font><font size="3" style="font-size:12.0pt;">the branch of Citibank, N.A. established in the Republic of Argentina as onshore custody agent (the &#147;<b>Onshore Custody Agent</b>&#148;</font><font size="3" style="font-size:12.0pt;">, and collectively with the Borrower and the Lenders, the &#147;<b>Parties</b>&#148;, and each individually, a &#147;<b>Party</b>&#148;), to enter into an amendment agreement to that certain credit agreement documented through Offer Telecom No.3/2018 from the Borrower and accepted on the same date by the Lenders, the Joint Bookrunners and Lead Arrangers, the Administrative Agent and the Onshore Custody Agent dated as of October&nbsp;8, 2018 (the &#147;<b>Term Loan Agreement</b>&#148;), in the terms attached hereto as Annex I (including all exhibits and schedules thereto) (the &#147;<b>Offer</b>&#148;, and once accepted pursuant to the terms hereof, the &#147;<b>Amendment Agreement</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be open for acceptance in writing by the Lenders, the Onshore Custody Agent and the Administrative Agent until 11:59 p.m.&nbsp;Buenos Aires time on February&nbsp;11, 2019, unless extended in writing for an additional period of time by the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Borrower (the &#147;<b>Expiration Date</b>&#148;); forthwith after the Expiration Date, this Offer shall automatically lose all force and effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Upon written acceptance of the Offer on or before the Expiration Date by the Majority Lenders (as defined in the Term Loan Agreement), the Amendment Agreement shall become in full force and effect subject to the terms and conditions set forth in <u>Annex I</u> as if the Parties had executed and delivered the same and shall be legally binding upon, and enforceable against, each and all of the Parties, and each and all of them shall become parties to the Amendment Agreement. The Amendment Agreement shall be deemed entered into as of the date of the acceptance of Lenders, the Onshore Custody Agent and Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:36.3pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be governed by, and interpreted in accordance with, the law of the State of New York (without regard to conflicts of law principles other than sections 5-1401 and 5-1402 of the New York general obligations law).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature page&nbsp;follows</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Sincerely,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.66%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ </font><font size="3" style="font-size:12.0pt;">G</font>ABRIEL <font size="3" style="font-size:12.0pt;">P</font>ABLO <font size="3" style="font-size:12.0pt;">B</font>LASI</p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Gabriel Pablo Blasi</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Chief Financial Officer</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.66%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ </font><font size="3" style="font-size:12.0pt;">H</font>UGO <font size="3" style="font-size:12.0pt;">M</font>OZZI</p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Hugo Mozzi</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Attorney-in-fact &#150; Treasury</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>Signature Page to Amendment Agreement Offer Letter</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div style="border:none;border-top:solid windowtext 2.25pt;padding:1.0pt 0in 0in 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">AMENDMENT AGREEMENT</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">among</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b><font size="3" style="font-size:11.5pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">as Borrower,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">CITIBANK, N.A.</font></b><font size="3" style="font-size:11.5pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">as Administrative Agent,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">THE BRANCH OF CITIBANK, N.A. ESTABLISHED IN THE REPUBLIC OF ARGENTINA</font></b><font size="3" style="font-size:11.5pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">as Onshore Custody Agent,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">and <b>THE LENDERS NAMED HEREIN</b>,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">as Lenders</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">CITIBANK, N.A.,</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">HSBC M&#201;XICO, S.A.,&nbsp;INSTITUCI&#211;N DE BANCA M&#218;LTIPLE, GRUPO FINANCIERO HSBC,</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, DUBAI (DIFC) BRANCH,</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">JPMORGAN CHASE BANK, N.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">and</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">BANCO SANTANDER, S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">as Joint Bookrunners and Lead Arrangers</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">RELATING TO A TERM LOAN AGREEMENT<br> DATED OCTOBER 8, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 2.25pt;padding:0in 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Page</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Article&nbsp;I</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">   Definitions and Principles of Construction</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.01</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Defined   Terms</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.02</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Principles   of Construction</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Article&nbsp;II</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">   Terms of the Amendment</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.01</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Amendment</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Article&nbsp;III</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">   Condition Precedent to Effectiveness of the Amendment</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.01</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Condition   Precedent</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Article&nbsp;IV</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">   Continuing Obligations</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">2</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.01</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Continuing   Obligations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Article&nbsp;V</font></b><b><font size="3" style="font-size:12.0pt;font-weight:bold;">   Miscellaneous</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">2</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.01</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Loan   Document</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.02</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Incorporation   of Terms</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.03</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No   Waiver, Remedies Cumulative</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2</font></p>    </td>   </tr>
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<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.04</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Governing   Law; Waiver of Jury Trial; Enforcement</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.05</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Counterparts</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3</font></p>    </td>   </tr>
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<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.06</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Severability</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.07</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">USA   Patriot Act Notice</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.08</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Entire   Agreement</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3</font></p>    </td>   </tr>
<tr>
<td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.08%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.09</font></p>    </td>
<td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Waiver   of Immunity</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .7pt .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">i<a name="PB_i_082557_2942"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">AMENDMENT AGREEMENT</font></b><font size="3" style="font-size:11.5pt;">, dated as of February&nbsp;11, 2019, by and between the Borrower, </font><font size="3" style="font-size:11.5pt;">the Lenders, the Joint Bookrunners and Lead Arrangers, the </font><font size="3" style="font-size:11.5pt;">Administrative</font><font size="3" style="font-size:11.5pt;"> Agent and the Onshore Custody Agent (the &#147;<b>Amendment Agreement</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">RECITALS:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">WHEREAS, the Borrower, the Lenders, the Joint Bookrunners and Lead Arrangers, the Administrative Agent and the Onshore Custody Agent entered into the Term Loan Agreement dated as of October&nbsp;8, 2018 (the &#147;<u>Term Loan Agreement</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">WHEREAS, the Borrower has requested that the Lenders and Administrative Agent agree to amend the Term Loan Agreement as hereinafter set forth, to modify the optional prepayment and mandatory prepayment provisions of the loan facility provided therein and to effect the other changes provided for in this Amendment Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">WHEREAS, the Lenders and the Administrative Agent have agreed to amend certain terms of the Term Loan Agreement as hereinafter set forth and subject to and upon the terms and conditions set forth herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">NOW, THEREFORE, in consideration of the undertakings contained herein, the Parties hereto agree as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Article&nbsp;I</font></b><b><u><font size="3" style="font-size:11.5pt;font-weight:bold;"><br> Definitions and Principles of Construction</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;text-align:justify;text-indent:.5in;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;1.01</font></b><font size="3" style="font-size:11.5pt;"> <b><u style="font-weight:bold;">Defined Terms</u></b>.&#160; Unless a contrary indication appears, terms defined in the Term Loan Agreement have the same meaning in this Amendment Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 9.0pt;text-align:justify;text-indent:.5in;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;1.02</font></b><font size="3" style="font-size:11.5pt;"> <b><u style="font-weight:bold;">Principles of Construction</u></b>.&#160; The principles of construction and interpretation set out in the Term Loan Agreement shall have effect as if set out in this Amendment Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Article&nbsp;II</font></b><b><u><font size="3" style="font-size:11.5pt;font-weight:bold;"><br> Terms of the Amendment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;2.01</font></b><font size="3" style="font-size:11.5pt;">&#160;&#160;&#160; <b><u style="font-weight:bold;">Amendment</u></b>.&#160; The Parties agree that the Term Loan Agreement shall be amended as set out in <u>Schedule I</u> (<i>Amendments to the Term Loan Agreement</i>)<i>.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Article&nbsp;III</font></b><b><u><font size="3" style="font-size:11.5pt;font-weight:bold;"><br> Condition Precedent to Effectiveness of the Amendment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;3.01</font></b><font size="3" style="font-size:11.5pt;">&#160;&#160;&#160; <b><u style="font-weight:bold;">Condition Precedent</u></b>.&#160; The terms of this Amendment Agreement shall become effective if on or prior to June&nbsp;30, 2019 the Administrative Agent shall have received confirmation from the Borrower that it has entered into one or more credit facilities for an aggregate principal amount of at least $300,000,000 (the &#147;<b>Amendment Effective Date</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Article&nbsp;IV</font></b><b><u><font size="3" style="font-size:11.5pt;font-weight:bold;"><br> Continuing Obligations</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;4.01&nbsp;</font></b><b><u><font size="3" style="font-size:11.5pt;font-weight:bold;">Continuing Obligations</font></u></b><font size="3" style="font-size:11.5pt;">.&#160; The Borrower hereby confirms all terms and conditions contained in the Term Loan Agreement so that the provisions of the Term Loan Agreement shall, save as amended by this Amendment Agreement, continue in full force and effect and any reference in the Term Loan Agreement shall be construed as a reference to the Term Loan Agreement as amended by this Amendment Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Article&nbsp;V</font></b><b><u><font size="3" style="font-size:11.5pt;font-weight:bold;"><br> Miscellaneous</font></u></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;5.01&nbsp;</font></b><b><u><font size="3" style="font-size:11.5pt;font-weight:bold;">Loan Document</font></u></b><font size="3" style="font-size:11.5pt;">.&#160; This Amendment Agreement constitutes a Loan Document and read together with the other Loan Documents constitutes the sole record of the agreement between the Parties in regard to the subject matter thereof.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;5.02&nbsp;</font></b><b><u><font size="3" style="font-size:11.5pt;font-weight:bold;">Incorporation of Terms</font></u></b><font size="3" style="font-size:11.5pt;">.&#160; The provisions of Section&nbsp;9.2 (<i>Notices</i>) and 9.5 (<i>Payment of Expenses and Taxes; Indemnity</i>) of the Term Loan Agreement shall be incorporated into this Amendment Agreement as if set out in full in this Amendment Agreement and as if references in those sections to &#147;this Agreement&#148; are references to this Amendment Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;5.03</font></b><b><font size="3" style="font-size:11.5pt;font-weight:bold;">&nbsp;<u>No Waiver, Remedies Cumulative</u></font></b><font size="3" style="font-size:11.5pt;">.&#160; No (i)&nbsp;failure or delay on the part of any Lender in exercising any right, power or privilege hereunder or under any other Loan Document, or (ii)&nbsp;course of dealing between the Borrower and the Lenders, shall operate as a waiver thereof or constitute an election to affirm any of the Loan Documents; nor shall any single or partial exercise of any right, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder or thereunder. No waiver or election to affirm any of the Loan Documents on the part of any of the Lenders shall be effective unless in writing. The rights, powers and remedies herein or in any other Loan Document expressly provided are cumulative and not exclusive of any rights, powers or remedies which any of the Lenders would otherwise have. No notice to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of any of the Lenders to any other or further action in any circumstances without notice or demand.</font></p>
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<p style="margin:0in 0in .0001pt 9.0pt;text-indent:.5in;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;5.04</font></b><font size="3" style="font-size:11.5pt;"> <b><u style="font-weight:bold;">Governing Law; Waiver of Jury Trial; Enforcement</u></b>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">a)</font><font size="3" style="font-size:11.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>THIS AMENDMENT AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO UNDER THIS AMENDMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</b></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">b)</font><font size="3" style="font-size:11.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT AGREEMENT OR THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT</b></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">OR ANY OTHER THEORY).&#160; EACH PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT,&nbsp;IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS OF THIS SECTION.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">c)</font><font size="3" style="font-size:11.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower hereby irrevocably appoints the Process Agent, as its authorized agent, to accept and acknowledge on its behalf service of any and all process which may be served in any suit, action or proceeding of the nature referred to above in any New York Court. Such designation and appointment shall be irrevocable until all principal of and interest under the Loan shall have been paid in full in accordance with the provisions hereof. The Borrower covenants and agrees that it shall take any and all reasonable action, including the execution and filing of any and all documents, that may be necessary to continue the foregoing designations and appointments in full force and effect and to cause the Process Agent to continue to act in such capacity.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">d)</font><font size="3" style="font-size:11.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower hereby irrevocably waives, to the fullest extent it may effectively do so, in connection with any legal action or proceeding arising out of or in connection with this Amendment Agreement or any other Loan Document (collectively, &#147;<u>Proceedings</u>&#148;) instituted against the Borrower in Argentina (i)&nbsp;the right to demand that the Lender posts a performance bond or guarantee (<i>excepci&#243;n de arraigo</i>) and (ii)&nbsp;the right to challenge without cause the presiding judge or any other member of the court having jurisdiction over any such Proceedings.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;5.05&nbsp;</font></b><b><u><font size="3" style="font-size:11.5pt;font-weight:bold;">Counterparts</font></u></b><font size="3" style="font-size:11.5pt;">.&#160; This Amendment Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the Parties hereto may execute this Amendment Agreement by signing any such counterpart.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;5.06&nbsp;</font></b><b><u><font size="3" style="font-size:11.5pt;font-weight:bold;">Severability</font></u></b><font size="3" style="font-size:11.5pt;">.&#160; If any provision of this Amendment Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a)&nbsp;the legality, validity and enforceability of the remaining provisions of this Amendment Agreement and the other Loan Documents shall not be affected or impaired thereby and (b)&nbsp;the Parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;5.07</font></b><b><font size="3" style="font-size:11.5pt;font-weight:bold;">&nbsp;<u>USA Patriot Act Notice</u></font></b><font size="3" style="font-size:11.5pt;">.&#160; The Administrative Agent hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (provided such act applies to the Lender), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Administrative Agent and the Lenders to identify the Borrower in accordance with the USA Patriot Act. The Borrower shall, and shall cause each of its Subsidiaries to, provide such information and take such actions as are reasonably requested by the Lender in order to assist the Administrative Agent in maintaining compliance with the USA Patriot Act.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;5.08</font></b><b><font size="3" style="font-size:11.5pt;font-weight:bold;">&nbsp;<u>Entire Agreement</u></font></b><font size="3" style="font-size:11.5pt;">.&#160; This Amendment Agreement and the other Loan Documents represent the final agreement between the Parties and may not be contradicted by</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">evidence of prior, contemporaneous, or subsequent oral agreements of the Parties. There are no unwritten agreements between the Parties.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:48.0pt;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;font-weight:bold;">Section&nbsp;5.09</font></b><b><font size="3" style="font-size:11.5pt;font-weight:bold;">&nbsp;<u>Waiver of Immunity</u></font></b><font size="3" style="font-size:11.5pt;">.&#160; To the extent that the Borrower or any of their respective properties, assets or revenues may have or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its assets, the Borrower hereby irrevocably waives such immunity in respect of its obligations under this Amendment Agreement and the other Loan Documents. The foregoing waiver is intended to be effective to the fullest extent now or hereafter permitted by Applicable Law.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule I</font></u></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Amendments to the Term Loan Agreement</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">1.</font><font size="3" style="font-size:11.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;1.1 (<i>Defined Terms</i>) of Term Loan Agreement is amended by deleting the definition of &#147;Qualified Transaction&#148;.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">2.</font><font size="3" style="font-size:11.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;1.1 (<i>Defined Terms</i>) of the Term Loan Agreement is amended by adding the following definitions of &#147;Loan Transaction&#148; and &#147;Debt Transaction&#148; per the applicable alphabetical order:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:3.0pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&#147;<b><i style="font-weight:bold;">Debt Transaction</i></b>&#148;: means any underwritten offering or private placement of any non-Peso denominated debt securities of the Borrower </font><font size="3" style="font-size:11.5pt;">in excess of $100,000,000 of Net Available Proceeds </font><font size="3" style="font-size:11.5pt;">governed by a law other than the laws of Argentina with a tenor of at least three (3)&nbsp;years; <i>provided </i>that two or more underwritten offerings or private placements closing within a period of twelve (12) months shall be deemed to be a single Debt Transaction if the sum of the aggregate amount of the Net Available Proceeds of such offerings or private placements is in excess of $100,000,000 and will be subject to the mandatory prepayment obligation under <u>Section&nbsp;2.6(a)</u>.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:11.5pt;font-style:italic;">&#147;<b>Loan Transaction</b>&#148;:</font></i><font size="3" style="font-size:11.5pt;"> means any bilateral or syndicated bank financing in excess of $100,000,000 of Net Available Proceeds.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">3.</font><font size="3" style="font-size:11.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;1.1 (<i>Defined Terms</i>) of Term Loan Agreement is amended by replacing the definition of &#147;Net Available Proceeds&#148; in its entirety with the following:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">&#147;Net Available Proceeds</font></b><font size="3" style="font-size:11.5pt;">&#148;:&#160; with respect to any Loan Transaction or Debt Transaction, the gross proceeds from such Loan Transaction or Debt Transaction, net of (i)&nbsp;underwriting discounts and commissions, (ii)&nbsp;provisions for taxes as a result of such Loan Transaction or Debt Transaction (if any), and (iii)&nbsp;other costs and expenses associated therewith, including legal and accountants&#146; fees and expenses.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">4.</font><font size="3" style="font-size:11.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;2.5 (<i>Optional Prepayments</i>) of the Term Loan Agreement is amended in its entirety by replacing it with the following:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Section&nbsp;2.5&#160;&#160;&#160;&#160;&#160;&#160; <u>Optional Prepayments</u>.&#160; The Borrower may, from time to time, prepay the Loans, in whole or in part, without premium or penalty (except as otherwise specified below), but without prejudice to <u>Section&nbsp;2.13</u>, upon at least three (3)&nbsp;Business Days&#146; written notice to the Administrative Agent, specifying the date and amount of prepayment, provided that a notice of prepayment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of another credit facility or the closing of a securities offering, in which case such written notice may be revoked by Borrower (by written notice to the Administrative Agent on or prior to the specified prepayment date) if such condition is not satisfied.&#160; Upon receipt of any such notice, the Administrative Agent shall promptly notify each Lender thereof.&#160; If any such notice is given (and is not revoked as set forth above), the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid.&#160; Partial prepayments shall be in a minimum aggregate principal amount equal to $5,000,000 or an</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">integral multiple of $1,000,000 in excess thereof. Each prepayment of principal of the Loans shall be accompanied by accrued interest on the principal amount prepaid, and prepayment of any breakage costs pursuant to <u>Section&nbsp;2.13</u>, <i>plus</i> (i)&nbsp;in the in case of any optional prepayment from and including the Closing Date to but excluding the date that is twelve months after the Closing Date, an amount equal to the principal amount of such prepayment multiplied by 1.50%, (ii)&nbsp;in the case of any optional prepayment from and including the date that is twelve months after the Closing Date to but excluding the date that is six months prior to the Maturity Date, an amount equal to the principal amount of such prepayment multiplied by 1.00%, and (iii)&nbsp;in the case of any optional prepayment from the date that is six months prior to the Maturity Date to but excluding the Maturity Date, no prepayment premium shall be applicable; <i>provided </i>for the avoidance of doubt that any prepayment made from the proceeds of a Debt Transaction shall not be subject to any prepayment premium. Each prepayment pursuant to this <u>Section&nbsp;2.5(a)</u>&nbsp;shall reduce the then scheduled repayments of the Loans on a <i>pro rata</i> basis (based on the then remaining principal amount of each such scheduled repayment of the Loans after giving effect to all prior reductions thereto).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;2.6 (<i>Mandatory Prepayments</i>) of the </font><font size="3" style="font-size:11.5pt;">Term Loan Agreement is amended in its entirety by replacing it with the following:</font></p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">Section&nbsp;2.6&#160;&#160;&#160;&#160;&#160;&#160; <u>Mandatory Prepayments</u></font><i><font size="3" style="font-size:11.5pt;font-style:italic;">.</font></i></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Debt Transaction. </i></font><font size="3" color="black" style="color:black;font-size:11.5pt;">No later than five (5)&nbsp;Business Days following the receipt by the Borrower of any Net Available Proceeds from any Debt Transaction, the Borrower shall prepay the Loans, all unpaid accrued interest thereon and any other sum then payable under this Agreement and any other Loan Document in an amount equal to 100% of such Net Available Proceeds; <i>provided </i>that prior to the date there are no outstanding amounts under the Bridge Facility, the first $100,000,000 of Net Available Proceeds of Debt Transactions of the Borrower shall not be subject to the mandatory prepayment obligation under this <u>Section&nbsp;2.6(a</u>).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Loan Transaction.</i></font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior to the date there are no outstanding amounts under the Bridge Facility, no later than five (5)&nbsp;Business Days following the receipt by the Borrower of any Net Available Proceeds from any Loan Transaction, the Borrower shall prepay the Loans, all unpaid accrued interest thereon and any other sum then payable under this Agreement and any other Loan Document in an amount equal to 100% of such Net Available Proceeds (up to a maximum aggregate principal amount of $100,000,000 of Net Available Proceeds of all Loan Transactions); <i>provided</i> that the first $100,000,000 of Net Available Proceeds of Loan Transactions plus any amounts outstanding under the Bridge Facility shall not be subject to the mandatory prepayment obligation under this <u>Section&nbsp;2.6(b)(1)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Beginning on the date there are no outstanding amounts under the Bridge Facility, no later than five (5)&nbsp;Business Days following the receipt by the Borrower of any Net Available Proceeds from any Loan Transaction, the Borrower shall prepay the Loans, all unpaid accrued interest thereon and any other sum then payable under this Agreement and any other Loan Document in an amount equal to 100% of such Net Available Proceeds (up to a maximum aggregate principal amount of $100,000,000 of Net Available Proceeds of all Loan Transactions); <i>provided</i> that the first $100,000,000 of Net</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">Available Proceeds of Loan Transactions shall not be subject to the mandatory prepayment obligation under this <u>Section&nbsp;2.6(b)(2)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(c)<font color="black" style="color:black;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Change of Control</i>.&#160; Upon the occurrence of a Change of Control, the Borrower shall notify the Administrative Agent in writing as soon as possible before, and in any event promptly upon, the occurrence of such an event.&#160; Upon receipt of notice of a Change of Control, the Administrative Agent shall promptly provide a copy of such notice to the Lenders. Each Lender shall promptly notify the Administrative Agent in writing if it intends to cancel its Commitment, and upon receipt of notice from any Lender that it intends to cancel its Commitments, the Administrative Agent shall by not less than five (5)&nbsp;Business Days prior notice to the Borrower, require the Borrower to prepay such Lender&#146;s Loan, together with all unpaid accrued interest thereon and any other sum then payable under this Agreement and any other Loan Document in relation to such Lender&#146;s Loan.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">(d)<font color="black" style="color:black;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>General. </i>If the Borrower is required to make a prepayment of Loans in accordance with <u>Section&nbsp;2.6 (a)</u>&nbsp;or (b), it shall give the Administrative Agent written notice of the occurrence of any event described in <u>Section&nbsp;2.6 </u>(a)&nbsp;or (b), as applicable, not later than&nbsp;11:00 a.m.&nbsp;(New York City time) of the third Business Day prior to the date of expected receipt of the Net Available Proceeds. Each such notice shall specify the date and the amount that is subject to prepayment. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and, if applicable of the amount of Net Available Proceeds.&#160; The prepayments required in <u>Section&nbsp;2.6</u> shall be due and payable on the date set forth in each such clause.&#160; Each prepayment shall be accompanied by all accrued interest on the amount prepaid and any amounts owing under <u>Section&nbsp;2.13</u>, if any.&#160; Any amounts prepaid pursuant to this <u>Section&nbsp;2.6</u> may not be reborrowed.&#160; Each prepayment of the outstanding Loans pursuant to this Section&nbsp;2.6 shall be paid to the Lenders in accordance with their respective <i>pro rata</i> share of the Commitments.</font></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;2.16(a)&nbsp;(<i>Check</i>) of the </font><font size="3" style="font-size:11.5pt;">Term Loan Agreement is amended in its entirety by replacing it with the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower&#146;s obligation to pay the principal of, and interest on, the Loans made by any Lender shall also be evidenced by a deferred payment check for deposit (<i>cheque de pago diferido no a la orden y </i>cruzado), substantially in the form of Exhibit&nbsp;D hereto, issued in Pesos against the Check Account in accordance with Section&nbsp;54 of Law No.&nbsp;24,452, as amended and supplemented from time to time (the&nbsp;&#147;<b>Argentine Check Law</b>&#148;), and registered in accordance with Section&nbsp;55 of the Argentine Check Law (a &#147;<b>Check</b>&#148;), duly executed on the Borrowing Date in favor of the Administrative Agent and delivered to the Onshore Custody Agent, in respect of the Loans and payable in each case on or prior to the last date of the relevant Interest Period.&#160; The Check shall be for an amount in Pesos equal to (a)&nbsp;the aggregate outstanding principal amount on the Loans on the date of issuance of such Check and the interest amount due on the next interest payment date, converted at the Exchange Rate on the Business Day prior to its issuance, plus (b)&nbsp;15% of such principal amount to cover foreign exchange variation, and (ii)&nbsp;issued against the Check Account or any other bank mutually acceptable to Borrower and Administrative Agent (acting on the instructions of the Majority Lenders).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section&nbsp;6.1(d)&nbsp;(<i>Breach of Check Replacement</i>) of the Term Loan Agreement is amended in its entirety by replacing it with the following:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:11.5pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Breach of Check Replacement</i>. The Borrower does not replace and deliver any Check as provided in <u>Section&nbsp;2.16(b)</u>&nbsp;within five (5)&nbsp;Business Days of </font><font size="3" style="font-size:11.5pt;">the due date of such Check.</font></p>
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<TYPE>EX-15.8
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Exhibit 15.8<a name="Exhibit15_8_010931"></a></font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXECUTION COPY</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">November&nbsp;8, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank AG, London Branch</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Winchester House</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1 Great Winchester Street</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">London, EC2N 2DB</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">United Kingdom</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Initial Lender and Sole Book-Runner and Lead Arranger</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60 Wall Street, 16</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&#160;Floor</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mail Stop: NYC60-1630</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New York, NY 10005, U.S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attention: Project Finance Agency Services, Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:34.55pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Re: <b>Telecom Argentina S.A. &#150; Offer No.&nbsp;6/2018</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Sirs,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), hereby irrevocably offers Deutsche Bank AG, London Branch, as initial lender (the &#147;<b>Initial Lender</b>&#148; and, together with each other lender party from time to time to the Term Loan Agreement referred to below, the &#147;<b>Lenders</b>&#148;), Deutsche Bank Trust Company Americas, as administrative agent (the &#147;<b>Administrative Agent</b>&#148;), Deutsche Bank AG, London Branch, as sole book-runner and lead arranger (in such capacity, the &#147;<b>Sole Book-Runner and Lead Arranger</b>&#148;, and the Borrower, the Lenders, the Administrative Agent, and the Sole Book-Runner and Lead Arranger collectively being referred to as the &#147;<b>Parties</b>&#148;), to enter into a term loan agreement in the form attached hereto as <u>Annex&nbsp;I</u> (including all exhibits and schedules thereto) (the &#147;<b>Offer</b>&#148;, and once accepted pursuant to the terms hereof, the &#147;<b>Term Loan Agreement</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be open for acceptance in writing by the Lenders, the Administrative Agent and the Sole Book-Runner and Lead Arranger until 11:59 p.m.&nbsp;Buenos Aires time on November&nbsp;8, 2018, unless extended in writing for an additional period of time by the Borrower (the &#147;<b>Expiration Date</b>&#148;); forthwith after the Expiration Date, this Offer shall automatically lose all force and effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Upon delivery of a written letter of acceptance of the Offer substantially in the form attached hereto as <u>Annex II</u>, on or before the Expiration Date, the Term Loan Agreement shall become in full force and effect subject to the terms and conditions set forth in <u>Annex I</u> as if the Parties had executed and delivered the same and shall be legally binding upon, and enforceable against, each and all of the Parties, and each and all of them shall become parties to the Term Loan Agreement.&#160; The Term Loan Agreement shall be deemed entered into as of the date of the acceptance of the Initial Lender, the Administrative Agent and the Sole Book-Runner and Lead Arranger.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be governed by, and interpreted in accordance with, the law of the State of New York (without regard to conflicts of law principles other than sections 5-1401 and 5-1402 of the New York general obligations law).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We hereby agree that the delivery of the acceptance notice and service of all notices, writs, process and summons in any suit, action or proceeding brought in connection with this Offer may be made upon us by service to the address, and in the manner, set forth in&nbsp;<u>Section&nbsp;9.2</u> of <u>Annex I</u> hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature page&nbsp;follows</i>]</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_075556_7065"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Sincerely,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TELECOM ARGENTINA   S.A., as Borrower</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ </font><font size="3" style="font-size:12.0pt;">J</font>UAN <font size="3" style="font-size:12.0pt;">M</font>. <font size="3" style="font-size:12.0pt;">V</font>ICO</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Juan M. Vico</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Attorney-in-fact</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By: </font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.32%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ </font><font size="3" style="font-size:12.0pt;">G</font>ABRIEL <font size="3" style="font-size:12.0pt;">P</font>ABLO <font size="3" style="font-size:12.0pt;">B</font>LASI</p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Gabriel Pablo Blasi</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Chief Financial Officer</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>Signature Page&nbsp;to Term Loan Agreement Offer Letter</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">ANNEX</font></u></b><b><u><font size="3" style="font-size:12.0pt;font-weight:bold;"> I</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-top:solid windowtext 2.25pt;padding:1.0pt 0in 0in 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TERM LOAN AGREEMENT</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">among</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Borrower,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">DEUTSCHE BANK TRUST COMPANY AMERICAS</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the<b> LENDERS </b>party hereto from time to time</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">DEUTSCHE BANK AG, LONDON BRANCH</font></b><font size="3" style="font-size:12.0pt;">,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Sole Book-Runner and Lead Arranger</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 2.25pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TERMS AND CONDITIONS OF THE TERM LOAN AGREEMENT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page</font></u></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;I DEFINITIONS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.1</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Defined Terms</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.2</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Other Definitional   Provisions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">21</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;1.3</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Accounting Terms</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;II AMOUNT AND TERMS OF LOANS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.1</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Amount and Terms of Loans</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">22</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.2</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Repayment of Loans;   Evidence of Debt</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">23</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.3</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Procedure for Each   Borrowing Date</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">24</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.4</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fees</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.5</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Prepayments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.6</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Interest Rate and Payment   Dates</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.7</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Change in Conditions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">27</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.8</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pro Rata Treatment and   Payments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">28</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.9</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Illegality</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">28</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.10</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Increased Costs</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">29</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.11</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Taxes</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">30</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.12</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Breakage Indemnity</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.13</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mitigation; Prepayment</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.14</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Currency Indemnity;   Indemnity Separate</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">33</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.15</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[RESERVED]</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">34</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;2.16</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Increase in Commitments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;III CONDITIONS PRECEDENT</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.1</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Conditions Precedent to   the Loans and the Closing Date</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.2</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Conditions Precedent to   the Second Borrowing Date</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;3.3</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Documents</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;IV REPRESENTATIONS AND WARRANTIES</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.1</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Status</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.2</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Powers</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.3</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Authorization and Consents</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.4</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Non-Violation of Laws,   Etc.</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.5</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Governmental Approvals</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.6</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Obligations Binding</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.7</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Non-Violation of Other   Agreements</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.8</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mergers</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.9</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No Default</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.10</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Borrower&#146;s Financial   Statements</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.11</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Cablevision&#146;s Financial   Statements</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.12</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No Material Adverse Effect</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b><i><font size="3" style="font-size:12.0pt;font-style:italic;"> (continued)</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page</font></u></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.13</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Litigation</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.14</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Labor Relations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.15</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Disclosure</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.16</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Taxes</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.17</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Purpose of the Loan</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.18</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Foreign Exchange   Regulations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.19</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ownership; Subsidiaries</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">42</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.20</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Solvency</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.21</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Investment Company Act</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.22</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No Immunity</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.23</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">OFAC and Anti-Money   Laundering</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.24</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Anti-Corruption Laws</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">44</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.25</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Environmental Compliance</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">44</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.26</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Legal Form</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">45</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.27</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Intellectual Property</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">45</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.28</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Insurance Matters</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">45</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.29</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ranking: Priority</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">46</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.30</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">International Banking   Facility</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">46</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;4.31</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">FATCA Status</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">46</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;V COVENANTS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">46</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.1</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Information</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">46</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.2</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ranking of Obligations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.3</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Negative Pledge</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.4</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Limitations on Investments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.5</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Maintenance of Existence   and Payment of Obligations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.6</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Compliance With Laws; Authorizations;   Contracts; Reporting</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.7</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Maintenance of Property;   Insurance</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.8</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Inspection of Property;   Books and Records</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.9</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Accounting Changes</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.10</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Limitation on Fundamental   Changes</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.11</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Lines of Business</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.12</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Transactions with   Affiliates</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.13</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Derivatives Obligations</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.14</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Use of Proceeds</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.15</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Restricted Payments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.16</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Compliance with Sanctions,   Anti-Terrorism Laws, OFAC Rules&nbsp;and Regulations and Anti-Corruption Laws</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.17</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Sanctions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;5.18</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Financial Ratios</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;VI EVENTS OF DEFAULT</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.1</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Events of Default</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;6.2</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Application of Funds</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">56</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">ii</font><a name="PB_ii_081845_611"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b><i><font size="3" style="font-size:12.0pt;font-style:italic;"> (continued)</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page</font></u></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;VII THE ADMINISTRATIVE AGENT</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">56</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.1</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Appointment</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">56</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.2</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Delegation of Duties</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">57</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.3</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exculpatory Provisions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">57</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.4</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reliance by Administrative   Agent</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">59</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.5</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notice of Events of   Default</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">59</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.6</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Non-Reliance on   Administrative Agent and Other Lenders</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60</font></p>    </td>   </tr>
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<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.7</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Indemnification</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.8</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Successor Administrative   Agent</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">61</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;7.9</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Sole Book-Runner and Lead   Arranger</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">61</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;VIII [RESERVED]</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">62</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">ARTICLE&nbsp;IX MISCELLANEOUS</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">62</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.1</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Amendments and Waivers</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">62</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.2</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notices</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">63</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.3</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No Waiver; Cumulative   Remedies</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">65</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.4</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Survival of Representations   and Warranties</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">65</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.5</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Payment of Expenses and   Taxes; Indemnity</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">65</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.6</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Successors and Assigns;   Participations and Assignments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">66</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.7</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Adjustments; Set-Off</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">70</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.8</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Counterparts;   Effectiveness</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">70</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.9</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Severability</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.10</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Integration</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.11</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">GOVERNING LAW</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.12</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Submission to   Jurisdiction; Waivers</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.13</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Acknowledgments</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">72</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.14</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">WAIVERS OF JURY TRIAL</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">72</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.15</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Confidentiality</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">73</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.16</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Financial Crime Risk   Management Activity</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">74</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.17</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Lending Offices</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">74</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.18</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">USA Patriot Act</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">74</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.19</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Judgment Currency</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">74</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.20</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Acknowledgement and   Consent to Bail-In of EEA Financial Institutions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">75</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.66%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Section&nbsp;9.21</font></p>    </td>
<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Liability for Fraudulent   Actions</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">75</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">iii</font><a name="PB_iii_081905_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">SCHEDULES AND EXHIBITS</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 2.1(a)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Commitments</font></p>    </td>   </tr>
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<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 5.1(d)(i)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Quarterly   Compliance Certificate</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 5.1(d)(ii)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Annual Compliance   Certificate</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 5.3(a)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Existing Security</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 5.12</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Transactions with   Affiliates</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Schedule 9.2</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Lender Addresses</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;A</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Assignment   and Acceptance</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;B</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Notice of   Borrowing</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;C</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Officer&#146;s   Certificate of the Borrower</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;D</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[RESERVED]</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;E</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Legal Opinion   of EGFA Abogados, special Argentine counsel to the Borrower</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;F</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Legal Opinion   of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, special New York counsel to   the Borrower</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;G</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Request for   Facility Increase</font></p>    </td>   </tr>
<tr>
<td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exhibit&nbsp;H</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Form&nbsp;of Lender   Accession Agreement</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" style="font-size:12.0pt;">iv</font><a name="PB_iv_041924_4815"></a></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">PRELIMINARY STATEMENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;),</font><font size="3" style="font-size:12.0pt;"> has requested that the Lenders (as defined herein) provide a senior unsecured term loan facility in an aggregate principal amount of up to $200,000,000 (which may be increased subject to the terms and conditions set forth in <u>Section&nbsp;2.16</u>), the proceeds of which shall be used to partially refinance certain existing indebtedness of the Borrower (and to pay transaction-related expenses and fees on each borrowing date) in accordance with the terms hereof.&#160; The Lenders are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Accordingly, in consideration of the mutual covenants and agreements set forth herein, upon acceptance by Deutsche Bank AG, London Branch, as initial lender (the &#147;<b>Initial Lender</b>&#148;), Deutsche Bank Trust Company Americas, as administrative agent (the &#147;<b>Administrative Agent</b>&#148;), and Deutsche Bank AG, London Branch, as sole book-runner and lead arranger (the &#147;<b>Sole Book-Runner and Lead Arranger</b>&#148;), of the Offer No.&nbsp;6/2018, dated as of November&nbsp;8, 2018, (the &#147;<b>Offer</b>&#148;), from the Borrower, the Parties (as defined in the Offer) hereto shall be bound by the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;I</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">DEFINITIONS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;1.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Defined Terms</font></u><font size="3" style="font-size:12.0pt;">.&#160; As used in this Agreement, unless otherwise specified herein, the following terms shall have the following meanings:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Administrative Agent</b>&#148;:&#160; has the meaning set forth in the preliminary statements, and shall include any successor appointed in accordance with <u>Section&nbsp;7.8</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Administrative Agent&#146;s Account</b>&#148;:&#160; the following account (or any other </font><font size="3" style="font-size:12.0pt;">account designated from time to time by the Administrative Agent by notice to the applicable Lenders and the Borrower):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Bank Name:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas</font><font size="3" style="font-size:12.0pt;"><br> ABA/Routing No.:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;"><br> Account Name:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Commercial Loans Division</font></p>
<p style="margin:0in 0in .0001pt 1.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Account No.:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;"><br> Reference:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Administrative Agent&#146;s Questionnaire</b>&#148;: with respect to each Lender, an administrative questionnaire in a form supplied by the Administrative Agent and submitted to the Administrative Agent duly completed by such Lender.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b><font style="font-weight:bold;">Administrative Agent&#146;s </font>Responsible Officer</b>&#148;: any officer within the department of the Administrative Agent administering this matter, including any vice president, assistant vice president, senior associate, assistant secretary, assistant treasurer, trust officer or any other officer of the Administrative Agent who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any such matter is</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>1<a name="PB_1_085312_76"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">referred because of such person&#146;s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Affiliate</b>&#148;:&#160; with respect to any specified Person, any other Person that Controls, or is Controlled by or is under direct or indirect common Control with, such specified Person.&#160; Notwithstanding the foregoing, none of the Administrative Agent, any Lender or any of their respective Affiliates shall be considered an Affiliate of the Borrower or any Subsidiary of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Agency</b>&#148;: as to a state, any agency, authority, central bank, department, government, legislature, minister, ministry, official or public or statutory Person (whether autonomous or not) of, or of the government of, such state.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Agent Parties</b>&#148;: has the meaning set forth in <u>Section&nbsp;9.2</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Agreement</b>&#148;:&#160; means this Term Loan Agreement, as referred to in the Offer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Anti-Corruption Laws</b>&#148;: means any of the following (a)&nbsp;the FCPA, (b)&nbsp;the U.K. Bribery Act 2010, (c)&nbsp;similar legislation of the European Union, (d)&nbsp;all other similar laws and regulations of any jurisdiction applicable to any the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption and (e)&nbsp;any regulations promulgated under any of the foregoing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Anti-Money Laundering Laws</b>&#148;: means any applicable financial recordkeeping and reporting requirements, or other Requirement of Law, related to money laundering or financing terrorism, including those of </font><font size="3" color="#2f2f2f" style="color:#2F2F2F;font-size:12.0pt;">(a)&nbsp;the USA Patriot Act, (b)&nbsp;</font><font size="3" style="font-size:12.0pt;">the U.S. Money Laundering Control Act of 1986, as amended,</font><font size="3" color="#2f2f2f" style="color:#2F2F2F;font-size:12.0pt;"> (c)&nbsp;the Currency and Foreign Transactions Reporting Act (also known as the Bank Secrecy Act, 31 U.S.C. &#167;&#167; 5311-5330 and 12 U.S.C. &#167;&#167; 1818(s), 1820(b)&nbsp;and 1951-1959), (d)</font><font size="3" style="font-size:12.0pt;">&nbsp;the Laundering of Monetary Instruments, 18 U.S.C. section 1956,&nbsp;(e)&nbsp;18 U.S.C. section 1957 (Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity),&nbsp;(f)&nbsp;the Financial Recordkeeping and Reporting of Currency and Foreign Transactions Regulations (Title&nbsp;31 Part&nbsp;103 of the US Code of Federal Regulations),&nbsp;(g)&nbsp;similar legislation of the European Union and the United Kingdom, (h)&nbsp;</font><font size="3" color="#2f2f2f" style="color:#2F2F2F;font-size:12.0pt;">Argentina&#146;s Anti-Money Laundering Law No.&nbsp;25,246, as amended, and applicable Resolutions issued by the Argentine Financial Information Unit (<i>Unidad de Informaci&#243;n Financiera</i>) (including but not limited to, Resolutions Nos. 229/2011, as amended, 4/2017, 30/2017 and 21/2018)</font><font size="3" style="font-size:12.0pt;">, and (i)&nbsp;the applicable money laundering statutes of all jurisdictions where the Borrower or any of its Subsidiaries conducts business, and the rules&nbsp;and regulations thereunder<font color="black" style="color:black;">.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Applicable Law</b>&#148;: any applicable statute, treaty, law, regulation, ordinance, rule, judgment, code, rule&nbsp;of common law, order (including consent order), decree, approval (including any Governmental Approval), concession, grant, franchise, license, agreement, directive, guideline, policy, requirement or other governmental restriction or any similar form of decision of, or determination by (or any interpretation or administration of any of the foregoing by) any Governmental Authority, in each case whether in effect as of the date hereof or hereafter.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Applicable Margin</b>&#148;: with respect to the Loans, the rate per annum by reference to the following table:</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>2<a name="PB_2_085334_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Period</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:5.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Applicable   Margin (percent per annum)</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For   the period from and including the Closing Date to and excluding the date that   is one (1)&nbsp;year after the Closing Date:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.500</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For   the period from and including the date that is one (1)&nbsp;year after the   Closing Date to and excluding the date that is two (2)&nbsp;years after the   Closing Date:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.125</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For   the period from and including the date that is two (2)&nbsp;years after the   Closing Date to the date that is three (3)&nbsp;years after the Closing Date:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.375</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For   the period from and including the date that is three (3)&nbsp;years after the   Closing Date to the Maturity Date:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.500</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentina</b>&#148;: means the Republic of Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentine Bankruptcy Law</b>&#148;: means the Argentine Bankruptcy law No.&nbsp;24,522, as amended, supplemented or otherwise modified from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentine Check Law</b>&#148;: has the meaning set forth in <u>Section&nbsp;2.15(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Argentine Income Tax Act</b>&#148;: the <i>Ley de Impuesto a las Ganancias</i>, ordered text by Law No.&nbsp;20,628, as amended and supplemented from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Assets</b>&#148;: as to any Person at any time, any asset appearing on the statement of financial position of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Assignee</b>&#148;: has the meaning set forth in <u>Section&nbsp;9.6(c)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Assignment and Acceptance</b>&#148;:</font><font size="3" style="font-size:12.0pt;">&#160; an assignment and acceptance entered into by a Lender and an Assignee, and acknowledged by the Administrative Agent, substantially in the form of <u>Exhibit&nbsp;A</u> or any other form approved by the Administrative Agent (at the direction of the Majority Lenders).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Authorized Representative</b>&#148;: means any natural person who is duly authorized by the Borrower, to act on its behalf for the purposes specified in, and whose name and a specimen of whose signature appear on, the certificate of incumbency and authority most recently delivered by the Borrower to the Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Availability Period</b>&#148;: means (a)&nbsp;with respect to the Initial Borrowing, the period from and including the Effective Date to and including the date that is five (5)&nbsp;Business Days after</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>3<a name="PB_3_085700_5335"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the Effective Date, and (b)&nbsp;with respect to the Second Borrowing, the period from and including the Increase Effective Date to and including the date that is five (5)&nbsp;Business Date after the Increase Effective Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bail-In Action</b>&#148;: the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bail-In Legislation</b>&#148;: with respect to any EEA Member Country implementing Article&nbsp;55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bankruptcy&nbsp;Code</b>&#148;: means Title&nbsp;11 of the United States Code entitled &#147;Bankruptcy,&#148; as now and hereafter in effect, or any successor statute.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Basel III</b>&#148;:&#160; (a)&nbsp;the agreements on capital requirements, a leverage ratio and liquidity standards contained in &#147;Basel III: A global regulatory framework for more resilient banks and banking systems&#148;, &#147;Basel III: International framework for liquidity risk measurement, standards and monitoring&#148; and &#147;Guidance for national authorities operating the countercyclical capital buffer&#148; published by the Basel Committee on Banking Supervision in December&nbsp;2010, each as amended, supplemented or restated; (b)&nbsp;the rules&nbsp;for global systemically important banks contained in &#147;Global systemically important banks: assessment methodology and the additional loss absorbency requirement &#150; Rules&nbsp;text&#148; published by the Basel Committee on Banking Supervision in November&nbsp;2011, as amended, supplemented or restated; and (c)&nbsp;any further guidance or standards published by the Basel Committee on Banking Supervision relating to &#147;Basel III&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Beneficial Ownership Certification</b>&#148;: means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Beneficial Ownership Regulation</b>&#148;: means 31 C.F.R. &#167; 1010.230.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Benefited Lender</font></b><font size="3" style="font-size:12.0pt;">&#148;: has the meaning set forth in <u>Section&nbsp;9.7(a)</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Blocking Law</b>&#148;: means:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any provision of Council Regulation (EC) No 2271/1996 of 22 November&nbsp;1996 (or any law or regulation implementing such Regulation in any member state of the European Union or the United Kingdom);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">section 7 of the German Foreign Trade Regulation (<i>Au&#223;enwirtschaftsverordnun</i>g); or</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all other similar blocking or anti-boycott laws and regulations of any jurisdiction applicable to any the Borrower or any of its Subsidiaries from time to time..</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Borrower</b>&#148;: has the meaning set forth in the preliminary statements.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>4<a name="PB_4_085730_5796"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Borrowing</b>&#148;: the borrowing of a Loan or Loans on a Borrowing Date.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Borrowing Date</b>&#148;: means either the Closing Date or the Second Borrowing Date, as applicable.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Bridge Facility</b>&#148;: means the existing term loan facility of the Borrower provided pursuant to that Offer Telecom No.&nbsp;1/2018 from the Borrower dated as of February&nbsp;2, 2018 to enter into a certain credit agreement and accepted on the same date by Citibank, N.A., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., as lenders, Citigroup Global Markets Inc., HSBC M&#233;xico, S.A.,&nbsp;Instituci&#243;n de Banca M&#250;ltiple, Grupo Financiero HSBC,&nbsp;Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., as joint bookrunners and lead arrangers, Citibank, N.A., as administrative agent, and the branch of Citibank, N.A. established in the Republic of Argentina as onshore custody agent, as amended, amended and restated, supplemented or otherwise modified from time to time.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Business Day</b>&#148;: means a day other than a Saturday or a Sunday on which (a)&nbsp;commercial banks are open in New York City, Buenos Aires and London, and (b)&nbsp;solely for purposes of determining the LIBO Rate, which is also a day where Dollar deposits may be dealt in on the London interbank market.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Cablevision</b>&#148;:&#160; Cablevisi&#243;n S.A., a </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">sociedad an&#243;nima</font></i><font size="3" style="font-size:12.0pt;"> dissolved without liquidation, formerly organized under the laws of Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Calculation Period</b>&#148;: means, for any calculation, a period of four consecutive quarters most recently ended prior to the event requiring the calculation for which financial statements should have been made public or otherwise made available to the Administrative Agent pursuant to this Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Capital Lease Obligations</b>&#148;: of any Person means obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required under IFRS to be classified and accounted for as capital leases on a balance sheet of such Person; provided that any amounts due under operating leases that are required to be recognized on the statement of financial position of such Person shall be excluded.&#160; The amount of such obligations will be the capitalized amount thereof determined in accordance with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Cash Equivalents</b>&#148;: means:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Dollars, Euro, Pesos, the other official currencies of any member of the European Union or money in other currencies received or acquired in the ordinary course of business;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">U.S. Government Obligations or certificates representing an ownership interest in U.S. Government Obligations, or securities issued directly and fully guaranteed or insured by any member of the European Union, or any agency or instrumentality thereof (provided, that the full faith and credit of such member is pledged in support of those securities or other</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>5<a name="PB_5_085740_2897"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">sovereign debt obligations (other than those of Argentina) rated &#147;A&#148; or higher or such similar equivalent or higher rating by at least one nationally recognized statistical rating organization;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">National or provincial obligations, or Argentine government obligations (including those of the Central Bank) or certificates representing an ownership interest in Argentine government obligations (including those of the Central Bank) acquired in the ordinary course of business or which obligations can be applied in payment of taxes or other obligations under Argentine law;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">(i)&nbsp;demand deposits; (ii)&nbsp;time deposits and certificates of deposit with maturities of three months or less from the date of acquisition; (iii)&nbsp;bankers&#180; acceptance with maturities not exceeding three months from the date of acquisition; and (iv)&nbsp;overnight bank deposits, in each case with any bank or trust company organized or licensed under the laws of Argentina or any state thereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">(i)&nbsp;demand deposits; (ii)&nbsp;time deposits and certificates of deposit with maturities of three months or less from the date of acquisition; (iii)&nbsp;bankers&#180; acceptance with maturities not exceeding three months from the date of acquisition; and (iv)&nbsp;overnight bank deposits, in each case with any bank or trust company organized or licensed under the laws of the United States of America or any state thereof or under the laws of any member state of the European Union, in each case whose short-term debt is rated &#147;A-2&#148; or higher or such similar equivalent or higher rating by at least one nationally recognized statistical rating organization;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">repurchase obligations with a term of not more than seven days for underlying securities of the type described in clauses (b)&nbsp;and (d)&nbsp;above entered into with any financial institution meeting the qualifications specified in clause (d)&nbsp;above;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(g)</font><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">commercial paper rated &#147;A-2&#148; or higher rating by at least one nationally recognized statistical rating organization and maturing within three months after the date of acquisition; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(h)&nbsp;money market funds and mutual funds investing substantially all of their assets in investments of the type described in clauses (b)&nbsp;through (g)&nbsp;above.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:78.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Central Bank</b>&#148;: means Banco Central de la Rep&#250;blica de Argentina.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Change of Control</b>&#148;: means the failure of the Borrower to be Controlled by one or more of the Permitted Holders.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Chief Financial Officer</b>&#148;: of any Person means such Person&#146;s chief financial officer or such other natural Person who is principally responsible for such Person&#146;s financial matters.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Closing Date</b>&#148;: the Business Day specified in a Notice of Borrowing delivered by the Borrower requesting a Borrowing pursuant to <u>Section&nbsp;2.3(a)</u>&nbsp;as the date on which the Borrower requests that the Lenders make the Loans requested as part of the Initial Borrowing; <i>provided</i> that (a)&nbsp;all of the conditions precedent applicable thereto set forth in <u>Section&nbsp;3.1</u> shall have been</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">satisfied or waived on or prior to the Closing Date and (b)&nbsp;the Closing Date shall occur during the Availability Period applicable to the Initial Borrowing.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Code</b>&#148;: the United States Internal Revenue Code of 1986, as amended.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Commitment</b>&#148;: the obligation of each Lender to make a Loan to the Borrower hereunder in a principal amount equal to the amount set forth opposite its name on </font><u><font size="3" style="font-size:12.0pt;">Schedule 2.1(a)</font></u><font size="3" style="font-size:12.0pt;">, subject to increase solely in accordance with <u>Section&nbsp;2.16</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Communications</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.2</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Connection Income Taxes</b>&#148;: means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Consent</b>&#148;: an approval, authorization, consent, exemption, filing, license, order, permission, recording or registration (and references to obtaining Consents shall be construed accordingly).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Consolidated</b>&#148;: the consolidation of the financial statements of the Borrower and its Subsidiaries in accordance with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Consolidated Net Tangible Assets</b>&#148;: means, at any time, the total of all assets appearing on a consolidated balance sheet of the Borrower and its Subsidiaries, net of all applicable reserves and deductions, but excluding goodwill, trade names, trademarks, patents, unamortized debt discount and all other like intangible assets, less the aggregate of the current liabilities of the Borrower and its Subsidiaries appearing on such balance sheet as determined in accordance with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Contractual Obligation</b>&#148;: means, as applied to any Person, any provision of any security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Control</b>&#148; or &#147;<b>Controlled</b>&#148;: means, with respect to any Person, the power (whether directly or indirectly and whether through the ownership of Voting Shares of such Person, by contract or otherwise) to appoint and/or remove all or a majority of the members of the board of directors or other governing body of such Person and to direct or cause the direction of the management and policies of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>CRD IV</b>&#148;:&#160; means (a)&nbsp;Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June&nbsp;2013 on prudential requirements for credit institutions and investment firms; and (b)&nbsp;Directive 2013/36/EU of the European Parliament and of the Council of 26 June&nbsp;2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Debtor Relief Laws</b>&#148;: means the Bankruptcy Code, the Argentine Bankruptcy Law and all other liquidation, conservatorship, bankruptcy, <i>concurso</i>, assignment for the benefit</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>7<a name="PB_7_085758_7748"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, restructuring, winding-up or composition or readjustment of debts or similar debtor relief Laws of the United States, Argentina or any other applicable jurisdictions from time to time in effect.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Defaulting Lender</b>&#148;: means any Lender that (a)&nbsp;has failed (i)&nbsp;to fund all or any portion of its Loans on the date such Loans were required to be funded hereunder unless such failure is the result of one or more conditions precedent to funding (each of which conditions precedent, together with any applicable failure, shall be specifically identified in writing) not being satisfied, or (ii)&nbsp;to pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two (2)&nbsp;Business Days of the date when due, (b)&nbsp;has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender&#146;s obligation to fund a Loan hereunder and states that such position is based on such Lender&#146;s determination that a condition precedent to funding (which conditions precedent, together with any applicable failure, shall be specifically identified in such writing or public statement) cannot be satisfied in accordance with the terms of this Agreement), (c)&nbsp;has failed, within three (3)&nbsp;Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (<i>provided</i> that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c)&nbsp;upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d)&nbsp;has, or has a direct or indirect parent company that has (i)&nbsp;become the subject of a proceeding under any Debtor Relief Law, (ii)&nbsp;had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state, federal or national regulatory authority acting in such a capacity, or (iii)&nbsp;become the subject of a Bail-in Action; <i>provided</i> that, for the avoidance of doubt, a Lender shall not be a Defaulting Lender solely by virtue of (A)&nbsp;the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority or (B)&nbsp;in the case of a solvent Lender, the precautionary appointment of an administrator, guardian, custodian or similar official by a Governmental Authority under or based on the law of the country where such Lender is subject to home jurisdiction supervision if applicable law requires that such appointment not be publicly disclosed, in each case where such action does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.&#160; Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a)&nbsp;through (c)&nbsp;above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the Borrower and each Lender; <i>provided</i> that delivery of such notice shall not be a condition to such determination and any failure to deliver the same shall not impair or otherwise be prejudicial to such determination.&#160; The Administrative Agent shall provide written notice to the Borrower and each Lender of its determination (which determination shall be conclusive and binding absent manifest error) that a Lender is a Defaulting Lender pursuant to clause (d)&nbsp;above solely to the extent that the Administrative Agent receives written notice of the occurrence of any event described in such clause (d), and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the Borrower and each Lender.&#160; The Administrative Agent shall</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">provide prompt written notice to the Borrower and the Lenders to the extent it receives written notice of the occurrence of one of the aforementioned events, or it otherwise has actual knowledge of such occurrence.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Derivatives Obligations</b>&#148; of any Person:&#160; all obligations of such Person in respect of any Hedge Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Designated Jurisdiction</b>&#148;: any country or territory to the extent that such country or territory is itself the subject of any Sanction (as of the date hereof, the Crimea region, Cuba,&nbsp;Iran, North Korea, Sudan and Syria).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Directive</b>&#148;:&#160; any present or future directive, regulation, requirement or rule&nbsp;of any Agency of any relevant state or self-regulating organization (but, if not having the force of law, only if compliance with the Directive is in accordance with the general practice of the Person to whom the Directive is intended to apply).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Dollars</b>&#148; and &#147;<b>$</b>&#148;:&#160; refer to lawful money of the United States of America.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EBITDA</b>&#148;: means, for any Calculation Period, the operating profit/loss of the Borrower for such period, <i>plus</i>, without duplication and to the extent deducted to determine such operating loss/profit, the sum of (a)&nbsp;amortization of intangible assets of the Borrower for such period and (b)&nbsp;depreciation of fixed assets of the Borrower for such period, each determined on a Consolidated basis;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EEA Financial Institution</b>&#148;: (a)&nbsp;any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a parent of an institution described in clause (a)&nbsp;of this definition, or (c)&nbsp;any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a)&nbsp;or (b)&nbsp;of this definition and is subject to consolidated supervision with its parent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EEA Member Country</b>&#148;: any of the member states of the European Union,&nbsp;Iceland, Liechtenstein, and Norway.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EEA Resolution Authority</b>&#148;: any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Effective Date</b>&#148;: has the meaning set forth in <u>Section&nbsp;9.8</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Electronic Means</b>&#148;: S.W.I.F.T., e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Administrative Agent, or another method or system specified by the Administrative Agent as available for use in connection with its services hereunder.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Eligible Assignee</b>&#148; means any Person other than a natural person or a Defaulting Lender that is (a)&nbsp;a Lender or an Affiliate of any Lender or a Related Fund (any two or more Related Funds being treated as a single Eligible Assignee for all purposes hereof), (b)&nbsp;a commercial</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">bank, insurance company, investment or mutual fund or other entity that is an &#147;accredited investor&#148; (as defined in Regulation D under the Securities Act) and which extends credit or buys loans in the ordinary course of business, or (c)&nbsp;an Affiliate of the Borrower.&#160; For the avoidance of doubt, and notwithstanding anything to the contrary herein, the Canada Pension Plan Investment Board, or any fund managed thereby, shall constitute an Eligible Assignee.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Environmental Law</b>&#148;: means any applicable governmental rule&nbsp;now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof, relating to the protection of the environment, or of human health (as it relates to the exposure to hazardous materials) or to the presence, release or threatened release, or the manufacture, use, transportation, treatment, storage, disposal or recycling of hazardous materials.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>EU Bail-In Legislation Schedule</b>&#148;:&#160; the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Event of Default</b>&#148;:&#160; any of the events specified in <u>ARTICLE&nbsp;VI</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Exchange Rate</b>&#148;: means, for any day, the exchange rate for Pesos to Dollars published under the Central Bank&#146;s Communication &#147;A&#148; 3500 for such day or, if on such day such rates are not quoted, at the last day on which such rates were offered preceding such day.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Excluded Taxes</b>&#148;: means any of the following Taxes imposed on or with respect to the Administrative Agent or a Lender or required to be withheld or deducted from a payment to the Administrative Agent or a Lender: (a)&nbsp;Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i)&nbsp;imposed as a result of the Administrative Agent or such Lender being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii)&nbsp;that are Other Connection Taxes, (b)&nbsp;Taxes attributable to the Administrative Agent or such Lender&#146;s failure to comply with <u>Section&nbsp;2.11(f)</u>&nbsp;or <u>Section&nbsp;2.11(g)</u>, and (c)&nbsp;any withholding Taxes imposed under FATCA</font><font size="3" style="font-size:12.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>FATCA</b>&#148;:</font><font size="3" style="font-size:12.0pt;"> means:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Sections 1471 through 1474 of the Code (or any amended or successor version) and any current or future regulations or official interpretations thereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any treaty, law or regulation of any other jurisdiction</font><font size="3" color="black" style="color:black;font-size:12.0pt;">, or relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a)&nbsp;above; or</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">any </font><font size="3" style="font-size:12.0pt;">agreement, fiscal or regulatory legislation, rules&nbsp;or practices adopted pursuant to the implementation of any treaty, law or regulation referred</font><font size="3" style="font-size:12.0pt;"> to in paragraphs (a)&nbsp;or (b)&nbsp;above with the U.S. Internal Revenue Service, the government of the United States or any governmental or taxation authority in any other jurisdiction.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Facility Increase</b>&#148;: has the meaning set forth in <u>Section&nbsp;2.16(a)</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Facility Increase Request</b>&#148;: means a request for an increase in the Commitments of the Lenders in the form of <u>Exhibit&nbsp;G</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>FCPA</b>&#148;: means the Foreign Corrupt Practices Act of 1977, as amended, and the rules&nbsp;and regulations thereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Federal Funds Rate</b>&#148;: for any period, a fluctuating interest rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the U.S. Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it in consultation with the Majority Lenders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Fee Letters</b>&#148;: means (a)&nbsp;that certain offer of Upfront Fee Letter delivered by the Borrower to the Sole Book-Runner and Lead Arranger and accepted pursuant to the acceptance letter in respect thereof delivered by the Sole Book-Runner and Lead Arranger to the Borrower, each dated as of the date hereof, (b)&nbsp;that certain offer of Syndication Fee Letter delivered by the Borrower to the Sole Book-Runner and Lead Arranger and accepted pursuant to the acceptance letter in respect thereof delivered by the Sole Book-Runner and Lead Arranger to the Borrower, each dated as of the date hereof, and (c)&nbsp;that certain fee proposal from the Administrative Agent to the Borrower, and accepted by the Borrower, dated as of October&nbsp;31, 2018.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Financial Crime</b>&#148;:&#160; means money laundering, terrorist financing, bribery, <i>cohecho</i>, corruption, tax evasion, fraud, evasion of economic or trade sanctions, and/or violations, or attempts to circumvent or violate any Anti-Money Laundering Laws or Applicable Laws relating to these matters.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Financial Crime Risk Management Activity</b>&#148;: has the meaning set forth in <u>Section&nbsp;9.16(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Financial Debt</b>&#148;: means, as to any Person:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any indebtedness of such Person for or in respect of borrowed money;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the outstanding principal amount of any bonds, debentures, notes, loan stock, commercial paper, acceptance credits, bills or promissory notes drawn, accepted, endorsed or issued by such Person, except indebtedness in respect of any bid, performance, surety bond, <i>cauci&#243;n</i> or <i>fianza</i> in the ordinary course of business for the account of any Person;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any indebtedness of such Person for or in respect of the deferred purchase price of assets or services (except trade accounts incurred and payable in the ordinary course of business to trade creditors of such Person within one hundred and eighty (180) days of the date they are incurred and which are not overdue);</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>11<a name="PB_11_100339_9722"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">non-contingent obligations of such Person to reimburse any other Person for amounts payable by that Person under a letter of credit or similar instrument (excluding any letter of credit or similar instrument issued for the account of such Person with respect to trade accounts incurred and payable in the ordinary course of business to trade creditors of such Person within three hundred and sixty-five (365) days of the date they are incurred and which are not overdue);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the amount of any obligation of such Person in respect of any Capital Lease Obligation;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">amounts raised by such Person under any other transaction having the financial effect of a borrowing and which would be classified as a borrowing (and not as an off-balance sheet financing) under IFRS;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the amount of the obligations of such Person under Hedge Agreements entered into in connection with the protection against or benefit from fluctuation in any rate or price (but only the net amount owing by such Person after marking the relevant Hedge Agreements to market);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all indebtedness of the types described in the foregoing items secured by a Security on any property owned by such Person, whether or not such indebtedness has been assumed by such Person;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, any liability of such Person under any sale and leaseback transactions that do not create a liability on the balance sheet of such Person, any obligation under a &#147;synthetic lease&#148; or any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the amount of any obligation in respect of any Guarantee or indemnity incurred by such Person for any of the foregoing items incurred by any other Person; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">any premium payable by such Person on a mandatory redemption or replacement of any of the foregoing items.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Financial Year</b>&#148;: means with respect to the Borrower and each of its Subsidiaries, the accounting year commencing each year on January&nbsp;1st and ending on the following December&nbsp;31st, or such other period as such Person, with the Administrative Agent&#146;s consent, from time to time designates as its accounting year.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Foreign Exchange Regulations</b>&#148;: any foreign exchange regulation issued by the Argentine Congress, the Executive Branch of the Argentine government, the Argentine Ministry of Treasury, the Argentine Ministry of Finances, the Central Bank or any other applicable Argentine Governmental Authority related to payments in foreign currency, the dealings in foreign exchange and the import and export of currency, currency control and/or foreign indebtedness and, in each case, applicable to the Loan Documents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>12<a name="PB_12_100355_7056"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Governmental Approval</b>&#148;: any action, order, authorization, consent, approval, license, lease, ruling, permit, tariff, rate, certification, exemption, filing, or registration from, by or with any Governmental Authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Governmental Authority</b>&#148;: any branch of power (whether executive, legislative or judicial) of any state, nation, government, supranational entity (e.g., the European Union), any provincial or other political subdivision thereof and any agency, authority, court, regulatory body, self-regulating entity or other entity exercising executive, legislative, judicial, monetary, regulatory or administrative functions of or pertaining to government, including any central bank.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Group</b>&#148;:&#160; at any particular time, the Borrower and all its Consolidated Subsidiaries (and &#147;<b>member of the Group</b>&#148; shall be construed accordingly).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Guarantee</b>&#148;:&#160; a guarantee and any other obligation (whatever called), direct or indirect, contingent or otherwise, of any Person to pay, purchase, provide funds (whether by the advance of money, the purchase of or subscription for shares or other securities, the purchase of Assets or services, or otherwise) for the payment of, indemnify against the consequences of default in the payment of, or otherwise be responsible for, any Indebtedness of any other Person (and &#147;guaranteed&#148; and &#147;guarantor&#148; shall be construed accordingly); <i>provided</i> that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Hedge Agreement</b>&#148;:&#160; any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, futures or any other similar transaction (including any option with respect to any of the foregoing transactions) or any combination of the foregoing transactions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Increase Effective Date</b>&#148;: has the meaning set forth in <u>Section&nbsp;2.16(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>IFRS</b>&#148;:&#160; the International Financial Reporting Standards in effect from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Indebtedness</b>&#148; of any Person:&#160; (a)&nbsp;all indebtedness of such Person for or in connection with money borrowed or for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), (b)&nbsp;all obligations of such Person evidenced by bonds (other than insurance, surety, appeal or performance bonds), debentures, notes or other similar instruments, (c)&nbsp;all Capital Lease Obligations, (d)&nbsp;all Derivatives Obligations of such Person to the extent required to be reflected on the statement of financial position of such Person (the amount of which at any time shall be deemed to be equal to the net termination value, if any, that would be owing by such Person at such time upon close-out or termination at such time, giving effect to enforceable netting arrangements with respect thereto), (e)&nbsp;all Guarantees of such Person in respect of all indebtedness of the type described in clauses (a)&nbsp;through (d)&nbsp;above (which amount of Indebtedness for purpose of this clause shall be deemed to be equal to the lesser of (x)&nbsp;the aggregate unpaid amount of the Indebtedness so secured and (y)&nbsp;the stated maximum amount (if any) of such Guarantee) and (f)&nbsp;all indebtedness of other Persons referred to in clause (a)&nbsp;or clause (b)&nbsp;above</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any Security on Assets of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Indemnified Liabilities</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.5</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Indemnified Person</b>&#148;: has the meaning set forth in <u>Section&nbsp;9.5</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Indemnified Taxes</b>&#148;: means (a)&nbsp;Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b)&nbsp;to the extent not otherwise described in&nbsp;(a), Other Taxes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Initial Borrowing</b>&#148;: has the meaning set forth in <u>Section&nbsp;2.1(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Initial Lender</b>&#148;: has the meaning set forth in the preliminary statements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Instructions</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.2</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Interest Coverage Ratio</b>&#148;: means, for the relevant Calculation Period, the ratio obtained by dividing:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the aggregate EBITDA of the Borrower during such Calculation Period;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">by:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the aggregate Net Interest of the Borrower for such Calculation Period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Interest Period</b>&#148;: means, with respect to any Borrowing, the period commencing on the applicable Borrowing Date and ending three months thereafter, and thereafter, each period commencing on the last day of the preceding Interest Period and ending three months thereafter; <i>provided</i> that the initial Interest Period with respect to the Second Borrowing shall commence on the Second Borrowing Date and end concurrently with the Interest Period applicable to the Loans incurred on the Closing Date and first ending after the Second Borrowing Date; <i>provided</i>, <i>further</i>, that, in each case, the foregoing provision relating to Interest Periods is subject to the following:&#160; (a)&nbsp;any Interest Period that would otherwise extend beyond the Maturity Date shall end on the Maturity Date; (b)&nbsp;if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such Business Day falls into another calendar month, in which case such Interest Period shall end on the next preceding Business Day, and such extension or reduction of time shall in such cases be included in the computation of payment of interest; and (c)&nbsp;if any Interest Period commences on the last day in a calendar month, such Interest Period shall end on the last Business Day in the month that is three months, as the case may be, after the month in which such Interest Period commences.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Investment</b>&#148;: means, with respect to any Person, any direct or indirect advance, loan (other than advances to customers or suppliers in the ordinary course of business that are recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of the applicable lender) or other extension of credit (including by way of guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>14<a name="PB_14_100430_5796"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">or any payment for property or services for the account or use of others), or any purchase or acquisition of capital stock,&nbsp;Indebtedness or other similar instruments issued by, such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Lenders</b>&#148;:&#160; means (a)&nbsp;as of the date of this Agreement, </font><font size="3" style="font-size:12.0pt;">the Initial Lender, and (b)</font><font size="3" style="font-size:12.0pt;">&nbsp;thereafter, each of the Persons that shall subsequently hold the Loans or a portion thereof, (i)&nbsp;which shall have purchased such Loan and become a party hereto pursuant to an Assignment and Acceptance, other than the Initial Lender or any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance in accordance with the terms hereof, or (ii)&nbsp;which shall have become a party hereto pursuant to a Lender Accession Agreement in connection with a Facility Increase.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Lender Accession Agreement</b>&#148;: means a lender accession agreement entered into by the Borrower, the Administrative Agent and an additional party designated as a Lender pursuant to <u>Section&nbsp;9.3(i)</u>, in substantially the form of <u>Exhibit&nbsp;H</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Lending Office</b>&#148;:&#160; with respect to any Lender, the office or affiliate or subsidiary of such Lender designated as such in its Administrative Agent&#146;s Questionnaire or such other office or affiliate or subsidiary as to which such Lender may from time to time notify, in writing, the Administrative Agent and the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>LIBO Rate</b>&#148;:&#160; with respect to each day during each Interest Period pertaining to a Loan, the rate of interest per annum equal to the London Interbank Offered Rate administered by the ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) displayed on pages&nbsp;&#147;LIBOR01&#148; or &#147;LIBOR02&#148; of the Bloomberg screen (or any replacement Bloomberg page&nbsp;which displays that rate) or on the appropriate page&nbsp;of such other information service which publishes that rate from time to time in place of Bloomberg (in each case, the &#147;<b>screen rate</b>&#148;), for deposits in dollars at approximately 11:00 a.m.&nbsp;(London time) two (2)&nbsp;Business Days prior to the first day of such Interest Period with a term equivalent to such Interest Period; <i>provided</i> that the initial Interest Period applicable to the Second Borrowing shall be deemed to be three months, notwithstanding the actual length thereof; <i>provided</i>, <i>further</i>, that if the screen rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.&#160; If, for any reason, the LIBO Rate cannot be determined as described above on the second Business Day prior to the first day of such Interest Period, the London Interbank Offered Rate for such Interest Period shall be the rate determined by the Reference Banks (<i>provided</i> that the Administrative Agent shall maintain as confidential the individual rate provided to the Administrative Agent by each such Reference Bank) to be the average offered quotation rate by major banks in the London interbank market for dollar deposits for such Interest Period so long as such quotation rates are available to the Reference Banks for two or more such banks, in each case as of 11:00 a.m.&nbsp;(London time) two (2)&nbsp;Business Days prior to the first day of such Interest Period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Loans</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;2.1(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Loan Documents</b>&#148;:&#160; this Agreement and the Fee Letters.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Majority Lenders</b>&#148;: at any time prior to the Closing Date, Lenders (other than any Lender that is a Defaulting Lender) having Commitments representing more than 50% of the aggregate Commitments hereunder or, at any time after the Closing Date, Lenders (other than any</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>15<a name="PB_15_100500_2897"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Lender that is a Defaulting Lender) holding more than 50% of the then aggregate unpaid principal amount of the Loans owing to the Lenders hereunder; <i>provided </i>that the &#147;Majority Lenders&#148; shall never include the Borrower or any of its Affiliates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Material Adverse Effect</b>&#148;:&#160; a material adverse effect on (a)&nbsp;the business, condition (financial or otherwise), operations, properties or prospects of the Borrower and its Subsidiaries, taken as a whole, (b)&nbsp;the Borrower&#146;s ability to perform its obligations under this Agreement or any other Loan Document or (c)&nbsp;the rights and remedies of the Lenders or the Administrative Agent under this Agreement or any other Loan Document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Maturity Date</b>&#148;:&#160; the date that is forty-two (42) months after the Closing Date; <i>provided</i> that, if such date is not a Business Day, the Maturity Date shall be the immediately succeeding Business Day unless such Business Day falls into another calendar month, in which case the Maturity Date shall be the immediately preceding Business Day.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Mergers</b>&#148;:&#160; means the Telecom Internal Merger and the Telecom/CV Merger.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Net Debt to EBITDA Ratio</b>&#148;: means, for the relevant Calculation Period, the ratio obtained by dividing:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Financial Debt of the Borrower at the time of the calculation less the Borrower&#146;s cash and Cash Equivalents (valued, with respect to instruments falling within clause (c)&nbsp;of such definition, at their mark-to-market value) at such time,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">by:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the aggregate EBITDA of the Borrower for the relevant Calculation Period most recently ended prior to the relevant date of calculation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Net Interest</b>&#148;: means, for any Calculation Period, any interest accrued by the Borrower in connection with liabilities of the Borrower <i>minus</i> any interest received from Assets belonging to the Borrower, in each case determined in accordance with IFRS and on a Consolidated basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Notice of Borrowing</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;2.3(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>OFAC</b>&#148;: the Office of Foreign Assets Control of the United States Department of the Treasury.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Offer</b>&#148;: has the meaning set forth in the preliminary statements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Original Currency</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.19</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Other Connection Taxes</b>&#148;: means, with respect to the Administrative Agent or a Lender, Taxes imposed as a result of a</font><font size="3" style="font-size:12.0pt;"> present or former connection between the Administrative Agent or such Lender and the jurisdiction imposing such Tax (other than connections arising from an Administrative Agent or such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under,</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>16<a name="PB_16_100512_3020"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan Document).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Other Currency</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.19</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Other Taxes</font></b><font size="3" style="font-size:12.0pt;">&#148;: means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an Assignment and Acceptance (other than an assignment made pursuant to <u>Section&nbsp;2.13</u>).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Participants</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.6(b)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Participant Register</b>&#148;: has the meaning set forth in <u>Section&nbsp;9.6(b)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Payment Office</b>&#148;: means the office of the Administrative Agent located at 60 Wall Street, 16th Floor, Mail Stop:&#160; NYC60 &#150; 1630, New York, NY 10005, or such other office as the Administrative Agent may hereafter designate in writing as such to the other parties hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Permitted Holders</b>&#148;: means (a)&nbsp;Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc., Fintech Telecom LLC and any of their respective successors and Affiliates, any limited partnership of which any of them or their successors or Affiliates is the general partner and any investment fund controlled or managed by any of them or their successors or Affiliates, and (b)&nbsp;any of (i)&nbsp;H&#233;ctor Horacio Magnetto, Jos&#233; Antonio Aranda and Lucio Rafael Pagliaro, (ii)&nbsp;the heirs of each of Ernestina Laura Herrera de Noble, H&#233;ctor Horacio Magnetto, Jos&#233; Antonio Aranda and Lucio Rafael Pagliaro, (iii)&nbsp;any Privileged Relatives of any of the individuals set forth in sub-clauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition, (iv)&nbsp;any trust the beneficiaries of which are any of the individuals set forth in sub-clauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition and/or any Privileged Relatives of any of such noted individuals, and (v)&nbsp;any Person (other than an individual) directly or indirectly majority owned and controlled by one or more individuals set forth in sub-clauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition and/or any Privileged Relatives of any Permitted Holder or any one or more trustees of any trust set forth in clause (b)(iv)&nbsp;of this definition acting in such capacity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:75.0pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Person</b>&#148;:&#160; any individual, company, corporation, firm, partnership, limited liability company, joint venture, association, organization, trust, state or Agency of a state (in such case, whether or not having separate legal personality).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Pesos</b>&#148;:&#160; the lawful currency of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Platform</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.2</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Potential Event of Default</b>&#148;:&#160; any event or circumstance that, if it continued after the giving of any notice, the expiry of any grace period and/or (as the case may be) the making of any determination by the Majority Lenders, would become an Event of Default.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Prepayment Event</b>&#148;:&#160; means any of the events described in <u>Section&nbsp;2.5(b)</u>.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>17<a name="PB_17_100534_7748"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Principal Subsidiary</b>&#148;: means each Subsidiary that is a &#147;significant subsidiary&#148; as such term is defined in Regulation&nbsp;S-X promulgated by the SEC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Privileged Relative</b>&#148;: means, in relation to an individual, his or her spouse and any relative of such individual with a common ancestor up to the fourth degree (including adopted children who have been adopted during their minority and step-children who have acquired that relationship with such individual or with any such relative during their minority) and any spouse of any such relative.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Pro Forma Basis</b>&#148;: means, in connection with any calculation of compliance with any financial covenant or financial term, the calculation thereof after giving effect on a pro forma basis to (a)&nbsp;the incurrence of any Financial Debt, (b)&nbsp;the permanent repayment of any Financial Debt after the first day of the relevant Calculation Period, and (c)&nbsp;the making of a Restricted Payment or any other transaction subject to pro forma financial covenant compliance hereunder consummated during the relevant Calculation Period, with the following rules&nbsp;to apply in connection therewith:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all Financial Debt (A)&nbsp;incurred or issued after the first day of the relevant Calculation Period shall be deemed to have been incurred or issued (and the proceeds thereof applied) on the first day of such Calculation Period and remain outstanding through the date of determination and (B)&nbsp;permanently retired or redeemed after the first day of the relevant Calculation Period shall be deemed to have been retired or redeemed on the first day of such Calculation Period and remain retired through the date of determination;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">all Financial Debt assumed to be outstanding pursuant to preceding clause (i)&nbsp;shall be deemed to have borne interest at (A)&nbsp;in the case of fixed rate Financial Debt, the rate applicable thereto, or (B)&nbsp;in the case of floating rate Financial Debt, the rates which would have been applicable thereto during the respective period when the same was deemed outstanding;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">in making any determination of EBITDA on a Pro Forma Basis, pro forma effect shall be given to any transaction subject to pro forma financial covenant compliance hereunder if effected during the respective Calculation Period as if the same had occurred on the first day of the respective Calculation Period; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="3" style="font-size:12.0pt;">such calculation shall exclude all cash derived from the incurrence or projected incurrence of new Financial Debt (other than an amount of such cash equal to the instalments of Financial Debt coming due within six months of such incurrence which are intended to be repaid with the proceeds of such incurrence of Financial Debt).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Process Agent</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.12(c)</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Qualifying Bank</b>&#148;:&#160; a bank that is entitled to the reduced rate of withholding tax set forth in Section&nbsp;93(c)(1)&nbsp;of the Argentine Income Tax Act (which currently is 15.05%), as certified by the applicable assigning Lender pursuant to an assignment in accordance with <u>Section&nbsp;9.6(c)</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Reference Banks</b>&#148;: two or more of the major banks in the London interbank market reasonably selected by the Administrative Agent (as directed by the Majority Lenders).</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>18<a name="PB_18_100548_141"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Refinancing</b>&#148;: means with respect to any Indebtedness, the refinancing, renewal, extension, replacement, defeasance or refunding thereof; provided, that (a)&nbsp;any such Refinancing is in an aggregate principal amount not greater than the aggregate principal amount of the Indebtedness being renewed or refinanced, and (b)&nbsp;such Refinancing has a later or equal final maturity and longer or equal weighted average life than the Indebtedness being renewed or refinanced.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Register</b>&#148;: has the meaning set forth in <u>Section&nbsp;9.6(d)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Related Fund</b>&#148;: means with respect to any Lender that is an investment fund, any other investment fund that invest in commercial loans and that is managed by such Lender or by an Affiliate of such Lender.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Related Parties</b>&#148;: means, with respect to any specified Person, such Person&#146;s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers and representatives of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Relevant Lenders</b>&#148;: has the meaning set forth in <u>Section&nbsp;7.3(b)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Requirement of Law</b>&#148;:&#160; means, as to any Person, the organizational or governing documents of such Person, and any law, treaty, rule&nbsp;or regulation or Directive or determination of an arbitrator or a court or other Agency, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Restricted Party</b>&#148;:&#160; means, a Person that is (a)&nbsp;designated on any Sanctions List, directly or by operation of law, or (b)&nbsp;to the knowledge of the Borrower, otherwise a Person with whom dealings are restricted or prohibited by any Sanctions, including by reason of any direct or indirect relationship of ownership or control with a person described in clause (a).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Restricted Payment</b>&#148;: has the meaning set forth in <u>Section&nbsp;5.15</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Sanction</b>&#148;:&#160; any international economic sanction administered or enforced by any of the Sanctions Authorities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Sanctions Authority</b>&#148;:&#160; means (a)&nbsp;the United States of America, (b)&nbsp;the United Nations, (c)&nbsp;the European Union, (d)&nbsp;the United Kingdom and the member states of the European Union, (e)&nbsp;Mexico, and (f)&nbsp;the respective Governmental Authorities of any of the foregoing, including OFAC, the United States of America Department of State and the British Treasury</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Sanctions List</b>&#148;: means OFAC&#146;s Specially Designated Nationals and Blocked Persons List or Consolidated Sanctions List, Her Majesty&#146;s Treasury&#146;s Consolidated List of Financial Sanctions Targets or the Investment Ban List, and any similar list maintained by, or public announcement of Sanctions designation made by any relevant Sanction Authority.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>SEC</b>&#148;:&#160; the U.S. Securities and Exchange Commission.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Second Borrowing</b>&#148;: has the meaning set forth in <u>Section&nbsp;2.1(a)</u>.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>19<a name="PB_19_100646_7608"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Second Borrowing Date</b>&#148;: means the Business Day specified in a Notice of Borrowing delivered by the Borrower requesting a Borrowing pursuant to <u>Section&nbsp;2.3(a)</u>&nbsp;as the date on which the Borrower requests that the Lenders make the Loans requested as part of the Second Borrowing; <i>provided</i> that (a)&nbsp;all of the conditions precedent applicable thereto set forth in <u>Section&nbsp;3.2</u> shall have been satisfied or waived on or prior to the Second Borrowing Date and (b)&nbsp;the Second Borrowing Date shall occur during the Availability Period applicable to the Second Borrowing.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Security</b>&#148;: any mortgage, pledge, lien, hypothecation, security interest or other charge or encumbrance (and &#147;secured&#148; shall be construed accordingly).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Securities Act</b>&#148;: means the Securities Act of 1933, as amended from time to time, and any successor statute.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Sole Book-Runner and Lead Arranger</b>&#148;: has the meaning set forth in the preliminary statements.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Solvent</b>&#148;:&#160; </font><font size="3" style="font-size:12.0pt;">with respect to any Person on a particular date, means that (a)&nbsp;the fair value of the Assets of such Person and its Subsidiaries on a consolidated basis is greater than the total amount of liabilities (including contingent liabilities) of such Person and its Subsidiaries on a consolidated basis, (b)&nbsp;the present fair saleable value of the Assets of such Person and its Subsidiaries on a consolidated basis is not less than the amount that will be required to pay the probable liability of such Person and its Subsidiaries on their respective debts as determined on a consolidated basis as they become absolute and matured, (c)&nbsp;such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person&#146;s ability to pay as such debts and liabilities mature and (d)&nbsp;such Person is not engaged in a business and is not about to engage in a business for which such Person&#146;s Assets would constitute an unreasonably small capital.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">&#147;<b>Stamp Tax</b>&#148;: means the local tax that is generally levied by Argentine provinces and the Autonomous City of Buenos Aires on certain instruments used to document onerous transactions that (a)&nbsp;are executed therein or (b)&nbsp;even if executed outside such jurisdictions, that have effects therein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Subsidiary</b>&#148;:&#160; with respect to a Person at any particular time, any Person that is then directly or indirectly Controlled, or more than 50% of the Voting Shares of such Person is then beneficially owned, by such first Person and/or one or more of such first Person&#146;s Subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Taxes</b>&#148;: means all present or future taxes, levies</font><font size="3" style="font-size:12.0pt;">, imposts, duties, deductions, withholdings (including backup withholding and value-added tax), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Telecom Internal Merger</b>&#148;:&#160; the merger process between the Borrower, Sofora Telecomunicaciones S.A., Nortel Inversora S.A. and Telecom Personal, and any step or action thereunder or related thereto.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>20<a name="PB_20_100714_8146"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Telecom/CV Merger</b>&#148;: the merger process between the Borrower and Cablevisi&#243;n, and any step or action thereunder or related thereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Total Commitment</b>&#148;: means the sum of the Commitments of each of the Lenders in the aggregate amount of $200,000,000, as it may be increased pursuant to a Facility Increase in accordance with <u>Section&nbsp;2.16</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Transferee</b>&#148;:&#160; has the meaning set forth in <u>Section&nbsp;9.6(f)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>U.S. Government Obligations</b>&#148;: means (i)&nbsp;direct obligations issued by the United States of America and (ii)&nbsp;obligations fully guaranteed by the full faith and credit of the United States of America or any agency thereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>USA Patriot Act</b>&#148;: means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Voting Shares</b>&#148;:&#160; at any time, as to any Person, the outstanding securities of such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Winding-up</b>&#148;:&#160; as to a Person, any involuntary case or proceeding under any Debtor Relief Laws against such Person seeking the assignment for the benefit of creditors, bankruptcy, winding-up, dissolution, liquidation, reorganization, receivership or conservatorship, or any other similar procedure under such Debtor Relief Laws (and &#147;<b>Wind-up</b>&#148; shall be construed accordingly).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#147;<b>Write-Down and Conversion Powers</b>&#148;: means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;1.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Other Definitional Provisions<font color="black" style="color:black;">.</font></font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the applicable other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">As used herein and in the applicable other Loan Documents and any certificate or other document made or delivered pursuant hereto or thereto, accounting terms relating to the Borrower and its Subsidiaries not defined in <u>Section&nbsp;1.1</u> and accounting terms partly defined in <u>Section&nbsp;1.1</u>, to the extent not defined in <u>Section&nbsp;1.1</u>, shall have the respective meanings given to them under IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The words &#147;hereof&#148;, &#147;herein&#148; and &#147;hereunder&#148; and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section, Schedule and Exhibit&nbsp;references are to this Agreement unless otherwise specified.&#160; The words &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall be</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>21<a name="PB_21_101451_9859"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">deemed to be followed by (depending on the context) the phrase &#147;but not limited to&#148; or &#147;without limitation&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Unless the context requires otherwise (i)&nbsp;any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii)&nbsp;any reference herein to any person shall be construed to include such person&#146;s successors and permitted assigns, and (iii)&nbsp; any reference to any law or regulation herein shall refer to such law or regulation as amended, modified or supplemented from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;1.3</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Accounting Terms</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data required to be submitted pursuant to this Agreement shall be prepared in conformity with,&nbsp;IFRS applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in <u>Section&nbsp;5.1</u>, except as otherwise specifically prescribed herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If at any time any change in IFRS would affect the computation of any requirement set forth in any Loan Document, and either that the Borrower or the Lenders shall so request, the Borrower and the Majority Lenders shall negotiate in good faith to amend such requirement to preserve the original intent thereof in light of such change in IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;II</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">AMOUNT AND TERMS OF LOANS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Amount and Terms of Loans</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="3" color="black" style="color:black;font-size:12.0pt;">Subject to and upon the terms and conditions set forth herein, each Lender severally agrees to make from the date hereof until the expiration of the applicable Availability Period, term loans (each, a &#147;<b>Loan</b>&#148; and, collectively, the &#147;<b>Loans</b>&#148;) to the Borrower (as described in the Notice of Borrowing) on each of the Closing Date and, subject to a Facility Increase in accordance with <u>Section&nbsp;2.16</u>, the Second Borrowing Date in a principal amount not to exceed its Commitment as of such date, which Loans (i)&nbsp;shall be incurred pursuant to up to two Borrowings, the first to occur on the Closing Date (the &#147;<b>Initial Borrowing</b>&#148;), which shall in no event exceed $200,000,000, and a second Borrowing, which in no event shall exceed $100,000,000 (or such lesser amount of any applicable Facility Increase in accordance with <u>Section&nbsp;2.16</u>), to occur on the Second Borrowing Date (the &#147;<b>Second Borrowing</b>&#148;), and (ii)&nbsp;shall be denominated in Dollars; <i>provided</i> that, notwithstanding anything herein to the contrary, (A)&nbsp;the Commitment of each Lender shall immediately expire and the obligations of the Lenders to make Loans hereunder shall be automatically deemed terminated without further action or notice in the event that the Borrower shall have failed to meet the conditions precedent set forth in <u>Section&nbsp;3.1</u> and the Initial Borrowing shall not have occurred prior to the end of the Availability Period applicable thereto, and (B)&nbsp;any</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>22<a name="PB_22_101516_7091"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Commitment of each Lender with respect to the Second Borrowing (solely to the extent applicable in the case of a Facility Increase in accordance with the terms of <u>Section&nbsp;2.16</u>) shall be automatically deemed terminated without further action or notice in the event the Borrower shall have failed to meet the conditions precedent in <u>Section&nbsp;3.2</u> and the Second Borrowing shall not have occurred prior to the end of the Availability Period applicable thereto.&#160; Amounts that are repaid or prepaid may not be re-borrowed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">On and as of the Closing Date, after giving effect to the making of the Loans on the Closing Date, the aggregate principal amount of the Loans made by the Lenders hereunder shall in no event exceed $200,000,000, subject to any Facility Increase solely in accordance with <u>Section&nbsp;2.16</u> and the occurrence of the Second Borrowing Date upon satisfaction&#160; of the conditions set forth in <u>Section&nbsp;3.2</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Lenders shall be under no obligation to make available any loan or extend credit in any other form to the Borrower, except as may be expressly contemplated herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Repayment of Loans; Evidence of Debt</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower agrees to repay to the Administrative Agent for the account of the Lenders the full principal amount of the Loans in six (6)&nbsp;consecutive equal semi-annual payments and on the Maturity Date, each such scheduled repayment date and amount to be repaid thereon being as set forth below (expressed as a percentage of aggregate outstanding principal amount of the Loans incurred on the Closing Date and, if applicable, the Second Borrowing Date):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Scheduled Repayment Date</font></u></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">Percentage of Aggregate<br>   Outstanding Principal Amount</font></u></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The date that is   six months following the Closing Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">12.5%</font></p>    </td>   </tr>
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<td width="65%" valign="top" style="border:solid #BFBFBF 1.0pt;border-top:none;padding:.7pt 0in .15in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The one-year anniversary of the   Closing Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">12.5%</font></p>    </td>   </tr>
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<td width="65%" valign="top" style="border:solid #BFBFBF 1.0pt;border-top:none;padding:.7pt 0in .15in 0in;width:65.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The date that 18 months following   the Closing Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">12.5%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The two-year anniversary of the   Closing Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">12.5%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The date that is 30 months following   the Closing Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">12.5%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The three-year anniversary of the   Closing Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">12.5%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Maturity   Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">25.0%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the applicable Borrowing Date until payment in full thereof at the rates per annum, and on the dates, set forth in <u>Section&nbsp;2.6</u>.&#160; Notwithstanding the foregoing, if any scheduled repayment date set forth above does not fall on the same date as any corresponding quarterly interest payment date in accordance with the terms hereof, then the scheduled repayment date shall be such corresponding interest payment date.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>23<a name="PB_23_101923_455"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing Indebtedness of the Borrower to such Lender resulting from the Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Unless the Administrative Agent shall have received written notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may (but shall be under no obligation to), in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due to such Lender.&#160; If and to the extent the Borrower shall not have made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender, together with interest thereon for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the Federal Funds Rate (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Subject to <u>Sections 2.5</u> and <u>2.6</u>, all amounts owed hereunder with respect to the Loans shall be paid in full no later than the Maturity Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.3</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Procedure for Each Borrowing Date</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font color="black" style="color:black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="3" color="black" style="color:black;font-size:12.0pt;">When the Borrower desires the Lenders to make Loans to it pursuant to <u>Section&nbsp;2.1(a)</u>, the Borrower shall provide the Administrative Agent irrevocable written notice (which notice must be received by the Administrative Agent prior to 11:00&nbsp;a.m.&nbsp;(New York City time) at least three (3)&nbsp;Business Days prior to the proposed Borrowing Date specifying the amount of Loans to be borrowed (which shall be equal to or less than the Total Commitment with respect to the Loans) and the Borrowing Date (which shall be a Business Day during the applicable Availability Period), substantially in the form of <u>Exhibit&nbsp;B</u> hereto (the &#147;<b>Notice of Borrowing</b>&#148;).&#160; Each Lender will make the amount of its respective Commitment available to the Administrative Agent by wire transfer of immediately available funds by 10:00&nbsp;a.m.&nbsp;(New York City time) on the applicable Borrowing Date, to the Administrative Agent&#146;s Account.&#160; The proceeds of such Commitment will then be made available to the Borrower by the Administrative Agent on the applicable Borrowing Date by wire transfer, in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower, subject to the conditions set forth in <u>ARTICLE&nbsp;III</u>.&#160; For the avoidance of doubt, and notwithstanding anything to the contrary herein, any funding of the Second Borrowing shall only be funded by those Lenders that have agreed to provide a Facility Increase in accordance with the terms of <u>Section&nbsp;2.16</u> (on a <i>pro rata </i>basis among such Lenders based on their relative portions of any Facility Increase and subject to the other terms and conditions set forth herein).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font color="black" style="color:black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="3" color="black" style="color:black;font-size:12.0pt;">All such amounts will be made available in Dollars and in immediately available funds at the Payment Office, and the Administrative Agent will make available on the Closing Date or the Second Borrowing Date, as applicable, to the Borrower at the Payment Office, or to such other account as such Borrower may specify in writing prior to the Closing Date or the Second Borrowing Date, as applicable, the aggregate of the amounts so made available by the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>24<a name="PB_24_101938_4141"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Lenders.&#160; Unless the Administrative Agent shall have been notified by any Lender prior to the date of Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender&#146;s portion of any Borrowing to be made on the applicable Borrowing Date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such Borrowing Date and the Administrative Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrower a corresponding amount.&#160; If such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender.&#160; The Administrative Agent also shall be entitled to recover on demand from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower until the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the overnight Federal Funds Rate for the first three days and at the interest rate otherwise applicable to such Loans for each day thereafter.&#160; If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender&#146;s Loan included in such Borrowing.&#160; A notice of the Administrative Agent to any Lender with respect to any amount owing under this Section&nbsp;2.03 shall be conclusive, absent manifest error.&#160; Nothing in this Section&nbsp;2.03 shall be deemed to relieve any Lender from its obligation to make Loans hereunder.&#160; Notwithstanding anything herein to the contrary, the Administrative Agent shall never be required to advance money on behalf of any Lender who has not made available to the Administrative Agent such Lender&#146;s portion of any Borrowing to be made on any applicable date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.4</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Fees</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower shall pay to each Lender, the Administrative Agent and the Sole Book-Runner and Lead Arranger the relevant fees separately agreed to with the Borrower in writing pursuant to the Fee Letters.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.5</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Prepayments<font color="black" style="color:black;">.</font></font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Optional Prepayments</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; The Borrower may, from time to time, prepay the Loans, without premium or penalty (except as otherwise specified below), in whole or in part, subject to the terms and conditions set forth in this <u>Section&nbsp;2.5(a)</u>, upon at least three (3)&nbsp;Business Days&#146; prior written notice to the Administrative Agent, specifying the date and amount of prepayment; <i>provided</i> that a notice of prepayment delivered by Borrower may state that such notice is conditioned upon the effectiveness of another credit facility or the closing of a securities offering, in which case such written notice may be revoked by Borrower (by written notice to the Administrative Agent on or prior to the specified prepayment date) if such condition is not satisfied (and in the case of any such revocation, the Borrower shall pay to the Lenders any amounts owed in accordance with <u>Section&nbsp;2.12</u>).&#160; Upon receipt of any such prepayment notice, the Administrative Agent shall promptly notify each Lender thereof.&#160; If any such prepayment notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid.&#160; Each prepayment of principal of the Loans shall be accompanied by accrued interest on the principal amount prepaid, and prepayment of any breakage costs pursuant to <u>Section&nbsp;2.12</u>, <i>plus</i>, (i)&nbsp;in the in case of any optional prepayment from and including the Closing Date to but excluding the date that is six months after the Closing Date, an amount equal to the principal amount of such prepayment multiplied by 2.50%, and (ii)&nbsp;in the case of any optional prepayment from and including the date that is six months after the</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>25<a name="PB_25_101954_8627"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Closing Date to but excluding the one-year anniversary of the Closing Date, an amount equal to the principal amount of such prepayment multiplied by 1.50%.&#160; Partial prepayments shall be in a minimum aggregate principal amount equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof; and each prepayment pursuant to this <u>Section&nbsp;2.5(a)</u>&nbsp;shall reduce the then scheduled repayments of the Loans </font><font size="3" style="font-size:12.0pt;">on a <i>pro rata</i> basis (based on the then remaining principal amount of each such scheduled repayment of the Loans after giving effect to all prior reductions thereto).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Mandatory Repayments</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; In addition to scheduled repayments on each scheduled repayment date set forth in <u>Section&nbsp;2.2(a)</u>, the Borrower shall be required to repay the Loans u</font><font size="3" color="black" style="color:black;font-size:12.0pt;">pon the occurrence of a Change of Control, whereupon the Borrower shall within five (5)&nbsp;Business Days prepay the Loans, together with all unpaid accrued interest thereon and any other sum then payable under this Agreement and any other Loan Document in relation to the Loans.&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The prepayment contemplated in this <u>Section&nbsp;2.5(b)</u>&nbsp;shall be accompanied by all accrued interest on the amount prepaid and any amounts owing under <u>Section&nbsp;2.12</u>, if any.&#160; Any amounts prepaid pursuant to this <u>Section&nbsp;2.5(b)</u>&nbsp; may not be re-borrowed.&#160; Each prepayment of the outstanding Loans pursuant to this <u>Section&nbsp;2.5(b)</u>&nbsp;shall be paid to the Lenders in accordance with their respective <i>pro rata</i> share of the Loans; and each prepayment pursuant to this <u>Section&nbsp;2.5(b)</u>&nbsp;shall reduce the then scheduled repayments of the Loans </font><font size="3" style="font-size:12.0pt;">on a <i>pro rata</i> basis (based on the then remaining principal amount of each such scheduled repayment of the Loans after giving effect to all prior reductions thereto)<font color="black" style="color:black;">.</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.6</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Interest Rate and Payment Dates</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower agreed to pay interest on the unpaid principal amount of the Loans as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Loans shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the LIBO Rate determined for such Interest Period <i>plus</i> the Applicable Margin, computed on the basis of a 360-day year, and paid for the actual number of days elapsed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If all or a portion of (i)&nbsp;the principal amount of the Loans, (ii)&nbsp;any interest payable thereon or (iii)&nbsp;any other amount payable hereunder or under any other Loan Document shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the LIBO Rate for the Interest Period in effect (or most-recently in effect, as the case may be) for such Loan <i>plus</i> the Applicable Margin <i>plus</i> 2.0% per annum, in each case from the date of such non-payment until such amount is paid in full (after as well as before judgment).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Interest on the Loans shall be payable in arrears on the last day of each Interest Period with respect thereto; <i>provided </i>that interest accruing on overdue amounts shall be payable from time to time on demand.&#160; The Administrative Agent shall as soon as practicable prior to the end of the then effective Interest Period notify the Borrower and the Lenders of each determination of a LIBO Rate for each Interest Period.&#160; Each determination of an interest rate by the Administrative Agent made in accordance with this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error.&#160; Interest for each Interest Period shall accrue from and including the first day of such Interest Period to but excluding the last day of such Interest Period.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>26<a name="PB_26_102022_7906"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.7</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Change in Conditions</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If in relation to any Interest Period:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">for any reason, the LIBO Rate cannot be determined as described in the definition of LIBO Rate; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent is notified by the Majority Lenders that (A)&nbsp;they are unable to obtain matching deposits in the London Interbank Market at or about 11:00&nbsp;a.m.&nbsp;on the rate fixing day for that Interest Period in a sufficient amount to fund their respective Loans during that Interest Period, then</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font color="black" style="color:black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="3" color="black" style="color:black;font-size:12.0pt;">Upon the occurrence of circumstances set forth in <u>Section&nbsp;2.7(a)</u>&nbsp;above, the Administrative Agent shall promptly notify the Borrower and the Lenders, and the following provisions shall apply:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">if the Loans were to be maintained during such Interest Period, the interest rate for such Interest Period shall be calculated using the alternative basis agreed upon pursuant to this <u>Section&nbsp;2.7(b)</u>; <i>provided</i> that if any Loans were to have been made at the beginning of such Interest Period, any obligation of the Lenders to fund the same shall be suspended until an alternative basis for calculating interest has been agreed upon pursuant to this <u>Section&nbsp;2.7(b)</u>;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Lenders shall then negotiate in good faith with the Borrower with a view to agreeing upon an alternative basis for calculating the interest payable on and/or for maintaining and/or funding the Loans in that Interest Period, and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(1)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any alternative basis agreed in writing by the Majority Lenders and the Borrower (with written notice to the Administrative Agent) within thirty (30) days of the Administrative Agent&#146;s notification to the Borrower and the Lenders of the event in question shall take effect in accordance with its terms; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(2)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">if an alternative basis is not so agreed, then the unpaid principal amount of the Loans shall become due and payable on the date that is five (5)&nbsp;Business Days following the last day of such thirty (30) day period together with all interest thereon and all other amounts payable hereunder;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Loans (<i>provided</i> that the Lenders treat the Borrower the same as all borrowers in similar circumstances under comparable provisions of other credit facilities) shall, during that Interest Period, bear interest at the rate per annum equal to the sum of (A)&nbsp;the Applicable Margin and (B)&nbsp;the cost to it (expressed as a percentage rate per annum) of funding its Loan during that Interest Period by whatever means it determines in good faith to be appropriate; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iv)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">each Lender shall certify such cost to the Borrower no later than one Business Day after the end of that thirty (30) day period.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>27<a name="PB_27_102048_3736"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that the supervisor for the administrator of the LIBO Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent (in consultation with the Majority Lenders) and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable; <i>provided</i> that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.&#160; Notwithstanding anything to the contrary in <u>Section&nbsp;9.1</u>, such amendment shall become effective without any further action or consent of any other party to this Agreement; <i>provided</i>, <i>further</i>, that the Administrative Agent shall have acted at the direction of the Majority Lenders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.8</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Pro Rata Treatment and Payments</font></u><font size="3" style="font-size:12.0pt;">.</font><font size="3" style="font-size:12.0pt;">&#160; Except as otherwise provided in <u>Section&nbsp;2.13(b)</u>, each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans shall be allocated <i>pro rata</i> according to the respective outstanding principal amounts of the Loans then held by the Lenders.&#160; All payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest or otherwise, shall be made without setoff or counterclaim and shall be made prior to 2:00&nbsp;p.m.&nbsp;(New York City time) on the due date therefor to the Administrative Agent by wire transfer in immediately available funds, for the account of the Lenders, to the Administrative Agent&#146;s Account.&#160; The Administrative Agent shall distribute the applicable portion of such payment to the Lenders promptly upon receipt in like funds as received.&#160; If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day ((x)&nbsp;other than in the case of a payment due on the Maturity Date, in which case it shall be paid on the immediate preceding day; and (y)&nbsp;unless, in the case of any payment of principal of or interest on the Loans, the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day), and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.9</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Illegality</font></u><font size="3" style="font-size:12.0pt;">.&#160; If at any time any Lender determines in good faith that, as a result of the adoption of, or any change in, any Requirement of Law occurring after the date of this Agreement, it has become unlawful for it to make, fund or allow to remain outstanding all or part of its Loan, then</font><font size="3" style="font-size:12.0pt;"> such Lender shall promptly give written notice to Borrower and Administrative Agent of such determination (which notice Administrative Agent shall promptly transmit to each other Lender).&#160; If the Administrative Agent receives a notice from any Lender pursuant to the preceding sentence, </font><font size="3" style="font-size:12.0pt;">the commitment of such Lender hereunder to make or continue such Loan shall forthwith be cancelled and the Borrower shall prepay such Loan (together with accrued and unpaid interest thereon and all other amounts payable by the Borrower under this Agreement to such Lender) on the last day of the then current Interest Period or on such earlier date (if any) as such Lender shall certify to be necessary to comply with the relevant Requirement of Law with accrued interest thereon and any other sum then due to such Lender under <u>Section&nbsp;2.12</u> or any other provision of this Agreement (unless actions taken pursuant to <u>Section&nbsp;2.13</u> shall make such prepayment unnecessary).</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>28<a name="PB_28_102225_9621"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Increased Costs</font></u><font size="3" style="font-size:12.0pt;">.&#160; If the Administrative Agent or any Lender determines in good faith that, as a result of (i)&nbsp;the introduction or implementation of, any change in, or any change in the interpretation or application of or compliance with, any Requirement of Law occurring after the date of this Agreement (and, for purposes of this Agreement, (x)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection therewith and (y)&nbsp;all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. or non-U.S. regulatory authorities, in each case pursuant to Basel&nbsp;III or CRD IV, or any law or norm implementing, applying or interpreting Basel III or CRD IV, are deemed to have gone into effect and been adopted after the date of this Agreement) or (ii)&nbsp;compliance by it with any future Directive:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">there is imposed, modified or deemed applicable any reserve (including any mandatory deposits to be made with the Central Bank in connection with the Loan Documents, and any costs associated with any other requirements of the Central Bank), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender; and/or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any Lender becomes subject to any Taxes (other than (i)&nbsp;Indemnified Taxes, (ii)&nbsp;Taxes described in clauses (b)&nbsp;and (c)&nbsp;of the definition of Excluded Taxes and (iii)&nbsp;Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; and/or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">there is imposed on any Lender or the London interbank Eurodollar market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loan made by such Lender or participation therein;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">and the result of any of the foregoing shall be to increase the cost to such Lender or such other recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to reduce the amount of any sum received or receivable by such Lender or other recipient hereunder (whether of principal, interest or any other amount),<i> then</i> the Borrower shall, within forty five (45) days after demand therefor and receipt of the certificate provided for in this <u>Section&nbsp;2.10</u>, indemnify the Administrative Agent or such Lender against such cost, reduction, payment or forgone interest or other amount and, accordingly, shall pay to the Administrative Agent or such Lender the amount certified by it to be necessary so to indemnify it, such certificate to set out in reasonable detail the basis for the determination of such amount, unless actions taken pursuant to <u>Section&nbsp;2.13</u> shall make such payment unnecessary; <i>provided</i>,<i> however</i>, that the Borrower shall not be required to pay any amount with respect to any such cost, reduction, payment or forgone interest or other amount to the extent the Administrative Agent or such Lender has not provided notice and the certificate provided for in this <u>Section&nbsp;2.10</u> to the Borrower within ninety (90) days after the date that the Administrative Agent or such Lender becomes aware of the occurrence of such event or circumstance giving rise to such amount.&#160; If the Administrative Agent or any Lender becomes entitled to claim any additional amounts pursuant to this <u>Section&nbsp;2.10</u>, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled; <i>provided</i> that the failure by the Administrative Agent or such Lender to provide such notice to the Borrower shall not affect the Administrative Agent or such Lender&#146;s entitlement to claim such additional amounts, but only to the extent that such</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>29<a name="PB_29_102752_739"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Lender timely delivers to the Borrower the certificate provided for in this <u>Section&nbsp;2.10</u>.&#160; A certificate as to any additional amounts payable pursuant to this <u>Section&nbsp;2.10</u> showing calculations of such amounts in reasonable detail submitted by the Administrative Agent or such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error.&#160; The covenants in this <u>Section&nbsp;2.10</u> shall survive the termination of this Agreement and all other amounts payable hereunder.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Notwithstanding the foregoing, no Lender shall demand compensation for any increased costs or reduction pursuant to this <u>Section&nbsp;2.10</u> in connection with the introduction of, any change in, or any change in the interpretation or application of, any Requirement of Law related to (x)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection therewith or (y)&nbsp;all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the U.S. or non-U.S. regulatory authorities, in each case pursuant to Basel III, unless such Lender certifies to the Borrower that it is demanding compensation for increased costs or reduction in connection with the introduction of, the same change in, or the same change in the interpretation or application of, such Requirement of Law from other borrowers under provisions of other credit agreements which permit such Lender to demand such compensation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.11</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Taxes</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Any and all payments by the Borrower hereunder shall be made, in accordance with&nbsp;<u>Section&nbsp;2.8</u>, free and clear of and without deduction for any Tax (except to the extent required by law).&nbsp; If the Borrower or the Administrative Agent shall be required by law to withhold any amount in account for, and/or to deduct, any Taxes from or in respect of any sum payable hereunder, (i)&nbsp;if and to the extent such Tax is an Indemnified Tax, the sum payable shall be increased by the Borrower as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this&nbsp;<u>Section&nbsp;2.11</u>) such Lender or the Administrative Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii)&nbsp;the Borrower shall make such deductions and (iii)&nbsp;the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with Applicable Law;&nbsp;<i>provided</i>,<i> however</i>,<i>&nbsp;</i>that the Borrower shall not be obligated to pay to any Lender&nbsp;or the Administrative Agent (as the case may be)&nbsp;any additional amount for or on account of any Tax required to be deducted or withheld (x)&nbsp;with respect to&nbsp;the Initial Lender or any direct of or indirect Assignee thereof (or the Administrative Agent on its or such Assignee&#146;s behalf),&nbsp; to the extent&nbsp;the Tax exceeds the Tax that would have been imposed on a bank entitled to the benefits of the Germany-Argentina Tax Treaty as amended and in effect from time to time, and (y)&nbsp;with respect to Canada Pension Plan Investment Board in its capacity as a Lender (after the date hereof) or any direct or indirect Assignee thereof (or the Administrative Agent on its or such Assignee&#146;s behalf), to the extent&nbsp;the Tax exceeds the Tax that would have been imposed on a public pension entitled to the benefits of the Canada-Argentina Tax Treaty as amended and in effect from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">In addition, the Borrower shall <font color="black" style="color:black;">timely pay all Other Taxes to the relevant Governmental Authorities in accordance with Applicable Law.&#160; The </font></font><font size="3" color="black" style="color:black;font-size:12.0pt;">Borrower shall, if requested by the Administrative Agent, deliver to the Administrative Agent official receipts or other</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>30<a name="PB_30_102820_8715"></a></p>
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<!-- SEQ.=1,FOLIO='I-30',FILE='C:\JMS\111380\19-2958-1\task9266926\2958-1-ls-09.htm',USER='111380',CD='Mar 20 15:52 2019' -->

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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">evidence of such payment reasonably satisfactory to the Administrative Agent in respect of any Other Taxes payable hereunder promptly after payment of such Other Taxes</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower shall indemnify each Lender and the Administrative Agent for and hold each of them harmless against (i)&nbsp;the amount of Indemnified Taxes and Other Taxes paid by such Lender or the Administrative Agent (as the case may be) (but only to the extent that the Lender or the Administrative Agent (as the case may be) would have been entitled to receive additional amounts under Section&nbsp;2.11(a)&nbsp;in respect of such Taxes), and (ii)&nbsp;any reasonable expenses arising therefrom or with respect thereto.&#160; This indemnification shall be made within thirty (30) days from the date such Lender or the Administrative Agent (as the case may be) makes written demand therefor.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each Lender shall severally indemnify the Administrative Agent, upon demand therefor, against (i)&nbsp;any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), and (ii)&nbsp;any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.&#160; A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.&#160; Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document or otherwise payable by the Administrative Agent to any Lender from any other source against any amount due to the Administrative Agent under this paragraph (d).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Within forty-five (45) days after the date of any payment of Indemnified Taxes or Other Taxes, the Borrower shall furnish to the Administrative Agent, at its address referred to in <u>Section&nbsp;9.2</u>, the original or a certified copy of a receipt evidencing such payment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each Lender shall upon written request by the Borrower or the Administrative Agent provide the Borrower and the Administrative Agent, on a timely basis, with two copies of any form, document or other certification, appropriately completed, necessary for such Lender to be exempt from, or entitled to a reduced rate of, Taxes on payments pursuant to this Agreement; <i>provided</i> that no Lender shall have any obligation to provide such form, document or other certification if, in the reasonable judgment of such Lender, the provision of such form, document or other certification would contravene any Applicable Law or would require such Lender to disclose any confidential information or would impose a material regulatory burden or material cost on such Lender that is not reimbursed by the Borrower.&#160; To the extent that any such form, document or certification becomes obsolete, a Lender shall upon written request by the Borrower or the Administrative Agent (subject to the proviso above) provide an updated or successor form, document or certification to the Borrower and the Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If any payment made to a Lender hereunder would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b)&nbsp;or 1472(b)&nbsp;of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>31<a name="PB_31_102834_563"></a></p>
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<!-- SEQ.=1,FOLIO='I-31',FILE='C:\JMS\111380\19-2958-1\task9266926\2958-1-ls-09.htm',USER='111380',CD='Mar 20 15:52 2019' -->

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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">the time or times prescribed by law and at such times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i)&nbsp;of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender&#146;s obligations under FATCA or to determine the amount to deduct and withhold from such payment.&#160; Notwithstanding anything herein to the contrary, the Borrower hereby agrees that the Administrative Agent shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with FATCA for which the Administrative Agent shall not have liability.&#160; The Borrower agrees to indemnify and hold harmless the Administrative Agent for any losses it may suffer due to actions it takes to comply with FATCA.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each party&#146;s obligations under this <u>Section&nbsp;2.11</u> shall survive the termination of this Agreement and the resignation or removal of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitment and the repayment, satisfaction or discharge of all obligations under any Loan Document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.12</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Breakage Indemnity</font></u><i><font size="3" style="font-size:12.0pt;font-style:italic;">.&#160; </font></i><font size="3" style="font-size:12.0pt;">Within five (5)&nbsp;Business Days after the written request of any Lender (with a copy to the Administrative Agent) from time to time, setting forth in reasonable detail the basis for calculating such compensation, the Borrower shall indemnify each Lender and hold each Lender harmless from any loss or expense in connection with the liquidation or re-employment of such funds (including reasonable and documented administrative expenses, but excluding loss of margin over the LIBO Rate for the remainder of the relevant Interest Period or other loss of anticipated profits) that such Lender may sustain or incur as a consequence of (a)&nbsp;the Borrower&#146;s failure to borrow hereunder for any reason (other than a default by any Lender) on the date specified in the Notice of Borrowing delivered pursuant to <u>Section&nbsp;2.3(a)</u>, (b)&nbsp;default by the Borrower in making any prepayment after the Borrower has given notice thereof in accordance with this Agreement, or in the case of revocation of any prepayment notice in accordance with the terms hereof, (c)&nbsp;the making of a prepayment of any Loan on a day that is not the last day of an Interest Period, (d)&nbsp;default by the Borrower in payment when due of the principal of or interest on any Loan or (e)&nbsp;the failure of a condition precedent referred to in <u>ARTICLE&nbsp;III</u> to be satisfied or waived after the Borrower has given the Notice of Borrowing pursuant to <u>Section&nbsp;2.3(a)</u>.&#160; This covenant shall survive the termination of this Agreement and the repayment of the Loans and all other amounts payable hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.13</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Mitigation; Prepayment</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If any circumstances arise which result, or would on the giving of notice (or the like) result, in the Borrower having to make a payment to or for the account of the Administrative Agent or any Lender under <u>Section&nbsp;2.9</u>, <u>Section&nbsp;2.10</u> or <u>Section&nbsp;2.11</u> (excluding Other Taxes), then without in any way limiting, reducing or otherwise qualifying any of the obligations of the Borrower under <u>Section&nbsp;2.9</u>, <u>Section&nbsp;2.10</u> and <u>Section&nbsp;2.11</u>:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">as promptly as practicable after an officer of the Administrative Agent or an officer of such Lender with responsibility for its participation in this</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>32<a name="PB_32_102848_9497"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Agreement becomes aware of the relevant circumstances and their results, such Lender shall notify the Borrower and the Administrative Agent; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">in consultation with the Borrower and the Administrative Agent, such Lender shall take such steps as it determines are reasonably available to it and are acceptable to the Borrower and the Administrative Agent to mitigate the effect of those circumstances (such as changing its Lending Office, and/or assigning some or all of its rights or obligations under this Agreement at par to another Person acceptable to the Borrower and the Administrative Agent and willing to take that assignment), if such Lender can do so without material cost or expense to such Lender;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided </font></i><font size="3" style="font-size:12.0pt;">that no Lender shall be obliged to take any such steps that in its sole opinion, arrived at in good faith, would or might have an adverse effect on that Lender.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If (i)&nbsp;the Borrower becomes obliged to pay any Taxes for the account of any Lender under <u>Section&nbsp;2.11</u> (excluding Other Taxes) or any amount under <u>Section&nbsp;2.10</u> and (ii)&nbsp;the Borrower gives to such Lender not less than fourteen (14) days&#146; notice of the date of prepayment, the Borrower may prepay all (but not part only) of such Lender&#146;s Loan without premium or penalty at any time.&#160; Any such prepayment must be accompanied by accrued interest on such Loan and by any other sum then due to such Lender under <u>Section&nbsp;2.12</u> or any other provision of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Notwithstanding any other provision of this <u>Section&nbsp;2.13</u>, no Lender shall demand compensation for any increased or other cost or reduction pursuant to this <u>Section&nbsp;2.13</u> if it shall not at the time be the general policy or practice of such Lender to demand such compensation in similar circumstances under comparable provisions of other credit facilities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.14</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Currency Indemnity; Indemnity Separate</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Dollar is the sole currency of account and payment for all sums payable by the Borrower under or in connection with this Agreement, including damages for any breach of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower fully understands that the transactions (a)&nbsp;described in this Agreement are part of a cross-border financing and any disbursements made by any Lender will be made in Dollars and, therefore, it is of the essence of this Agreement and the other Loan Documents that any and all payments made by the Borrower (or any other entity on its behalf) hereunder or thereunder is made exclusively in Dollars.&#160; Thus, the Borrower hereby expressly, unconditionally and irrevocably waives any right (including any right under Section&nbsp;765 of the Argentine Civil and Commercial Code (if applicable)) it may have in any jurisdiction to pay any amount under the Loan Documents in a currency other than Dollars.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower irrevocably and unconditionally waives the right to invoke any defense in relation to its obligations of paying any amounts due under the Loan Documents, including defenses of impossibility, impracticability or frustration of purpose set forth in Section&nbsp;1091 of the Argentine Civil and Commercial Code, force majeure or act of God set forth in Sections 955, 1031, 1032 or 1730 of the Argentine Civil and Commercial Code, impossibility to comply with the obligations set forth in Section&nbsp;1732 of the Argentine Civil and Commercial Code,</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>33<a name="PB_33_102905_3641"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">or &#147;<i>onerosidad sobreviniente</i>&#148;, &#147;<i>lesion enorme</i>&#148; or &#147;<i>abuso del derecho</i>&#148; set forth in Section&nbsp;10 of the Argentine Civil and Commercial Code.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Any amount received or recovered in a currency other than Dollars (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the Winding-up of the Borrower or otherwise) by the Administrative Agent or any Lender in respect of any sum expressed to be due to it from the Borrower under this Agreement shall constitute a discharge to the Borrower only to the extent of the Dollar amount that the recipient is able, in accordance with its usual practice, to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so).&#160; If that Dollar amount is less than the Dollar amount expressed to be due to the recipient under this Agreement, the Borrower shall pay such additional amount in Dollars as may be necessary to compensate the recipient for such shortfall.&#160; In any event, the Borrower shall indemnify the recipient against the reasonable cost of making any such purchase.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If at the time when any payment by the Borrower in connection with the Agreement is due hereunder or under any other Loan Document there is any restriction or prohibition on access to the Argentine exchange market or a requirement to have prior authorization of the Central Bank or any other Governmental Authority and such authorization is not available on the date when payment is due, to the fullest extent permitted by law, the Borrower shall, at its own expense, obtain the required amount of Dollars to pay such amount due under the Loan Documents, through: (i)&nbsp;the purchase with Pesos of any Dollar-denominated public or private bond or tradable debt or equity security listed in Argentina and the subsequent transfer and sale thereof outside of Argentina for Dollars; (ii)&nbsp;the purchase of Dollars in any market in which Dollars may be purchased, with any legal tender; or (iii)&nbsp;any other lawful mechanism for the acquisition of Dollars in the Argentine exchange market.&#160; The Borrower shall be liable for and shall pay all taxes, costs, fees and expenses payable in connection with the transactions referred to herein for the purchase of Dollars to effect payment of any amount due and owing hereunder.&#160; Interest shall continue to accrue as specified in this Agreement on any amounts that are not paid on the due date therefor as a result of the Borrower&#146;s entering into or consummating any transaction to obtain Dollars to make any required payment hereunder or any other Loan Document and such shall continue to accrue until full payment of such amount due is made to the Administrative Agent or the Lenders, as the case may be, in accordance with this Agreement and the other Loan Documents. Notwithstanding anything to the contrary contained in this Agreement or in any obligation of the Borrower to any other Person, nothing shall be construed to relieve or otherwise affect the unconditional obligation of the Borrower to satisfy all payment and other obligations under this Agreement on or prior to the due dates thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each of the indemnities in this Agreement constitutes a separate and independent obligation from the other obligations in this Agreement, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Administrative Agent </font><font size="3" style="font-size:12.0pt;">(acting at the written direction of the Majority Lenders)<font color="black" style="color:black;"> and/or any Lender and shall continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Agreement or any other judgment or order.</font></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.15</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">[<u>RESERVED</u>]</font><i><font size="3" style="font-size:12.0pt;font-style:italic;">.</font></i></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;2.16</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Increase in Commitments</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Request for Increase</font></i><font size="3" style="font-size:12.0pt;">.&#160; Provided there exists no Event of Default of Potential Event of Default, subject to compliance with the terms of this <u>Section&nbsp;2.16</u>, the Borrower shall have the option to increase, within the thirty (30) days following the Effective Date, the Total Commitment up to $100,000,000 (to a Total Commitment for all Lenders in the aggregate of up to $300,000,000; <i>provided</i> that any such increase shall be in a minimum amount of $15,000,000 (such increase, a &#147;<b>Facility Increase</b>&#148;).&#160; The Administrative Agent, at the direction of the Majority Lenders, shall determine the effective date of any such increase (the &#147;<b>Increase Effective Date</b>&#148;) and shall promptly notify the Borrower and the Lenders of such Increase Effective Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Conditions to Effectiveness of Increase</font></i><font size="3" style="font-size:12.0pt;">.&#160; The following are condition precedent to such increase:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Borrower shall deliver to the Administrative Agent a Facility Increase Request;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any such increase shall be subject to the prior written approval by any Lenders increasing their respective Commitments to support any Facility Increase; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">an additional Lender or Lenders (which Lender or Lenders must be acceptable to the Initial Lender in its sole discretion) shall become party to this Loan Agreement, in accordance with <u>Section&nbsp;9.6(i)</u>, providing the increased Commitment and/or each existing Lender shall increase its Commitment ratably in accordance with its <i>pro rata</i> share of the Total Commitment up to the desired amount and the Borrower shall pay such fees as are agreed in connection with such increased Commitment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;III</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CONDITIONS PRECEDENT</font></u></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;3.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Conditions Precedent to the Loans and the Closing Date</font></u><font size="3" style="font-size:12.0pt;">.&#160; The agreement of the Lenders to make the Initial Borrowing of the Loans is subject to the satisfaction of, or waiver by, each Lender on or prior to the Closing Date of the following conditions precedent:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent shall have received this Agreement and each other Loan Document, executed and delivered by a duly Authorized Representative of the Borrower and each other party thereto, and each Loan Document shall be in full force and effect in form reasonably satisfactory to the Lenders;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Lenders and the Administrative Agent shall have received a certificate from the Borrower, dated as of the Closing Date, substantially in the form set out in <u>Exhibit&nbsp;C</u>, duly executed by the Chief Executive Officer, the Chief Financial Officer, the General Counsel or other high ranking officer of the Borrower, (i)&nbsp;attaching a copy of the organizational documents of the Borrower, as amended to date, and a recent certificate of good standing (or equivalent), (ii)&nbsp;attaching a copy of the actions of the board of directors of the Borrower authorizing the execution, delivery and performance of this Agreement and the other Loan Documents, and (iii)&nbsp;in respect of</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>35<a name="PB_35_102940_7672"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">the incumbency and authority, containing a specimen signature of each person who is authorized to sign this Agreement and the other Loan Documents on its behalf;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent shall have received a certificate from the Borrower, dated as of the Closing Date, duly executed by the Chief Executive Officer or the Chief Financial Officer of the Borrower to the effect that the Borrower will be in compliance with the financial ratios covenant set forth in <u>Section&nbsp;5.18</u> after giving effect to the incurrence of the Loans on the Closing Date and that the financial statements set forth below (x)&nbsp;have been prepared, examined and approved in accordance with IFRS and in accordance with the Borrower&#146;s or Cablevision&#146;s constitutive laws and regulations, as applicable, and (y)&nbsp;fairly present the consolidated financial condition and operations of the Borrower and Cablevision, as applicable, and its respective Consolidated Subsidiaries as at that date:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Borrower&#146;s annual consolidated financial statements (including income statements, balance sheets and cash flow statements) of the Borrower and its Subsidiaries for the fiscal year ended December&nbsp;31, 2017;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cablevision&#146;s annual consolidated financial statements (including income statements, balance sheets and cash flow statements) of Cablevision and its Subsidiaries for the fiscal year ended December&nbsp;31, 2017; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Borrower&#146;s unaudited condensed consolidated financial statements as of September&nbsp;30, 2018, and for the nine months then ended;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent shall have received a Notice of Borrowing executed and delivered by the Borrower in accordance with <u>Section&nbsp;2.3(a)</u>;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent shall have received the executed legal opinions, addressed to the Administrative Agent and each Lender, dated as of the Closing Date, from:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">EGFA Abogados,</font><font size="3" color="black" style="color:black;font-size:12.0pt;"> special Argentine counsel to the Borrower, substantially in the form set out in <u>Exhibit&nbsp;E</u> hereto;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, special New York counsel to the Borrower, substantially in the form set out in <u>Exhibit&nbsp;F</u> hereto; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Beccar Varela</font><font size="3" color="black" style="color:black;font-size:12.0pt;">, special Argentine counsel to the Lenders, in form and substance satisfactory to the Lenders;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Borrower shall have complied with all terms of the Fee Letters to be complied with on or before the Closing Date; and all costs, fees, expenses (including, without limitation, legal fees and expenses) and other compensation contemplated hereby, payable to the Administrative Agent, the Sole Book-Runner and Lead Arranger and the Lenders or otherwise payable in respect of the transactions contemplated hereby shall have been paid to the extent then due (or will be paid simultaneously with the proceeds of the Loans);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">(i)&nbsp;since June&nbsp;30, 2018, there shall have been no circumstance, event or condition which has or would reasonably be expected to have a Material Adverse Effect and (ii)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>36<a name="PB_36_102953_536"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">since the Effective Date, there shall have been no circumstance, event or condition which has or would reasonably be expected to have a material adverse effect on general capital or commercial banking market conditions, the international capital markets or the macroeconomic context of Argentina;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent shall have received evidence of payment by the Borrower of all agreed upon accrued fees and expenses of legal counsel (including fees and expenses of (i)&nbsp;Beccar Varela, special Argentine counsel to the Lenders and Administrative Agent, (ii)&nbsp;Gibson, Dunn&nbsp;&amp; Crutcher LLP, special New&nbsp;York counsel to the Lenders, and (iii)&nbsp;Pillsbury Winthrop Shaw Pittman LLP, special New York counsel to the Administrative Agent;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">all corporate and other proceedings and all documents, instruments and other legal matters in connection with the transactions contemplated by this Agreement and the other Loan Documents shall be in form and substance reasonably satisfactory to the Lenders, and the Administrative Agent and the Lenders shall have received such other documents in respect of any aspect or consequence of the transactions contemplated hereby or thereby as they shall reasonably request;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">all documentation and other information of the Borrower required by regulatory authorities under applicable &#147;know your customer&#148; and anti-money laundering rules&nbsp;and regulations, including the USA Patriot Act, shall have been provided to each Lender in form and substance satisfactory to it prior to the Effective Date;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(k)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">to the extent the Borrower qualifies as a &#147;legal entity customer&#148; under the Beneficial Ownership Regulation, the Borrower shall have delivered to Administrative Agent a Beneficial Ownership Certification in relation to the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(l)</font><font color="black" style="color:black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent shall have received written confirmation (in form and substance reasonably satisfactory to the Lenders) of the appointment by the Borrower of the Process Agent through the Maturity Date;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(m)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">as of the Closing Date, each of the representations and warranties made by the Borrower in this Agreement shall be: (i)&nbsp;if such representation or warranty is qualified as to materiality or by reference to the existence of a Material Adverse Effect, true and correct to the extent of such qualification on and as of the Closing Date as if made on such date (except for such representations and warranties which are expressly stated to have been made as of a specific date, which shall be true and correct to the extent of such qualification as of such specific date); or (ii)&nbsp;if such representation or warranty is not so qualified, true and correct in all material respects on and as of the Closing Date, as if made on such date (except for such representations and warranties which are expressly stated to have been made as of a specific date, which shall be true and correct in all material respects as of such date);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(n)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">no Potential Event of Default, Event of Default or Prepayment Event shall have occurred and be continuing on the Closing Date or would result from the making of the Loans on such date; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(o)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">receipt by the Administrative Agent of a true and correct copy of a prepayment notice under the Bridge Facility being refinanced in part with the proceeds of the Loans in accordance with the terms hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;3.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Conditions Precedent to the Second Borrowing Date</font></u><font size="3" style="font-size:12.0pt;">.&#160; The agreement of the Lenders to make the Second Borrowing of the Loans is subject to the satisfaction of, or waiver by, each Lender on or prior to the Second Borrowing Date of the following conditions precedent:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Closing Date shall have occurred;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">conditions to the effectiveness of the Facility Increase required under <u>Section&nbsp;2.16</u> shall have been duly satisfied;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">[RESERVED];</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">as of the Second Borrowing Date, each of the representations and warranties made by the Borrower in this Agreement shall be: (i)&nbsp;if such representation or warranty is qualified as to materiality or by reference to the existence of a Material Adverse Effect, true and correct to the extent of such qualification on and as of the Second Borrowing Date as if made on such date (except for such representations and warranties which are expressly stated to have been made as of a specific date, which shall be true and correct to the extent of such qualification as of such specific date); or (ii)&nbsp;if such representation or warranty is not so qualified, true and correct in all material respects on and as of the Second Borrowing Date, as if made on such date (except for such representations and warranties which are expressly stated to have been made as of a specific date, which shall be true and correct in all material respects as of such date);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent shall have received a certificate from the Borrower, dated as of the Second Borrowing Date, duly executed by the Chief Executive Officer or the Chief Financial Officer of the Borrower to the effect that the Borrower will be in compliance with the financial ratios covenant set forth in <u>Section&nbsp;5.18</u> after giving effect to the incurrence of the Loans on the Second Borrowing Date;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent shall have received the executed legal opinions, addressed to the Administrative Agent and each Lender, dated as of the Second Borrowing Date, from:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">EGFA Abogados,</font><font size="3" color="black" style="color:black;font-size:12.0pt;"> special Argentine counsel to the Borrower, substantially in the form set out in <u>Exhibit&nbsp;E</u> hereto;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font color="black" style="color:black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="3" color="black" style="color:black;font-size:12.0pt;">Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, special New York counsel to the Borrower, substantially in the form set out in <u>Exhibit&nbsp;F</u> hereto; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Beccar Varela</font><font size="3" color="black" style="color:black;font-size:12.0pt;">, special Argentine counsel to the Lenders, in form and substance satisfactory to the Lenders;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Borrower shall have complied with all terms of the Fee Letters to be complied with on or before the Second Borrowing Date; and all costs, fees, expenses (including, without limitation, legal fees and expenses) and other compensation contemplated hereby, payable</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>38<a name="PB_38_103400_9863"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">to the Administrative Agent, the Sole Book-Runner and Lead Arranger and the Lenders or otherwise payable in respect of the transactions contemplated hereby on the Second Borrowing Date shall have been paid to the extent then due (or will be paid simultaneously with the proceeds of the Loans to be Borrowed on the Second Borrowing Date);</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">since the Closing Date, there shall have been no circumstance, event or condition which has or would reasonably be expected to have (i)&nbsp;a Material Adverse Effect or (ii)&nbsp;a material adverse effect on general capital or commercial banking market conditions, the international capital markets or the macroeconomic context of Argentina;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">no Potential Event of Default, Event of Default or Prepayment Event shall have occurred and be continuing on the Second Borrowing Date or would result from the making of the Loans on such date; and</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Administrative Agent shall have received a Notice of Borrowing executed and delivered by the Borrower in accordance with <u>Section&nbsp;2.3(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;3.3</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Documents</font></u><font size="3" style="font-size:12.0pt;">.&#160; All documents submitted to the Administrative Agent pursuant to this Agreement shall be in the English language or accompanied by an English translation certified by a duly appointed officer of the Borrower.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;IV</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REPRESENTATIONS AND WARRANTIES</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To induce the Administrative Agent and the Lenders to enter into this Agreement and to induce the Lenders to make the Loans, the Borrower represents and warrants to the Administrative Agent and each Lender, on the date hereof and on each Borrowing Date, that:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Status</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is a <i>sociedad an&#243;nima</i> duly incorporated and validly existing under the laws of Argentina and has the requisite corporate power and authority to own its Assets and to conduct the business that it presently conducts and/or proposes to conduct and is in compliance in all material respects with all Applicable Law.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Powers</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower has the requisite corporate power and authority to execute, deliver and perform this Agreement and the other Loan Documents and to borrow hereunder, and has taken all necessary corporate action to authorize the borrowings on the terms and conditions of this Agreement, and to authorize the execution, delivery and performance of this Agreement and the other Loan Documents.&#160; Each Loan Document has been, and when delivered, will be, duly executed and delivered by the Borrower.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.3</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Authorization and Consents</font></u><font size="3" style="font-size:12.0pt;">.&#160; No action, condition, approval or authorization is required by the laws of Argentina in order (a)&nbsp;to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under this Agreement or any other Loan Document, (b)&nbsp;to ensure that those obligations are valid, legally binding and enforceable, or (c)&nbsp;to ensure that those obligations rank and will at all times rank in accordance with <u>Section&nbsp;5.2</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.4</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Non-Violation of Laws, Etc</font></u><font size="3" style="font-size:12.0pt;">.&#160; The execution, delivery and performance of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby (including the incurrence of the Loans) will not conflict with or violate (a)&nbsp;any material Requirement of Law to which the Borrower is subject or (b)&nbsp;the Borrower&#146;s organizational documents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.5</font><font color="black" style="color:black;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Governmental Approvals</font></u><font size="3" style="font-size:12.0pt;">.&#160; All material Governmental Approvals necessary for conducting the business, trade and ordinary activities of the Borrower and each of its Subsidiaries have been obtained or effected and are in full force and effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.6</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Obligations Binding</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement and each other Loan Documents (each when duly executed and delivered) constitutes a legal, valid and binding obligation of the Borrower, enforceable against it in accordance with their respective terms, except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting enforcement of creditors&#146; rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or in law).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.7</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Non-Violation of Other Agreements</font></u><font size="3" style="font-size:12.0pt;">.&#160; The execution, delivery and performance of this Agreement and the other Loan Documents and the disbursement of the Loans contemplated hereby will not conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of the Borrower or any of its Subsidiaries, except such obligations as to which Borrower has obtained a waiver prior to the Closing Date and except for such conflicts or breaches that would not reasonably be expected to have a Material Adverse Effect.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.8</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Mergers</font></u><font size="3" style="font-size:12.0pt;">.&#160; All necessary corporate action and approvals to authorize the Mergers has been taken and all regulatory approvals and registrations required for the effectiveness of the Mergers have been obtained.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.9</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">No Default</font></u><font size="3" style="font-size:12.0pt;">.&#160; No Event of Default and no Potential Event of Default has occurred and is continuing, or will occur as a result of the disbursement of the Loans contemplated hereby.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Borrower&#146;s Financial Statements</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower&#146;s audited consolidated financial statements as of December&nbsp;31, 2017 and for the fiscal year then ended, together with notes thereto, and the Borrower&#146;s unaudited condensed consolidated financial statements as of September&nbsp;30, 2018 and the nine-month period then ended, together with notes thereto, and in each case as delivered to the Administrative Agent (with copies of the related reports and approvals referred to in clause (a)&nbsp;below):</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">include such financial information as are required under Applicable Law and were prepared, examined, reported on and audited and/or approved, as applicable, in accordance with IFRS and in accordance with the Applicable Law and the Borrower&#146;s constitutive documents;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">fairly present the consolidated financial condition and operations of the Borrower and its consolidated Subsidiaries as at that date and for the respective period then ended; and</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">to the extent required by IFRS, disclose or reserve against all liabilities (contingent or otherwise) of the relevant Person(s)&nbsp;as of that date any and all material unrealized or anticipated losses from any commitment entered into by the relevant Person(s)&nbsp;and which existed as of the respective dates thereof.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.11</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Cablevision&#146;s Financial Statements</font></u><font size="3" style="font-size:12.0pt;">.&#160; Cablevision&#146;s audited consolidated financial statements as of December&nbsp;31, 2017 and for the fiscal year then ended, together with notes thereto as delivered to the Administrative Agent (with copies of the related reports and approvals referred to in clause (a)&nbsp;below):</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">include such financial information as are required under Applicable Law and were prepared, examined, reported on and audited and/or approved, as applicable, in accordance with IFRS and in accordance with the Applicable Law and the Cablevision&#146;s constitutive documents;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">fairly present the consolidated financial condition and operations of Cablevision and its Consolidated Subsidiaries as at that date and for the respective period then ended; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">to the extent required by IFRS, disclose or reserve against all liabilities (contingent or otherwise) of the relevant Person(s)&nbsp;as of that date any and all material unrealized or anticipated losses from any commitment entered into by the relevant Person(s)&nbsp;and which existed as of the respective dates thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.12</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">No Material Adverse Effect</font></u><font size="3" style="font-size:12.0pt;">.&#160; On each Borrowing Date, no event or circumstance or combination thereof has had a Material Adverse Effect since the Effective Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.13</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Litigation</font></u><font size="3" style="font-size:12.0pt;">.&#160; No litigation, arbitration or administrative proceeding against the Borrower or any of its Subsidiaries is currently pending or, to the knowledge of the Borrower or any of its Subsidiaries, threatened in writing, (a)&nbsp;which is reasonably likely to be adversely determined and, if so determined, is reasonably likely to prevent the performance by the Borrower of its obligations under this Agreement or any other Loan Document, or (b)&nbsp;which has or would reasonably be expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.14</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Labor Relations</font></u><font size="3" style="font-size:12.0pt;">.&#160; Neither the Borrower nor any of its Principal Subsidiaries is engaged in any unfair labor practice that would be reasonably likely to, individually or in the aggregate, have a Material Adverse Effect.&#160; There is (a)&nbsp;no unfair labor practice complaint pending against the Borrower or any of its Principal Subsidiaries or, to the knowledge of the Borrower, threatened in writing against the Borrower or any of its Principal Subsidiaries, before any Governmental Authority with responsibility, authority or jurisdiction for such matters, and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement is so pending against the Borrower or any of its Principal Subsidiaries or, to the knowledge of the Borrower, threatened in writing against the Borrower or any of its Principal Subsidiaries, (b)&nbsp;no strike, labor dispute, slowdown or stoppage&nbsp;pending against the Borrower or any of its Principal Subsidiaries or, to the knowledge of the Borrower, threatened in writing against the Borrower or any of its Principal Subsidiaries and (c)&nbsp;to the knowledge of the Borrower, no union organizing activities taking place, except (with respect to any matter specified in clause (a), (b)&nbsp;or (c)&nbsp;above,</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>41<a name="PB_41_103448_6228"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">either individually or in the aggregate) such as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.15</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Disclosure</font></u><font size="3" style="font-size:12.0pt;">.&#160; No representation or warranty of the Borrower contained in any Loan Document or in any other documents, certificates or written statements furnished to the Administrative Agent or any Lender by or on behalf of the Borrower for use in connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material fact (known to Borrower, in the case of any document not furnished by it) necessary in order to make the statements contained herein or therein, when taken as a whole, not misleading in light of the circumstances in which the same were made.&#160; As of the date hereof, the information included in the Beneficial Ownership Certification delivered pursuant to <u>Section&nbsp;3.1(l)</u>&nbsp;is true and correct in all material respects.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.16</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Taxes</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower and each of its Subsidiaries have filed all material tax returns required to be filed and paid all material Taxes shown to be due thereon except such as are being contested in good faith by appropriate proceedings, for which the Borrower has made adequate reserves as required under IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">As of the date hereof, all payments of interest under this Agreement by the Borrower to a Lender located outside Argentina are subject to withholding of Argentine income tax at: (i)&nbsp;a rate of 15.05% if such Lender is a Qualifying Bank; (ii)&nbsp;a lower rate if such Lender is resident in a country&#160; that has a treaty to avoid double taxation in force with Argentina, to the extent such Lender complies with all requisites for the application of such treaty; or (iii)&nbsp;a rate of 35% if neither of the conditions indicated in clauses (i)&nbsp;and (ii)&nbsp;above are met; <i>provided</i> that nothing in this clause (b)&nbsp;shall be deemed to limit or otherwise diminish or reduce any of the parties&#146; respective obligations otherwise set forth in this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.17</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Purpose of the Loan</font></u><font size="3" style="font-size:12.0pt;">.&#160; The proceeds of the Loans shall be used by the Borrower solely to partially repay the Bridge Facility, and to pay any transaction-related expenses or fees in respect of the transactions contemplated hereby on each applicable Borrowing Date.&#160; The proceeds of the Loans will not be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any &#147;margin stock&#148; within the meaning of Regulation U of the Board of Governors of the Federal Reserve System of the United States of America or of extending credit to others for the purpose of buying or carrying any &#147;margin stock&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.18</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Foreign Exchange Regulations</font></u><font size="3" style="font-size:12.0pt;">.&#160; On each Borrowing Date, the Borrower shall have complied in all material respects with all Foreign Exchange Regulations, if any, and shall have made all necessary filings, the failure of which might affect any payment to be made under this Agreement, and, to the best of the Borrower&#146;s knowledge, there are no foreign exchange restrictions in effect in Argentina that would adversely affect any payment to be made under this Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.19</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Ownership; Subsidiaries</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each of the Borrower&#146;s Subsidiaries is a Person duly organized, validly existing and in good standing under the laws of its jurisdiction of</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">organization and has the power (corporate or otherwise) and authority to own its Assets and conduct the business that it conducts and/or proposes to conduct.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.20</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Solvency</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is, and upon giving effect to the Loans and the use of proceeds thereof, will be, on a Consolidated basis, Solvent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.21</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Investment Company Act</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is not required to register as an &#147;investment company&#148; under the Investment Company Act of 1940, as amended.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.22</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">No Immunity</font></u><font size="3" style="font-size:12.0pt;">.&#160; Under the laws of Argentina, with respect to the execution, delivery and performance of this Agreement and the other Loan Documents, the Borrower is subject to private commercial law and to suit, and neither it nor its Assets, to the extent located in Argentina, has any immunity from the jurisdiction of any court or any legal process (whether through service of notice, attachment prior to notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) except for such Assets used for the performance of a public service.&#160; Neither the defense of sovereign immunity nor any similar defense is available to the Borrower against (a)&nbsp;any service of process by the Administrative Agent or any Lender in any suit, action or proceeding relating to or arising out of any of the obligations of the Borrower under this Agreement, any Loan Document or any other documents executed in connection with any Loan Document, (b)&nbsp;any claim of jurisdiction over the Borrower in any court of competent jurisdiction in connection with any such suit, action or proceeding, (c)&nbsp;any judgment that could otherwise be obtained against the Borrower as a result of any such suit, action or proceeding or (d)&nbsp;the enforcement of any such judgment against the Borrower or any of its Assets, except for such Assets used for the performance of a public service.&#160; The Borrower has full power and authority to waive immunity and any similar defense as provided in <u>Section&nbsp;9.12</u>, and such waiver is effective, legal, valid and enforceable.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.23</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">OFAC and Anti-Money Laundering</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">None of the Borrower, any of its Subsidiaries or, to the knowledge of the Borrower after due inquiry, any Person acting on behalf of the Borrower or any of its Subsidiaries in connection with this Agreement</font><font size="3" color="black" style="color:black;font-size:12.0pt;">:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">(A)&nbsp;is currently a Person with whom dealings are restricted or prohibited by any Sanction, (B)&nbsp;is located, organized or residing in any Designated Jurisdiction, (C)&nbsp;is a department, agency or instrumentality of, or otherwise Controlled or acting on behalf of, a Designated Jurisdiction, or (D)&nbsp;is included on OFAC&#146;s Specially Designated Nationals and Blocked Persons List or the Consolidated Sanctions List maintained by OFAC, HMT&#146;s Consolidated List of Financial Sanctions Targets or the Investment Ban List, or is a target of Sanctions because of a relationship of ownership or Control with any such Person or Persons described in this clause (D); and</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Borrower neither knows nor has reason to believe that it or any of its Subsidiaries is or may become the subject of any Sanctions-related investigation or judicial proceeding.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">No Borrowing, use of proceeds or other transaction undertaken pursuant to this Agreement and the other Loan Documents will, to the knowledge of the Borrower, violate any relevant Anti-Money Laundering Law or applicable Sanctions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower and each of its Subsidiaries has conducted its business in compliance in all material respects with all applicable Sanctions and Anti-Money Laundering Laws, and the Borrower has not been notified by any relevant Agency that it or any of its Subsidiaries currently is, the subject of investigation for material violations of any Sanctions or Anti-Money Laundering Laws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">N</font><font size="3" color="black" style="color:black;font-size:12.0pt;">o action, suit or proceeding by or before any court or Agency, authority or body or any arbitrator involving the Borrower or any of its Subsidiaries with respect to a material violation of applicable Anti-Money Laundering Laws is pending.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.24</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Anti-Corruption Laws</font></u><font size="3" style="font-size:12.0pt;">.&#160; </font><font size="3" style="font-size:12.0pt;">Neither the Borrower, nor to the knowledge of the Borrower, any of its Controlled Affiliates or Subsidiaries (a)&nbsp;solely in connection with the Telecom/CV Merger, (i)&nbsp;Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC or (ii)&nbsp;any director, officer, or employee acting on behalf of Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC, or (b)&nbsp;any director, officer, agent, employee of the Borrower, any Controlled Affiliate of the Borrower or any of its Subsidiaries, (i)&nbsp;has used any funds for any unlawful contribution, gift, property, entertainment or other unlawful expense related to political activity, (ii)&nbsp;has made, taken or will take any action to further or facilitate any offer, payment, gift, promise to pay, or any offer, gift or promise of anything else of value, directly or indirectly, to any Person knowing that all or a portion of the payment will be offered, given or promised to anyone to improperly influence official action, to obtain or retain business for the Borrower or any of its Controlled Affiliates or Subsidiaries</font><font size="3" style="font-size:12.0pt;"> (or, </font><font size="3" style="font-size:12.0pt;">solely in connection with the Telecom/CV Merger, Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC), or to secure an improper advantage for the Borrower, its Controlled Affiliates or its Subsidiaries (or, solely in connection with the Telecom/CV Merger, Cablevisi&#243;n Holding S.A., Fintech Advisory,&nbsp;Inc. or Fintech Telecom LLC), (iii)&nbsp;has made, offered, taken, or will make, offer or take any act in furtherance of any bribe, unlawful rebate, payoff, influence payment, property, gift, kickback or other unlawful payment, or (iv)&nbsp;is aware of, has taken, or will take any action, directly or indirectly, that would result in a violation of any provision of the Bribery Act 2010 of the United Kingdom, the OECD Convention on Bribery of Foreign Public Officials in International Business Transactions, the FCPA.&#160; The Borrower, the Subsidiaries and their Controlled Affiliates have each conducted their businesses in compliance with all&#160; applicable anti-bribery and Anti-Corruption laws and/or regulations and have instituted and maintain policies and procedures reasonably designed to promote and ensure continued compliance with all applicable Anti-Corruption Laws and with the representation and warranty contained in this <u>Section&nbsp;4.24</u>.&#160; </font><font size="3" style="font-size:12.0pt;">To the best of the Borrower&#146;s knowledge and belief, no actions or investigations by any governmental or regulatory agency are ongoing or threatened against the Borrower or its Subsidiaries, or any of their&nbsp; directors, officers, employee, &nbsp;associated party or person acting on their behalf in relation to a breach of any Anti-Corruption Laws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.25</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Environmental Compliance</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower conducts in the ordinary course of business a review of (a)&nbsp;the effect of Environmental Laws in force in Argentina, Paraguay and Uruguay and (b)&nbsp;claims alleging potential liability or responsibility for violation of any</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>44<a name="PB_44_103554_2794"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Environmental Law in force in Argentina, Paraguay and Uruguay, in each case, with respect to its business, operations and properties, and as a result thereof, the Borrower has reasonably concluded that, to the best of its knowledge, the effect of such Environmental Laws or any such claims would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.26</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Legal Form</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">This Agreement is and will be in proper legal form for the enforcement thereof against the Borrower in Argentina in accordance with its terms, and to ensure the legality, validity, enforceability, priority or admissibility in evidence of this Agreement it is not necessary that either document or any other document be filed, registered or recorded with, or executed or notarized before, or notified to, any court or other authority in Argentina or any other Person, or that any registration charge or stamp or similar tax be paid on or in respect of such document or any other document relating to the matters covered by such document, or that any other action be taken in respect of such document or any other document relating to the matters covered by such document, except that (i)&nbsp;an official translation by a sworn public translator into the Spanish language of any document in a language other than Spanish is required to make this Agreement or any other document admissible in evidence in the courts of Argentina and bring an action thereon, (ii)&nbsp;that the filing of claims with the Argentine judicial system is subject to the payment of taxes collected to fund the court system, which taxes must be paid by the person filing a claim in court and which rates vary from one jurisdiction to another (the current applicable rate in the City of Buenos Aires being 3% of the amount claimed, in accordance with Article&nbsp;2 of Law No.&nbsp;23,898, as amended, and (iii)&nbsp;for admissibility in evidence before Argentine courts, this Agreement must be apostilled or legalized by the relevant Argentine consulate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">[RESERVED]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Each Borrower is permitted under the laws of Argentina to pay any additional amounts under <u>Section&nbsp;2.11</u> in respect of any Stamp Taxes or Other Taxes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.27</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Intellectual Property</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower and each of its Principal Subsidiaries owns, or is licensed to use or validly and lawfully has the right to use, without restrictions or other obligations, all trademarks, tradenames, copyrights, patents, service marks, licenses and other intellectual property material to its business, and the use thereof by the Borrower or such Principal Subsidiary does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not be reasonably expected to result in a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.28</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Insurance Matters</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower and its Subsidiaries maintain insurance against losses, liabilities or damages (including damage to persons and third-party property) as may customarily be carried or maintained under similar circumstances by Persons engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons, where failure to do so would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>45<a name="PB_45_103605_8299"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.29</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Ranking: Priority</font></u><font size="3" style="font-size:12.0pt;">.&#160; The obligations of the Borrower under this Agreement and the other Loan Documents rank in priority of payment at least <i>pari passu</i> with all its other present or future unsecured and unsubordinated Indebtedness, except for Indebtedness having priority by operation of law.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.30</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">International Banking Facility</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower, an entity located outside the United States, understands that it is the policy of the Board of Governors of the U.S. Federal Reserve System that extensions of credit by international banking facilities, such as the Loans hereunder, may be used to finance the non-U.S. operations of the Borrower located outside the United States, and has consequently applied the proceeds of the Loans as described in <u>Section&nbsp;4.17</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;4.31</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">FATCA Status</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower is not, as of the date of this Agreement, and shall use commercially reasonable efforts to avoid becoming either: (a)&nbsp;a &#147;United States person&#148; as that term is defined in Section&nbsp;7701(a)(30) of the Code or (b)&nbsp;a person some or all of whose payments under the Loan Documents are from sources within the United States for US federal income tax purposes, as of the date of this Agreement; and accordingly, payment of interest and gross proceeds under this Agreement would not be a &#147;withholdable payment&#148; as that term is defined in FATCA as in effect on the date of this Agreement.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;V</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">COVENANTS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower agrees that, so long as any Loan remains outstanding and unpaid or any other amount is owing to any Lender, the Administrative Agent or the Sole Book-Runner and Lead Arranger hereunder (other than indemnities or reimbursement obligations for which no claim has been made):</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Information</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower undertakes that:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Preparation of Financial Statements.&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">It will ensure that all financial statements to be delivered by it under this Agreement are prepared in such manner that clauses (a)&nbsp;through (c)&nbsp;of <u>Section&nbsp;4.10</u> would be complied with.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Annual Financial Statements.&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">Only if the Borrower terminates its reporting obligations with the SEC or fails to comply with any of its obligations with the SEC or the New York Stock Exchange<i>, </i>as soon as available and in any event within one hundred twenty (120) days after the end of each of its fiscal years, it will deliver to the Administrative Agent a copy for distribution to the Lenders of its independently audited annual financial statements accounts, prepared on a Consolidated basis in accordance with IFRS, as at the end of and for that fiscal year, together with copies of the related reports and approvals referred to in <u>Section&nbsp;4.10(a)</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Quarterly Information.&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">Only if the Borrower terminates its reporting obligations with the SEC or fails to comply with any of its obligations with the SEC or the New York Stock Exchange<i>, </i>as soon as available and in any event within sixty (60)&nbsp;days after the end of each of the first three quarters of each of its fiscal years, it will deliver to the Administrative Agent a copy for distribution to the Lenders of its unaudited financial statements, which will be prepared</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">on a Consolidated basis in accordance with IFRS, as at the end of and for that quarter and that may or may not be condensed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Compliance Certificates. </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">(i)&nbsp;Within sixty (60) days after the end of each of the first three fiscal quarters of each Financial Year, the Borrower shall deliver to the Administrative Agent a certificate (in the form of <u>Schedule 5.1(d)(i)</u>) signed by the Chief Financial Officer of the Borrower (or, in his or her absence, by an Authorized Representative of the Borrower) covering compliance with the financial covenants in this Agreement, (ii)&nbsp;within ninety (90) days after the end of each Financial Year, the Borrower shall deliver to the Administrative Agent a certificate (in the form of <u>Schedule&nbsp;5.1(d)(ii)</u>&nbsp;signed by the Chief Financial Officer of the Borrower (or in his or her absence, by an Authorized Representative of the Borrower) certifying compliance with the Net Debt to EBITDA Ratio and the Interest Coverage Ratio set forth in <u>Section&nbsp;5.18</u> and (iii)&nbsp;if the Borrower intends to approve, declare or consummate any Restricted Payment pursuant to <u>Section&nbsp;5.15</u>, it shall deliver to the Administrative Agent at least three (3)&nbsp;Business Days prior to the relevant date any such action is approved or entered into, a report (in a pre-agreed form) signed by the Borrower&#146;s Chief Financial Officer (or, in his or her absence, by an Authorized Representative of the Borrower) certifying (x)&nbsp;that no Event of Default or Potential Event of Default has occurred and is continuing or would result therefrom and (z)&nbsp;compliance with the relevant financial covenants.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Litigation.&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">It will promptly deliver to the Administrative Agent for distribution to the Lenders details of any litigation, arbitration or administrative proceeding that, if current, pending or threatened in writing at the date of this Agreement, would have rendered the representation and warranty in <u>Section&nbsp;4.13</u> incorrect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Events of Default.&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">It will notify the Administrative Agent of the occurrence of any Event of Default or Potential Event of Default in writing (and of any action taken or proposed to be taken to remedy it) promptly after becoming aware of it.&#160; With each financial statement delivered by it pursuant to <u>Section&nbsp;5.1(b)</u>&nbsp;or <u>Section&nbsp;5.1(c)</u>, and promptly after any request made by the Administrative Agent (acting at the written direction of the Majority Lenders) from time to time (but no more frequently than once in any ninety-day period), it will deliver to the Administrative Agent a certificate signed on its behalf by the Chief Financial Officer or such other Person as may be acceptable to the Majority Lenders for that purpose confirming that, so far as it is aware and (if applicable) except as previously notified to the Administrative Agent or waived in accordance with <u>Section&nbsp;9.1</u>, no Event of Default or Potential Event of Default has occurred and is continuing or (as the case may be) setting out details of any which has occurred and is continuing and has not been so notified and of which it is aware and of any action taken or proposed to be taken to remedy it.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Notices; Information.&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">It will promptly give notice to the Administrative Agent for distribution to the Lenders of (i)&nbsp;any changes known to the Borrower in taxes, duties or other fees of Argentina or any political subdivision or taxing authority thereof, or any change known to the Borrower in any Applicable Law, in each case that could reasonably be expected to adversely affect any payment due under this Agreement, (ii)&nbsp;any changes known to the Beneficial Ownership Certification, (iii)&nbsp;any development or event that has had or would reasonably be expected to have a Material Adverse Effect, or (iv)&nbsp;the occurrence of a Change of Control.&#160; In addition, the Borrower will provide any information reasonably requested by the Administrative</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>47<a name="PB_47_101154_7056"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Agent (on behalf of the Lenders or any of them (at the direction of the Majority Lenders)) within fifteen (15) Business Days of such request in order for the Administrative Agent and the Lenders to comply with their respective internal &#147;know your customer&#148; or similar internal processes (applied consistently to all customers of the Administrative Agent or any such Lender, as applicable).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Ranking of Obligations</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will cause that its payment obligations under this Agreement and the other Loan Documents rank and will at all times rank at least equally and ratably in all respects with all its other senior unsecured Indebtedness except for such Indebtedness as would, by virtue only of Applicable Law, be preferred in the event of its Winding-up.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.3</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Negative Pledge</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will ensure that none of the Principal Subsidiaries will, incur or suffer to exist any Security for any Person&#146;s Indebtedness on or over their respective Assets, except for:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Security existing on the date of this Agreement listed on <u>Schedule 5.3(a)</u>;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any Security existing at the time of acquisition on or over any Asset acquired by it (other than from a member of the Group) after the date of this Agreement and not created in contemplation of or in connection with that acquisition and any renewal or extension of any such Security that is limited to the original Assets covered thereby;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">in the case of any Person that becomes a Principal Subsidiary after the date of this Agreement, any Security existing on or over its Assets when it becomes a Principal Subsidiary and not created in contemplation of or in connection with its becoming a Principal Subsidiary;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any Security created for the purpose of financing the acquisition, construction or development of any Asset or Assets if (i)&nbsp;such Security encumbers only such Asset or Assets then being acquired, constructed or developed (including any stock or other interest in any company created for purposes of acquisition, construction, development and holding of such Asset or Assets); and (ii)&nbsp;such Security attaches to such Asset or Assets concurrently or within one hundred and eighty (180) days after the acquisition, or completion of construction or development, thereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any Security on any Asset of any Person existing at the time such Person is merged or consolidated with or into the Borrower or a Principal Subsidiary and not created in contemplation of or in connection with such event;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Security securing reimbursement obligations with respect to letters of credit that encumber documents and other property relating to such letters of credit and the proceeds thereof;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Security securing Indebtedness or other obligations of the Borrower or of a Subsidiary to the Borrower or to another Subsidiary;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>48<a name="PB_48_101244_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Security securing Hedge Agreements so long as such Hedge Agreements relate to Indebtedness for borrowed money that is permitted under this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">extensions, renewals or replacements of any Security referred to in clauses&nbsp;(a), (d)&nbsp;and (e)&nbsp;of this <u>Section&nbsp;5.3</u> in connection with the Refinancing of the obligations secured thereby;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any Security arising from any Tax or other Security arising by operation of law, in each case if the obligation underlying any such Security is not yet due or, if due, is being contested in good faith by appropriate proceedings so long as the Borrower has set aside adequate reserves in accordance with IFRS;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(k)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Security created or deposits made in the ordinary course of business (i)&nbsp;in connection with workers&#146; compensation, unemployment insurance and other types of social security, including any Security securing letters of credit issued in the ordinary course of business consistent with past practice in connection therewith, or (ii)&nbsp;to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, purchase, construction or sales contracts, leases, government performance and return-of-money bonds and other similar obligations (other than obligations for the payment of borrowed money), so long as the Security does not interfere with the carrying on of the business or operations of the Borrower or any of its Subsidiaries;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(l)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Security created in the ordinary course of business upon specific items of inventory or other goods and proceeds of any Person securing such Person&#146;s obligations in respect of bankers&#146; acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods, so long as the Security does not interfere in any material respect with the carrying of the business or operations of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(m)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Security arising from judgments, decrees, awards or attachments in&#160; circumstances not constituting an Event of Default;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(n)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Easements, rights-of-way, restrictions, encroachments and other similar charges or encumbrances, and minor title deficiencies, in each case not securing Indebtedness and not interfering in any material respect with the conduct of the business and operations of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(o)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the designation of lessors, construction companies and other counterparties as loss payees under insurance policies in the ordinary course of business as required by customary contractual requirements, other than in connection with or in anticipation of the incurrence of Indebtedness;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(p)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Security created in connection with any sale and leaseback transaction;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(q)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any Security arising out of title retention provisions in a supplier&#146;s standard conditions of supply of goods acquired by the relevant Person in the ordinary course of its business; and</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>49<a name="PB_49_101255_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(r)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">any other Security securing Indebtedness, or created or outstanding on or over Assets, of the Borrower or its Principal Subsidiaries; <i>provided</i> that the aggregate outstanding principal amount of Indebtedness secured by all Security securing Indebtedness, or created or outstanding on or over Assets, of the Borrower and its Principal Subsidiaries under this clause (r)&nbsp;shall not at any time exceed the greater of $200,000,000 (or its equivalent in any other currency) and 7% of Consolidated Net Tangible Assets;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">unless the benefit of the relevant Security, or of alternative Security reasonably satisfactory to the Majority Lenders, is at the same time and in a manner reasonably satisfactory to the Majority Lenders extended equally and ratably to the Loans and all other sums payable by the Borrower under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.4</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Limitations on Investments</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower and its Principal Subsidiaries will not make or acquire any Investment, if, prior to or immediately after the making of such Investment an Event of Default shall have occurred and be continuing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.5</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Maintenance of Existence and Payment of Obligations</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Principal Subsidiaries to, (a)&nbsp;subject to <u>Section&nbsp;5.10</u>, preserve, renew and keep in full force and effect its corporate existence, (b)&nbsp;take all reasonable action to maintain all material rights, privileges and franchises necessary or desirable in the normal conduct of its business and (c)&nbsp;pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all material Taxes and other material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with the IFRS with respect thereto have been provided on the books of the Borrower or its Principal Subsidiaries, as the case may be; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">provided</font></i><font size="3" style="font-size:12.0pt;"> neither Borrower (other than with respect to existence) nor any of its Principal Subsidiaries shall be required to preserve any such existence, right or franchise, licenses and permits if Borrower&#146;s board of directors (or similar governing body) shall determine that the preservation thereof is no longer desirable in the conduct of the business of Borrower, and that the loss thereof would not reasonably be expected to have a Material Adverse Effect</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.6</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Compliance With Laws; Authorizations; Contracts; Reporting</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Subsidiaries to, (a)&nbsp;comply in all material respects with all provisions of Applicable Law and contractual obligations and (b)&nbsp;obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorizations, approvals, licenses and consents required in or by Applicable Law to the extent necessary (i)&nbsp;to enable the Borrower lawfully to enter into and perform its obligations under this Agreement and the other Loan Documents, (ii)&nbsp;to ensure the legality, validity, enforceability or admissibility in evidence in Argentina of this Agreement and the other Loan Documents, and (iii)&nbsp;to conduct its business, trade and ordinary activities, except in the case of clauses (a)&nbsp;and (b)(iii)&nbsp;where failure to do so does not have nor is reasonably likely to have a Material Adverse Effect.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.7</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Maintenance of Property; Insurance</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Principal Subsidiaries to, keep all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted, and maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks as are currently maintained by it and as are customary for its type of</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">business, where failure to do so would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.8</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Inspection of Property; Books and Records</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will, and will cause each of its Principal Subsidiaries to, keep proper books of records and account in which full, true and correct entries in conformity in all material respects with IFRS shall be made of all dealings and transactions in relation to its business and activities, and; <i>provided</i> that reasonable prior notice has been given, permit representatives of any Lender, at such Lender&#146;s own cost (other than at any time when an Event of Default has occurred and is continuing, in which case the Borrower shall pay all reasonable costs and expenses of such Lender of any such visit and inspection), to visit and inspect any of its properties and examine and make abstracts from any of its books and records at such reasonable times during normal business hours&#160; and as often as may reasonably be requested.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.9</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Accounting Changes</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not cause to change the date on which its fiscal year and fiscal quarter will end, provided that the Borrower may make such change if such change shall be required by Applicable Law or as a result of any change in IFRS or the rules&nbsp;or regulations of any Governmental Authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Limitation on Fundamental Changes</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower will not, and will cause each of its Principal Subsidiaries not to, enter into any transaction of merger, consolidation or amalgamation (other than the Mergers and any other merger of any Subsidiary of the Borrower with and into the Borrower so long as the Borrower or such Principal Subsidiary, as applicable, shall be the surviving corporation or other applicable entity) or liquidate, Wind-up or dissolve itself (or suffer any liquidation, Winding-up or dissolution).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower will not convey, sell, lease, assign, transfer or otherwise dispose of all or substantially all of its Assets unless (i)&nbsp;the transferee Person is a corporation organized and validly existing under the laws of Argentina, the United States of America or any State thereof, the District of Columbia or any other member country of the Organization for Economic Cooperation and Development and expressly assumed by an instrument executed and delivered by the Administrative Agent (acting upon the instruction of the Majority Lenders), in form reasonably satisfactory to the Majority Lenders, all of the obligations of the Borrower under this Agreement and the other Loan Documents and (ii)&nbsp;immediately before and after giving effect to the transaction, no Potential Event of Default or Event of Default has occurred and is continuing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.11</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Lines of Business</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will not permit any of its Principal Subsidiaries to, make any material change (in the reasonable judgment of the Majority Lenders) in the nature or conduct of its business as conducted on the date hereof other than any change to its business which is the result of the consummation of the Mergers.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.12</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Transactions with Affiliates</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will not permit any Subsidiary to, directly or indirectly participate in or effect any transaction with, or for the account of, any Affiliate on terms that are less favorable to Borrower or such Subsidiary than those that might be obtained at the time in a comparable arm&#146;s-length transaction from a Person who is</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">not an Affiliate; <i>provided</i> that the foregoing restriction shall not apply to (a)&nbsp;reasonable and customary fees paid to members of the board of directors (or similar governing body) of the Borrower; (b)&nbsp;compensation arrangements for officers and other employees of the Borrower entered into in the ordinary course of business; and (c)&nbsp;transactions described on <u>Schedule 5.12</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.13</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Derivatives Obligations</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Derivatives Obligations other than bona fide Derivatives Obligations in the ordinary course of business to hedge risks and, in any event, not for speculative purposes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.14</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Use of Proceeds</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower will use the Loans solely to repay the Bridge Facility and to pay any transaction-related expenses or fees in respect of the transactions contemplated hereby on each applicable Borrowing Date, and not in contravention of any Requirement of Law or of any Loan Document.&#160; The Borrower will not use the proceeds of the Loans, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System of the United States).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.15</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Restricted Payments</font></u><font size="3" style="font-size:12.0pt;">. &#160;The Borrower will not pay any dividend on, or repurchase or redeem, any of the shares of its capital stock, if at the time thereof or immediately after giving effect thereto (a)&nbsp;any Event of Default shall have occurred and be continuing or would result therefrom or (b)&nbsp;the Borrower and its Subsidiaries do not comply with the financial ratios set out in <u>Section&nbsp;5.18</u> on a Consolidated basis and on a Pro Forma Basis (each, a &#147;<b>Restricted Payment</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.16</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Compliance with Sanctions, Anti-Terrorism Laws, OFAC Rules&nbsp;and Regulations and Anti-Corruption Laws</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower will, and will cause its Subsidiaries to, remain in compliance with OFAC rules&nbsp;and regulations and any other Sanctions, except where the failure to do so would not comprise a material violation of such OFAC rules, regulations or Sanctions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">(i)&nbsp;The Borrower will, and will cause its Subsidiaries to, comply with the FCPA, and the Borrower will and it will cause each of its Subsidiaries to remain in compliance with all other Anti-Corruption Laws except where the failure to do so would not comprise a material violation of such other Anti-Corruption Laws; and (ii)&nbsp;t</font><font size="3" color="black" style="color:black;font-size:12.0pt;">he Borrower and its Controlled Affiliates and Subsidiaries will not, directly or indirectly, use the proceeds of the transaction, or lend, contribute or otherwise make available such proceeds to any subsidiary, affiliate, joint venture partner or other person or entity for the purpose of financial or facilitating any activity that would violate the laws</font><font size="3" color="black" style="color:black;font-size:12.0pt;"> and regulations as referred to in <u>Section&nbsp;4.24(b)(iv)</u>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower shall promptly notify the Administrative Agent in writing if its senior officers have knowledge that the Borrower or any of its Subsidiaries becomes a Restricted Party, has violated any Sanctions or is convicted on, pleads <i>nolo contendere </i>to, is indicted on or is arraigned and held over on charges involving, money laundering or predicate crimes to money laundering.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Any provision of this <u>Section&nbsp;5.16</u> shall not apply to any Person if and to the extent that it is or would be unenforceable by or in respect of that Person by reason of breach of any applicable Blocking Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower will not, nor will it permit any of its Subsidiaries to, directly or indirectly, use the Loan proceeds, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person (i)&nbsp;to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject or target of comprehensive Sanctions; (ii)&nbsp;to fund or facilitate any activities of or business in any Designated Jurisdiction in violation of Sanctions; or (iii)&nbsp;in any other manner that would in each case result in violation of any Sanctions (including by any Person participating in the transactions contemplated hereby, whether as advisor, investor or otherwise).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.17</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Sanctions</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; The Borrower shall not:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">become, or will permit any of its Subsidiaries to become, a Restricted Party;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">directly or knowingly indirectly fund all or part of any repayment or prepayment of the Loans or discharge any obligation due or owing to a Party under this Agreement out of proceeds derived from: (i)&nbsp;any activity or dealing with a Restricted Party; or (ii)&nbsp;any other action or status, in each case as would cause any Party or any of the Borrower&#146;s Subsidiaries to be in breach of, any Sanctions; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">directly or indirectly use permit all or any part of the proceeds of the Loans, or other transactions contemplated by this Agreement, or lend, contribute or otherwise make available such proceeds to an Affiliate, joint venture partner or other Person, (i)&nbsp;to fund any trade, business or other activities of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, a country, territory or Person with whom dealings are restricted or prohibited by any Sanctions or (ii)&nbsp;in any other manner, in each case, that would result in a violation of Sanctions by any Person participating in the Loans, whether as underwriter, advisor, investor or otherwise.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Any provision of this <u>Section&nbsp;5.17</u> shall not apply to any Person if and to the extent that it is or would be unenforceable by or in respect of that Person by reason of breach of any applicable Blocking Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;5.18</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Financial Ratios</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; With respect to the Borrower and its Subsidiaries, maintain at all times the following ratios on a Consolidated basis:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">an Interest Coverage Ratio of not less than 3.0; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">a Net Debt to EBITDA Ratio of not more than 3.0.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;VI</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">EVENTS OF DEFAULT</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;6.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Events of Default</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; The following are Events of Default:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>53<a name="PB_53_101338_141"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Non-Payment:&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower does not pay as provided in this Agreement any principal of the Loans when due, or does not pay any interest on the Loans, fees or other amount due hereunder or under any other Loan Document within three (3)&nbsp;Business Days after such amount is due.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Breach of Representation or Warranty:&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">Any representation warranty or statement by the Borrower in this Agreement, any Loan Document or in any statement or certificate at any time given by Borrower in writing pursuant hereto or thereto proves to be incorrect in any material respect when made or deemed to have been made.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Breach of Certain Covenants: </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">Any agreement contained in <u>Section&nbsp;5.1(f)</u>, <u>Section&nbsp;5.2</u>, <u>Section&nbsp;5.3</u>, <u>Section&nbsp;5.4</u>, <u>Section&nbsp;5.5(a)</u>, <u>Section&nbsp;5.6</u>, <u>Section&nbsp;5.10</u>, <u>Section&nbsp;5.13</u>, <u>Section&nbsp;5.14</u>, <u>Section&nbsp;5.15</u>, <u>Section&nbsp;5.16</u>, <u>Section&nbsp;5.17</u>, <u>Section&nbsp;5.18</u> or <u>Section&nbsp;5.19</u> is not complied with.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">[RESERVED]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Breach of Other Obligation:&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower does not comply in any material respect with any one or more of its covenants or obligations under this Agreement or any other Loan Document, other than those referred to in paragraphs (a), (b), (c)&nbsp;and (d)&nbsp;above, and that default is not remedied or waived within forty-five (45) days after notice of the non-compliance has been given to the Borrower by the Administrative Agent at the written direction of the Majority Lenders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Cross Default:&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower or any Principal Subsidiary (i)&nbsp;does not make one or more payments, when due after giving effect to any applicable grace period, in respect of (A)&nbsp;any payment or collateralization obligations with respect to any Indebtedness (other than Indebtedness owing to another member of the Group); or (ii)&nbsp;defaults in the observance or performance of any other agreement relating to Indebtedness and such Indebtedness is declared to be, or is capable of being rendered, due and payable before its stated maturity by reason of that default or any other event of default or the like (however described).&#160; Notwithstanding the foregoing, no Event of Default will occur under this clause (f)&nbsp;unless and until the aggregate amount of the obligations with respect to the Indebtedness, in respect of which one or more of the events mentioned above in this clause (f)&nbsp;has/have occurred, equals or exceeds, $60,000,000 or its equivalent in any other currency.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Insolvency:&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower or any Principal Subsidiary shall commence a <i>concurso preventivo</i>, file an <i>acuerdo preventivo extrajudicial</i> with a court of competent jurisdiction or commence any other voluntary case concerning itself under the Argentine Bankruptcy Law or under any bankruptcy law of any other jurisdiction, as applicable, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or Borrower or any Principal Subsidiary shall make any assignment or arrangement or composition with or for the benefit of creditors or a moratorium is agreed or declared in respect of, or effecting all or a material part of the Indebtedness of the Borrower or any Subsidiary or any similar event occurs that, under the law of the relevant jurisdiction, has an analogous or equivalent effect to any of the foregoing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Enforcement Proceedings:&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">Any warrant of attachment, execution or similar legal process shall have been issued against a substantial part of the Assets of the Borrower or any Principal Subsidiary and such event shall continue for ninety (90) days without having been dismissed, bonded or discharged.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Winding-up:&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">Any involuntary case shall be commenced by or against the Borrower or any Principal Subsidiary, or a court of a competent jurisdiction shall enter into a decree or order, seeking the Winding-Up of the Borrower or any Principal Subsidiary and any such event shall continue for sixty (60) days without having been dismissed, bonded or discharged.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Governmental Approvals:</font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">&#160; Any Governmental Approval at any time necessary to enable the Borrower to comply with any of its obligations under the Loan Documents or to carry on its business as being conducted on the date hereof shall be permanently revoked, withdrawn or withheld or shall be modified or amended and any of the foregoing actions would be reasonably expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(k)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Illegality:&#160; </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">It is or will become unlawful for the Borrower to perform or comply with any one or more of its material obligations under this Agreement or any other Loan Document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(l)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Judgments: </font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">Any final judgment or order which is not subject to appeal or nullity (<i>recurso de nulidad</i>) for the payment of money in excess of $100,000,000 in the aggregate (or the equivalent thereof in any currency) (to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed against the Borrower or any Principal Subsidiary and such judgment or order shall remain undischarged, unvacated, unbonded or unstayed for a period of ninety (90) days.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(m)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">Expropriation Event</font></i><font size="3" color="black" style="color:black;font-size:12.0pt;">: Any Governmental Authority takes any action to condemn, seize, nationalize, expropriate or appropriate all or any substantial part of the Assets of the Borrower and its Principal Subsidiaries taken as a whole (either with or without payment of compensation).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">If at any time and for any reason (and whether within or beyond the control of any party to this Agreement) any Event of Default has occurred and is continuing, (A)&nbsp;if such event is an Event of Default specified in clauses (g)&nbsp;or (i)&nbsp;above with respect to the Borrower or any Principal Subsidiary, the Commitments shall, automatically, terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement shall, automatically, become due and payable in full and (B)&nbsp;if such event is any other Event of Default, the Administrative Agent, if so directed, in writing, by the Majority Lenders, may, by notice to the Borrower, cancel the Commitments and/or declare the Loans, all unpaid accrued interest or fees and any other sum then payable under this Agreement to be immediately due and payable, whereupon they shall become so due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">No Lender (other than the Administrative Agent acting pursuant to the written instructions of the Majority Lenders) may, except by participating in a vote under this Agreement, (i)&nbsp;directly sue for or institute any creditor&#146;s process (including an injunction, garnishment, execution or levy,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>55<a name="PB_55_101448_961"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">whether before or after judgment) in respect of any obligations (whether or not for the payment of money) owing to it under or in respect of any Loan Document, (ii)&nbsp;directly take any step for the winding-up, administration of or dissolution of, or any insolvency proceeding in relation to, the Borrower, or for a voluntary arrangement, scheme of arrangement or other analogous step in relation to the Borrower, or (iii)&nbsp;directly apply for any order for an injunction or specific performance in respect of the Borrower in relation to any of the Loan Documents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;6.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Application of Funds</font></u><font size="3" style="font-size:12.0pt;">.&#160; After the exercise of remedies provided for in this Agreement (or after the Loans have automatically become immediately due and payable), any amounts or other distributions received on account of the Loans shall be applied by the Administrative Agent in the following order (to the fullest extent permitted by mandatory provisions of Applicable Law):</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">First</font></i><font size="3" style="font-size:12.0pt;">, to payment of fees, indemnities, expenses and other amounts payable to the Administrative Agent in its capacity as such;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Second</font></i><font size="3" style="font-size:12.0pt;">, to payment of fees, indemnities and other amounts (other than principal and interest) payable to the Lenders, ratably among them in proportion to the amounts described in this clause <i>Second</i> payable to them;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Third</font></i><font size="3" style="font-size:12.0pt;">, to payment of accrued and unpaid interest on the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause <i>Third</i> payable to them;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Fourth</font></i><font size="3" style="font-size:12.0pt;">, to payment of unpaid principal of the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause <i>Fourth</i> held by them;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Fifth</font></i><font size="3" style="font-size:12.0pt;">, to the payment of all other obligations and liabilities of the Borrower that are due and payable to the Administrative Agent and the Lenders on such date, ratably based upon the respective aggregate amounts of all such obligations and liabilities owing to the Administrative Agent on such date; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Last</font></i><font size="3" style="font-size:12.0pt;">, the balance, if any, after all of the obligations and liabilities of the Borrower have been paid in full, to the Borrower or as otherwise required by Applicable Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;VII</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THE ADMINISTRATIVE AGENT</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Appointment</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each Lender irrevocably authorizes the Administrative Agent, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents to which it is a party and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents to which it is a party, together with such other powers and discretion as are reasonably incidental thereto.&#160; Neither the Administrative Agent nor any of its officers, directors, agents, employees or affiliates shall be liable for any action taken or omitted by it or them hereunder or under any other Loan</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>56<a name="PB_56_101501_8146"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Document or in connection herewith or therewith, unless caused by gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision).&#160; The duties of the Administrative Agent shall be mechanical and administrative in nature.&#160; Notwithstanding any provision to the contrary elsewhere in this Agreement or the Loan Documents, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or therein, nor any fiduciary relationship with any Lender (regardless of whether a Potential Event of Default or Event of Default has occurred and is continuing), and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any Loan Documents or otherwise exist against the Administrative Agent.&#160; As to those duties and responsibilities not expressly specified herein or in the other Loan Documents, the Administrative Agent shall be entitled to refrain from acting until it has received written direction of the Majority Lenders in accordance with <u>Section&nbsp;9.1</u>, including when an Event of Default has occurred and is continuing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Delegation of Duties</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorneys-in-fact that it selects as long as such selection was made with due care.&#160; The Administrative Agent may consult with legal counsel (including counsel for the Borrower or any of its Subsidiaries), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.3</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Exculpatory Provisions</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; (a)&nbsp;Neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i)&nbsp;liable for any action taken or omitted to be taken by it or such Person under or in connection with this Agreement or any Loan Document (except for its or such Person&#146;s own gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final, non-appealable order) or (ii)&nbsp;responsible in any manner to any of the Lenders for (and makes no representation or warranty to any Lender regarding) any recitals, statements, representations or warranties (whether written or oral) made by the Borrower or any officer thereof contained in this Agreement or any Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any Loan Document, or for the due execution, legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any Loan Document or for any failure of the Borrower to perform its obligations hereunder or thereunder.&#160; The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any Loan Document or to inspect the properties, books or records of the Borrower or any of its Subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Notwithstanding anything else to the contrary herein, whenever reference is made in this Agreement to any discretionary action by, consent, designation, specification, requirement or approval of, notice, request or other communication from, or other direction given or action to be undertaken or to be (or not to be) suffered or omitted by the Administrative Agent or to any election, decision, opinion, acceptance, use of judgment, expression of satisfaction or other exercise of discretion, rights or remedies to be made (or not to be made) by the Administrative Agent, it is understood that in all cases the Administrative Agent shall be fully</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">justified in failing or refusing to take any such action under this Agreement if it shall not have received such written instruction, advice or concurrence of the Majority Lenders or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents (such Lenders being referred to herein as the &#147;<b>Relevant Lenders</b>&#148;).&#160; Upon receipt of such written instruction, advice or concurrence from the Relevant Lenders, the Administrative Agent shall take such discretionary actions in accordance with such written instruction, advice or concurrence</font><font size="3" color="black" style="color:black;font-size:12.0pt;">; <i>provided </i>that the Administrative Agent shall not be required to take any action that exposes the Administrative Agent to personal liability or that is contrary to this Agreement or Applicable Law</font><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; This provision is intended solely for the benefit of the Administrative Agent and its successors and permitted assigns and is not intended to and will not entitle the other parties hereto to any defense, claim or counterclaim, or confer any rights or benefits on any party hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be responsible for (i)&nbsp;perfecting, maintaining, monitoring, preserving or protecting the security interest or lien granted under this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, (ii)&nbsp;the filing, re-filing, recording, re-recording or continuing or any document, financing statement, mortgage, assignment, notice, instrument of further assurance or other instrument in any public office at any time or times or (iii)&nbsp;providing, maintaining, monitoring or preserving insurance on or the payment of taxes with respect to any collateral, to the extent applicable.&#160; The actions described in items (i)&nbsp;through (iii)&nbsp;shall be the sole responsibility of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent has accepted and is bound by this Agreement and the other Loan Documents executed by the Administrative Agent as of the date of this Agreement and, as directed in writing by the Majority Lenders, the Administrative Agent shall execute additional Loan Documents delivered to it after the date of this Agreement; <i>provided</i>, <i>however</i>, that such additional Loan Documents do not adversely affect the rights, privileges, benefits and immunities of the Administrative Agent.&#160; The Administrative Agent will not otherwise be bound by, or be held obligated by, the provisions of any loan agreement, indenture or other agreement governing the Loans (other than this Agreement and the other Loan Documents to which the Administrative Agent is a party).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be liable for any error of judgment made in good faith by an Administrative Agent&#146;s Responsible Officer unless it shall be proved that the Administrative Agent was grossly negligent in ascertaining the pertinent facts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be required to qualify in any jurisdiction in which it is not presently qualified to perform its obligations as Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be required to take any enforcement action against the Borrower or any other obligor outside of the United States.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">No written direction given to the Administrative Agent by the Majority Lenders or the Borrower that in the sole judgment of the Administrative Agent imposes, purports to impose or might reasonably be expected to impose upon the Administrative Agent any obligation or liability not set forth in or arising under this Agreement and the other Loan Documents will be binding upon the Administrative Agent unless the Administrative Agent elects, at its sole option, to accept such direction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>58<a name="PB_58_101516_455"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Delivery of any reports, information and documents to the Administrative Agent is for informational purposes only and the Administrative Agent&#146;s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Borrower&#146;s compliance with any of its covenants hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(j)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement or the other Loan Documents arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; business interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(k)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">In no event shall the Administrative Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including loss of profit) irrespective of whether the Administrative Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.4</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Reliance by Administrative Agent</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent shall be entitled to rely conclusively, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation (including by way of e-mail, telephone or facsimile) believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower or any of its Subsidiaries), accountants of the Borrower, independent accountants, if any, and other experts selected by the Administrative Agent.&#160; The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless the Administrative Agent shall first receive such advice or concurrence of the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances provided herein) and until such instructions are received, the Administrative Agent shall act, or refrain from acting, as it deems advisable.&#160; If the Administrative Agent so requests, it shall first be indemnified to its satisfaction by the Lenders or Majority Lenders, as applicable, against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.&#160; The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Majority Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders.&#160; No provision of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby shall require the Administrative Agent to: (i)&nbsp;expend or risk its own funds or provide indemnities or otherwise incur liability in the performance of any of its duties hereunder or the exercise of any of its rights or power or (ii)&nbsp;otherwise incur any financial liability in the performance of its duties or the exercise of any of its rights or powers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.5</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Notice of Events of Default</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Potential Event of Default or Event of Default</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>59<a name="PB_59_101521_4141"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">hereunder other than non-payment of principal of or interest on the Loans unless an Administrative Agent&#146;s Responsible Officer has received written notice from a Lender or the Borrower specifying such Potential Event of Default or Event of Default and stating that such notice is a &#147;notice of default&#148;.&#160; In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders and the Borrower; <i>provided</i>,<i> however</i>, that the failure of the Administrative Agent to provide such notice to the Borrower shall not give the Borrower any cause of action or right to damages or any other remedy against the Administrative Agent or any Lender.&#160; The Administrative Agent shall take such action with respect to such Potential Event of Default or Event of Default as shall be reasonably directed by the Majority Lenders; <i>provided </i>that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Potential Event of Default or Event of Default as it shall deem advisable in the best interests of the Lenders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.6</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Non-Reliance on Administrative Agent and Other Lenders</font></u><font size="3" style="font-size:12.0pt;">.&#160; Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of the Borrower, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender.&#160; Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, condition (financial or otherwise) and creditworthiness of the Borrower and its Subsidiaries and made its own decision to make its Loan hereunder and enter into this Agreement.&#160; Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement, including the satisfaction of any conditions precedent to the making of any Loans, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, condition (financial or otherwise) and creditworthiness of the Borrower and its Subsidiaries.&#160; Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Borrower or any of its Subsidiaries which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.7</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Indemnification</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Lenders agree to indemnify the Administrative Agent in its capacity as such upon demand (and, with respect to any EEA Financial Institution, such amounts shall be deemed due and payable no later than six (6)&nbsp;days after demand therefor) (to the extent reimbursable by but not reimbursed by the Borrower upon the Administrative Agent&#146;s demand for such reimbursement by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective principal amount of the Loans then held by each of them, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever </font><font size="3" face="Times New Roman" style="font-size:12.0pt;">(including reasonable legal fees and expenses) </font><font size="3" style="font-size:12.0pt;">which may at any time (including at any time following the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>60<a name="PB_60_101529_8627"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">payment of the Loan) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of, the Commitment, this Agreement, the Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; <i>provided </i>that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent they arise from the Administrative Agent&#146;s gross negligence or willful misconduct, in each case as determined in a final non-appealable judgment by a court of competent jurisdiction.&#160; The Borrower also agrees not to assert any claim against the Administrative Agent, any Lender, any of their affiliates, or any of their respective directors, officers, employees, attorneys or agents, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the transactions contemplated hereby or the actual or proposed use of the proceeds of the Loans.&#160; The agreements in this <u>Section&nbsp;7.7</u> shall survive termination of the Commitments, this Agreement and the other Loan Documents, the payment of all amounts payable hereunder, the resignation or removal of the Administrative Agent and the exercise of Write-Down and Conversion Powers by an EEA Resolution Authority with respect to any Lender that is an EEA Financial Institution.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.8</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Successor Administrative Agent</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrower, and the Administrative Agent may be removed at any time with or without cause by the Majority Lenders.&#160; Upon any such resignation or removal, the Majority Lenders shall have the right to appoint (subject, so long as no Potential Event of Default, Event of Default or Prepayment Event has occurred and is continuing, to the prior written consent of the Borrower, which consent shall not be unreasonably withheld or delayed) a successor Administrative Agent.&#160; If no successor Administrative Agent shall have been so appointed by the Majority Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent&#146;s giving of notice of resignation or the Majority Lenders&#146; removal of the retiring Administrative Agent, then the existing Administrative Agent&#146;s resignation or removal shall nevertheless thereupon become effective and the Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Majority Lenders appoint a successor administrative agent as provided for above.&#160; Upon the acceptance of any appointment as an Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder.&#160; After any retiring Administrative Agent&#146;s resignation or removal hereunder as Administrative Agent, the provisions of this <u>ARTICLE&nbsp;VII</u> shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;7.9</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Sole Book-Runner and Lead Arranger</font></u><font size="3" style="font-size:12.0pt;">.&#160; Notwithstanding any other provision of this Agreement or any provision of any other Loan Document, the Sole Book-Runner and Lead Arranger is named as such for recognition purposes only, and in its capacity as such shall have no powers, duties, responsibilities or liabilities with respect to this Agreement or the other Loan Documents or the transactions contemplated hereby and thereby, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder; it being understood and agreed that the Sole Book-Runner and Lead Arranger shall be entitled to all indemnification and</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">reimbursement rights in favor of the Administrative Agent as, and to the extent, provided for under <u>Section&nbsp;9.5</u>.&#160; Without limitation of the foregoing, the Sole Book-Runner and Lead Arranger shall not, solely by reason of this Agreement or any other Loan Documents, have any fiduciary relationship in respect of any Lender or any other Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;VIII</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[RESERVED]</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;font-weight:bold;">ARTICLE&nbsp;IX</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">MISCELLANEOUS</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.1</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Amendments and Waivers</font></u><font size="3" style="font-size:12.0pt;">.&#160; Neither this Agreement nor any terms hereof may be amended, supplemented or modified except in accordance with the provisions of this Section&nbsp;9.1.&#160; The Majority Lenders may, or, with the written consent of the Majority Lenders, the Administrative Agent may, from time to time, (a)&nbsp;enter into with the Borrower written amendments, supplements or modifications hereto and to the Loan Documents for the purpose of adding any provisions to this Agreement or the Loan Documents or changing in any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (b)&nbsp;waive, on such terms and conditions as the Majority Lenders or the Administrative Agent (acting at the written direction of the Majority Lenders), as the case may be, may specify in such instrument, any of the requirements of this Agreement or any Prepayment Event, Potential Event of Default or Event of Default and its consequences; <i>provided, however, </i>that no such waiver and no such amendment, supplement or modification shall (i)&nbsp;reduce the amount or extend the scheduled maturity of the principal of any Loan, or reduce the stated rate of any interest or fee payable hereunder or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Lender&#146;s Commitment or modify the first sentence of <u>Section&nbsp;2.8</u>, in each case, without the consent of each Lender affected thereby or (ii)&nbsp;waive any condition precedent set forth in <u>Section&nbsp;3.1</u> or <u>Section&nbsp;3.2</u> without the consent of each Lender or (iii)&nbsp;amend, modify or waive any provision of this <u>Section&nbsp;9.1</u>, <u>Section&nbsp;2.14</u>, <u>Section&nbsp;2.16</u> or <u>Section&nbsp;9.7(a)</u>&nbsp;or reduce the percentage specified in the definition of Majority Lenders, or consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement, in each case without the written consent of each Lender, or (iv)&nbsp;amend, modify or waive any provision of <u>ARTICLE&nbsp;VII</u> or otherwise affect the rights or duties of the Administrative Agent under this Agreement without the written consent of the Administrative Agent.&#160; Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Borrower, the Lenders, the Administrative Agent and each of their respective successors and permitted assigns.&#160; In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder, and any Prepayment Event, Potential Event of Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Prepayment Event, Potential Event of Default or Event of Default, or impair any right consequent thereon.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>62<a name="PB_62_101604_3736"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.2</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Notices</font></u><font size="3" style="font-size:12.0pt;">.&#160; All notices, requests and demands to or upon the respective parties hereto to be effective shall be either (a)&nbsp;in writing (including by telecopy, encrypted or unencrypted, or by e-mail) or (b)&nbsp;as and to the extent set forth in the proviso to this <u>Section&nbsp;9.2</u>, and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered or, in the case of telecopy or e-mail notice, when received, addressed as follows in the case of the Borrower, the Administrative Agent, and as set forth on <u>Schedule&nbsp;9.2</u> in the case of any Lender, or to such other address as may be hereafter notified by the respective parties hereto:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 3.25in;text-indent:-2.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Telecom Argentina S.A.<br> Avenida Alicia Moreau de Justo 50</font></p>
<p style="margin:0in 0in .0001pt 3.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ciudad Aut&#243;noma de Buenos Aires</font></p>
<p style="margin:0in 0in .0001pt 3.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Argentina, C1107AAB</font></p>
<p style="margin:0in 0in .0001pt 3.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attention: Marcelo Iribarne<br> Email: <font color="#af005f" style="color:#AF005F;">miribarne@teco.com.ar</font></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 3.25in;text-indent:-2.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Administrative Agent:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas</font></p>
<p style="margin:0in 0in .0001pt 2.75in;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60 Wall Street, 16</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&#160;Floor</font></p>
<p style="margin:0in 0in .0001pt 2.75in;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mail Stop: NYC60-1630</font></p>
<p style="margin:0in 0in .0001pt 2.75in;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New York, NY 10005, U.S.A.</font></p>
<p style="margin:0in 0in .0001pt 3.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Project Finance Agency Services</font></p>
<p style="margin:0in 0in .0001pt 3.75in;text-indent:.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt 3.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">(646) 961-3317</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">provided </font></i><font size="3" style="font-size:12.0pt;">that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to <u>Section&nbsp;2.3(a)</u>&nbsp;or <u>Section&nbsp;2.5</u> shall not be effective until received.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Administrative Agent shall have the right to accept and act upon instructions, including funds transfer instructions (&#147;<b>Instructions</b>&#148;) given pursuant to this Agreement and delivered using Electronic Means; provided, however, that the Borrower shall provide to&#160; the Administrative Agent an incumbency certificate listing authorized officers and containing specimen signatures of such authorized officers, which incumbency certificate shall be amended by the Borrower whenever a person is to be added or deleted from the listing.&#160; If the Borrower elects to give the Administrative Agent Instructions using Electronic Means and the Administrative Agent in its discretion elects to act upon such Instructions, the Administrative Agent&#146;s understanding of such Instructions shall be deemed controlling.&#160; The Borrower understands and agrees that the Administrative Agent cannot determine the identity of the actual sender of such Instructions and that the Administrative Agent shall conclusively presume that directions that purport to have been sent by an authorized officer listed on the incumbency certificate provided to the Administrative Agent have been sent by such authorized officer.&#160; The Borrower shall be responsible for ensuring that only authorized officers transmit such Instructions to the Administrative Agent and that the Borrower and all authorized officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Borrower.&#160; The Administrative Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Administrative Agent&#146;s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction.&#160; The Borrower agrees: (i)&nbsp;to assume all risks arising out of the use of Electronic Means to submit Instructions to the</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>63<a name="PB_63_101734_9475"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Administrative Agent, including the risk of the Administrative Agent acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii)&nbsp;that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Administrative Agent and that there may be more secure methods of transmitting Instructions than the method(s)&nbsp;selected by the Borrower; (iii)&nbsp;that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv)&nbsp;to notify the Administrative Agent in writing immediately upon learning of any compromise or unauthorized use of the security procedures.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower may provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to this Agreement and the other Loan Documents, including all notices, requests, financial statements, financial and other reports, certificates and other information materials (all such communications being referred to collectively, as &#147;<b>Communications</b>&#148;), by transmitting the Communications to the Administrative Agent&#146;s electronic mail address that the Administrative Agent may provide from time to time; <i>provided </i>that the foregoing shall not apply to notices to the Administrative Agent or any Lender pursuant to <u>ARTICLE&nbsp;II</u> and <u>ARTICLE&nbsp;III</u> if such Person has notified the Administrative Agent and the Borrower in writing that it is incapable of receiving notices under such Articles by electronic communication.&#160; In addition, each of the Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it.&#160; The Borrower further agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications on Debt Domain or a substantially similar electronic transmission system (the &#147;<b>Platform</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">THE PLATFORM&nbsp;IS PROVIDED &#147;AS IS&#148; AND &#147;AS AVAILABLE.&#148;&#160; THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM&nbsp;AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS.&#160; NO WARRANTY OF ANY KIND, EXPRESS,&nbsp;IMPLIED OR STATUTORY,&nbsp;INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS,&nbsp;IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM.&#160; IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, &#147;<b>AGENT PARTIES</b>&#148;) HAVE ANY LIABILITY, TO ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND,&nbsp;INCLUDING DIRECT OR INDIRECT, SPECIAL,&nbsp;INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE ADMINISTRATIVE AGENT&#146;S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH AGENT PARTY&#146;S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. EACH OF THE BORROWER AND THE LENDERS UNDERSTANDS THAT THE DISTRIBUTION OF</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>64<a name="PB_64_101746_8715"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">MATERIALS AND OTHER COMMUNICATIONS THROUGH AN ELECTRONIC MEDIUM IS NOT NECESSARILY SECURE AND THAT THERE ARE CONFIDENTIALITY AND OTHER RISKS ASSOCIATED WITH SUCH DISTRIBUTION AND AGREES AND ASSUMES THE RISKS ASSOCIATED WITH SUCH ELECTRONIC DISTRIBUTION.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.&#160; Each Lender agrees to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender&#146;s email address to which the foregoing notice may be sent by electronic transmission and that the foregoing notice may be sent to such email address.&#160; Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.3</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">No Waiver; Cumulative Remedies</font></u><font size="3" style="font-size:12.0pt;">.&#160; No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.&#160; The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.4</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Survival of Representations and Warranties</font></u><font size="3" style="font-size:12.0pt;">.&#160; All representations and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the other Loan Documents and the making of the Loans hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.5</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Payment of Expenses and Taxes; Indemnity</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower agrees (a)&nbsp;to pay or reimburse the Administrative Agent and the Lenders for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the negotiation, preparation and execution of this Agreement and the other Loan Documents, including reasonable fees and disbursements of counsel to the Administrative Agent and the Lenders; <i>provided, however, </i>that the obligation of the Borrower to pay or reimburse the expenses covered by this clause (a)&nbsp;shall not exceed the amount previously agreed in writing with the Administrative Agent and the Borrower, (b)&nbsp;to pay or reimburse the Administrative Agent and the Lenders for all their reasonable and documented out-of-pocket costs and expenses in connection with any amendment, supplement or modification to this Agreement and the other Loan Documents, including the reasonable fees and disbursements of counsel to the Administrative Agent and the Lenders, (c)&nbsp;to pay or reimburse each Lender and the Administrative Agent for all the reasonable and documented costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the Loan Documents and any such other documents, including the fees and disbursements of counsel to each Lender and of counsel to the Administrative Agent, and (d)&nbsp;to pay, indemnify, and hold each Lender and the Administrative Agent, and each of their respective officers, directors, employees, representatives, attorneys-in-fact and Affiliates (each, an &#147;<b>Indemnified Person</b>&#148;), harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">nature whatsoever that may be incurred by, imposed on or assessed against any such Indemnified Person (either in its respective capacity as a party hereunder or in respect of the transactions contemplated herein) by any Person (including the Borrower) as a result of, arising out of or in any way related to this Agreement or the actual or proposed use of the proceeds of the Loans or with respect to the enforcement of this Agreement and any such other documents (the &#147;<b>Indemnified Liabilities</b>&#148;);<i> provided </i>that the Borrower shall have no obligation hereunder to (or with) the Administrative Agent or any Lender with respect to any Indemnified Liabilities arising from the gross negligence or willful misconduct of the Administrative Agent or such Lender, in each case as determined in a final non-appealable judgment by a court of competent jurisdiction.&#160; To the extent permitted by Applicable Law, no Party hereto shall assert, and each such Party hereby waives, any claim against any other Party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, any Loan or the use of the proceeds thereof; <i>provided</i> that, nothing in this <u>Section&nbsp;9.5</u> shall relieve the Borrower of any obligation it may have to indemnify any Lender or the Administrative Agent against special, indirect, consequential or punitive damages asserted against such Lender or Administrative Agent by a third party except, in respect of such indemnification obligation, where such damages arise from the gross negligence or willful misconduct of such Lender or such the Administrative Agent, as applicable, in each case as determined in a final non-appealable judgment by a court of competent jurisdiction.&#160; </font><font size="3" style="font-size:12.0pt;">This <u>Section&nbsp;9.5</u> shall not apply with respect to any Taxes other than any Taxes that represent losses, claims, charges,&nbsp;etc. arising from any non-Tax claim.&#160; </font><font size="3" style="font-size:12.0pt;">The agreements in this <u>Section&nbsp;9.5</u> shall survive the resignation or removal of the Administrative Agent and the repayment of the Loans and all other amounts payable hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.6</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Successors and Assigns; Participations and Assignments</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Administrative Agent and each of their respective successors and assigns, except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent and each Lender. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Any Lender, in the ordinary course of its commercial banking business and in accordance with applicable law, may at any time sell to one or more banks or other entities (&#147;<b>Participants</b>&#148;) participating interests in any portion of the Loans owing to such Lender, the Commitment of such Lender or any other interest of such Lender hereunder.&#160; Each Lender that sells a participation pursuant to this Section&nbsp;shall, acting solely for U.S. federal income tax purposes as a non-fiduciary agent of the Borrower, maintain a register on which it records the name and address of each participant and the principal amounts (and stated interest) of each participant&#146;s participation interest with respect to the Loans (each, a <b>&#147;Participant Register&#148;</b>); </font><i><font size="3" color="black" style="color:black;font-size:12.0pt;font-style:italic;">provided</font></i><font size="3" color="black" style="color:black;font-size:12.0pt;"> that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant&#146;s interest in any Commitment, Loan or its other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine that</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>66<a name="PB_66_101802_9497"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section&nbsp;5f.103-1(c)&nbsp;of the United States Treasury Regulations</font><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; Any such recordation shall be conclusive and binding on Borrower and each Lender, absent manifest error; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">provided that failure to make any such recordation, or any error in such recordation, shall not affect the Borrower&#146;s obligations in respect of any Loan</font><font size="3" color="black" style="color:black;font-size:12.0pt;">.&#160; The entries in the Participant Register shall be <i>prima facie</i> evidence of, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of, a participation with respect to the Loans for all purposes under this Agreement, notwithstanding any notice to the contrary.&#160; In the event of any such sale by a Lender of a participating interest to a Participant, such Lender&#146;s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender&#146;s rights and obligations under this Agreement.&#160; Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain sole right and responsibility to enforce the obligations of the Borrower hereunder, including the right to approve any amendment, modification or waiver of any provision of this Agreement; <i>provided </i>that such participation agreement may provide that such Lender will not agree to any amendment, modification or waiver described in <u>Section&nbsp;9.1(b)(i)</u>&nbsp;or <u>(b)(ii)</u>&nbsp;without the consent of the Participant.&#160; The Borrower agrees that if amounts outstanding under this Agreement are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of a Prepayment Event or an Event of Default, each Participant shall, to the maximum extent permitted by Applicable Law, be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement; <i>provided </i>that, in purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in <u>Section&nbsp;9.7(a)</u>&nbsp;as fully as if it were a Lender hereunder.&#160; Any Participant exercising such right of setoff shall promptly provide notice to the Borrower and the Administrative Agent of such setoff; <i>provided</i>, <i>however</i>, that the failure by any Participant to provide such notice to the Borrower or the Administrative Agent shall not give the Borrower any cause of action or right to damages or any other remedy against such Participant, any Lender or the Administrative Agent, except as otherwise provided by law.&#160; The Borrower agrees that each Participant shall be entitled to the benefits of <u>Section&nbsp;2.10</u>, <u>Section&nbsp;2.11</u> and <u>Section&nbsp;2.12</u> with respect to its participation in the Commitments and the Loans outstanding from time to time as if it were a Lender; <i>provided </i>that (x)&nbsp;no Participant shall be entitled to receive any greater </font><font size="3" color="black" style="color:black;font-size:12.0pt;">payment under <u>Sections 2.10</u> and <u>2.11</u>, with respect to any participation, than its participating Lender would have been entitled to receive, (y)&nbsp;such Participant shall not be entitled to any benefit under <u>Section&nbsp;2.11</u> unless the Borrower is notified of the participation sold to such Participant and such Participant agrees to comply with the obligations in <u>Section&nbsp;2.11(f)</u>&nbsp;and <u>Section&nbsp;2.11(g)</u>&nbsp;and (z)&nbsp;such Participant agrees to be subject to the provisions of <u>Section&nbsp;2.13</u> as if it were an Assignee</font><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Any Lender may, in the ordinary course of its commercial banking business and in accordance with Applicable Law, at any time and from time to time assign all or a portion of its outstanding obligations or Loans hereunder to any Eligible Assignee (each such Person, an &#147;<b>Assignee</b>&#148;).&#160; Any assignment of all or any part of a Lender&#146;s rights and obligations under this Agreement and the other Loan Documents shall be made pursuant to an Assignment and Acceptance.&#160; Upon such execution, delivery, acceptance and recording, from and after the effective</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>67<a name="PB_67_101810_3641"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">date determined pursuant to such Assignment and Acceptance, (i)&nbsp;the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights, benefits and obligations of a Lender hereunder as set forth therein; <i>provided </i>that no Assignee shall be entitled to receive any greater amount pursuant to <u>Section&nbsp;2.10</u>, <u>Section&nbsp;2.11</u> and <u>Section&nbsp;2.12</u> than the Lender assigning such rights and obligations would have been entitled to receive in respect of the rights and obligations assigned to such Assignee had no such assignment occurred (unless, in the case of <u>Section&nbsp;2.10</u> or <u>Section&nbsp;2.12</u>, the Borrower has consented to such assignment), unless such assignment was made at a time when the circumstances giving rise to such increased cost did not exist, (ii)&nbsp;the assigning Lender thereunder shall, solely to the extent that its rights and obligations hereunder have been assigned to the assignee, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender&#146;s rights and obligations under this Agreement, such assigning Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of <u>Sections&nbsp;2.10</u>, <u>2.11</u>, <u>2.12</u> and <u>9.5</u> with respect to facts and circumstances occurring prior to the effective date determined pursuant to such Assignment and Acceptance)</font><font size="3" color="black" style="color:black;font-size:12.0pt;">, and </font><font size="3" color="black" style="color:black;font-size:12.0pt;">(iii)&nbsp;the commitments of the Lenders hereunder shall be modified to reflect any commitment of such Assignee and any commitment of such assigning Lender, if any.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(d)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Administrative Agent</font><font size="3" color="black" style="color:black;font-size:12.0pt;">, acting solely for this purpose as a non-fiduciary agent of the Borrower,</font><font size="3" color="black" style="color:black;font-size:12.0pt;"> shall maintain at its address referred to in <u>Section&nbsp;9.2</u> a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the &#147;<b>Register</b>&#148;).&#160; The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement.&#160; The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(e)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Assignee, any required forms and certificates regarding tax matters, and any fees payable in connection with such assignment and payment by the assigning Lender to the Administrative Agent of a registration and processing fee of $3,500 (which registration and processing fee the Administrative Agent may, in its sole discretion, elect to waive), the Administrative Agent shall (i)&nbsp;promptly acknowledge such Assignment and Acceptance and (ii)&nbsp;on the effective date determined pursuant thereto record the information contained therein in the Register and give notice of such acceptance and recordation to the Borrower.&#160; Any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding commitments or Loan; <i>provided</i> that any Assignee that is then a Lender or an Affiliate, subsidiary or successor of an existing Lender that is a bank or a financial institution shall not be required to pay the registration and processing fee set forth in this Section.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(f)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower authorizes each Lender to disclose to any Participant or Assignee (each, a &#147;<b>Transferee</b>&#148;) and any prospective Transferee that has agreed in writing to comply with the restrictions set forth in <u>Section&nbsp;9.15</u> any and all financial information in such</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>68<a name="PB_68_101818_5250"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Lender&#146;s possession concerning the Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender&#146;s credit evaluation of the Borrower and its respective Affiliates prior to becoming a party to this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(g)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The parties to this Agreement acknowledge that the provisions of this <u>Section&nbsp;9.6</u> concerning assignments of the Loans relate only to absolute assignments and that such provisions do not prohibit pledging and/or granting a security interest in all or any portion of its Loan, the other obligations owed by or to such Lender to secure obligations of such Lender to any Federal Reserve Bank as collateral security pursuant to Regulation&nbsp;A of the Board of Governors and any operating circular issued by such Federal Reserve Bank; <i>provided</i> that no Lender, as between Borrower and such Lender or between the Administrative Agent and such Lender, shall be relieved of any of its obligations hereunder as a result of any such assignment and pledge; and <i>provided</i>,<i> further</i>, that in no event shall the applicable Federal Reserve Bank be considered to be a &#147;Lender&#148; or be entitled to require the assigning Lender to take or omit to take any action hereunder.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(h)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">By its acquisition of the Loans, an Affiliate of the Borrower shall be deemed to have acknowledged and agreed that:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the Loans held by such Affiliate of the Borrower shall be disregarded in both the numerator and denominator in the calculation of Majority Lenders or any other Lender vote, except that such Affiliate of the Borrower shall have the right to vote (and the Loans held by such Affiliate of the Borrower shall not be so disregarded) with respect to any amendment, modification, waiver, consent or other action that requires the vote of all Lenders or all Lenders directly and adversely affected thereby, as the case may be; <i>provided</i> that no amendment, modification, waiver, consent or other action shall (A)&nbsp;disproportionately affect such Affiliate of the Borrower in its capacity as a Lender as compared to other Lenders that are not Affiliates of the Borrower or (B)&nbsp;deprive any Affiliate of the Borrower of its share of any payments which the Lenders are entitled to share on a pro rata basis hereunder, in each case without the consent of such Affiliate of the Borrower; and</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Affiliates of the Borrower, <font color="black" style="color:black;">solely in their capacity as an Affiliate of the Borrower, will not be entitled to (A)&nbsp;attend (including by telephone) or participate in any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender or among Lenders to which the Borrower or their representatives are not invited or (B)&nbsp;receive any information or material prepared by the Administrative Agent or any Lender or any communication by or among the Administrative Agent and one or more Lenders, except to the extent such information or materials have been made available by the Administrative Agent or any Lender to any Borrower or its representatives (and in any case, other than the right to receive notices of borrowings, prepayments and other administrative notices in respect of its Loan or required to be delivered to Lenders pursuant to <u>Sections 2.3</u> or <u>2.16</u> of this Agreement).</font></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">With the prior written consent of the Initial Lender, at the request of the Borrower in accordance with <u>Section&nbsp;2.16</u>, a new lender may join this Agreement as a Lender by</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">delivering a Lender Accession Agreement to the Administrative Agent, and such new Lender shall assume all rights and obligations of a Lender under this Agreement and the other Loan Documents.&#160; The Commitment of the new Lender shall be in addition to the Commitment of the existing Lenders in effect on the date of the such new Lender&#146;s entry into this Agreement and the Total Commitment shall be increased in a corresponding amount (subject to the terms and conditions of <u>Section&nbsp;2.16</u>).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.7</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Adjustments; Set-Off</font></u><font size="3" style="font-size:12.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">If any Lender (a &#147;<b>Benefited Lender</b>&#148;) shall at any time receive any payment of all or part of its Loan, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by setoff, pursuant to events or proceedings of the nature referred to in clause (g), (h)&nbsp;or (i)&nbsp;of <u>ARTICLE&nbsp;VI</u> or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender&#146;s portion of the Loans, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender&#146;s Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the other Lenders; <i>provided, however, </i>that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">In addition to any rights and remedies of the Lenders provided by law, if any amount becoming due and payable by the Borrower hereunder or under the Loan Documents (whether at the stated maturity, by acceleration or otherwise) is not paid when due, each Lender shall have the right, without prior notice to the Borrower, any such notice being expressly waived by the Borrower, to the extent permitted by Applicable Law, to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Borrower, against any and all of the obligations of the Borrower then existing and matured under this Agreement to such Lender.&#160; Upon exercising such right of set-off, each Lender shall promptly provide notice to the Borrower and the Administrative Agent of such set-off; <i>provided, however,</i> that the failure by any Lender to provide such notice to the Borrower or the Administrative Agent shall not give the Borrower any cause of action or right to damages or any other remedy against such Lender, any other Lender or the Administrative Agent, nor affect the validity of such set-off and application.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.8</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Counterparts; Effectiveness</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy or e-mail transmission of a .pdf copy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.&#160; A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent.&#160; This Agreement shall become effective on the Business Day (the &#147;<b>Effective Date</b>&#148;) upon which the Administrative Agent shall have received this Agreement and each Fee Letter duly executed and delivered by the Initial Lender, the Administrative Agent, the Sole Book-Runner and Lead Arranger and the</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>70<a name="PB_70_101838_536"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Borrower, which shall be in full force and effect, and thereafter this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.9</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Severability</font></u><font size="3" style="font-size:12.0pt;">.&#160; Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.10</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Integration</font></u><font size="3" style="font-size:12.0pt;">.&#160; This Agreement and the writings referred to in <u>Section&nbsp;2.4</u> represent the entire agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Borrower, the Administrative Agent or any Lender relative to subject matter hereof not expressly set forth or referred to herein.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.11</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">GOVERNING LAW</font></u><font size="3" style="font-size:12.0pt;">.&#160; THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.12</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Submission to Jurisdiction; Waivers</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower hereby irrevocably and unconditionally:&#160; (a)&nbsp;submits for itself and its Assets in any legal action or proceeding relating to this Agreement and the other Loan Documents, or for recognition and enforcement of any judgment in respect thereof, to the general jurisdiction of any federal court of the United States of America sitting in the Borough of Manhattan or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New Nork; (b)&nbsp;consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; (c)&nbsp;agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to C T Corporation System (the &#147;<b>Process Agent</b>&#148;), as the Borrower&#146;s agent in New York City for service of process at its address currently at 111 Eighth Avenue, New York, New York 10011, or at such other address in New York, New York of which the Administrative Agent shall have been notified in writing by the Borrower; (d)&nbsp;agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; (e)&nbsp;waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section&nbsp;9.12</u> any special, exemplary, punitive or consequential damages; and (f)&nbsp;agrees that, to the extent that it or any of its Assets has or hereafter may acquire any right of immunity related to or arising from the transactions contemplated by this Agreement or the Loan Documents, whether characterized as sovereign immunity or otherwise, from any legal proceedings, whether in the United States of America, Argentina or elsewhere, to enforce or collect upon the Loans, the Loan Documents or any other liability or obligation of the Borrower related to or arising from the transactions contemplated by this Agreement or the Loan Documents, including immunity from</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>71<a name="PB_71_101849_5926"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">service of process, immunity from jurisdiction or judgment of any court or tribunal, immunity from execution of a judgment, and immunity of any of its Assets from attachment prior to any entry of judgment, or from attachment in aid of execution upon a judgment, the Borrower hereby expressly and irrevocably waives any such immunity and agrees not to assert any such right or claim in any such proceeding, whether in the United States of America or Argentina or elsewhere, except for the immunity referred to in <u>Section&nbsp;4.22</u> in respect of Assets used for the performance of a public service.&#160; The appointment of the Process Agent in clause (c)&nbsp;above shall be irrevocable, except that if for any reason the Process Agent appointed in said clause (c)&nbsp;ceases to be able to act as such, the Borrower will, by an instrument in form and substance reasonably satisfactory to the Administrative Agent, appoint another Person in the Borough of Manhattan as such Process Agent subject to the approval (which approval will not be unreasonably withheld or delayed) of the Administrative Agent (acting at the written direction of the Majority Lenders).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To the extent that the Borrower shall, in any action, suit or proceeding brought in any of the courts referred to in this <u>Section&nbsp;9.12</u> or a court of Argentina or elsewhere arising out of or in connection with this Agreement or any of the other Loan Documents, be entitled to the benefit of any provision of applicable law requiring any Lender in such action, suit or proceeding to post security for the costs of the Borrower, or to post a bond or take similar action (<i>caution judicatum solvi </i>or <i>excepci&#243;n de arraigo</i>), the Borrower hereby irrevocably waives such benefit, in each case to the fullest extent now or in the future permitted under the laws of Argentina or, as the case may be, such other jurisdictions.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.13</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Acknowledgments</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Borrower hereby acknowledges that:&#160; (a)&nbsp;it has been advised by counsel in the negotiation, execution and delivery of this Agreement, (b)&nbsp;none of the Administrative Agent, the Sole Book-Runner and Lead Arranger or any Lender has any fiduciary relationship to the Borrower under this Agreement, and the relationship between the Lenders, on the one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that of creditor and debtor; (c)&nbsp;the Administrative Agent, the Sole Book-Runner and Lead Arranger and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Administrative Agent, the Sole Book-Runner and Lead Arranger nor any Lender has any obligation to disclose any of such interests to the Borrower or any of its Affiliates; and (d)&nbsp;it is the policy of the Board of Governors of the Federal Reserve System of the United States of America that extensions of credit by international banking facilities, such as the Loans, may be used only to finance operations outside the United States of America of the Borrower or its Affiliates.&#160; To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Administrative Agent, the Sole Book-Runner and Lead Arranger or any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.14</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">WAIVERS OF JURY TRIAL</font></u><font size="3" style="font-size:12.0pt;">.&#160; EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).&#160; EACH PARTY HERETO (A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT,&nbsp;IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS OF THIS SECTION.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.15</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Confidentiality</font></u><font size="3" style="font-size:12.0pt;">.&#160; The Administrative Agent, the Sole Book-Runner and Lead Arranger and each Lender agrees that it will hold in confidence, in accordance with the customary practices of such Person, any confidential information provided to such Person pursuant to this Agreement; <i>provided </i>that nothing in this <u>Section&nbsp;9.15</u> shall be deemed to prevent the disclosure by the Administrative Agent, the Sole Book-Runner and Lead Arranger or any Lender of any such information (a)&nbsp;to any Affiliate, employee, officer, director, accountant, attorney or consultant of such Person, or any auditor, examiner or other Agency, so long as such disclosure is deemed necessary in the reasonable determination of the Administrative Agent, the Sole Book-Runner and Lead Arranger or such Lender, as the case may be, for proper administration and/or enforcement of this Agreement or any Loan Document, or in order to comply with any law or regulation or request of an auditor, examiner or other Agency, (b)&nbsp;that has been or is made public by the Borrower or any of its Subsidiaries or Affiliates or by any third party without breach of this Agreement or that otherwise becomes generally available to the public other than as a result of a disclosure in violation of this <u>Section&nbsp;9.15</u>, (c)&nbsp;that is or becomes available to any such Person from a third party not known to such Person to be subject to confidentiality obligations to the Borrower, (d)&nbsp;that is required to be disclosed by any Requirement of Law, including to any bank examiners or regulatory authorities, (e)&nbsp;that is required to be disclosed by any court, agency, arbitrator or legislative body, (f)&nbsp;subject to the provisions of <u>Section&nbsp;9.6(f)</u>, to any Transferee or proposed Transferee, (g)&nbsp;as may be required or appropriate in any report, statement or testimony requested by, or submitted to, any municipal, state, Federal or foreign regulatory body having or claiming to have jurisdiction over the Administrative Agent, Sole Book-Runner and Lead Arranger or such Lender or to the Federal Reserve Board or the Federal Deposit Insurance Corporation, other central banks or similar organizations (whether in the United States or elsewhere) or their successors (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (h)&nbsp;as may be required or appropriate in respect to any summons or subpoena or in connection with any investigation, litigation, arbitration or other proceeding (including in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder) and (i)&nbsp;to any direct or indirect contractual counterparty (or its Related Party) in any swap, hedge, security linked to this Agreement or similar agreement (or to any such contractual counterparty&#146;s professional advisor), so long as such contractual counterparty (or such professional advisor) agrees to be bound by the provisions of this <u>Section&nbsp;9.15</u>.&#160; Notwithstanding the foregoing and any other provision herein, the Borrower and any Lender (and each employee, representative or other agent of the Borrower and any Lender) may disclose to any and all Persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure, if any, of the transactions contemplated by this Agreement, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws.&#160; In addition, the Administrative Agent, the Sole Book-Runner and Lead Arranger and the Lenders may disclose the existence of this Agreement and customary information about this Agreement to any regulatory or self-regulatory body, pursuant to law, market data collectors, similar service</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">providers to the lending industry and service providers to the Administrative Agent, the Sole Book-Runner and Lead Arranger and the Lenders in connection with the administration of this Agreement and the other Loan Documents.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.16</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" color="black" style="color:black;font-size:12.0pt;">Financial Crime Risk Management Activity</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower hereby agrees and acknowledges that the Lenders may be required to and may take any reasonable action to the extent permitted by Applicable Law, to meet their compliance obligations in connection with the detection, investigation and prevention of Financial Crime (the &#147;<b>Financial Crime Risk Management Activity</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Lenders may also, subject to the limitations set forth under Applicable Laws, cooperate with local and foreign authorities, through the appropriate channels allowable under Applicable Laws, with respect to Financial Crime Risk Management Activities.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(c)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Borrower hereby acknowledges and agrees that, to the extent permissible by law, neither the Lenders nor any other their Affiliates shall be liable to the Borrower or any third party in respect of any damage or loss whether incurred by the Borrower or a third party in connection with the delaying, blocking, suspension or cancelation of any payment or the provision of all or part of the obligations under the Loan Documents, or otherwise required by Applicable Law relating to Financial Crime Risk Management Activity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.17</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Lending Offices</font></u><font size="3" color="black" style="color:black;font-size:12.0pt;">.(a)&nbsp; Any Lender may at any time change its Lending Office in relation to all or a specified part of its Loan by notifying the Administrative Agent and the Borrower in writing of the fax number, telex number and address of its new Lending Office; <i>provided </i>that such change does not oblige the Borrower to pay any additional amount, cost or expense pursuant to this Agreement, in excess of such additional amount, cost or expense, as the case may be, that the Borrower would otherwise have been obliged to pay.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">The Initial Lender shall provide to the Borrower a certificate evidencing that it is entitled to the benefits to which a bank is eligible under </font><font size="3" style="font-size:12.0pt;">the Germany-Argentina Tax Treaty, as amended at the date of this Agreement,</font><font size="3" color="black" style="color:black;font-size:12.0pt;"> as soon as practicable after the Effective Date.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.18</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">USA Patriot Act</font></u><font size="3" style="font-size:12.0pt;">.&#160; In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section&nbsp;326 of the USA Patriot Act of the United States, each Lender and the Administrative Agent are required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with each Lender and the Administrative Agent. Accordingly, each of the parties agree to provide to each Lender and the Administrative Agent upon their request from time to time such identifying information and documentation as may be available for such party as may be required to enable each Lender and the Administrative Agent to comply with Applicable Law.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.19</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Judgment Currency</font></u><font size="3" style="font-size:12.0pt;">.&#160; To the fullest extent permitted by law: (a)&nbsp;if, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder from a currency (the &#147;<b>Original Currency</b>&#148; into another currency (the &#147;<b>Other Currency</b>&#148;), the parties hereto agree, to the fullest extent that they may effectively do so, such conversion shall be done at</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">the exchange rate used on the Business Day preceding that day on which final judgment is given and (b)&nbsp;the obligations of the Borrower in respect of any sum due from it to the Administrative Agent or the Lenders shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or the Lenders of any sum adjudged to be due hereunder in the Other Currency the Administrative Agent or the Lenders may in accordance with normal banking procedures purchase and transfer the Original Currency to New York City with the amount of the Other Currency so adjudged to be due, and the Borrower agrees, as a separate obligations and notwithstanding any such judgment, to indemnify the Administrative Agent and the Lenders against, and to pay the Administrative Agent and the Lenders on demand, in the Original Currency, the amount (if any) by which the sum originally due to the Administrative Agent and the Lenders in the Original Currency hereunder exceeds the amount of the Original Currency so purchased and transferred.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.20</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Acknowledgement and Consent to Bail-In of EEA Financial Institutions</font></u><font size="3" style="font-size:12.0pt;">.&#160;&#160; Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(a)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the applicable of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(b)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the effects of any Bail-In Action on any such liability, including, if applicable:</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(i)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">a reduction in full or in part or cancellation of any such liability;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(ii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:1.0in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">(iii)</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" color="black" style="color:black;font-size:12.0pt;">the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">Section&nbsp;9.21</font><font size="1" color="black" style="color:black;font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Liability for Fraudulent Actions</font></u><font size="3" style="font-size:12.0pt;">.&#160; Nothing herein contained shall limit or be construed to release any Person from liability for fraudulent actions (including collusive bankruptcy) or misappropriation of funds or willful misconduct, or from any of its obligations or liabilities under any agreement executed by such Person in its individual capacity in connection with this Agreement.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule 2.1(a)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Commitments</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Lender</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Commitment</font></b></p>    </td>   </tr>
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<p style="margin:8.0pt .05in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank AG, London Branch</font></p>
<p style="margin:0in .05in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:8.0pt 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:8.0pt 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$200,000,000.00</font></p>    </td>   </tr>
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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Schedule 5.1(d)(i)&nbsp;<br> Form&nbsp;of Quarterly Compliance Certificate</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Financial Statement Date: [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas,</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60 Wall Street, 16</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&#160;Floor</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mail Stop: NYC60-1630</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New York, NY 10005, U.S.A.</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn: Project Finance Agency Services, Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">I refer to the offer to enter into a term loan agreement (Offer No.&nbsp;6/2018), dated as of November&nbsp;8, 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on November&nbsp;8, 2018, as regulated and governed in accordance to the terms set forth in Annex I thereto and as amended, restated, supplemented or otherwise modified from time to time, the &#147;<b>Agreement</b>&#148;) by Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), to the Lenders from time to time party thereto, Deutsche Bank Trust Company Americas, as Administrative Agent, and the Sole Book-Runner and Lead Arranger referred to therein.&#160; Terms defined and references construed in the Agreement shall have the same meaning and construction in this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to Section&nbsp;5.1(d)(i)&nbsp;of the Agreement, the undersigned Authorized Representative hereby certifies as of the date hereof that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">I am the [Chief Financial Officer/[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]] of the Borrower and, as such,&nbsp;I am authorized to execute and deliver this Certificate to the Administrative Agent and the Lenders on the behalf of the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and condition of the Borrower during the accounting period ending on the Financial Statement Date specified above; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Borrower is in compliance with the financial covenants of the Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF, the undersigned has executed this Certificate as of [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">].</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature page&nbsp;follows</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>77<a name="PB_77_111659_7906"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.5%;">
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>78<a name="PB_78_111659_3736"></a></p>
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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Schedule 5.1(d)(ii)&nbsp;<br> Form&nbsp;of Annual Compliance Certificate</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Financial Statement Date: December&nbsp;31, [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas,</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60 Wall Street, 16</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&#160;Floor</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mail Stop: NYC60-1630</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New York, NY 10005, U.S.A.</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn: Project Finance Agency Services, Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">I refer to the offer to enter into a term loan agreement (Offer No.&nbsp;6/2018), dated as of November&nbsp;8, 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on November&nbsp;8, 2018, as regulated and governed in accordance to the terms set forth in Annex I thereto and as amended, restated, supplemented or otherwise modified from time to time, the &#147;<b>Agreement</b>&#148;) by Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), to the Lenders from time to time party thereto, Deutsche Bank Trust Company Americas, as Administrative Agent, and Sole Book-Runner and Lead Arranger referred to therein.&#160; Terms defined and references construed in the Agreement shall have the same meaning and construction in this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to Section&nbsp;5.1(d)(ii)&nbsp;of the Agreement, the undersigned Authorized Representative hereby certifies that, as of the date hereof:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">I am the [Chief Financial Officer/[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]] of the Borrower and, as such,&nbsp;I am authorized to execute and deliver this Certificate to the Administrative Agent and the Lenders on the behalf of the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and condition of the Borrower during the accounting period ending on the Financial Statement Date specified above; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">the Borrower is in compliance with the Net Debt to EBITDA Ratio and the Interest Coverage Ratio pursuant to Section&nbsp;5.18 of the Agreement as follows:</font></p>
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<p style="margin:0in 0in .0001pt .95in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)&nbsp;Financial Debt of the Borrower as of [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] <i>less</i> the Borrower&#146;s cash and Cash Equivalents (valued,   with respect to instruments falling within clause (c)&nbsp;of such   definition, at their mark-to-market value) at such time</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt 69.85pt;text-align:justify;text-indent:-19.45pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B) aggregate EBITDA of the Borrower for the Calculation Period   ended on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">AR$</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .95in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ratio (A/B)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.16%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.16%;">
<p style="margin:0in 0in .0001pt .95in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(A)&nbsp;aggregate EBITDA of the Borrower for the Calculation   Period ended on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">AR$</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.16%;">
<p style="margin:0in 0in .0001pt .95in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(B) aggregate Net Interest of the Borrower for the Calculation   Period ended on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">AR$</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.16%;">
<p style="margin:0in 0in .0001pt .95in;text-align:justify;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ratio (A/B)</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">]</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature page&nbsp;follows</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>80<a name="PB_80_111659_8715"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF, the undersigned has executed this Certificate as of [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">].</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.6%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.6%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>81<a name="PB_81_111659_563"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule 5.3(a)</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Existing Security</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:24.0pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">None.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>82<a name="PB_82_111659_9497"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule 5.12</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Transactions with Affiliates</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CLIENTS</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Service</font></u></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE GRAFICO EDITORIAL   ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE RADIOTELEVISIVO   ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTES GRAFICAS RIOPLATENSE   S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CANAL RURAL SATELITAL S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet, and   Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">COMPA&#209;&#205;A DE MEDIOS   DIGITALES (CMD) S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">COMPA&#209;&#205;A INVERSORA EN   MEDIOS DE COMUNICACION S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CUSPIDE LIBROS S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">DIARIO LOS ANDES HNOS.   CALLE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">GC GESTION COMPARTIDA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">GRUPO CLARIN S.A. /   CABLEVISION HOLDING S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Financial loans</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">LA VOZ DEL INTERIOR S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">MAS LOGISTICA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PAPEL PRENSA S A I C F Y   DE M</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">POLKA PRODUCCIONES S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">RADIO MITRE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet and   Advertising</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELE RED IMAGEN S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOR S.A.C.I.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELEDIFUSORA BAHIENSE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">UNIR S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">UTE FEASA</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CONTENTS (Suppliers)</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Service</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE RADIOTELEVISIVO   ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming / Coproduction</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CANAL RURAL</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELE RED IMAGEN S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">POLKA PRODUCCIONES S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Coproduction</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">RADIO MITRE S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Programming</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ADMINISTRATIVE (Suppliers)</font></u></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Service</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">GC GESTION COMPARTIDA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advisory Service,   Collection Fee</font></p>    </td>   </tr>  </table>
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<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising, Perk Program   &#147;Clar&#237;n 365&#148; for Cablevision&#146;s Employees</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTES GRAFICAS RIOPLATENSE   S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Magazzine&#146;s Edition and   Distribution</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARTE RADIOTELEVISIVO   ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">COMPA&#209;&#205;A DE MEDIOS DIGITALES   (CMD) S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">COMPA&#209;&#205;A INVERSORA EN   MEDIOS DE COMUNICACI&#211;N CIMECO S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CUSPIDE LIBROS S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">DIARIO LOS ANDES HNOS.   CALLE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Commercial Services</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IMPRIPOST TECNOLOGIAS S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Invoices&#146; Printing and Enveloping</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">LA VOZ DEL INTERIOR S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">MAS LOGISTICA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Distribution</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOR S.A.C.I.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Advertising</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">UNIR S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Invoices&#146; Distribution,   and Logistics</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>84<a name="PB_84_112323_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Schedule 9.2</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Lender Addresses</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="64%" height="2" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:1.6pt;padding:0in 0in 0in 0in;width:64.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" height="2" valign="top" bgcolor="#FFFF00" style="background:white;border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:1.6pt;padding:0in 0in 0in 0in;width:.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Lender</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Address</font></b></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="0%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="64%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.78%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.34%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="0%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:34.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank AG, London Branch</font></p>    </td>
<td width="64%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:64.78%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Winchester House</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1 Great Winchester Street</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">London, EC2N 2DB</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">United Kingdom</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn: </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Gonzalo Barb&#243;n, Nicolas Ferrario, Rodrigo   Nonaka and Andres Fernandez Whitechurch</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Email: </font><font size="3" color="black" style="color:black;font-size:12.0pt;">Gonzalo.Barbon@db.com,   Nicolas.Ferrario@db.com, Rodrigo.Nonaka@db.com and   Andres.Fernandez-Whitechurch@db.com</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Phone: </font><font size="3" color="black" style="color:black;font-size:12.0pt;">+1   (212) 250-3653 or +1 (212) 250-9906</font></p>    </td>
<td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="0%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:.86%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="64%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:64.78%;">
<p style="margin:0in 0in .0001pt 5.05pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="0%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:.34%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>85<a name="PB_85_113132_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;A</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Assignment and Acceptance</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is made to the offer to enter into a term loan agreement( Offer No.&nbsp;6/2018), dated as of November&nbsp;8, 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on November&nbsp;8, 2018, as regulated and governed in accordance to the terms set forth in Annex I thereto and as amended, supplemented and/or otherwise modified from time to time, the &#147;<b>Agreement</b>&#148;) by Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), to the Lenders from time to time party thereto, </font><font size="3" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas,</font><font size="3" style="font-size:12.0pt;"> as Administrative Agent, and the Sole Book-Runner and Lead Arranger referred to therein.&#160; Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">__________________ (the &#147;<b>Assignor</b>&#148;) and ___________________ (the &#147;<b>Assignee</b>&#148;) agree as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without recourse to the Assignor, as of the Effective Date (as defined below), a ____% interest (the &#147;<b>Assigned Interest</b>&#148;) in and to all of the Assignor&#146;s rights and obligations under the Agreement with respect to the credit facility contained in the Agreement (including, to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any person, whether known or unknown, arising under or in connection with the Agreement) as set forth on <b>Schedule 1</b> (the &#147;<b>Assigned Facility</b>&#148;), in a principal amount for the Assigned Facility as set forth on <b>Schedule 1</b>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Assignor:&#160; (a)&nbsp;represents and warrants that the assignment meets all the requirements of Section&nbsp;9.6 of the Agreement (subject to the consents required under Section&nbsp;9.6 of the Agreement) (b)&nbsp;makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Agreement or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Agreement or any other instrument or document furnished pursuant thereto, other than that the Assignor has not created any adverse claim upon the interest being assigned by it hereunder and that such interest is free and clear of any such adverse claim, (c)&nbsp;makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or any of the Borrower&#146;s Subsidiaries or any other obligor or the performance or observance by the Borrower or any of the Borrower&#146;s Subsidiaries or any other obligor of any of their respective obligations under the Agreement or any other instrument or document furnished pursuant thereto and (d)&nbsp;agrees that it will pay to the Administrative Agent on or before the Effective Date, an assignment fee in an amount of $3,500.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Assignee:&#160; (a)&nbsp;represents and warrants that it is legally authorized to enter into this Assignment and Acceptance, (b)&nbsp;represents and warrants that it meets all the requirements to become an assignee under <u>Section&nbsp;9.6</u> of the Agreement (subject to the consents required under Section&nbsp;9.6 of the Agreement), (c)&nbsp;confirms that it has received a copy of the Agreement, together with copies of the financial statements delivered pursuant to <u>Section&nbsp;5.1(b)</u>&nbsp;and <u>Section&nbsp;5.1(c)</u>&nbsp;of the Agreement and such other documents and information as it has deemed appropriate to make</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>86<a name="PB_86_113253_3977"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">its own credit analysis and decision to enter into this Assignment and Acceptance, (d)&nbsp;agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement or any other instrument or document furnished pursuant thereto, (e)&nbsp;agrees that it will be bound by the provisions of the Agreement and will perform in accordance with its terms all the obligations which by the terms of the Agreement are required to be performed by it as a Lender, and (f)&nbsp;appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Agreement or other instrument or document furnished pursuant thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The effectiveness of this Assignment and Acceptance shall be subject to: (a)&nbsp;receipt by Assignor and Assignee of the consent of Borrower if required pursuant to Section&nbsp;9.6(c)&nbsp;of the Agreement, (b)&nbsp;payment of any fees or other amounts due pursuant to Section&nbsp;9.6 of the Agreement, and (c)&nbsp;delivery of any required forms and certificates regarding Tax matters.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The effective date of this Assignment and Acceptance shall be [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] (the &#147;<b>Effective Date</b>&#148;).&#160; Following the execution of this Assignment and Acceptance by the Assignor and the Assignee, it will be delivered to the Administrative Agent who, upon receiving such execution by the Assignor and the Assignee, shall record this Assignment and Acceptance pursuant to <u>Section&nbsp;9.6(c)</u>&nbsp;of the Agreement, effective as of the Effective Date (which shall not, unless otherwise agreed to by the Administrative Agent, be earlier than five (5)&nbsp;Business Days after execution hereof by all of the required parties).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Upon such acceptance and recording, from and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee for such amounts which have accrued subsequent to the Effective Date.&#160; The Assignor and the Assignee shall make all appropriate adjustments in payments by the Borrower for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">From and after the Effective Date, (a)&nbsp;each reference in the Agreement to &#147;Lender&#148; or &#147;Lenders&#148; shall be deemed to include the Assignee, (b)&nbsp;the Assignee shall be a party to the Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and shall be bound by the provisions thereof, and (c)&nbsp;the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Agreement with respect to the Assigned Facility (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender&#146;s rights and obligations under the Agreement, such assigning Lender shall cease to be a party to the Agreement).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Assignment and Acceptance shall be governed by and construed in accordance with the law of the State of New York.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>87<a name="PB_87_113325_5796"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be executed as of the date first above written by their respective duly authorized officers on <b>Schedule 1</b> hereto.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Schedule 1</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">To Assignment and Acceptance</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name of Assignor: <br> Name of Assignee: <br> Effective Date of Assignment:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Principal Amount Assigned:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>89<a name="PB_89_113408_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Name   of Assignee]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.6%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.4%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Name   of Assignor]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.92%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.6%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.4%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Acknowledged:</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Administrative Agent</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.6%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">[Signature Page&nbsp;of Schedule I to the Assignment and Acceptance]</font></i></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>90<a name="PB_90_113758_7748"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;B</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Notice of Borrowing</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">[LETTERHEAD OF TELECOM ARGENTINA S.A.]</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To:</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas,</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60 Wall Street, 16</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&#160;Floor</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mail Stop: NYC60-1630</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New York, NY 10005, U.S.A.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn: Project Finance Agency Services, Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The undersigned, Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), refers to the offer to enter into a term loan agreement (Offer&#160; No.&nbsp;6/2018), dated as of November&nbsp;8, 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on November&nbsp;8, 2018, as regulated and governed in accordance to the terms set forth in Annex I thereto and as amended, supplemented and/or otherwise modified from time to time, the &#147;<b>Agreement</b>&#148;) by the Borrower, to the Lenders from time to time party thereto, </font><font size="3" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas</font><font size="3" style="font-size:12.0pt;">, as Administrative Agent, and the Sole Book-Runner and Lead Arranger referred to therein, hereby gives you irrevocable notice, pursuant to <u>Section&nbsp;2.3(a)</u>&nbsp;of the Agreement that the undersigned hereby requests a Borrowing under the Agreement, and in connection therewith sets forth below the information relating to such Borrowing as required by <u>Section&nbsp;2.3(a)</u>&nbsp;of the Agreement:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The Business Day of the Borrowing Date is [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">].</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">The amount of the Borrowing is $[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">],000,000 ([</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">] million United States Dollars).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The undersigned hereby certifies that the date of the proposed Borrowing (a)&nbsp;is a date occurring on or after the [Effective Date] [Increase Effective Date] on which all of the conditions precedent set forth in Section&nbsp;[3.1] [3.2] to the disbursement of Loans shall have been satisfied or waived by the Lenders and (b)&nbsp;is prior to the expiration of the Availability Period applicable to the [Initial] [Second] Borrowing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:1.0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Delivery of an executed counterpart of this Notice of Borrowing and any other notice in connection herewith by telecopier or electronic mail shall be effective as delivery of an original executed counterpart of this Notice of Borrowing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature page&nbsp;follows</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>91<a name="PB_91_113935_7832"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Very truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Address:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telephone No.:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax No.:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">E-mail:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Address:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telephone No.:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Fax No.:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">E-mail:</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>92<a name="PB_92_114016_141"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;C</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Officer&#146;s Certificate of the Borrower</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">To:</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas,</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60 Wall Street, 16</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&#160;Floor</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mail Stop: NYC60-1630</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New York, NY 10005, U.S.A.</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn: Project Finance Agency Services, Telecom Argentina S.A.</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">I refer to the offer to enter into a term loan agreement (Offer&#160; No.&nbsp;6/2018), dated as of November&nbsp;8, 2018 (the &#147;<b>Offer</b>&#148;, and as accepted on November&nbsp;8, 2018, as regulated and governed in accordance to the terms set forth in Annex I thereto, and as amended, supplemented and/or modified from time to time, the &#147;<b>Agreement</b>&#148;) by Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), to the Lenders from time to time party thereto, Deutsche Bank Trust Company Americas, as Administrative Agent, and the Sole Book-Runner and Lead Arranger referred to therein.&#160; Terms defined and references construed in the Agreement have the same meaning and construction in this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">I am a duly authorized officer of the Borrower and I hereby certify as follows as of the date hereof:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">I am duly authorized to give this Certificate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font size="3" style="font-size:12.0pt;font-style:italic;">Organizational Documents</font></u></i><font size="3" style="font-size:12.0pt;">:&#160; Attached as <b>Exhibit&nbsp;A</b> to this Certificate and signed or initialed by me for the purpose of identification is a true, complete and up-to-date copy of the Borrower&#146;s organizational documents as amended from time to time and in effect when it signed the Agreement and on the date of this Certificate, and a recent certificate of good standing (or equivalent) of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font size="3" style="font-size:12.0pt;font-style:italic;">Due Authorization</font></u></i><font size="3" style="font-size:12.0pt;">:&#160; Attached as <b>Exhibit&nbsp;B</b> to this Certificate and signed or initialed by me for the purpose of identification is a true and complete copy of the minutes (or copies of public deeds containing such minutes) of the duly convened meeting of the board of directors of the Borrower duly held on November&nbsp;[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018, at which a duly constituted quorum of directors was present and voting throughout and at which the resolutions set out in the minutes were duly passed.&#160; Each of those resolutions remains in full force and effect without modification.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><u><font size="3" style="font-size:12.0pt;font-style:italic;">Incumbency</font></u></i><font size="3" style="font-size:12.0pt;">:&#160; Each person who signed the Agreement on behalf of the Borrower was a duly authorized signatory of the Borrower when the Agreement was entered into.&#160; Attached as <b>Exhibit&nbsp;C</b> to this Certificate and signed or initialed by us for the purpose of identification is a list of the names and titles, and specimen of the signatures, of the persons who are at the date of</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>93<a name="PB_93_114135_7608"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">this Certificate officers of the Borrower and who (either individually or with others, as provided in the resolutions) signed the Agreement and/or are authorized to give all communications and take any other action required under or in connection with the Agreement on behalf of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5. <i><u style="font-style:italic;">Material Adverse Effect</u></i>: Since June&nbsp;30, 2018, no Material Adverse Effect has occurred, nor has there occurred, since the Effective Date, a material adverse effect on general capital or commercial banking market conditions, the international capital markets or the macroeconomic context of Argentina;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6. <i><u style="font-style:italic;">Representation and Warranties</u></i>: Each of the representations and warranties made by the Borrower in or pursuant to the Agreement are: (i)&nbsp;if such representation or warranty is qualified as to materiality or by reference to the existence of a Material Adverse Effect, true and correct to the extent of such qualification on and as of the date hereof (except for such representations and warranties which are expressly stated to have been made on and as of an earlier date, which were true and correct to the extent of such qualification on and as of such earlier date); or (ii)&nbsp;if such representation or warranty is not so qualified, true and correct in all material respects on and as of the date hereof (except for such representations and warranties which are expressly stated to have been made on as of an earlier date, which were true and correct in all material respects on and as of such earlier date).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7. <i><u style="font-style:italic;">No Default</u></i>: No Potential Event of Default, Event of Default or Prepayment Event has occurred and is continuing or would result from the making of the Loans on the Closing Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">IN WITNESS WHEREOF,&nbsp;I have signed this Certificate as of the date first written above.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>95<a name="PB_95_114228_7091"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;D</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">[RESERVED]</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;E</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Legal Opinion of EGFA Abogados<br> special Argentine counsel to the Borrower</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:24.0pt;"><i><font size="3" face="Times New Roman" style="font-size:11.5pt;font-style:italic;">[See attached.]</font></i></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>97<a name="PB_97_114340_4141"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;F</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Legal Opinion of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP<br> special New York counsel to the Borrower</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:24.0pt;"><i><font size="3" face="Times New Roman" style="font-size:11.5pt;font-style:italic;">[See attached.]</font></i></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>98<a name="PB_98_114345_8627"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;G</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Request for Facility Increase</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[DATE]</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60 Wall Street, 16</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&#160;Floor</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mail Stop: NYC60-1630</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New York, NY 10005, U.S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attention: Project Finance Agency Services, Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">RE:</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">That certain Term Loan Agreement, dated as of November&nbsp;8, 2018 (as the same may be modified, amended, or restated from time to time, the &#147;<b>Term Loan Agreement</b>&#148;), by and among </font><font size="3" style="font-size:12.0pt;">TELECOM ARGENTINA S.A., a</font><i><font size="3" style="font-size:12.0pt;font-style:italic;"> sociedad an&#243;nima</font></i><font size="3" style="font-size:12.0pt;"> organized and existing under the laws of Argentina</font><font size="3" style="font-size:12.0pt;"> (the &#147;<b>Borrower</b>&#148;), DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent (the &#147;<b>Administrative Agent</b>&#148;), the lender party thereto from time to time (the &#147;<b>Lender</b>&#148;), and the sole book-runner and lead arranger identified therein.&#160; </font><font size="3" style="font-size:12.0pt;">Capitalized terms used but not defined herein shall have the respective meanings assigned to such terms in the Term Loan Agreement and the rules&nbsp;of interpretation set forth in Section&nbsp;1.2 of the Term Loan Agreement shall apply herein as if fully set forth herein, <i>mutatis mutandis</i>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This facility increase request (this &#147;<b><i style="font-weight:bold;">Request</i></b>&#148;) is executed and delivered by the Borrower to the Administrative Agent pursuant to Section&nbsp;2.16 of the Term Loan Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Borrower hereby requests an increase in the Commitments of the Lender in the aggregate amount of $[INCREASE AMOUNT]</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">1</font><font size="3" style="font-size:12.0pt;">&nbsp;(the &#147;<b><i style="font-weight:bold;">Facility Increase</i></b>&#148;) for a Total Commitment in the amount of $[NEW TOTAL COMMITMENT AMOUNT].</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In connection with this Request, the Borrower hereby represents, warrants and certifies as of the date hereof and as of the date of the requested Facility Increase to the Administrative Agent for the benefit of the Lenders that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">On and as of the date hereof, each of the representations set forth in Article&nbsp;IV of the Term Loan Agreement are true and correct in all material respects, and will be true and correct in all material respects immediately after the request herein becomes effective, with the same force and effect as if made on and as of such date (except for any representation and warranty that relates to a specified date, in which case such</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font>&nbsp; Not to exceed $100,000,000, and to be increments of $15,000,0000.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">2</font>&nbsp; Not to exceed $300,000,000.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>99<a name="PB_99_115535_3553"></a></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">representation and warranty was true and correct in all material respects as of such specified date);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">No Event of Default or Potential Default exists and is continuing on and as of the date hereof or will exist on the date any Facility Increase becomes effective; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" style="font-size:12.0pt;">as of the date hereof, no event has occurred since the date of the most recent financial statements of the Borrowers delivered to the Administrative Agent which could reasonably be expected to have a Material Adverse Effect.&#160; In the event that between the date hereof and the Increase Effective Date, any event should occur which could reasonably be expected to have a Material Adverse Effect, the Borrower shall promptly notify Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>100<a name="PB_100_115557_7906"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The undersigned hereby certifies each and every matter contained herein to be true and correct as of the respective dates set forth above.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOM   ARGENTINA S.A., as Borrower</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By:</font></p>    </td>
<td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Name:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Title:</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By:</font></p>    </td>
<td width="33%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Name:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Title:</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Exhibit&nbsp;H</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Form&nbsp;of Lender Accession Agreement</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[NAME OF ADDITIONAL LENDER]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[ADDRESS OF ADDITIONAL LENDER[</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Additional Lender</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank AG, London Branch</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Winchester House</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1 Great Winchester Street</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">London, EC2N 2DB</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">United Kingdom</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Initial Lender</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60 Wall Street, 16</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&#160;Floor</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mail Stop: NYC60-1630</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New York, NY 10005, U.S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attention: Project Finance Agency Services, Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Re: <b>Telecom Argentina S.A. &#150; Offer No.&nbsp;[__]/2018</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Sirs,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), hereby irrevocably offers [NAME OF ADDITIONAL LENDER] (the &#147;<b>Additional Lender</b>&#148;), Deutsche Bank AG, London Branch, as initial lender (the &#147;<b>Initial Lender</b>&#148;), and Deutsche Bank Trust Company Americas, as administrative agent (the &#147;<b>Administrative Agent</b>&#148;), to enter into a lender accession agreement in the form attached hereto as <u>Annex&nbsp;A</u> (including the schedule thereto) (the &#147;<b>Offer</b>&#148;, and once accepted pursuant to the terms hereof, the &#147;<b>Lender Accession Agreement</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be open for acceptance in writing by the Additional Lender, the Initial Lender and the Administrative Agent until 11:59 p.m.&nbsp;Buenos Aires time on [</font><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="3" style="font-size:12.0pt;">], 2018, unless extended in writing for an additional period of time by the Borrower (the &#147;<b>Expiration Date</b>&#148;); forthwith after the Expiration Date, this Offer shall automatically lose all force and effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Upon delivery of a written letter of acceptance of the Offer substantially in the form attached hereto as <u>Annex B</u>, on or before the Expiration Date, the Lender Accession Agreement shall become in full force and effect subject to the terms and conditions set forth in <u>Annex A</u> as if the parties had executed and delivered the same and shall be legally binding upon, and enforceable against, each and all of the parties, and each and all of them shall become parties to the Lender Accession Agreement.&#160; The Lender Accession Agreement shall be deemed entered into as of the date of the acceptance of the Additional Lender, the Initial Lender and the Administrative Agent.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be governed by, and interpreted in accordance with, the law of the State of New York (without regard to conflicts of law principles other than sections 5-1401 and 5-1402 of the New York general obligations law).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We hereby agree that the delivery of the acceptance notice and service of all notices, writs, process and summons in any suit, action or proceeding brought in connection with this Offer may be made upon us by service to the address, and in the manner, set forth in&nbsp;<u>Section&nbsp;9</u> of <u>Annex A</u> hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature page&nbsp;follows</i>]</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Sincerely,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TELECOM ARGENTINA   S.A., as Borrower</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By: </font></p>    </td>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>104<a name="PB_104_120106_1353"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Annex A</font></b><b><font size="3" style="font-size:11.5pt;font-weight:bold;"> (Form&nbsp;of Lender Accession Agreement)</font></b></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is made to that certain Term Loan Agreement, dated as of November&nbsp;[__], 2018 (as the same may be modified, amended, or restated from time to time, the &#147;<b>Term Loan Agreement</b>&#148;), by and among the Borrower, the DEUTSCHE BANK AG LONDON BRANCH, as initial lender (the &#147;<b>Initial Lender</b>&#148; and, together with any other lenders party thereto from time to time, the &#147;<b>Lenders</b>&#148;), DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent (the &#147;<b>Administrative Agent</b>&#148;), and DEUTSCHE BANK AG, LONDON BRANCH, as sole book-runner and sole lead arranger.&#160; Capitalized terms used but not defined herein shall have the respective meanings assigned to such terms in the Term Loan Agreement and the rules&nbsp;of interpretation set forth in Section&nbsp;1.2 of the Term Loan Agreement shall apply herein as if fully set forth herein or <i>mutatis mutandis</i>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.&#160; The Additional Lender agrees to become a Lender, for all purposes under the Term Loan Agreement and the other Loan Documents, to be bound by the terms of the Term Loan Agreement and the other Loan Documents as a Lender pursuant to Sections 2.16(b)&nbsp;and 9.6(i)&nbsp;of the Term Loan Agreement.&#160; Upon the effectiveness hereof, the Commitment of the Additional Lender will be as set forth on <u>Schedule 1</u> hereto<i>.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.&#160; The Additional Lender confirms that it has received a copy of the Term Loan Agreement and the other Loan Documents, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Lender Accession Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3. The Additional Lender:&#160; (a)&nbsp;agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Term Loan Agreement or any other Loan Document; (b)&nbsp;appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Term Loan Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (c)&nbsp;agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Term Loan Agreement are required to be performed by it as a Lender; (d)&nbsp;attaches (or has delivered to the Administrative Agent) completed and signed copies of any forms that may be required by the U.S. Internal Revenue Service (together with any additional supporting documentation required pursuant to applicable Treasury Department regulations or such other evidence satisfactory to the Administrative Agent) in order to certify the Additional Lender&#146;s exemption from U.S. withholding taxes with respect to any payments or distributions made or to be made to the Additional Lender in respect of the Loans or under the Term Loan Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4. Following the execution of this Lender Accession Agreement, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent.&#160; The effective date for this Lender Accession Agreement shall be the date recited above, unless otherwise specified on <u>Schedule 1</u> hereto.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>105<a name="PB_105_120114_9621"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6.&#160; </font><font size="3" style="font-size:12.0pt;">THIS LENDER ACCESSION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO UNDER THIS LENDER ACCESSION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7.</font> &#160;<font size="3" style="font-size:12.0pt;">This Lender Accession Agreement may be executed by one or more of the parties to this Lender Accession Agreement on any number of separate counterparts (including by telecopy or e-mail transmission of a .pdf copy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">8.&#160; Any notice or other communications to the Additional Lender shall be sent to the Additional Lender in accordance with the notice provisions of the Term Loan Agreement at the following address:</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[ADDRESS]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">9.&#160; The Additional Lender acknowledges that it is subject to and bound by all of the terms and conditions of the Term Loan Agreement,&nbsp;INCLUDING, WITHOUT LIMITATION, THE GOVERNING LAW, CHOICE OF FORUM, CONSENT TO SERVICE OF PROCESS AND JURISDICTION AND WAIVER OF TRIAL BY JURY PROVISIONS OF SECTIONS 9.11, 9.12 AND 9.14 THEREOF, in the same manner and to the same extent as if it had directly executed the Term Loan Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>106<a name="PB_106_120122_8715"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SCHEDULE 1<br> TO<br> LENDER ACCESSION AGREEMENT</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Additional Lender</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Commitment</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[NAME]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:49.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$[AMOUNT]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Total   Commitment (of all Lenders) after giving effect to this Lender Accession   Agreement</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:49.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$[AMOUNT]</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[Effective date (if other than date of this Lender Accession Agreement):&#160; [______________].]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>107<a name="PB_107_211039_5064"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX B to Offer in Respect of Lender Accession Agreement</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[</font><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">], 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Avenida Alicia Moreau de Justo 50</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ciudad Aut&#243;noma de Buenos Aires</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Argentina, C1107AAB</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Attention: Marcelo Iribarne</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Email: <font color="#af005f" style="color:#AF005F;">miribarne@teco.com.ar</font></font></p>
<p style="margin:0in 0in .0001pt;text-indent:5.25pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">as Borrower</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Re: Telecom Argentina S.A. &#150; Offer No.&nbsp;[_]/2018</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Dear Mr.&nbsp;Iribarne,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Reference is hereby made to Offer No.&nbsp;[_]/2018, dated as o[</font><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">], 2018 (&#147;<b>Offer No.&nbsp;[_]/2018</b>&#148;), from Telecom Argentina S.A., as borrower (the &#147;<b>Borrower</b>&#148;), to [NAME OF ADDITIONAL LENDER], as additional lender (the &#147;<b>Additional Lender</b>&#148;), Deutsche Bank AG, London Branch, as initial lender (the &#147;<b>Initial Lender</b>&#148;), and Deutsche Bank Trust Company Americas, as administrative agent (the &#147;<b>Administrative Agent</b>&#148;), in connection with the Lender Accession Agreement referred to therein.&#160; The Additional Lender,&nbsp;Initial Lender and the Administrative Agent hereby notify the Borrower of their acceptance of Offer No.&nbsp;[_]/2018, with effect as of the date hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[<i>Signature pages&nbsp;follow</i>]</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>108<a name="PB_108_211058_7056"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Sincerely,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">[NAME OF ADDITIONAL LENDER],<br>   as Additional Lender</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.32%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">By:</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Name:</font></p>    </td>   </tr>
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<td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:44.74%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Title:</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Acknowledge and accepted:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">DEUTSCHE BANK AG, LONDON<br>   BRANCH, as Initial Lender</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">By:</font></p>    </td>
<td width="27%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" valign="top" style="padding:0in 0in 0in 0in;width:24.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Name:</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Title:</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">By:</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:24.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Name:</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Title:</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Accepted:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">DEUTSCHE BANK TRUST<br>   COMPANY AMERICAS, as<br>   Administrative Agent</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">By:</font></p>    </td>
<td width="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:24.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Name:</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Title:</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">By:</font></p>    </td>
<td width="27%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="24%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:24.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Name:</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="55%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:55.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Title:</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="26" style="border:none;"></td>
<td width="1" style="border:none;"></td>
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<td width="170" style="border:none;"></td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-</font>109<a name="PB_109_211122_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX II</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">November&nbsp;[</font><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">], 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Avenida Alicia Moreau de Justo 50</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ciudad Aut&#243;noma de Buenos Aires</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Argentina, C1107AAB</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Attention: Marcelo Iribarne</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Email: <font color="#af005f" style="color:#AF005F;">miribarne@teco.com.ar</font></font></p>
<p style="margin:0in 0in .0001pt;text-indent:5.25pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">as Borrower</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Re: Telecom Argentina S.A. &#150; Offer No.&nbsp;6/2018</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Dear Mr.&nbsp;Iribarne,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Reference is hereby made to Offer No.&nbsp;6/2018, dated as of November&nbsp;[</font><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">], 2018 (&#147;<b>Offer No.&nbsp;6/2018</b>&#148;), from Telecom Argentina S.A., as borrower (the &#147;<b>Borrower</b>&#148;), to Deutsche Bank AG, London Branch, as initial lender (as &#147;<b>Initial Lender</b>&#148;), Deutsche Bank Trust Company Americas, as administrative agent (the &#147;<b>Administrative Agent</b>&#148;), and Deutsche Bank AG, London Branch, as sole book-runner and lead arranger (the &#147;<b>Sole Book-Runner and Lead Arranger</b>&#148;), in connection with the Term Loan Agreement referred to therein.&#160; The Initial Lender, the Administrative Agent and the Sole Book-Runner and Lead Arranger hereby notify the Borrower of their acceptance of Offer No.&nbsp;6/2018, with effect as of the date hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[<i>Signature pages&nbsp;follow</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-</font>1<a name="PB_1_122243_3755"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Sincerely,</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">DEUTSCHE BANK AG, LONDON<br>   BRANCH, as Initial Lender and Sole</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Book-Runner and Lead Arranger</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">By:</font></p>    </td>
<td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:51.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Name:</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:51.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Title:</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:51.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">By:</font></p>    </td>
<td width="34%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="51%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:51.26%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Name:</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Title:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-</font>2<a name="PB_2_122600_3641"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">DEUTSCHE BANK TRUST <br>   COMPANY AMERICAS, as<br>   Administrative Agent</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.76%;">
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">By:</font></p>    </td>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-</font>3<a name="PB_3_122814_5250"></a></p>
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<TYPE>EX-15.9
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<FILENAME>a19-2958_1ex15d9.htm
<DESCRIPTION>EX-15.9
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Exhibit 15.9<a name="Exhibit15_9_052153"></a></font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXECUTION COPY</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Lender Accession Agreement</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">November&nbsp;14, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CPPIB Credit Investments Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">One Queen Street East, Suite&nbsp;2500</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Toronto, Ontario</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Canada M5C 2W5</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Additional Lender</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank AG, London Branch</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Winchester House</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1 Great Winchester Street</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">London, EC2N 2DB</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">United Kingdom</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Initial Lender</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Deutsche Bank Trust Company Americas</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">60 Wall Street, 16</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&#160;Floor</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Mail Stop: NYC60-1630</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New York, NY 10005, U.S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attention: Project Finance Agency Services, Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">as Administrative Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Re: <b>Telecom Argentina S.A. &#150; Offer No.&nbsp;10/2018</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Sirs,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina (the &#147;<b>Borrower</b>&#148;), hereby irrevocably offers </font><font size="3" style="font-size:12.0pt;">CPPIB Credit Investments Inc. (the &#147;<b>Additional Lender</b>&#148;), Deutsche Bank AG, London Branch, as initial lender (the &#147;<b>Initial Lender</b>&#148;), and Deutsche Bank Trust Company Americas, as administrative agent (the &#147;<b>Administrative Agent</b>&#148;), to enter into a lender accession agreement in the form attached hereto as <u>Annex&nbsp;A</u> (including the schedule thereto) (the &#147;<b>Offer</b>&#148;, and once accepted pursuant to the terms hereof, the &#147;<b>Lender Accession Agreement</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be open for acceptance in writing by the Additional Lender, the Initial Lender and the Administrative Agent until 11:59 p.m.&nbsp;Buenos Aires time on November&nbsp;14, 2018, unless extended in writing for an additional period of time by the Borrower (the &#147;<b>Expiration Date</b>&#148;); forthwith after the Expiration Date, this Offer shall automatically lose all force and effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Upon delivery of a written letter of acceptance of the Offer substantially in the form attached hereto as <u>Annex B</u>, on or before the Expiration Date, the Lender Accession Agreement shall become in full force and effect subject to the terms and conditions set forth in <u>Annex A</u> as if the parties had executed and delivered the same and shall be legally binding upon, and enforceable against, each and all of the parties, and each and all of them shall become parties to the Lender</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Accession Agreement.&#160; The Lender Accession Agreement shall be deemed entered into as of the date of the acceptance of the Additional Lender, the Initial Lender and the Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">This Offer shall be governed by, and interpreted in accordance with, the law of the State of New York (without regard to conflicts of law principles other than sections 5-1401 and 5-1402 of the New York general obligations law).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We hereby agree that the delivery of the acceptance notice and service of all notices, writs, process and summons in any suit, action or proceeding brought in connection with this Offer may be made upon us by service to the address, and in the manner, set forth in&nbsp;<u>Section&nbsp;9</u> of <u>Annex A</u> hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">[<i>Signature page&nbsp;follows</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_173045_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Sincerely,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">TELECOM ARGENTINA   S.A., as Borrower</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By: </font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ </font><font size="3" style="font-size:12.0pt;">J</font>UAN <font size="3" style="font-size:12.0pt;">M</font>. <font size="3" style="font-size:12.0pt;">V</font>ICO</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Juan M. Vico</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Attorney-in-fact</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">By: </font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/S/ </font><font size="3" style="font-size:12.0pt;">M</font>ARIANO <font size="3" style="font-size:12.0pt;">J</font>. <font size="3" style="font-size:12.0pt;">P</font>I&#209;ERO</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name: Mariano J. Pi&#241;ero</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Title: Treasury Manager</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><i>Signature page&nbsp;to Lender Accession Agreement</i>]</p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Annex A</font></b><b><font size="3" style="font-size:11.5pt;font-weight:bold;"> (Lender Accession Agreement)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Reference is made to that certain Term Loan Agreement, dated as of November&nbsp;8, 2018 (as the same may be modified, amended, or restated from time to time, the &#147;<b>Term Loan Agreement</b>&#148;), by and among TELECOM ARGENTINA S.A., as borrower (the &#147;<b>Borrower</b>&#148;), DEUTSCHE BANK AG LONDON BRANCH, as initial lender (the &#147;<b>Initial Lender</b>&#148; and, together with any other lenders party thereto from time to time, the &#147;<b>Lenders</b>&#148;), DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent (the &#147;<b>Administrative Agent</b>&#148;), and DEUTSCHE BANK AG, LONDON BRANCH, as sole book-runner and sole lead arranger.&#160; Capitalized terms used but not defined herein shall have the respective meanings assigned to such terms in the Term Loan Agreement and the rules&nbsp;of interpretation set forth in Section&nbsp;1.2 of the Term Loan Agreement shall apply herein as if fully set forth herein or <i>mutatis mutandis</i>.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1.&#160; </font><font size="3" style="font-size:11.5pt;">CPPIB CREDIT INVESTMENTS INC. (the &#147;</font><b><font size="3" style="font-size:12.0pt;font-weight:bold;">Additional Lender</font></b><font size="3" style="font-size:12.0pt;">&#148;) agrees to become a Lender, for all purposes under the Term Loan Agreement and the other Loan Documents, to be bound by the terms of the Term Loan Agreement and the other Loan Documents as a Lender pursuant to Sections 2.16(b)&nbsp;and 9.6(i)&nbsp;of the Term Loan Agreement.&#160; Upon the effectiveness hereof, the Commitment of the Additional Lender will be as set forth on <u>Schedule 1</u> hereto<i>.</i></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2.&#160; The Additional Lender confirms that it has received a copy of the Term Loan Agreement and the other Loan Documents (other than the Fee Letters), and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Lender Accession Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3.&#160; The Additional Lender:&#160; (a)&nbsp;agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Term Loan Agreement or any other Loan Document; (b)&nbsp;appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Term Loan Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (c)&nbsp;agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Term Loan Agreement are required to be performed by it as a Lender; (d)&nbsp;if applicable, attaches (or has delivered to the Administrative Agent) completed and signed copies of any forms that may be required by the U.S. Internal Revenue Service (together with any additional supporting documentation required pursuant to applicable Treasury Department regulations or such other evidence satisfactory to the Administrative Agent) in order to certify the Additional Lender&#146;s exemption from U.S. withholding taxes with respect to any payments or distributions made or to be made to the Additional Lender in respect of the Loans or under the Term Loan Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4.&#160; Following the execution of this Lender Accession Agreement, it will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent.&#160; The effective date for this Lender Accession Agreement shall be the date recited above, unless otherwise specified on <u>Schedule 1</u> hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6. </font><font size="3" style="font-size:12.0pt;">THIS LENDER ACCESSION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO UNDER THIS LENDER ACCESSION AGREEMENT SHALL BE</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7.&#160; </font><font size="3" style="font-size:12.0pt;">This Lender Accession Agreement may be executed by one or more of the parties to this Lender Accession Agreement on any number of separate counterparts (including by telecopy or e-mail transmission of a .pdf copy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">8.&#160; Any notice or other communications to the Additional Lender shall be sent to the Additional Lender in accordance with the notice provisions of the Term Loan Agreement at the following address:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CPPIB Credit Investments Inc.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">510 Madison Avenue, 15</font><font size="1" style="font-size:8.0pt;position:relative;top:-4.0pt;">th</font><font size="3" style="font-size:12.0pt;">&#160;Floor</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">New York, NY</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">United States</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn: Alberto Garrido and Gonzalo Obando</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Email: <font color="#af005f" style="color:#AF005F;">agarrido@cppib.com</font> and <font color="#af005f" style="color:#AF005F;">gobando@cppib.com</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Phone: (646) 564-4903 and (646) 564-4924</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">With a copy to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CPPIB Credit Investments Inc.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">One Queen Street East, Suite&nbsp;2500</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Toronto, Ontario</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Canada M5C 2W5</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Attn: Katelyn Chow and Emmanuel Matiya</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Email: <font color="#af005f" style="color:#AF005F;">kchow@cppib.com</font> and <font color="#af005f" style="color:#AF005F;">ematiya@cppib.com</font></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Phone: (416) 874-5385 and (416) 972-8238</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">9.&#160; The Additional Lender acknowledges that it is subject to and bound by all of the terms and conditions of the Term Loan Agreement,&nbsp;INCLUDING, WITHOUT LIMITATION, THE GOVERNING LAW, CHOICE OF FORUM, CONSENT TO SERVICE OF PROCESS AND JURISDICTION AND WAIVER OF TRIAL BY JURY PROVISIONS OF SECTIONS 9.11, 9.12 AND 9.14 THEREOF, in the same manner and to the same extent as if it had directly executed the Term Loan Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">10.&#160; This Lender Accession Agreement is being executed and delivered in connection that certain Facility Increase Request, dated as of November&nbsp;14, 2018, from the Borrower to the Administrative Agent, in order to facilitate the Facility Increase contemplated thereby and to be provided by the Additional Lender.&#160; In accordance with Section&nbsp;2.16(a)&nbsp;of the Term Loan Agreement, the Initial Lender and the Additional Lender, as the Majority Lenders, hereby direct the Administrative Agent to determine the Increase Effective Date to be the date hereof, and the Administrative Agent hereby notifies the Borrower and the Lenders of such Increase Effective Date.&#160; This Lender Accession Agreement shall be a Loan Document.&#160; For the avoidance of doubt, references</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">A-</font><font size="3" style="font-size:12.0pt;">2</font><a name="PB_2_173045_5335"></a></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">in the Term Loan Agreement to the Canada Pension Plan Investment Board are intended to mean and/or include, as the context may require, the Additional Lender.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SCHEDULE 1<br> TO<br> LENDER ACCESSION AGREEMENT</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Additional Lender</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Commitment</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">CPPIB   Credit Investments Inc.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$100,000,000</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .05in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Total   Commitment (of all Lenders) after giving effect to this Lender Accession   Agreement</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">$300,000,000</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">A-</font><font size="3" style="font-size:12.0pt;">4</font><a name="PB_4_173045_2897"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX B to Offer in Respect of Lender Accession Agreement</font></u></b></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">November&nbsp;___, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Avenida Alicia Moreau de Justo 50</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ciudad Aut&#243;noma de Buenos Aires</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Argentina, C1107AAB</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Attention: Marcelo Iribarne</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Email: <font color="#af005f" style="color:#AF005F;">miribarne@teco.com.ar</font></font></p>
<p style="margin:0in 0in .0001pt;text-indent:5.25pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">as Borrower</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><b><font size="3" face="Times New Roman" style="font-size:11.5pt;font-weight:bold;">Re: Telecom Argentina S.A. &#151; Offer No.&nbsp;10/2018</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Dear Mr.&nbsp;Iribarne,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Reference is hereby made to Offer No.&nbsp;10/2018, dated as of November&nbsp;14, 2018 (&#147;<b>Offer No.&nbsp;10/2018</b>&#148;), from Telecom Argentina S.A., as borrower (the &#147;<b>Borrower</b>&#148;), to </font><font size="2" style="font-size:11.0pt;">CPPIB Credit Investments Inc.</font><font size="2" style="font-size:11.0pt;">, as additional lender (the &#147;<b>Additional Lender</b>&#148;), Deutsche Bank AG, London Branch, as initial lender (the &#147;<b>Initial Lender</b>&#148;), and Deutsche Bank Trust Company Americas, as administrative agent (the &#147;<b>Administrative Agent</b>&#148;), in connection with the Lender Accession Agreement referred to therein.&#160; The Additional Lender,&nbsp;Initial Lender and the Administrative Agent hereby notify the Borrower of their acceptance of Offer No.&nbsp;10/2018, with effect as of the date hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[<i>Signature pages&nbsp;follow</i>]</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">CPPIB CREDIT INVESTMENTS<br>   INC., as Additional Lender</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Acknowledged and accepted:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">DEUTSCHE BANK AG, LONDON<br>   BRANCH, as Initial Lender</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">DEUTSCHE BANK TRUST COMPANY AMERICAS, as   Administrative Agent</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">By:</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.38%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:11.5pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">B-</font><font size="3" style="font-size:12.0pt;">2</font><a name="PB_2_173045_3020"></a></p>
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<TYPE>EX-15.10
<SEQUENCE>13
<FILENAME>a19-2958_1ex15d10.htm
<DESCRIPTION>EX-15.10
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Exhibit 15.10<a name="Exhibit15_10_021443"></a></font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Execution Version</font></u></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">INVESTMENT NUMBER 40857</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="6" face="Times New Roman" style="font-size:24.0pt;font-weight:bold;">Loan Agreement</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">between</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">and</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">INTERNATIONAL FINANCE CORPORATION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Dated as of March&nbsp;4, 2019</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Article/</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.08%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section</font></u></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.32%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Item</font></u></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;No.</font></u></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;I</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Definitions and Interpretation</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">1</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;1.01. <i>Definitions</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;1.02. <i>Financial   Calculations</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">15</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;1.03. <i>Interpretation</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;1.04. <i>Business   Day Adjustment</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;II</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">16</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">The Loan</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">16</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.01. <i>The Loan</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.02. <i>Disbursement   Procedure</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">17</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.03. <i>Interest</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">18</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.04. <i>Default   Rate Interest</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">19</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.05. <i>Repayment</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">20</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.06. <i>Prepayment</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">21</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.07. <i>Fees</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">23</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.08. <i>Currency   and Place of Payments</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">24</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.09. <i>Allocation   of Partial Payments</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">25</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.10. <i>Increased   Costs</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">25</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.11. <i>Unwinding   Costs</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">25</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.12. <i>Suspension   or Cancellation by IFC</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">25</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.13. <i>Cancellation   by the Borrower</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.14. <i>Taxes</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">26</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.15. <i>Expenses</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">27</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.16. <i>Illegality</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">28</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;III</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">28</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Representations and Warranties</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">28</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;3.01. <i>Representations   and Warranties</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">28</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;3.02. <i>IFC Reliance</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">33</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;IV</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">33</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Conditions of Disbursement</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">33</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;4.01. <i>Conditions   of Disbursement</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">33</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;4.02. <i>Borrower&#146;s   Certification</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">35</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;4.03. <i>B Loan   Conditions</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">35</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;4.04. <i>Conditions   for IFC Benefit</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">36</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;V</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">36</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Particular Covenants</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">36</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;5.01. <i>Affirmative   Covenants</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">36</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;5.02. <i>Negative   Covenants</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">38</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;5.03. <i>Reporting   Requirements</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">46</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;5.04. <i>Insurance</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">49</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;VI</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">50</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Events of Default</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">50</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;6.01. <i>Acceleration   after Default</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">50</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;6.02. <i>Events of   Default</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;6.03. <i>Bankruptcy</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">52</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;VII</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">53</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Miscellaneous</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">53</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.01. <i>Saving of   Rights</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">53</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.02. <i>Notices</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">53</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.03. <i>English   Language</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">54</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.04. <i>Term of   Agreement</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">54</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.05. <i>Enforcement</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">54</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.06. <i>Disclosure   of Information</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">56</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.07. <i>Indemnification;   No Consequential Damages</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">56</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.08. <i>Successors   and Assignees</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">57</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.09. <i>Amendments,   Waivers and Consents</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">57</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.10. <i>Counterparts;   Delivery</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">57</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.11. <i>Drafting</i></font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">57</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX A</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">60</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">FINANCIAL   PLAN</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">60</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX B</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">61</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">BORROWER/TRANSACTION   AUTHORIZATIONS</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">61</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX C</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">69</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">INVESTMENTS</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">69</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX D</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">70</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">FINANCIAL   DEBT</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">70</font></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX E</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">71</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">SUBSIDIARIES</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX F</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">73</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">INSURANCE   REQUIREMENTS</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">73</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX G</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">74</font></b></p>    </td>   </tr>
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<td width="206" style="border:none;"></td>
<td width="434" style="border:none;"></td>
<td width="68" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">iii</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_iii_025327_2897"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Article/</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.08%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section</font></u></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.32%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Item</font></u></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;No.</font></u></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">EXISTING   LIENS</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">74</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX H</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">75</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANTI-CORRUPTION   GUIDELINES</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">75</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX I</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">78</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">EXISTING   AFFILIATE TRANSACTIONS</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">78</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ANNEX J</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">79</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PROHIBITED   ACTIVITIES</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">79</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 1</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">81</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF   CERTIFICATE OF INCUMBENCY AND AUTHORITY</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">81</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 2(A)</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">83</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF   SUBSEQUENT B LOAN TRANCHE READINESS NOTICE</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">83</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 2(B)</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">84</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF   REQUEST FOR DISBURSEMENT</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">84</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 3</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">87</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF   DISBURSEMENT RECEIPT</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">87</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 4(A)</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">88</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">MATTERS   TO BE COVERED IN LEGAL OPINION OF IFC&#146;S COUNSEL IN THE COUNTRY</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">88</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 4(B)</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">89</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">MATTERS   TO BE COVERED IN LEGAL OPINION OF IFC&#146;S COUNSEL IN NEW YORK</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">89</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 5</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">90</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF   SOLVENCY CERTIFICATE</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">90</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 6</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">92</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF   SERVICE OF PROCESS LETTER</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">92</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 7</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">93</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF   LETTER TO BORROWER&#146;S AUDITORS</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">93</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 8</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">94</font></b></p>    </td>   </tr>
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<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">INFORMATION   TO BE INCLUDED IN ANNUAL REVIEW OF OPERATIONS</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">94</font></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="90%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:90.4%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 9</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">96</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">iv</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_iv_025327_3020"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Article/</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section</font></u></p>    </td>
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<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Item</font></u></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;No.</font></u></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNUAL   MONITORING REPORT</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">96</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 10</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">102</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ENVIRONMENTAL   AND SOCIAL ACTION PLAN (ESAP)</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">102</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SCHEDULE 11</font></b></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">103</font></b></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PERMITTED   HOLDER REPORT</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.6%;">
<p align="right" style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">103</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">LOAN AGREEMENT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">LOAN AGREEMENT (the &#147;<b>Agreement</b>&#148;) dated as of March&nbsp;4, 2019 between Telecom Argentina S.A., a company organized and existing under the laws of the Republic of Argentina (the &#147;<b>Borrower</b>&#148;) and INTERNATIONAL FINANCE CORPORATION, an international organization established by Articles of Agreement among its member countries including the Republic of Argentina (&#147;<b>IFC</b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">RECITALS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">WHEREAS, the Borrower&#146;s principal activity is the provision of telecommunications services in the Republic of Argentina and the Borrower has requested IFC to provide the loans described in this Agreement to finance its capital investments for the year 2019 and its other financial needs; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">WHEREAS, the purpose of IFC is to further economic development by encouraging the growth of productive private enterprise in its member countries by financing operations under Article&nbsp;3 of its Articles of Agreement and IFC is willing to provide those loans upon the terms and conditions set forth in this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;I</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Definitions and Interpretation</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;1.01. <i><u style="font-style:italic;">Definitions</u></i>. Wherever used in this Agreement, the following terms have the following meanings:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>A Loan</b>&#148; means the loan specified in Section&nbsp;2.01(a)(i)&nbsp;(<i>The Loan</i>) or, as the context requires, its principal amount from time to time outstanding;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>A Loan Disbursement</b>&#148; means the disbursement of the A Loan;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>A Loan Interest Rate</b>&#148; means, for any Interest Period, the rate at which interest is payable on the A Loan during that Interest Period, determined in accordance with Section&nbsp;2.03 (<i>Interest</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Accounting Standards</b>&#148; means the International Financial Reporting Standards promulgated by the International Accounting Standards Board (&#147;<b>IASB</b>&#148;) (which include standards and interpretations approved by the IASB and international accounting standards issued under previous constitutions), together with its pronouncements thereon from time to time, as adopted by the Argentine <i>Comisi&#243;n Nacional de Valores</i> in its capacity as corporate supervisory authority over the Borrower and applied on a consistent basis;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Affiliate</b>&#148; means, with respect to any specified Person, any other Person that Controls, is Controlled by or is under common Control with, such specified Person; notwithstanding the foregoing, neither IFC nor any of its Affiliates shall be considered an Affiliate of the Borrower or any Subsidiary of the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Agreement</b>&#148; has the meaning set forth in the preamble;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">2</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_2_024821_4596"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Annual Monitoring Report</b>&#148; means the annual monitoring report substantially in the form attached as Schedule 9 hereto setting out the specific social, environmental and developmental impact reporting requirements of the Borrower in respect of its and its Subsidiaries&#146; Operations, as such may be amended or supplemented from time to time in accordance with the terms hereof;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Applicable S&amp;E Law</b>&#148; means all applicable statutes, laws, ordinances, rules&nbsp;and regulations of the Country, including but not limited to any license, permit or other governmental Authorization, imposing liability or setting standards of conduct concerning any environmental, social, labor, health and safety or security risks of the type contemplated by the Performance Standards;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Argentine Government Obligations</b>&#148; means obligations issued or directly and fully guaranteed or insured by the Country or by any agency or instrumentality thereof; <u>provided</u>, that the full faith and credit of the Country is pledged in support thereof;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Auditors</b>&#148; means Price Waterhouse&nbsp;&amp; Co. S.R.L. or such other firm that the Borrower appoints from time to time as its auditors pursuant to Section&nbsp;5.01(e)&nbsp;(<i>Affirmative Covenants</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Authority</b>&#148; means any national, supranational, regional or local government or governmental, administrative, fiscal, judicial, or government-owned body, department, commission, authority, tribunal, agency or entity, or central bank (or any Person, whether or not government owned and howsoever constituted or called, that exercises the functions of a central bank);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Authorization</b>&#148; means any consent, registration, filing, agreement, notarization, certificate, licenses, approval, authorization, easement, right of way, permit, authority or exemption from, by or with any Authority, whether given by express action or deemed given by failure to act within any specified time period and all corporate, creditors&#146; and shareholders&#146; approvals or consents;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Authorized Representative</b>&#148; means any natural person who is duly authorized by the Borrower, to act on its behalf for the purposes specified in, and whose name and a specimen of whose signature appear on, the Certificate of Incumbency and Authority most recently delivered by such Person to IFC;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>B Loan</b>&#148; means, collectively, the B-1 Loan, the B-2 Loan, the B-3 Loan and the B-4 Loan or, as the context requires, the principal amount from time to time outstanding thereunder;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>B-1 Loan</b>&#148; means the loan specified in Section&nbsp;2.01(a)(ii)(A)&nbsp;(<i>The Loan</i>) or, as the context requires, its principal amount from time to time outstanding;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>B-1 Loan Interest Rate</b>&#148; means, for any Interest Period, the rate at which interest is payable on the B-1 Loan during that Interest Period, determined in accordance with Section&nbsp;2.03 (<i>Interest</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>B-2 Loan</b>&#148; means the loan specified in Section&nbsp;2.01(a)(ii)(B)&nbsp;(<i>The Loan</i>) or, as the context requires, its principal amount from time to time outstanding;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>B-2 Loan Interest Rate</b>&#148; means, for any Interest Period, the rate at which interest is payable on the B-2 Loan during that Interest Period, determined in accordance with Section&nbsp;2.03 (<i>Interest</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>B-3 Loan</b>&#148; means the loan specified in Section&nbsp;2.01(a)(ii)(C)&nbsp;(<i>The Loan</i>) or, as the context requires, its principal amount from time to time outstanding;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>B-3 Loan Interest Rate</b>&#148; means, for any Interest Period, the rate at which interest is payable on the B-3 Loan during that Interest Period, determined in accordance with Section&nbsp;2.03 (<i>Interest</i>);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">3</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_3_024828_5335"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>B-4 Loan</b>&#148; means the loan specified in Section&nbsp;2.01(a)(ii)(D)&nbsp;(<i>The Loan</i>) or, as the context requires, its principal amount from time to time outstanding;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>B-4 Loan Interest Rate</b>&#148; means, for any Interest Period, the rate at which interest is payable on the B-4 Loan during that Interest Period, determined in accordance with Section&nbsp;2.03 (<i>Interest</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Borrower</b>&#148; has the meaning set forth in the preamble;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Buenos Aires Business Day</b>&#148; means a day when banks are open for business in Buenos Aires, Argentina;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Business Day</b>&#148; means a day when banks are open for business in New York, New York and, solely for the purpose of determining the applicable Interest Rate other than pursuant to Section&nbsp;2.03(d)(ii)&nbsp;(<i>Interest</i>), London, England;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Calculation Period</b>&#148; means, for any calculation, a period of four consecutive quarters most recently ended prior to the event requiring the calculation for which financial statements should have been delivered to IFC pursuant to this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Cash Equivalents</b>&#148; means:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Dollars, Euro, Pesos, the other official currencies of any member of the European Union or money in other currencies received or acquired in the ordinary course of business;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">U.S. Government Obligations or certificates representing an ownership interest in U.S. Government Obligations, or securities issued directly and fully guaranteed or insured by any member of the European Union, or any agency or instrumentality thereof (provided, that the full faith and credit of such member is pledged in support of those securities or other sovereign debt obligations (other than those of the Country) rated &#147;A&#148; or higher or such similar equivalent or higher rating by at least one nationally recognized statistical rating organization;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">National or provincial obligations, or Argentine Government Obligations (including those of the central bank of the Country) or certificates representing an ownership interest in Argentine Government Obligations (including those of the central bank of the Country) acquired in the ordinary course of business or which obligations can be applied in payment of taxes or other obligations under Argentine law;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">(A)&nbsp;demand deposits; (B)&nbsp;time deposits and certificates of deposit with maturities of one year or less from the date of acquisition; (C)&nbsp;bankers&#180; acceptance with maturities not exceeding one year from the date of acquisition; and (D)&nbsp;overnight bank deposits, in each case with any bank or trust company organized or licensed under the laws of Argentina or any state thereof;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">(A)&nbsp;demand deposits; (B)&nbsp;time deposits and certificates of deposit with maturities of one year or less from the date of acquisition; (C)&nbsp;bankers&#180; acceptance with maturities not exceeding one year from the date of acquisition; and (D)&nbsp;overnight bank deposits, in each case with any bank or trust company organized or licensed</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">4</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_4_024837_5796"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">under the laws of the United States of America or any state thereof or under the laws of any member state of the European Union, in each case whose short-term debt is rated &#147;A-2&#148; or higher or such similar equivalent or higher rating by at least one nationally recognized statistical rating organization;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(vi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">repurchase obligations with a term of not more than 7 days for underlying securities of the type described in clauses (ii)&nbsp;and (v)&nbsp;above entered into with any financial institution meeting the qualifications specified in clause (v)&nbsp;above;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(vii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Commercial paper rated &#147;A-2&#148; or higher rating by at least one nationally recognized statistical rating organization and maturing within six months after the date of acquisition;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(viii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Money market and mutual funds; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ix)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Substantially similar investments, of comparable credit quality, denominated in Dollars or in the currency of any jurisdiction in which the Borrower conducts business;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Certificate of Incumbency and Authority</b>&#148; means a certificate provided to IFC in the form of Schedule 1;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&#147;Change of Control&#148;</font></b><font size="2" style="font-size:11.0pt;"> means any of the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Permitted Holders, at any time and for any reason, cease to Control the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any person or group other than the Permitted Holders shall have obtained the power (whether or not exercised) to elect a majority of the board of directors of the Borrower; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">a &#147;change of control&#148; or similar event shall occur as provided in any other loan or preferred stock documentation relating to the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Charter</b>&#148; means with respect to any Person, the memorandum and articles of association, by laws (<i>estatutos sociales</i>) and/or such other constitutive document, howsoever called, of such Person;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Coercive Practice</b>&#148; has the meaning assigned to it in Annex H;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Collusive Practice</b>&#148; has the meaning assigned to it in Annex H;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Compliance Advisor/Ombudsman (CAO)</b>&#148; means the independent accountability mechanism for IFC that impartially responds to environmental and social concerns of affected communities and aims to enhance outcomes;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Consolidated</b>&#148;<b> or </b>&#147;<b>Consolidated Basis</b>&#148; means (with respect to any financial statements to be provided, or any financial calculation to be made, under or for the purposes of this Agreement and any other IFC Financing Document) the method referred to in Section&nbsp;1.02(c)&nbsp;(<i>Financial Calculations</i>); and the entities whose accounts are to be consolidated with the accounts of the Borrower are all the Subsidiaries of the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">5</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_5_024846_2897"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Control</b>&#148; or &#147;<b>Controlled</b>&#148; means, with respect to any Person, the power (whether directly or indirectly and whether through the ownership of shares or other securities, by contract or otherwise) to (i)&nbsp;appoint and/or remove all or a majority of the members of the board of directors or other governing body of such Person, (ii)&nbsp;direct or cause the direction of the management or policies of such Person, or (iii)&nbsp;obtain the necessary majority voting interests for making decisions at the equity holders meetings of such Person;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Corrupt Practice</b>&#148; has the meaning assigned to it in Annex H;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Country</b>&#148; means the Republic of Argentina;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&#147;Disbursement&#148;</font></b><font size="2" style="font-size:11.0pt;"> means any or all of the A Loan Disbursement, the Initial B Loan Tranche Disbursement or the Subsequent B Loan Tranche Disbursement, as the context requires;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Dollars</b>&#148;<b> and </b>&#147;<b>$</b>&#148; means the lawful currency of the United States of America;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>EBITDA</b>&#148; means, for the relevant Calculation Period for any Person or specified group of Persons, Net Income for such period (without giving effect to (x)&nbsp;any extraordinary gains, (y)&nbsp;any non- cash income, and (z)&nbsp;any gains or losses from sales of assets other than inventory sold in the ordinary course of business) adjusted by adding thereto (in each case to the extent deducted in determining Net Income for such period), without duplication, the amount of (i)&nbsp;total interest expense (inclusive of amortization of deferred financing fees and other original issue discount and banking fees, charges and commissions (e.g., letter of credit fees and commitment fees)) of such Person or specified group of Persons determined on a Consolidated Basis for such period (or on both an unconsolidated basis and a Consolidated Basis if applicable under this Agreement), (ii)&nbsp;tax expense based on income and foreign withholding taxes for such Person or specified group of Persons determined on a Consolidated Basis for such period (or on both an unconsolidated basis and a Consolidated Basis if applicable under this Agreement), and (iii)&nbsp;all depreciation and amortization expense of such Person or specified group of Persons determined on a Consolidated Basis for such period (or on both an unconsolidated basis and a Consolidated Basis if applicable under this Agreement);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>ESRS</b>&#148; means the Environmental and Social Review Summary prepared and published by IFC and approved by the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Euro</b>&#148; and &#147;<b>EUR</b>&#148; means the single, unified, lawful currency of those member states of the European Union participating in the Economic and Monetary Union;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Event of Default</b>&#148; means any one of the events or circumstances specified in Section&nbsp;6.02 (<i>Events of Default</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Financial Debt</b>&#148; means as to any Person:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any indebtedness of such Person for or in respect of borrowed money;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the outstanding principal amount of any bonds, debentures, notes, loan stock, commercial paper, acceptance credits, bills or promissory notes drawn, accepted, endorsed or issued by such Person, except indebtedness in respect of any bid, performance, surety bond, <i>cauci&#243;n </i>or <i>fianza</i> in the ordinary course of business for the account of any Person;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">6</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_6_024854_3020"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any indebtedness of such Person for or in respect of the deferred purchase price of assets or services (except trade accounts incurred and payable in the ordinary course of business to trade creditors of such Person within 180 days of the date they are incurred and which are not overdue);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">non-contingent obligations of such Person to reimburse any other Person for amounts payable by that Person under a letter of credit or similar instrument (excluding any letter of credit or similar instrument issued for the account of such Person with respect to trade accounts incurred and payable in the ordinary course of business to trade creditors of such Person within 365 days of the date they are incurred and which are not overdue);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the amount of any obligation of such Person in respect of any Financial Lease;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(vi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">amounts raised by such Person under any other transaction having the financial effect of a borrowing and which would be classified as a borrowing (and not as an off-balance sheet financing) under the Accounting Standards;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(vii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the amount of the obligations of such Person under Hedging Contracts entered into in connection with the protection against or benefit from fluctuation in any rate or price (but only the net amount owing by such Person after marking the relevant Hedging Contracts to market);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(viii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">all indebtedness of the types described in the foregoing items secured by a Lien on any property owned by such Person, whether or not such indebtedness has been assumed by such Person;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ix)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">all obligations of such Person to pay a specified purchase price for goods and services, whether or not delivered or accepted (i.e., take or pay or similar obligations);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(x)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person; any liability of such Person under any sale and leaseback transactions that do not create a liability on the balance sheet of such Person, any obligation under a &#147;synthetic lease&#148; or any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(xi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the amount of any obligation in respect of any guarantee or indemnity incurred by such Person for any of the foregoing items incurred by any other Person; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(xii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any premium payable by such Person on a mandatory redemption or replacement of any of the foregoing items;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Financial Lease</b>&#148; means any lease or hire purchase contract which would, under the Accounting Standards, be treated as a finance or capital lease;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Financial Plan</b>&#148; means the proposed sources of financing for the Transaction as set out in Annex A;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Financial Year</b>&#148; means with respect to the Borrower and each of its Subsidiaries, the accounting year commencing each year on January&nbsp;1st and ending on the following December&nbsp;31st, or such other period as such Person, with IFC&#146;s consent, from time to time designates as its accounting year;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">7</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_7_024900_7748"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Foreign Exchange Regulations</b>&#148; means any foreign exchange regulation issued by the Congress, the Presidency, the Ministry of Treasury, the Ministry of Finance, the central bank or any other applicable Governmental Authority of the Country related to payments in foreign currency, dealings in foreign exchange and the import and export of currency, currency control and/or foreign indebtedness and, in each case, applicable to the IFC Financing Documents;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Fraudulent Practice</b>&#148; means has the meaning assigned to it in Annex H;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Hedging Contract</b>&#148; means (i)&nbsp;any interest rate swap agreement, interest rate cap agreement or other agreement designed to protect against fluctuations in interest rates or (ii)&nbsp;any foreign exchange forward contract, currency swap agreement or other agreement designed to protect against fluctuations in foreign exchange rates, in each case entered into the ordinary course of business;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>IASB</b>&#148; has the meaning set forth in the definition of &#147;Accounting Standards&#148;;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>ICE</b>&#148; has the meaning set forth in the definition of &#147;LIBOR&#148;;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>IFC</b>&#148; has the meaning set forth in the preamble;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>IFC Fee Letter</b>&#148; means that certain letter agreement entered into by and between IFC and Borrower dated on or about the date hereof, in which Borrower confirms and agrees to pay IFC such fees as set forth therein;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>IFC Financing Documents</b>&#148; means, collectively, this Agreement, the Lender Fee Letter and the IFC Fee Letter;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Increased Costs</b>&#148; means the amount certified in an Increased Costs Certificate to be the net incremental costs of, or reduction in return to,&nbsp;IFC, derived from any net incremental cost, or reduction in return to,&nbsp;IFC or any Participant in connection with the making or maintaining of the Loan or its Participation, respectively, that result from:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any change in any applicable law or regulation or directive (whether or not having the force of law) or in its interpretation or application by any Authority charged with its administration; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">compliance with any request from, or requirement of, any central bank or other monetary or other Authority;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">which, in either case, after the date of this Agreement:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;imposes, modifies or makes applicable any reserve, special deposit or similar requirements against assets held by, or deposits with or for the account of, or loans made by,&nbsp;IFC or that Participant;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(B)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">imposes a cost on IFC as a result of IFC having made the Loan or on that Participant as a result of that Participant having acquired its Participation or reduces the rate of return on the overall capital of IFC or that Participant that it would have achieved, had IFC not made the Loan or that Participant not acquired its Participation, as the case may be;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">8</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_8_024906_141"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(C)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">changes the basis of taxation on payments received by IFC in respect of the Loan or by that Participant with respect to its Participation (otherwise than by a change in taxation of the overall net income of IFC or that Participant imposed by the jurisdiction of its incorporation or in which it books its Participation or in any political subdivision of any such jurisdiction); or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(D)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">imposes on IFC or that Participant any other condition regarding the making or maintaining of the Loan or such Participation;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">but excluding any incremental costs of making or maintaining a Participation that are a direct result of that Participant having its principal office in the Country or having or maintaining a permanent office or establishment in the Country, if and to the extent that permanent office or establishment acquires that Participation;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Increased Costs Certificate</b>&#148; means a certificate provided from time to time by IFC (based on a certificate to IFC from any Participant, if Increased Costs affect its Participation), certifying:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the circumstances giving rise to the Increased Costs;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">that the costs of IFC or, as the case may be, that Participant have increased or the rate of return of any of them has been reduced;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">that,&nbsp;IFC or, as the case may be, that Participant, has, in its opinion, exercised reasonable efforts to minimize or eliminate the relevant increase or reduction, as the case may be; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the amount of Increased Costs; </font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&#147;Initial B Loan Tranche&#148;</font></b><font size="2" style="font-size:11.0pt;"> means, collectively, the B-1 Loan and the B-2 Loan;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Initial B Loan Tranche Disbursement</b>&#148; means, collectively, the disbursement of the B-1 Loan and the B-2 Loan;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Interest Coverage Ratio</b>&#148; means, for the relevant Calculation Period, the ratio determined either on a Consolidated Basis or on both an unconsolidated basis (which, for the avoidance of doubt, shall mean without including the results, assets or liabilities of the relevant Person&#146;s Subsidiaries) and a Consolidated Basis, as applicable, in accordance with Section&nbsp;5.01(m)&nbsp;(<i>Affirmative Covenants</i>), obtained by dividing:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the aggregate EBITDA of the Borrower, as determined, as applicable, either on a Consolidated Basis or on both an unconsolidated basis and a Consolidated Basis, for the four consecutive fiscal quarters most recently ended prior to the relevant date of calculation;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">by:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the aggregate Net Interest of the Borrower, as determined, as applicable, either on a Consolidated Basis or on both an unconsolidated basis and a Consolidated</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">9</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_9_024911_7608"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Basis, for the four consecutive fiscal quarters most recently ended prior to the relevant date of calculation;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Interest Determination Date</b>&#148; means except as otherwise provided in Section&nbsp;2.03(d)(ii)&nbsp;(<i>Interest</i>), the second Business Day before the beginning of each Interest Period;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Interest Payment Date</b>&#148; means February&nbsp;15 and August&nbsp;15 in each year in any year;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Interest Period</b>&#148; means each period of 6 months in each case beginning on an Interest Payment Date and ending on the day immediately before the next following Interest Payment Date, except in the case of the first period applicable to each Disbursement when it means the period beginning on the date on which that Disbursement is made and ending on the day immediately before the next following Interest Payment Date;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Interest Rate</b>&#148; means (i)&nbsp;with respect to the A Loan, the A Loan Interest Rate, (ii)&nbsp;with respect to the B-1 Loan, the B-1 Loan Interest Rate, (iii)&nbsp;with respect to the B-2 Loan, the B-2 Loan Interest Rate, (iv)&nbsp;with respect to the B-3 Loan, the B-3 Loan Interest Rate, or (v)&nbsp;with respect to the B-4 Loan, the B-4 Loan Interest Rate, as the context requires;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Investment</b>&#148; has the meaning specified in Section&nbsp;5.02(k)&nbsp;(<i>Negative Covenants</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&#147;Lender Fee Letter&#148; </font></b><font size="2" style="font-size:11.0pt;">means that certain letter agreement entered into by and between IFC and Borrower dated on or about the date hereof, in which Borrower confirms and agrees to pay IFC such fees as set forth therein;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Liabilities</b>&#148; means the aggregate of all obligations (actual or contingent) of any Person to pay or repay money, including, without limitation:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Financial Debt of such Person;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the amount of all liabilities of such Person under any conditional sale or a transfer with recourse or obligation to repurchase, including, without limitation, by way of discount or factoring of book debts or receivables;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">taxes (including deferred taxes) of such Person;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">trade accounts that are payable in the ordinary course of business to trade creditors of such Person within 180 days of the date they are incurred and which are not overdue (including letters of credit or similar instruments issued for the account of such Person with respect to such trade accounts);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">accrued expenses of such Person, including wages and other amounts due to employees and other services providers;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(vi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the amount of all liabilities of such Person howsoever arising to redeem any of its shares; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(vii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">to the extent (if any) not included in the definition of Financial Debt, the amount of all liabilities of any other Person to the extent such Person guarantees them or otherwise obligates itself to pay them;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">10</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_10_024916_8146"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>LIBOR</b>&#148; means the interbank offered rates for deposits in the Loan Currency by the ICE Benchmark Administration Limited (&#147;<b>ICE</b>&#148;) (or NYSE Euronext or any applicable successor entity) which appear on the relevant page&nbsp;of the Reuters Service (currently page&nbsp;LIBOR01) or, if not available, on the relevant pages&nbsp;of any other service (such as Bloomberg Financial Markets Service) that displays such rates; <u>provided</u>, that if the ICE (or NYSE Euronext, or any applicable successor entity) for any reason ceases (whether permanently or temporarily) to publish interbank offered rates for deposits in the Loan Currency for the relevant Interest Period, &#147;<b>LIBOR</b>&#148; shall mean the rate determined pursuant to Section&nbsp;2.03(d)&nbsp;(<i>Interest</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Lien</b>&#148; means any mortgage, pledge, charge, assignment, hypothecation, security interest, title retention, preferential right, trust arrangement, right of set-off, counterclaim or banker&#146;s lien, privilege or priority of any kind having the effect of security, any designation of loss payees or beneficiaries or any similar arrangement under or with respect to any insurance policy;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Loan</b>&#148; means collectively, the A Loan and the B Loan or, as the context requires, the principal amount of the A Loan and the B Loan outstanding from time to time;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Loan Currency</b>&#148; means Dollars;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Market Disruption Event</b>&#148; means that, before the close of business in London on the Interest Determination Date for the relevant Interest Period, the cost to IFC or Participants whose Participations in the Loan represent in the aggregate 30% or more of the outstanding principal amount of the Loan (as notified to IFC by such Participants) of funding the Loan or such Participations (as applicable) would be in excess of LIBOR;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Material Adverse Effect</b>&#148; means a material adverse effect on:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower and its Subsidiaries&#146; business, operations, property, liabilities, condition (financial or otherwise), prospects or the carrying on of the Borrower and its Subsidiaries&#146; business or operations;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the implementation of the Transaction or the Financial Plan; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the ability of the Borrower and its Subsidiaries to comply with their respective obligations under this Agreement or under any other IFC Financing Document to which any of them is a party;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Net Debt to EBITDA Ratio</b>&#148; means, for the relevant Calculation Period, the ratio determined either on a Consolidated Basis or on both an unconsolidated basis and a Consolidated Basis, as applicable, in accordance with Section&nbsp;5.01(m)&nbsp;(<i>Affirmative Covenants</i>), obtained by dividing:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">(A)&nbsp;the Financial Debt of the Borrower <i>less </i>(B)&nbsp;the Borrower&#146;s cash and Cash Equivalents at such time, each of (A)&nbsp;and (B)&nbsp;determined, as applicable, either on a Consolidated Basis or on both an unconsolidated basis and a Consolidated Basis, at the time of the calculation,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">by:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the aggregate EBITDA of the Borrower, as determined, as applicable, either on a Consolidated Basis or on both an unconsolidated basis and a Consolidated Basis,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">11</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_11_021436_4602"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">for the four consecutive fiscal quarters most recently ended prior to the relevant date of calculation;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Net Income</b>&#148; means for any period, the excess (if any) of gross income over total expenses (provided that income taxes shall be treated as part of total expenses) during such period for any Person or specified group of Persons;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Net Interest</b>&#148; means, for any period, any interest accrued by the Borrower in connection with liabilities of such Borrower <i>minus</i> any interest received from assets belonging to the Borrower, in each case determined in accordance with the Accounting Standards;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Non-Recourse Pledges</b>&#148; means pledges of shares of an entity, which entity primarily engages in business ancillary to the business of the Borrower and which entity&#146;s capital stock is owned by the Borrower in accordance with all applicable provisions of this Agreement, which pledges are without further recourse to the Borrower to guarantee debt incurred by such entity and are not otherwise guaranteed by the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Obstructive Practice</b>&#148; has the meaning assigned to in in Annex H;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Operations</b>&#148; means the operations, activities and facilities of any Person (including the design, construction, operation, maintenance, management and monitoring thereof, as applicable) in the Country;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Participant</b>&#148; means any Person who acquires a Participation;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Participation</b>&#148; means the interest of any Participant in the A Loan or the B Loan, or as the context requires, in the A Loan Disbursement, the Initial B Loan Tranche Disbursement or the Subsequent B Loan Tranche Disbursement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Participation Agreement</b>&#148; means an agreement between IFC and one or more Participant(s)&nbsp;pursuant to which each Participant acquires a Participation; <u>provided</u>, for the avoidance of doubt, that, (i)&nbsp;the Borrower shall not be considered a party to any Participation Agreement, (ii)&nbsp;the Borrower shall not deal with any Participant for purposes of this Agreement, (iii)&nbsp;no provision in this Agreement relating to Participants shall be interpreted as a transfer by IFC of any of its rights or obligations under this Agreement to a Participant, and (iv)&nbsp;no Participant shall be considered an intended third party beneficiary of this Agreement; <u>provided</u>  <u>further</u>, that nothing in the foregoing proviso shall limit IFC&#146;s right to transfer (at its own cost and expense) the Loan or any portion thereof and corresponding rights under this Agreement to any Person (including, for the avoidance of doubt, any Participant);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Performance Standards</b>&#148; means IFC&#146;s Performance Standards on Social&nbsp;&amp; Environmental Sustainability, dated January&nbsp;1, 2012, a copy of which has been delivered to and receipt of which has been acknowledged by the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Permitted Acquisition</b>&#148; means the acquisition by the Borrower or a Subsidiary of the Borrower of a Person or business (including by way of merger of such Person or business with and into the Borrower or a Subsidiary (so long as the Borrower or such Subsidiary is the surviving corporation)); <u>provided</u>, that (in each case) (i)&nbsp;the consideration paid or to be paid by the Borrower or such Subsidiary consists solely of cash, stock of the Borrower, the issuance or incurrence of Financial Debt otherwise permitted by the IFC Financing Documents and/or the assumption or acquisition of any Financial Debt (calculated at face value) of such acquired Person or business which is permitted to remain outstanding in accordance with the requirements of the IFC Financing Documents, or a combination thereof, (ii)&nbsp;the</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">12</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_12_021512_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">acquired Person or business is in a business permitted by the IFC Financing Documents, and (iii)&nbsp;all other requirements of Section&nbsp;5.02(k)(vii)&nbsp;(<i>Negative Covenants</i>) are satisfied;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&#147;Permitted Holders&#148;</font></b><font size="2" style="font-size:11.0pt;"> means any of the following Persons as long as they do not appear on any Sanctions Lists:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Cablevisi&#243;n Holding S.A., VLG S.A.U., Fintech Advisory,&nbsp;Inc., Fintech Telecom LLC and any of their respective successors;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any of (A)&nbsp;the Persons listed in Schedule 11 (as updated from time to time), (B)&nbsp;any Privileged Relatives of such Persons, and (C)&nbsp;any Person (other than an individual) directly or indirectly majority owned and controlled by one or more Persons set forth in subclause (A)&nbsp;or (B)&nbsp;of this definition; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">an internationally recognized, investment grade telecommunications company listed on a major stock exchange (or any Subsidiary thereof, provided, that in the case of a Subsidiary that is not a wholly owned Subsidiary, no other shareholder of such Subsidiary appears on any Sanctions List) if it obtains the power (whether or not exercised) to elect a majority of the board of directors of the Borrower; <u>provided</u>, that, any such internationally recognized, investment grade telecommunications company listed on a major stock exchange shall not be considered a Permitted Holder for the purposes of this Agreement, if a Change of Control takes place and as a result of such transaction or series of transactions the Borrower no longer holds a credit rating equal to or higher than its credit rating as determined immediately before such transaction or series of transactions;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Permitted Leases</b>&#148; means leases incurred in the ordinary course of business operation;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Permitted Lien</b>&#148; has the meaning specified in Section&nbsp;5.02(g)&nbsp;(<i>Negative Covenants</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&#147;Permitted Refinancing Debt&#148; </font></b><font size="2" style="font-size:11.0pt;">means Financial Debt used exclusively to refinance, refund, renew or extend other Financial Debt, <u>provided</u>, that: (i)&nbsp;the principal amount of such Financial Debt is not increased; (ii)&nbsp;any Liens securing such Financial Debt are not extended to any additional property; (iii)&nbsp;such refinancing, refunding, renewal or extension does not result in a shortening of the average weighted maturity of the Financial Debt so refinanced, refunded, renewed or extended; and (iv)&nbsp;the terms of any such refinancing, refunding, renewal or extension are no less favorable to the Borrower than (A)&nbsp;the Financial Debt being refinanced, refunded, renewed or extended or (B)&nbsp;the terms generally available in the market for an arm&#146;s length transaction in respect of Financial Debt containing the terms of such Permitted Refinancing Debt;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Person</b>&#148; means any natural person, corporation, company, partnership, firm, voluntary association, joint venture, trust, unincorporated organization, Authority or any other entity whether acting in an individual, fiduciary or other capacity;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Peso</b>&#148; means the lawful currency of the Republic of Argentina;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;P<b>olitically Exposed Person</b>&#148; means a natural person who is entrusted with prominent public or political functions, such as heads of state or government and senior government officials;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Potential Event of Default</b>&#148; means any event or circumstance which would, with notice, lapse of time, the making of a determination or any combination thereof, become an Event of Default;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">13</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_13_021649_5335"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Privileged Relatives</b>&#148; means, in relation to an individual, his or her spouse and any relative of such individual with a common ancestor up to the fourth degree (including adopted children who have been adopted during their minority and step-children who have acquired that relationship with such individual or with any such relative during their minority) and any spouse of any such relative;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Pro Forma Basis</b>&#148; means, in connection with any calculation of compliance with any financial covenant or financial term, the calculation thereof after giving effect on a pro <u>forma</u> basis to (x)&nbsp;the incurrence of any Financial Debt, (y)&nbsp;the permanent repayment of any Financial Debt after the first day of the relevant Calculation Period, and (z)&nbsp;any Permitted Acquisition, the making of a Restricted Payment or any other transaction subject to pro <u>forma</u> financial covenant compliance hereunder consummated during the relevant Calculation Period, with the following rules&nbsp;to apply in connection therewith:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">all Financial Debt (A)&nbsp;incurred or issued after the first day of the relevant Calculation Period shall be deemed to have been incurred or issued (and the proceeds thereof applied) on the first day of such Calculation Period and remain outstanding through the date of determination and (B)&nbsp;permanently retired or redeemed after the first day of the relevant Calculation Period shall be deemed to have been retired or redeemed on the first day of such Calculation Period and remain retired through the date of determination;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">all Financial Debt assumed to be outstanding pursuant to preceding clause (i)&nbsp;shall be deemed to have borne interest at (A)&nbsp;in the case of fixed rate Financial Debt, the rate applicable thereto, or (B)&nbsp;in the case of floating rate Financial Debt, the rates which would have been applicable thereto during the respective period when the same was deemed outstanding;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">in making any determination of EBITDA on a Pro Forma Basis, <u>pro</u>  <u>forma</u> effect shall be given to any Permitted Acquisition or any other transaction subject to <u>pro</u>  <u>forma</u> financial covenant compliance hereunder if effected during the respective Calculation Period as if the same had occurred on the first day of the respective Calculation Period; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">such calculation shall exclude all cash derived from the incurrence or projected incurrence of new Financial Debt (other than an amount of such cash equal to the installments of Financial Debt coming due within 6 months of such incurrence which are intended to be repaid with the proceeds of such incurrence of Financial Debt);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Prohibited Activities</b>&#148; means any of the activities listed as such in Annex J; </font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Relevant Change</b>&#148; has the meaning set forth in Section&nbsp;2.16 (<i>Illegality</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Relevant Spread</b>&#148; means (i)&nbsp;with respect to the A Loan, 4.85% per annum, (ii)&nbsp;with respect to the B-1 Loan, 4.60% per annum, (iii)&nbsp;with respect to the B-2 Loan, 4.85% per annum, (iv)&nbsp;with respect to the B-3 Loan, 4.60% per annum, and (v)&nbsp;with respect to the B-4 Loan, 4.85% per annum;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Restricted Payment</b>&#148; means, with respect to any Person, the (i)&nbsp;declaration or payment of a dividend, distribution or return of any equity capital to its stockholders, partners or members or authorization or making of any other distribution, payment or delivery of property (other than common stock of such Person) or cash to its stockholders, partners or members in their capacity as such, or (ii)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">14</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_14_021850_5796"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">redemption, retirement, purchase or other acquisition of, or permitting of any Subsidiary to redeem, retire, purchase or otherwise acquire, directly or indirectly, any shares of any class of its capital stock outstanding on or after the date of this Agreement (or any options or warrants issued by such Person with respect to its capital stock), or setting aside of any funds for any of the foregoing purposes, or (iii)&nbsp;making of any payment of any kind on or in respect of subordinated Financial Debt held by any Affiliate of such Person. Without limiting the foregoing, &#147;<b>Restricted Payments</b>&#148; with respect to any Person shall also include all payments made or required to be made by such Person with respect to any stock appreciation rights, plans, equity incentive or achievement plans or any similar plans or setting aside of any funds for the foregoing purposes;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Revenues</b>&#148; means, for the relevant Calculation Period for any Person or specified group of Persons, the revenues of such Person or specified group of Persons determined on a Consolidated Basis for such period (or on both an unconsolidated basis and a Consolidated Basis if applicable under this Agreement) as stated in the relevant audited financial statements or unaudited financial statements, as the case may be;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>S&amp;E Action Plan</b>&#148; means the plan or plans developed by the Borrower in the form of Schedule 10 setting out specific social and environmental measures to be undertaken by the Borrower, for the implementation or operation of its Operations in compliance with the Performance Standards, as such S&amp;E Action Plan may be amended or supplemented from time to time with IFC&#146;s consent;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>S&amp;E Management System</b>&#148; means the Borrower&#146;s social and environmental management system enabling it to identify, assess and manage risks in respect of its and its Subsidiaries&#146; Operations on an ongoing basis;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Sanctionable Practice</b>&#148; means any Corrupt Practice, Fraudulent Practice, Coercive Practice, Collusive Practice, or Obstructive Practice, as those terms are defined herein and interpreted in accordance with the Anti-Corruption Guidelines attached to this Agreement as Annex H;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Sanctions Lists</b>&#148; means any of the following lists: (i)&nbsp;lists promulgated by the United Nations Security Council or its committees pursuant to resolutions issued under Chapter VII of the United Nations Charter, (ii)&nbsp;the World Bank Listing of Ineligible Firms (see www.worldbank.org/debarr or any successor website or location), (iii)&nbsp;the Specially Designated Nationals List published by the Office of Foreign Assets Control of the U.S. Department of the Treasury, or (iv)&nbsp;any other sanctions or debarment list published by the United Nations, the United States government or any agency thereof; without limiting the foregoing, for the purposes of this definition, a Person shall be considered included in a Sanctions List if such Person is: (A)&nbsp;engaging in any prohibited activities described in the resolutions issued under Chapter VII of the United Nations Charter by the United Nations Security Council or its committees, (B)&nbsp;convicted of criminal misconduct, or (C)&nbsp;a Politically Exposed Person;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&#147;SEC&#148;</font></b><font size="2" style="font-size:11.0pt;"> means the United States Securities and Exchange Commission;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Subsidiary</b>&#148; means any Person (referred to as the &#147;first person&#148;) in respect of which another Person (referred to as the &#147;second person&#148;):</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">has the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to: (A)&nbsp;cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the first person; (B)&nbsp;appoint or remove all, or the majority, of the directors or other equivalent officers of the first person; or (C)&nbsp;give directions with respect to the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">15</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_15_022051_2897"></a></font></p>
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<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">operating and financial policies of the first person with which the directors or other equivalent officers of the first person are obliged to comply; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">holds beneficially (directly or indirectly) more than 50% of the issued share capital of the first person (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Subsequent B Loan Tranche</b>&#148; means, collectively, the B-3 Loan and the B-4 Loan;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Subsequent B Loan Tranche Disbursement</b>&#148; means, collectively, the disbursement of the B-3 Loan and the B-4 Loan;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Subsequent B Loan Tranche Readiness Notice</b>&#148; means a notice issued by IFC and acknowledged and agreed by the Borrower, in the form of Schedule 2(A), confirming that the syndication of the Subsequent B Loan Tranche has been completed;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Taxes</b>&#148; means any present or future taxes, withholding obligations, duties and other charges of whatever nature levied by any Authority;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>Transaction</b>&#148; means the financing of the Borrower&#146;s capital investments for the year 2019;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>U.S. Government Obligations</b>&#148; means (i)&nbsp;direct obligations issued by the United States of America and (ii)&nbsp;obligations fully guaranteed by the full faith and credit of the United States of America or any agency thereof;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>World Bank</b>&#148; means the International Bank for Reconstruction and Development, an international organization established by Articles of Agreement among its member countries; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#147;<b>World Bank Listing of Ineligible Firms</b>&#148; means the list, as updated from time to time, of persons or entities ineligible to be awarded a World Bank Group-financed contract or otherwise sanctioned by the World Bank Group sanctions board for the periods indicated on the list because they were found to have violated the fraud and corruption provisions of the World Bank Group anticorruption guidelines and policies (the list may be found at <u>http://www.worldbank.org/debarr</u> or any successor website or location).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;1.02. <i><u style="font-style:italic;">Financial Calculations</u></i>. (a)&nbsp;All financial calculations to be made under, or for the purposes of, this Agreement and any other IFC Financing Document shall be made in accordance with the Accounting Standards and, except as otherwise required in this Agreement or to conform to any provision of this Agreement, shall be calculated from the then most recently issued quarterly financial statements which the Borrower is obligated to furnish to IFC under Section&nbsp;5.03(a)&nbsp;(<i>Reporting Requirements</i>).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If a financial calculation is to be made based on information from the last quarter of any given Financial Year, then IFC shall base those calculations instead on the audited financial statements for such Financial Year.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If a financial calculation is to be made under or for the purposes of this Agreement or any other IFC Financing Document on a Consolidated Basis, that calculation shall be made by reference to the sum of all amounts of similar nature reported in the relevant financial statements of each of the entities whose accounts are to be consolidated with the accounts of the Borrower plus or minus the consolidation</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">16</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_16_022243_3020"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">adjustments customarily applied to avoid double counting of transactions among any of those entities, including the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;1.03. <i><u style="font-style:italic;">Interpretation</u></i>. In this Agreement, unless the context otherwise requires:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; headings are for convenience only and do not affect the interpretation of this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; words importing the singular include the plural and vice versa;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a reference to an Annex, Article, party, Schedule or Section&nbsp;is a reference to that Article&nbsp;or Section&nbsp;of, or that Annex, party or Schedule to, this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a reference to a document includes an amendment or supplement to, or replacement or novation of, that document but disregarding any amendment, supplement, replacement or novation made in breach of this Agreement; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a reference to a party to any document includes that party&#146;s successors and permitted assigns.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;1.04. <i><u style="font-style:italic;">Business Day Adjustment</u>.</i> (a)&nbsp;When an Interest Payment Date is not a Buenos Aires Business Day or a Business Day, then such Interest Payment Date shall be automatically changed to the next date that is a Buenos Aires Business Day and a Business Day, as applicable, in that calendar month (if there is one) or the preceding date that is a Buenos Aires Business Day and a Business Day, as applicable, (if there is not).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; When the day on or by which a payment (other than a payment of principal or interest) is due to be made is not a Buenos Aires Business Day or not a Business Day, that payment shall be made on or by the next Buenos Aires Business Day or the next Business Day, as applicable, in that calendar month (if there is one) or the preceding Buenos Aires Business Day or the preceding Business Day, as applicable, (if there is not).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;II</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">The Loan</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.01. <i><u style="font-style:italic;">The Loan</u></i>. (a)&nbsp;Subject to the provisions of this Agreement,&nbsp;IFC agrees to lend, and the Borrower agrees to borrow, the Loan consisting of:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the A Loan, being one hundred and ten million Dollars ($110,000,000);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the B Loan, being initially one hundred and eighty million Dollars ($180,000,000), subject to potential increase by the Subsequent B Loan Tranche, and comprised of the following tranches:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160; the B-1 Loan, being one hundred thirty million Dollars ($130,000,000);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160; the B-2 Loan, being fifty million Dollars ($50,000,000);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">17</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_17_022408_7748"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the B-3 Loan, being an amount in Dollars as set forth in the Subsequent B Loan Tranche Readiness Notice, which amount shall be determined by IFC in its sole discretion; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(D)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the B-4 Loan, being an amount in Dollars as set forth in the Subsequent B Loan Tranche Readiness Notice, which amount shall be determined by IFC in its sole discretion.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">provided</font></u><font size="2" style="font-size:11.0pt;">, <u>however</u>, that the aggregate amount of the Subsequent B Loan Tranche added to the aggregate amount of the A Loan and the Initial B Loan Tranche shall not exceed four hundred and fifty million Dollars ($450,000,000).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything to the contrary herein, the rights and obligations of the parties hereto with respect to the Subsequent B Loan Tranche (including without limitation the Subsequent B Loan Tranche Disbursement) shall not become effective unless and until IFC provides the Borrower the Subsequent B Loan Tranche Readiness Notice confirming that the syndication of the Subsequent B Loan Tranche has been completed. The Borrower acknowledges the foregoing and further acknowledges that the Subsequent B Loan Tranche syndication may not be successful.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.02. <i><u style="font-style:italic;">Disbursement Procedure</u></i>. (a)&nbsp;The Borrower may request Disbursements by delivering to IFC, at least 10 Business Days prior to the proposed date of disbursement, a request for disbursement substantially in the form of Schedule 2(B).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the requirements of Section&nbsp;4.01 (<i>Conditions of Disbursement</i>) and Section 4.02 (<i>Borrower&#146;s Certification</i>), each Disbursement shall be made:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">if the requested Disbursement is of the A Loan, the Initial B Loan Tranche and the Subsequent B Loan Tranche, such Disbursement shall be made for the full amounts of the A Loan, the Initial B Loan Tranche (for the avoidance of doubt, for the full amounts of the B-1 Loan and the B-2 Loan, respectively), and the Subsequent B Loan Tranche (for the avoidance of doubt, for the full amounts of the B-3 Loan and the B-4 Loan, respectively), respectively;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">if the requested Disbursement is of the A Loan and the Initial B Loan Tranche, such Disbursement shall be made for the full amounts of the A Loan and the Initial B Loan Tranche, respectively (and, for the avoidance of doubt, for the full amounts of the B-1 Loan and the B-2 Loan, respectively); or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">if the requested Disbursement is of only the Subsequent B Loan Tranche, such Subsequent B Loan Tranche Disbursement shall be made for the full amount of the Subsequent B Loan Tranche (and, for the avoidance of doubt, for the full amounts of the B-3 Loan and the B-4 Loan, respectively). Notwithstanding anything to the contrary herein, the Borrower shall not request the Subsequent B Loan Tranche Disbursement, and IFC shall not be obligated to make the Subsequent B Loan Tranche Disbursement, unless and until IFC provides the Borrower the Subsequent B Loan Tranche Readiness Notice confirming that the syndication of the Subsequent B Loan Tranche has been completed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Disbursement shall be made by IFC to the Borrower&#146;s account at Citibank N.A., New York Branch, 111 Wall Street, New York, USA 10043, SWIFT: CITIUS33, ABA: 0210-0008-9, Account No.: 36326336, Account Name: Telecom Argentina S.A. &#150; Alicia Moreau de Justo 50 &#150; Buenos Aires &#150; Argentina, or at another bank in New York, New York acceptable to IFC, for further credit to: (i)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">18</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_18_022746_141"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">the Borrower&#146;s account at a bank in the Country, or (ii)&nbsp;any other place reasonably acceptable to IFC, all as specified by the Borrower in the relevant request for disbursement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Disbursement shall be made in the full aggregate amount of the A Loan, the Initial B Loan Tranche and the Subsequent B Loan Tranche, respectively.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower shall deliver to IFC a receipt, substantially in the form of Schedule 3, within 5 Business Days following each Disbursement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.03. <i><u style="font-style:italic;">Interest</u>.</i> Subject to the provisions of Section&nbsp;2.04 (<i>Default Rate Interest</i>), the Borrower shall pay interest on the Loan in accordance with this Section&nbsp;2.03:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; During each Interest Period, the Loan shall bear interest at the applicable Interest Rate for that Interest Period.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Interest on each of the A Loan, the B-1 Loan, the B-2 Loan, the B-3 Loan and the B-4 Loan shall accrue from day to day, be prorated on the basis of a 360-day year for the actual number of days in the relevant Interest Period and be payable in arrears on the Interest Payment Date immediately following the end of that Interest Period; <u>provided</u>, that with respect to any Disbursement made less than 15 days before an Interest Payment Date, interest on that Disbursement shall be payable commencing on the second Interest Payment Date following the date of that Disbursement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to Sections 2.03(e)&nbsp;and (f), the A Loan Interest Rate, the B-1 Loan Interest Rate, the B-2 Loan Interest Rate, the B-3 Loan Interest Rate and the B-4 Loan Interest Rate for any Interest Period shall be the rate which is the sum of:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Relevant Spread; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">LIBOR on the Interest Determination Date for that Interest Period for 6 months (or, in the case of the first Interest Period for any Disbursement, for 1 month, 2 months, 3 months or 6 months, whichever period is closest to the duration of the relevant Interest Period (or, if two periods are equally close, the longer one)) rounded to the nearest three decimal places.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If, for any Interest Period,&nbsp;IFC cannot determine LIBOR by reference to the Reuters Service (or if the Reuters Service is not available, with reference to any other service (such as Bloomberg Financial Markets Service) that displays such rates as may be specified by IFC) or if the ICE (or NYSE Euronext, or any other applicable successor entity) for any reason ceases (whether permanently or temporarily) to publish interbank offered rates for deposits in the Loan Currency for the relevant Interest Period,&nbsp;IFC shall notify the Borrower, and shall instead determine LIBOR:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">on the Interest Determination Date by calculating the arithmetic mean (rounded to the nearest three decimal places) of the offered rates advised to IFC on or around 11:00 a.m., London time, for deposits in the Loan Currency and otherwise in accordance with Section&nbsp;2.03(c)(ii), by any 4 major banks active in the Loan Currency in the London interbank market, selected by IFC; <u>provided</u>, that if less than four quotations are received,&nbsp;IFC may rely on the quotations so received if not less than 2; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">if less than 2 quotations are received from the banks in London in accordance with subsection (i)&nbsp;above, on the first day of the relevant Interest Period, by</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">19</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_19_023005_7608"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">calculating the arithmetic mean (rounded to the nearest three decimal places) of the offered rates advised to IFC on or around 11:00 a.m., New York time, for loans in the Loan Currency and otherwise in accordance with Section&nbsp;2.03(c)(ii), by a major bank or banks in New York, New York selected by IFC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to any alternative rate of interest agreed as contemplated by Section&nbsp;2.03(f) below, if a Market Disruption Event occurs in relation to all or any part of the Loan for any Interest Period,&nbsp;IFC shall promptly notify the Borrower of such event and the relevant Interest Rate for the A Loan, the Initial B Loan Tranche or the Subsequent B Loan Tranche, or the relevant portion of each, as applicable, for that Interest Period shall be the rate which is the sum of:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Relevant Spread; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">either (A)&nbsp;the rate which expresses as a percentage rate per annum the cost to IFC (or the relevant Participant, as notified to IFC as soon as practicable and in any event not later than the close of business on the first day of the relevant Interest Period) of funding its participation in the Loan or such Participation (as applicable) from whatever source it may reasonably select or (B)&nbsp;at the option of IFC (or any such Participant, as the case may be), LIBOR for the relevant period as determined in accordance with Section&nbsp;2.03(c)(ii)&nbsp;above;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-1.0in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If a Market Disruption Event occurs in relation to the Loan and the Borrower so requires, within 5 Business Days of the notification by IFC pursuant to Section&nbsp;2.03(e)&nbsp;above,&nbsp;IFC and the Borrower shall enter into good faith negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest applicable to the Loan.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Any alternative basis agreed pursuant to sub-paragraph (i)&nbsp;above shall take effect in accordance with its terms and be binding on each party hereto.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">If agreement cannot be reached, the Borrower may prepay the relevant portion of the Loan in accordance with Section&nbsp;2.06(a)(<i>Prepayment</i>), except the prepayment premium specified in Section&nbsp;2.06(b)&nbsp;(<i>Prepayment</i>) shall not apply.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; On each Interest Determination Date for any Interest Period,&nbsp;IFC shall determine the A Loan Interest Rate, the B-1 Loan Interest Rate, the B-2 Loan Interest Rate, the B-3 Loan Interest Rate and the B-4 Loan Interest Rate applicable to that Interest Period and promptly notify the Borrower of that rate.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The determination by IFC, from time to time, of the applicable Interest Rate shall be final and conclusive and bind the Borrower (unless the Borrower shows to IFC&#146;s reasonable satisfaction that the determination involves manifest error).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If (i)&nbsp;the rate determined for LIBOR in accordance with Section&nbsp;2.03(c)(ii)&nbsp;or Section 2.03(d), (ii)&nbsp;the rate determined in accordance with Section&nbsp;2.03(e)(ii)(A), or (iii)&nbsp;the rate determined for the substitute basis in accordance with Section&nbsp;2.03(f)(i), is below zero, such rate shall be deemed to be zero.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.04. <i><u style="font-style:italic;">Default Rate Interest</u></i>. (a)&nbsp;Without limiting the remedies available to IFC under this Agreement or otherwise (and to the maximum extent permitted by applicable law), if the Borrower fails to make any payment of principal or interest (including interest payable pursuant to this Section&nbsp;that has become due) or any other payment provided for in Section&nbsp;2.07 (<i>Fees</i>) when due as specified in this</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">20</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_20_023540_8146"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Agreement (whether at stated maturity or upon acceleration), the Borrower shall pay interest on the amount of that payment due and unpaid at the rate which shall be the sum of 2% per annum and the A Loan Interest Rate (with respect to amounts relating to the A Loan), 2% per annum and the B-1 Loan Interest Rate (with respect to amounts relating to the B-1 Loan), 2% per annum and the B-2 Loan Interest Rate (with respect to amounts relating to the B-2 Loan), 2% per annum and the B-3 Loan Interest Rate (with respect to amounts relating to the B-3 Loan), or 2% per annum and the B-4 Loan Interest Rate (with respect to amounts relating to the B-4 Loan), as applicable;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Interest at the rate referred to in Section&nbsp;2.04(a)&nbsp;shall accrue from the date on which payment of the relevant overdue amount became due until the date of actual payment of that amount (as well after as before judgment), and shall be payable on demand or, if not demanded, on each Interest Payment Date falling after any such overdue amount became due.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.05. <i><u style="font-style:italic;">Repayment</u></i>. (a)&nbsp;Subject to Section&nbsp;1.04 (<i>Business Day Adjustment</i>), the Borrower shall repay the A Loan on the following Interest Payment Dates and in the following percentages:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;">
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Interest Payment Date</font></u></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Principal Amount Due</font></u></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2021</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2021</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2022</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2022</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2023</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2023</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2024</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2024</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to Section&nbsp;1.04 (<i>Business Day Adjustment)</i>, the Borrower shall repay the B-1 Loan on the following Interest Payment Dates and in the following percentages:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;">
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Interest Payment Date</font></u></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Principal Amount Due</font></u></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2021</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.67%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2021</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.67%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2022</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.67%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2022</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.67%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2023</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.66%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2023</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.66%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to Section&nbsp;1.04 (<i>Business Day Adjustment)</i>, the Borrower shall repay the B-2 Loan on the following Interest Payment Dates and in the following percentages:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;">
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Interest Payment Date</font></u></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Principal Amount Due</font></u></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2021</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2021</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2022</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2022</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2023</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2023</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2024</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">21</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_21_030449_1914"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;">
<tr>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2024</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to Section&nbsp;1.04 (<i>Business Day Adjustment</i>), the Borrower shall repay the B-3 Loan on the following Interest Payment Dates and in the following percentages:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;">
<tr>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Interest&nbsp;Payment&nbsp;Date</font></u></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Percentage&nbsp;of&nbsp;Principal&nbsp;Amount&nbsp;Due</font></u></p>    </td>   </tr>
<tr>
<td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15,   2021</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.67%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15,   2021</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.67%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15,   2022</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.67%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15,   2022</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.67%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15,   2023</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.66%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15,   2023</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">16.66%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to Section&nbsp;1.04 (<i>Business Day Adjustment</i>), the Borrower shall repay the B-4 Loan on the following Interest Payment Dates and in the following percentages:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="73%" style="border-collapse:collapse;margin-left:1.0in;">
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Interest&nbsp;Payment&nbsp;Date</font></u></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Percentage&nbsp;of&nbsp;Principal&nbsp;Amount&nbsp;Due</font></u></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2021</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2021</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2022</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2022</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2023</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2023</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;15, 2024</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>
<tr>
<td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.48%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">August&nbsp;15, 2024</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">12.50%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any principal amount of the Loan repaid under this Agreement may not be re-borrowed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.06.&nbsp;&nbsp;<i><u style="font-style:italic;">Prepayment</u></i>.&nbsp;&nbsp;Without prejudice to Sections 2.03 (<i>Interest</i>), 2.06(c)&nbsp;(<i>Prepayment</i>), Section&nbsp;2.14 (<i>Taxes</i>), and Section&nbsp;2.16 (<i>Illegality</i>):</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&nbsp;The Borrower may prepay at any time all or any part of the Loan but only if:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">at least 30 days prior thereto the Borrower delivers a non-binding notice of such prepayment to IFC, and confirms such prepayment by delivery of a binding supplemental notice to IFC at least 5 Business Days prior to such prepayment;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower simultaneously pays all accrued interest and Increased Costs (if any) on the amount of the Loan to be prepaid, together with the prepayment premium specified in Section&nbsp;2.06(b)&nbsp;and all other amounts then due and payable under this Agreement, including the amount payable under Section&nbsp;2.11 (<i>Unwinding Costs</i>), if the prepayment is not made on an Interest Payment Date;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">for a partial prepayment, that prepayment is an amount not less than $20,000,000; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">if requested by IFC 5 Business Days in advance, the Borrower delivers to IFC, prior to the date of prepayment, evidence reasonably satisfactory to IFC that all</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">22</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_22_030608_5335"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">necessary Authorizations with respect to the prepayment, if any, have been obtained.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; On the date of any prepayment of the Loan in accordance with Section&nbsp;2.06(a), the Borrower shall pay a prepayment premium consisting of an amount in the Loan Currency equal to the relevant percentage of the amount to be prepaid, such percentage being (i)&nbsp;2%, if such prepayment occurs on or before the first anniversary of the first Disbursement, (ii)&nbsp;1.5%, if such prepayment occurs after the first anniversary of the first Disbursement and on or before the third anniversary of the first Disbursement, and (iii)&nbsp;1.0%, if prepayment occurs after the third anniversary of the first Disbursement. The determination by IFC of the prepayment premium shall be final and conclusive and bind the Borrower (unless the Borrower shows, to the reasonable satisfaction of IFC, that such determination involved manifest error).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Unless otherwise agreed in writing by IFC, the Borrower shall prepay the Loan as provided in this subsection:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Within 60 days of receipt of a prepayment notice from IFC after the occurrence of any one of the following events:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.1in;text-align:justify;text-indent:-.65in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">a Change of Control; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.1in;text-align:justify;text-indent:-.65in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">a merger, consolidation, reorganization, winding up, liquidation or dissolution of the Borrower or the Borrower&#146;s affairs, except that: (x)&nbsp;any Subsidiary of the Borrower may merge into or consolidate with or dissolve into or liquidate into the Borrower, so long as the Borrower is the surviving entity or continuing entity, and no Potential Event of Default or Event of Default has occurred and is continuing; and (y)&nbsp;any such transaction is made in connection with a Permitted Acquisition;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">the Borrower shall prepay the outstanding principal amount of the Loan.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; At the time of any prepayment pursuant to this subsection (c):</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.1in;text-align:justify;text-indent:-.65in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower simultaneously shall pay all accrued interest and Increased Costs (if any) on the amount of the Loan to be prepaid, together with all other amounts then due and payable under this Agreement, including the amount payable under Section&nbsp;2.11 (<i>Unwinding Costs</i>) if the prepayment is not made on an Interest Payment Date; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.1in;text-align:justify;text-indent:-.65in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">if requested by IFC 5 Business Days in advance, the Borrower shall deliver to IFC, prior to the date of prepayment, evidence reasonably satisfactory to IFC that all necessary Authorizations with respect to the prepayment, if any, have been obtained.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Amounts of principal prepaid under this Section&nbsp;shall:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">first be allocated by IFC <u>pro</u>  <u>rata</u> among the A Loan, the B-1 Loan, the B-2 Loan, the B-3 Loan and the B-4 Loan in proportion to their respective principal amounts outstanding; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">23</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_23_030654_5796"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.25in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">then be applied by IFC to all the respective outstanding installments of principal of the A Loan, the B-1 Loan, the B-2 Loan, the B-3 Loan and the B-4 Loan in inverse order of maturity.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Upon delivery of an initial and supplemental prepayment notice in accordance with Section&nbsp;2.06(a), the Borrower shall make the prepayment in accordance with the terms of such notices.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Any principal amount of the Loan prepaid under this Agreement may not be re-borrowed.</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.07. <i><u style="font-style:italic;">Fees</u></i>. (a)&nbsp;The Borrower shall pay to IFC a commitment fee:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">with respect to the A Loan, at the rate of 1% per annum on the daily average balance of that part of the A Loan that from time to time has not been disbursed or cancelled, beginning to accrue on the date of this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">with respect to the Initial B Loan Tranche, at a rate of 1% per annum on that part of the Initial B Loan Tranche that from time to time has not been disbursed or cancelled, beginning to accrue on the date of the Participation Agreement evidencing that Participation;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">with respect to the Subsequent B Loan Tranche, at a rate of 1% per annum on that part of the Subsequent B Loan Tranche that from time to time has not been disbursed or cancelled, beginning to accrue on the date of the Participation Agreement evidencing that Participation; <u>provided,</u> that, for the avoidance of doubt, no commitment fee arising under this subsection (a)(iii)&nbsp;shall begin to accrue prior to the date on which IFC provides the Borrower the Subsequent B Loan Tranche Readiness Notice confirming that the syndication of the Subsequent B Loan Tranche has been completed;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:11.0pt;">prorated</font></u><font size="2" style="font-size:11.0pt;"> on the basis of a 360-day year for the actual number of days elapsed; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">payable semi-annually, in arrears, on each Interest Payment Date, the first such payment to be due on August&nbsp;15, 2019.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">The Borrower shall also pay to IFC:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">a front-end fee on the A Loan as specified in the IFC Fee Letter, to be paid on the earlier of (A)&nbsp;the date which is 30 days after the date of this Agreement and (B)&nbsp;the date of the A Loan Disbursement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">front-end fees or structuring fee (as applicable) on the Initial B Loan Tranche, each as specified in the Lender Fee Letter, to be paid on the earlier of (A)&nbsp;the date which is 30 days after the date of this Agreement and (B)&nbsp;the date of the Initial B Loan Tranche Disbursement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">front-end fees or structuring fee (as applicable) on the Subsequent B Loan Tranche, each as specified in the Lender Fee Letter, to be paid on the earlier of (A)&nbsp;the date which is 30 days after the date IFC furnishes to the Borrower the</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">24</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_24_031127_2897"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Subsequent B Loan Tranche Readiness Notice and (B)&nbsp;the date of the Subsequent B Loan Tranche Disbursement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the fees set forth in the IFC Fee Letter; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">if the Borrower and IFC agree to restructure all or part of the Loan, the Borrower and IFC shall negotiate in good faith an appropriate amount to compensate IFC for the additional work of IFC staff required in connection with such restructuring.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Notwithstanding anything to the contrary in this Agreement, the Borrower may request, in the relevant Disbursement request, that IFC deduct any front-end fee or structuring fee (as applicable) owed by the Borrower under Section&nbsp;2.07(b)(i)&nbsp;&#150; (iv)&nbsp;from the relevant Disbursement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.08.&nbsp;&nbsp;<i><u style="font-style:italic;">Currency and Place of Payments</u></i>. (a)&nbsp;The Borrower shall make all payments of principal, interest, fees, and any other amount due to IFC under this Agreement in the Loan Currency, in same day funds, to the account of IFC at Northern Trust International Banking Corporation, New York, New York, U.S.A., ABA#026001122, for credit to IFC&#146; s account number 10215220300, or at such other bank or account in New York as IFC from time to time designates. Payments must be received in IFC&#146;s designated account no later than 1:00 p.m.&nbsp;New York time; and the Borrower hereby irrevocably agrees that IFC may deem any payment, or part thereof, relating to the B Loan that is received after that time as made on the next Business Day and accordingly, if such payment is received later than 1:00 p.m.&nbsp;New York time, interest will accrue on any Participant&#146;s <u>pro</u>  <u>rata</u> share of that payment with respect to which IFC is unable to make same day remittance to that Participant due to the failure of the Borrower to make the payment no later than 1:00 p.m.&nbsp;New York time. The Borrower hereby expressly, unconditionally and irrevocably waives any right it may have in any jurisdiction (including without limitation any right under Section&nbsp;765 of the Argentine Civil and Commercial Code (if applicable)) to pay any amount under the IFC Financing Documents in a currency other than the Loan Currency.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The tender or payment of any amount payable under this Agreement (whether or not by recovery under a judgment) in any currency other than the Loan Currency shall not novate, discharge or satisfy the obligation of the Borrower to pay in the Loan Currency all amounts payable under this Agreement except to the extent that (and as of the date when) IFC actually receives funds in the Loan Currency in the account specified in, or pursuant to, Section&nbsp;2.08(a).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower shall indemnify IFC against any losses resulting from a payment being received or an order or judgment being given under this Agreement in any currency other than the Loan Currency or any place other than the account specified in, or pursuant to, Section&nbsp;2.08(a). The Borrower shall, as a separate obligation, pay such additional amount as is necessary to enable IFC to receive, after conversion to the Loan Currency at a market rate and transfer to that account, the full amount due to IFC under this Agreement in the Loan Currency and in the account specified in, or pursuant to, Section&nbsp;2.08(a).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the provisions of Section&nbsp;2.08(a)&nbsp;and Section&nbsp;2.08(b),&nbsp;IFC may require the Borrower to pay (or reimburse IFC) for any Taxes, fees, costs, expenses and other amounts payable under Section&nbsp;2.14(a)&nbsp;(<i>Taxes</i>) and Section&nbsp;2.15 (<i>Expenses</i>) in the currency in which they are payable, if other than the Loan Currency.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower hereby expressly, unconditionally and irrevocably waives the right to invoke any defense in relation to its obligations of paying any amounts due under the IFC Financing Documents, including, without limitation, defenses of impossibility, impracticability or frustration of</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">25</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_25_031214_3020"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">purpose set forth in Section&nbsp;1091 of the Argentine Civil and Commercial Code, force majeure or act of God set forth in Sections 955, 1031, 1032 or 1730 of the Argentine Civil and Commercial Code, impossibility to comply with the obligations set forth in Section&nbsp;1732 of the Argentine Civil and Commercial Code, or &#147;<i>onerosidad sobreviniente</i>&#148;, &#147;<i>lesi&#243;n enorme</i>&#148; or &#147;<i>abuso del derecho</i>&#148; set forth in Section&nbsp;10 of the Argentine Civil and Commercial Code.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.09.&nbsp;&nbsp;<i><u style="font-style:italic;">Allocation of Partial Payments</u></i>. If at any time IFC receives less than the full amount then due and payable to it under this Agreement,&nbsp;IFC may allocate and apply the amount received in any way or manner and for such purpose or purposes under this Agreement as IFC in its sole discretion determines, notwithstanding any instruction that the Borrower may give to the contrary.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.10.&nbsp;&nbsp;<i><u style="font-style:italic;">Increased Costs</u></i>. On each Interest Payment Date, the Borrower shall pay, in addition to interest, the amount which IFC from time to time notifies to the Borrower in an Increased Costs Certificate as being the aggregate Increased Costs of IFC and each Participant accrued and unpaid prior to that Interest Payment Date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.11. <i><u style="font-style:italic;">Unwinding Costs</u></i>. (a)&nbsp;If IFC or any Participant incurs any cost, expense or loss as a result of the Borrower:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">failing to borrow in accordance with a request for Disbursement made pursuant to Section&nbsp;2.02 (<i>Disbursement Procedure</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">failing to prepay in accordance with a notice of prepayment;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">prepaying all or any portion of the Loan on a date other than an Interest Payment Date; or</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">after acceleration of the Loan, paying all or a portion of the Loan on a date other than an Interest Payment Date;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">then the Borrower shall immediately pay to IFC the amount that IFC from time to time notifies to the Borrower in writing as being the amount of those costs, expenses and losses incurred, which shall be binding (unless the Borrower shows to IFC&#146;s reasonable satisfaction that the determination involves manifest error).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the purposes of this Section, &#147;costs, expenses or losses&#148; include any premium, penalty or expense incurred to liquidate or obtain third party deposits, borrowings, hedges or swaps in order to make, maintain, fund or hedge all or any part of any Disbursement or prepayment of the Loan, or any payment of all or part of the Loan upon acceleration (but, in each case, excluding lost profits); <u>provided,</u> that all hedges and swaps referred to in this Section&nbsp;2.11(b)&nbsp;shall be limited to hedges and swaps entered into in connection with the LIBOR-based funding contemplated hereby.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.12.&nbsp;&nbsp;<i><u style="font-style:italic;">Suspension or Cancellation by IFC</u></i>. (a)&nbsp;IFC may, by notice to the Borrower, suspend the right of the Borrower to Disbursements or cancel the undisbursed portion of the Loan in whole or in part:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">if the A Loan Disbursement and the Initial B Loan Tranche Disbursement has not been made by March&nbsp;31, 2019, or such other date as the parties agree;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">26</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_26_031305_7748"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">if the Subsequent B Loan Tranche Disbursement has not been made by two (2)&nbsp;months from the date of the Subsequent B Loan Tranche Readiness Notice, or such other date as the parties agree;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">if any Event of Default has occurred and is continuing or if the Event of Default specified in Section&nbsp;6.02(e)&nbsp;(<i>Events of Default</i>) is, in the reasonable opinion of IFC, imminent; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">if any event or condition has occurred which has or can be reasonably expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon the giving of any such notice, the right of the Borrower to any further Disbursement shall be suspended or cancelled, as the case may be. The exercise by IFC of its right of suspension shall not preclude IFC from exercising its right of cancellation, either for the same or any other reason specified in Section&nbsp;2.12(a)&nbsp;and shall not limit any other provision of this Agreement. Upon any cancellation the Borrower shall, subject to paragraph (c)&nbsp;of this Section&nbsp;2.12, pay to IFC all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to the date of that cancellation. A suspension shall not limit any other provision of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the case of partial cancellation of an undisbursed Loan pursuant to paragraph (a)&nbsp;of this Section&nbsp;2.12, or Section&nbsp;2.13(a)&nbsp;(<i>Cancellation by the Borrower</i>), interest on the amount then outstanding of the disbursed Loan remains payable as provided in Section&nbsp;2.03 (<i>Interest</i>).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.13. <i><u style="font-style:italic;">Cancellation by the Borrower</u></i>. (a)&nbsp;The Borrower may, by notice to IFC, irrevocably request IFC to cancel the undisbursed portion of the Loan on the date specified in that notice (which shall be a date not earlier than 30 days after the date of that notice).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower may, by notice to IFC, cancel the Subsequent B Loan Tranche if the Subsequent B Loan Tranche Readiness Notice has not been delivered by the date that is 45 days from the date of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; IFC shall, by notice to the Borrower, cancel the undisbursed portion of the Loan effective as of that specified date if, subject to Section&nbsp;2.12(c)&nbsp;(<i>Suspension or Cancellation by IFC</i>),&nbsp;IFC has received all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to such specified date.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any portion of the Loan that is cancelled under this Section&nbsp;2.13 may not be reinstated or disbursed.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.14. <i><u style="font-style:italic;">Taxes</u></i>. (a)&nbsp;The Borrower shall pay or cause to be paid all Taxes (other than taxes, if any, payable on the overall income of IFC) on or in connection with the payment of any and all amounts due under this Agreement that are now or in the future levied or imposed by any Authority of the Country or by any organization of which the Country is a member or any jurisdiction through or out of which a payment is made.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All payments of principal, interest, fees and other amounts due under this Agreement shall be made without deduction for or on account of any Taxes levied or imposed by any Authority of the Country or any jurisdiction through or out of which a payment is made by the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Borrower is prevented by operation of law or otherwise from making or causing to be made those payments without deduction, the principal or (as the case may be) interest, fees or other</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">27</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_27_031331_141"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">amounts due under this Agreement shall be increased to such amount as may be necessary so that IFC receives the full amount it would have received (taking into account any Taxes payable on amounts payable by the Borrower under this subsection) had those payments been made without that deduction.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If Section&nbsp;2.14(c)&nbsp;applies and IFC so requests, the Borrower shall deliver to IFC official tax receipts evidencing payment (or certified copies of them) within 30 days of the date of that request.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Borrower is required to (i)&nbsp;pay any additional amounts pursuant to Section&nbsp;2.14(c) on account of any present or future Taxes imposed by any Authority of the Country or any jurisdiction through or out of which a payment is made in connection with the Loan or (ii)&nbsp;pay any amounts pursuant to Section&nbsp;2.10 (<i>Increased Costs</i>), and in each case such obligation cannot be avoided by the Borrower, acting reasonably, the Borrower may prepay that part of the Loan with respect to which the Taxes or Increased Costs are being incurred. Such prepayment shall be made in accordance with Section&nbsp;2.06 (<i>Prepayment</i>), except that the prepayment premium specified in Section&nbsp;2.06(b)&nbsp;shall not apply.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.15. <i><u style="font-style:italic;">Expenses</u></i>. (a)&nbsp;The Borrower shall pay or, as the case may be, reimburse IFC or its assignees any amount paid by them on account of, all taxes, duties, fees or other charges payable on or in connection with the execution, issue, delivery, registration or notarization of the IFC Financing Documents and any other documents related to this Agreement or any other IFC Financing Document.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower shall pay to IFC or as IFC may direct:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the documented fees and expenses of IFC&#146;s counsel in the Country and New York incurred in connection with:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the preparation of the investment by IFC provided for under this Agreement and any other IFC Financing Document;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the preparation and/or review, execution and, where appropriate, translation and registration of the IFC Financing Documents and any other documents related to them;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the giving of any legal opinions required by IFC under this Agreement and any other IFC Financing Document;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(D)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the administration by IFC of the investment provided for in this Agreement or otherwise in connection with any amendment, supplement or modification to, or waiver under, any of the IFC Financing Documents;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(E)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the registration (where appropriate) and the delivery of the evidences of indebtedness relating to the Loan and its disbursement; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(F)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">without limiting the generality of subsection (iii)&nbsp;below, the occurrence of any Event of Default or Potential Event of Default;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">provided,</font></u><font size="2" style="font-size:11.0pt;"> that in the case of (A), (B)&nbsp;and (C)&nbsp;above, the aggregate amount of such fees and expenses incurred up to the date of this Agreement shall not exceed $225,000;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the documented costs and expenses incurred by IFC in connection with a secure web-based electronic system used by IFC to participate the B Loan; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">28</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_28_031445_7608"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the costs and expenses incurred by IFC in relation to efforts to enforce or protect its rights under any IFC Financing Document, or the exercise of its rights or powers consequent upon or arising out of the occurrence of any Event of Default or Potential Event of Default, including legal and other professional consultants&#146; fees.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;2.16. <i><u style="font-style:italic;">Illegality</u></i>. If, after the date of this Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the &#147;<b>Relevant Change</b>&#148;) makes it unlawful for any Participant to continue to maintain or to fund its Participation:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Borrower shall, upon request by IFC (but subject to any applicable Authorization having been obtained), on the earlier of (A)&nbsp;the next Interest Payment Date and (B)&nbsp;the date that IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of the A Loan or the B Loan, as applicable, that IFC advises corresponds to that Participation; <u>provided,</u> that the prepayment premium specified in Section&nbsp;2.06(b) (<i>Prepayment</i>) shall not apply;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; concurrently with the prepayment of the part of the A Loan or the B Loan, as applicable, corresponding to the Participation affected by the Relevant Change, the Borrower shall pay all accrued interest,&nbsp;Increased Costs (if any) on that part of the A Loan or the B Loan, as applicable, (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section&nbsp;2.11 (<i>Unwinding Costs</i>));</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Borrower agrees to take all reasonable steps to obtain, as quickly as possible after receipt of IFC&#146;s request for prepayment, the Authorization referred to in Section&nbsp;2.16(a)&nbsp;if any such Authorization is then required; <u>provided,</u> that IFC agrees to take all reasonable steps to the extent permitted under applicable law to permit the Borrower to make any prepayment required under this Section&nbsp;2.16 on an Interest Payment Date; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Borrower shall have no further right to disbursement of the undisbursed portion of the A Loan or the B Loan, as applicable, corresponding to that Participation after it has received IFC&#146;s request for prepayment under this Section&nbsp;2.16.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;III</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Representations and Warranties</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;3.01. <i><u style="font-style:italic;">Representations and Warranties</u></i>.&#160; The Borrower represents and warrants that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Organization and Authority</u>. Each of the Borrower and each of its Subsidiaries is a company duly incorporated and validly existing under the laws of the jurisdiction of its organization and has the corporate power &#150; and has obtained all required material Authorizations &#150; to own its assets, conduct its business as presently conducted and to enter into, and comply with its obligations under, the IFC Financing Documents to which it is a party or will, in the case of any IFC Financing Document not executed as at the date of this Agreement, when that IFC Financing Document is executed, have the corporate power to enter into, and comply with its obligations under, that IFC Financing Document (notwithstanding the Borrower&#146;s compliance with the periodic information regime pursuant to</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">29</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_29_031510_8146"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Communication &#147;A&#148; 6401 of the central bank of the Country, as amended and supplemented from time to time);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Validity</u>. Each IFC Financing Document to which the Borrower or any Subsidiary is a party has been, or will be, duly authorized and executed by such Person and constitutes, or will, when executed constitute, a valid and legally binding obligation of such Person, enforceable in accordance with its terms, and none of the agreements listed in Section&nbsp;4.01(a)&nbsp;(<i>Conditions of Disbursement</i>) has been, or will be, amended or modified except as permitted under this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Conflict</u>. Neither the making of any IFC Financing Document to which the Borrower or any Subsidiary is a party nor (when all the Authorizations referred to in Section&nbsp;4.01(c)&nbsp;(<i>Conditions of Disbursement</i>) have been obtained) the compliance with its terms will conflict with or result in a breach of any of the material terms, conditions or provisions of, or constitute a default or require any consent under, any material indenture, mortgage, agreement or other instrument or arrangement to which such Person is a party or by which it is bound, or violate any of the material terms or provisions of such Person&#146;s Charter or any Authorization, judgment, decree or order or any statute, rule&nbsp;or regulation applicable to such Person;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Status of Authorizations</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.35in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">To the best of the Borrower&#146;s knowledge after due inquiry, (A)&nbsp;all material Authorizations necessary for conducting the business, Operations, trade and ordinary activities of the Borrower and each of its Subsidiaries and (B)&nbsp;all Authorizations necessary for the Borrower entering into and complying with its obligations under this Agreement and each of the other IFC Financing Documents, have been obtained and are in full force and effect;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.35in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">All of the Authorizations referenced in subclause (i)(B)&nbsp;are specified in Part&nbsp;I of Annex B;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.35in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">The Authorizations specified in Part&nbsp;II of Annex B are all of the Authorizations needed by the Borrower or any of its Subsidiaries comprising licenses to provide its cellular mobile telephony services and to operate the broadband and Community Antenna Television (CATV) and each of those Authorizations: (A)&nbsp;has been obtained and is in full force and effect, (B)&nbsp;is lawfully held by the Borrower (for the avoidance of doubt, none of the Authorizations in Part&nbsp;II of Annex B is held by a Subsidiary of the Borrower, except as specified therein), and (C)&nbsp;is free from any encumbrance or restriction (other than restrictions imposed by the Authorization itself or the relevant Authority); and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.35in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">None of the Authorizations indicated in Part&nbsp;II of Annex B will be terminated or adversely affected as a result of the consummation of the Transaction;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Amendments to Charter</u>. The Charter of the Borrower or any Subsidiary has not been amended since August&nbsp;31, 2017;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Immunity</u>. Neither the Borrower nor any of its Subsidiaries nor any of their respective property enjoys any right of immunity from set-off, suit or execution with respect to their respective assets or their respective obligations under any IFC Financing Document; <u>provided,</u> however, that, pursuant to Section&nbsp;243 of the Argentine Civil and Commercial Code, if there are any rights of any creditor of the Borrower or its Subsidiaries with respect to those assets of the Borrower or its Subsidiaries</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">30</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_30_031541_7091"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">which are deemed to be directly assigned to the rendering of a public service, such rights may not in any manner jeopardize the rendering of a public service, if any, by the Borrower or its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Disclosure</u>. The Information Memorandum dated December&nbsp;20, 2018, relating to the Borrower and its Subsidiaries and the Transaction was and continues to be true and accurate (other than for projections and other forward-looking statements contained in that Information Memorandum which the Borrower believes to be reasonable) and does not contain any information which is misleading in any material respect nor does it omit any information the omission of which makes the information contained in it misleading in any material respect; <u>provided,</u> that no representation shall be given to any statement included in the Information Memorandum that was prepared by, or furnished on behalf of, any party other than the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Financial Condition</u>. Since September&nbsp;30, 2018, neither the Borrower nor any of its Subsidiaries:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">has suffered any change that has a Material Adverse Effect or incurred any substantial loss or liability;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">has undertaken or agreed to undertake any substantial obligation that would have a Material Adverse Effect;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Financial Statements</u>. The Consolidated and unconsolidated financial statements of the Borrower and its Subsidiaries for the period ending on September&nbsp;30, 2018:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">have been prepared in accordance with the Accounting Standards, and give a true and fair view of the financial condition of the Borrower and its Subsidiaries as of the date as of which they were prepared and the results of the operations of the Borrower and its Subsidiaries during the period then ended in all material respects;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">disclose all material liabilities (contingent or otherwise) of the Borrower and its Subsidiaries, and the reserves, if any, for such liabilities and all unrealized or anticipated liabilities and losses arising from commitments entered into by the Borrower or any of its Subsidiaries (whether or not such commitments have been disclosed in such financial statements);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Employee Benefit Plans</u>. Each of the Borrower and its Subsidiaries is in compliance in all material respects with its respective obligations relating to all employee benefit plans established, maintained or contributed to by it and does not have outstanding any material liabilities with respect to any such employee benefit plans;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Title to Assets and Permitted Liens</u>. (i)&nbsp;each of the Borrower and its Subsidiaries has good and marketable title to all of the assets purported to be owned by it (except such minor defects that are not reasonably expected to have a Material Adverse Effect) and possesses a valid leasehold interest in all assets which it purports to lease, in all cases free and clear of all Liens, other than Permitted Liens, and no contracts or arrangements, conditional or unconditional, exist for the creation by the Borrower or any of its Subsidiaries of any Lien, and (ii)&nbsp;Annex C sets forth each Investment of the Borrower and its Subsidiaries in excess of $20,000,000 that exists as of January&nbsp;31, 2019;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">31</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_31_031943_7091"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Financial Debt</u>. Annex D sets forth all Financial Debt of the Borrower and its Subsidiaries, as of January&nbsp;31, 2019, in excess of $10,000,000, and there exists no outstanding default thereunder;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160; <u>Taxes</u>. All tax returns and reports of the Borrower and its Subsidiaries that are, to the knowledge of the Borrower, required by law to be filed have been duly filed and all Taxes, obligations, fees and other governmental charges upon the Borrower or any of its Subsidiaries, or their respective properties, income or assets, which, to the knowledge of the Borrower, are due and payable or to be withheld, have been paid or withheld, other than those presently payable without penalty or interest or that are being contested in good faith by appropriate proceedings, and in each case in respect of which proper reserves have been recorded in accordance with the Accounting Standards;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Litigation</u>. Neither the Borrower nor any of its Subsidiaries is engaged in nor, to the best of its knowledge, after due inquiry, threatened by, any litigation, arbitration or administrative proceedings, the outcome of which, if adversely determined, could reasonably be expected to have a Material Adverse Effect;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compliance with Law</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">To the best of its knowledge and belief, after due inquiry, neither the Borrower nor any of its Subsidiaries is in violation of any material statute or regulation of any Authority (including, without limitation, any Applicable S&amp;E Law) in connection with the conduct of its respective business or ownership of its respective property;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">No judgment or order has been issued which has or may reasonably be expected to have a Material Adverse Effect; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">To the best of its knowledge and belief, after due inquiry, (A)&nbsp;the Borrower and its Subsidiaries are materially in compliance with the Foreign Exchange Regulations, if applicable, and no filings (other than the periodic information regime pursuant to Communication &#147;A&#148; 6401 of the central bank of the Country) are necessary for the payments set forth in the IFC Financing Documents, and (B)&nbsp;no foreign exchange restrictions are in effect in the Country that would adversely affect compliance with the payment obligations under the IFC Financing Documents;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Environmental Matters</u>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">To the best of its knowledge and belief, after due inquiry, there are no material social or environmental risks or issues in respect of its or any of its Subsidiaries&#146; Operations other than those identified by the ESRS;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Neither it nor any of its Subsidiaries has received nor is it nor any of its Subsidiaries aware of (A)&nbsp;any existing or threatened in writing complaint, order, directive, claim, citation or notice from any Authority or (B)&nbsp;any material written communication from any Person, in either case, concerning its Operations&#146; failure to comply with any matter covered by the Performance Standards which has, or could reasonably be expected to have, a Material Adverse Effect or any material impact on the implementation or operation of its Operations in accordance with the Performance Standards;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">32</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_32_031944_455"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Labor Matters</u>. There are no ongoing or, to the best knowledge of the Borrower after due inquiry, threatened, strikes or material slowdowns or work stoppages&nbsp;by employees of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Use of Proceeds</u>. The proceeds of the Loan shall be utilized for the Transaction;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Subsidiaries</u>. The entities listed on Annex E are the only Subsidiaries of the Borrower, and Annex E correctly sets forth, as of the date hereof, (i)&nbsp;the percentage ownership (direct and indirect) of the Borrower in each class of capital stock of each of its Subsidiaries, and the direct owner thereof and (ii)&nbsp;the percentage ownership (direct and indirect) of each holder in each class of capital stock of the Borrower, and the direct owner thereof;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Sanctionable Practices</u>. Neither the Borrower, nor any of its Subsidiaries, nor any of their respective Affiliates, nor any Person acting on its or any of their behalf, has committed or engaged in, with respect to any of their respective Operations or any transaction contemplated by this Agreement, any Sanctionable Practice;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>UN Security Council Resolutions</u>. The Borrower has neither entered into any transaction nor engaged in any activity prohibited by any resolution of the United Nations Security Council under Chapter VII of the United Nations Charter;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Merger with Cablevisi&#243;n S.A</u>. All necessary corporate action and approvals to authorize the merger of Cablevisi&#243;n S.A. with and into the Borrower have been taken and all regulatory approvals and registrations required for the effectiveness of such merger have been obtained, and all of the foregoing are in full force and effect;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(w)&#160;&#160;&#160;&#160;&#160;&#160; <u>Legal Form</u>. This Agreement is in proper legal form for its enforcement against the Borrower under the laws of the Country; <u>provided</u>, that such enforcement shall be subject to: (i)&nbsp;compliance with the requirements of Sections 517 and 519 of Law No.&nbsp;17,454, as amended and supplemented (Argentine Civil and Commercial Procedures Code) relating to the execution of foreign judgments; (ii)&nbsp;limitations arising from bankruptcy, insolvency, reorganization (including <i>quiebra, concurso preventivo </i>and<i> acuerdo preventivo extrajudicial</i>), fraudulent conveyance, moratorium or similar laws relating to, or affecting, enforcement of creditors&#146; rights; (iii)&nbsp;general principles of law, including reasonableness, good faith, fair dealing and regular exercise of rights; (iv)&nbsp;pursuant to Laws No.&nbsp;24,573 and 26,589, the regulatory Decree No.&nbsp;1,467/2011 (as amended and supplemented) and other ancillary regulations (as amended and supplemented), certain mediation procedures must be exhausted prior to the initiation of lawsuits in the Country, with the exception, among others, of bankruptcy and summarized foreclosure proceedings (which include the enforcement of foreign judgments), in which cases mediation remains optional for the plaintiff; (v)&nbsp;the limitations to foreclosure of property which is determined by law or the courts of the Country for the validity and enforceability of each of the IFC Financing Documents (including any necessary registration, recording or filing with any court or other authority in the Country) have been accomplished, and no other Taxes are required to be paid to the Country, or to any of its political subdivisions (other than any applicable court tax (<i>tasa de justicia</i>), if necessary); and (vi)&nbsp;a translation by a public translator into the Spanish language of any document written in a different language shall be required, for the admissibility in evidence in court of the Country of any such document;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Permitted Holders</u>. Schedule 11 includes all the information about beneficial ownership required to be disclosed to the relevant Authority in the Country pursuant to Resolution No.&nbsp;7/2015 of the Superintendence of Companies of the City of Buenos Aires (<i>Inspecci&#243;n General de Justicia</i>) and the ownership reporting requirements of the Argentine Comisi&#243;n Nacional de Valores;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">33</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_33_031944_4141"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Pari Passu Ranking</u>. The Borrower&#146;s payment obligations under the IFC Financing Documents rank at least <u>pari</u>  <u>passu</u> in priority of payment with all its other unsecured and unsubordinated creditors, except for any obligations mandatorily preferred by the laws of the Country, as applicable to the Borrower; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(z)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Material Omissions</u>. None of the representations and warranties in this Section&nbsp;3.01 omits any matter the omission of which makes any of such representations and warranties misleading in any material respect; <u>provided</u>, that notwithstanding the foregoing, the Borrower shall not be deemed to make any representation or warranty except as expressly set forth in this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;3.02. <i><u style="font-style:italic;">IFC Reliance</u></i>. The Borrower acknowledges that it makes the representations and warranties in Section&nbsp;3.01 with the intention of inducing IFC to enter into this Agreement and the other IFC Financing Documents (and the Participants to enter into the Participation Agreement) and that IFC enters into this Agreement and the other IFC Financing Documents (and the Participants will enter into the Participation Agreement) on the basis of, and in full reliance on, each of such representations and warranties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;IV</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Conditions of Disbursement</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;4.01.&#160;&#160;&#160; <i><u style="font-style:italic;">Conditions of Disbursement</u>.</i> The obligation of IFC to make the A Loan Disbursement, the Initial B Loan Tranche Disbursement and the Subsequent B Loan Tranche Disbursement is subject to the fulfillment prior to or concurrently with the making of that Disbursement of the following conditions; <u>provided</u>, that if the Subsequent B Loan Tranche Disbursement is made separate from and subsequent to the A Loan Disbursement and the Initial B Loan Tranche Disbursement, then the conditions in subsections (a)&nbsp;through (i)&nbsp;below shall not apply to such Disbursement:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>IFC Financing Documents</u>. The IFC Financing Documents, each in form and substance satisfactory to IFC, have been issued or entered into by all parties to them, as applicable, and have become (or, as the case may be, remain) unconditional and fully effective in accordance with their respective terms (except for this Agreement having become unconditional and fully effective, if that is a condition of any of those agreements).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certificate of Incumbency and Authority</u>. IFC has received a Certificate of Incumbency and Authority from the Borrower, dated the date of the Disbursement, together with copies of the Charter, by-laws, resolutions and powers of attorney referred to in the Certificate of Incumbency and Authority, and all of the foregoing shall be in form and substance satisfactory to IFC;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorizations</u>. The Borrower has obtained, and provided to IFC copies of, all the Authorizations specified in Annex B and any other Authorizations that are necessary for (i)&nbsp;the Loan, (ii)&nbsp;the carrying out of the business and Operations of the Borrower and its Subsidiaries; (iii)&nbsp;the due execution, delivery, validity and enforceability of, and performance by the Borrower of its respective obligations under, this Agreement and the other IFC Financing Documents, and any other documents necessary or desirable to the implementation of any of those agreements or documents; and (iv)&nbsp;the remittance to IFC or its assigns in Dollars of all monies payable with respect to the IFC Financing Documents;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">34</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_34_031944_8627"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Legal Opinions</u>. IFC has received (i)&nbsp;a legal opinion from IFC&#146;s counsel in the Country covering the matters listed in Schedule 4(A)&nbsp;and, if requested by IFC, concurred in by counsel for the Borrower in the Country; and (ii)&nbsp;a legal opinion from Becker, Glynn, Muffly, Chassin&nbsp;&amp; Hosinski LLP covering the New York law matters set forth in Schedule 4(B);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Insurance</u>. IFC has received copies of all insurance policies required to be obtained pursuant to Section&nbsp;5.04 (<i>Insurance</i>) and Annex F prior to the date of the Disbursement, and a certification of the Borrower&#146;s and its Subsidiaries&#146; insurers or insurance agents confirming that such policies are in full force and effect and all premiums then due and payable under those policies have been paid;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Legal Fees and Expenses</u>. IFC has received the reimbursement of all invoiced fees and expenses of IFC&#146;s counsel as provided in Section&nbsp;2.15(b)(i)&nbsp;(<i>Expenses</i>) or confirmation that those fees and expenses have been paid directly to that counsel;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorization of Auditors</u>. IFC has received a copy of the authorization to the Auditors referred to in Section&nbsp;5.01(f)&nbsp;(<i>Affirmative Covenants</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Solvency</u>. IFC has received a solvency certificate in the form of Schedule 5 from the chief financial officer of the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Appointment of Agent</u>. The Borrower has delivered to IFC evidence, substantially in the form of Schedule 6, of appointment of an agent for service of process pursuant to Section&nbsp;7.05 (<i>Enforcement</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Participation Agreement</u>. IFC has entered into a Participation Agreement with Participants for the acquisition by them of Participations in the Initial B Loan Tranche in an aggregate amount equal to the full amount of the Initial B Loan Tranche, in the case of the Initial B Loan Tranche Disbursement, and Participations in the Subsequent B Loan Tranche in an aggregate amount equal to the full amount of the Subsequent B Loan Tranche, in the case of the Subsequent B Loan Tranche Disbursement, and the Participation Agreement is in full force and effect;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Default</u>. No Event of Default and no Potential Event of Default has occurred and is continuing;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Use of Proceeds</u>. The proceeds of that Disbursement are, at the date of the relevant request, needed by the Borrower for the purposes described in Section&nbsp;3.01(r)&nbsp;(<i>Representations and Warranties</i>), or will be needed for that purpose within 6 months of that date;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160; <u>No Material Adverse Effect</u>. Since the date of this Agreement nothing has occurred which has or could reasonably be expected to have a Material Adverse Effect;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Material Loss or Liability</u>. Since September&nbsp;30, 2018 the Borrower and its Subsidiaries have not incurred any material loss or liability (except such liabilities as may be incurred in accordance with Section&nbsp;5.02 (<i>Negative Covenants)</i>;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representations and Warranties</u>. The representations and warranties made in Article&nbsp;III are true and correct in all material respects on and as of the date of that Disbursement with the same effect as if those representations and warranties had been made on and as of the date of that Disbursement (but in the case of Section&nbsp;3.01(c) (<i>Representations and Warranties</i>), without the words in parentheses);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">35</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_35_031944_7906"></a>  </font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Violations</u>. After giving effect to that Disbursement, the Borrower and any of its Subsidiaries would not be in violation of:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">its Charter;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">any provision contained   in any document to which it is a party (including this Agreement) or by which   it is bound; or</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">any law, rule,   regulation, Authorization in the Country directly or indirectly limiting or   otherwise restricting its borrowing or guarantee power or authority or its   ability to borrow or guarantee;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Financial Ratios</u>. Without limiting the generality of Section&nbsp;4.01(p), after taking into account the amount of that Disbursement and any other Financial Debt incurred by the Borrower after the date of the latest financial statements of the Borrower delivered to IFC pursuant to Section&nbsp;5.03(a)&nbsp;(<i>Reporting Requirements</i>), the Net Debt to EBITDA Ratio, calculated pursuant to Section&nbsp;5.01(m)&nbsp;(<i>Affirmative Covenants</i>), would not exceed 2.5 and the Interest Coverage Ratio, calculated pursuant to Section&nbsp;5.0 1(m), would not be less than 3.0;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fees</u>. IFC has received the fees which Section&nbsp;2.07 (<i>Fees</i>) requires to be paid on or before the date of the A Loan Disbursement, the Initial B Loan Tranche Disbursement or the Subsequent B Loan Tranche Disbursement, as applicable; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Supplemental Legal Opinions</u>. If the Subsequent B Loan Tranche Disbursement is made separate from and subsequent to the A Loan Disbursement and the Initial B Loan Tranche Disbursement,&nbsp;IFC has received (if it so requires) a legal opinion or opinions in form and substance satisfactory to IFC, of IFC&#146;s counsel in the Country, and, if requested by IFC, concurred in by counsel for the Borrower, with respect to any matters relating to that Disbursement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;4.02. <i><u style="font-style:italic;">Borrower&#146;s Certification</u></i>. The Borrower shall deliver to IFC, with respect to the request for Disbursement, certifications in the form included in Schedule 2(B), relating to the conditions specified in Section&nbsp;4.01(k)&nbsp;through (q)&nbsp;(<i>Conditions of Disbursement</i>) inclusive expressed to be effective as of the date of that Disbursement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;4.03. <i><u style="font-style:italic;">B Loan Conditions</u></i>. Notwithstanding any other provision of this Agreement,&nbsp;IFC is not obliged to make:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160; the Initial B Loan Tranche Disbursement, except to the extent that the Participants provide funds for that Initial B Loan Tranche Disbursement under their Participations;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160; the Subsequent B Loan Tranche Disbursement, except to the extent that the Participants provide funds for that Subsequent B Loan Tranche Disbursement under their Participations; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160; any Disbursement except, as applicable, (i)&nbsp;if the requested Disbursement is of the A Loan and the B Loan, for the full amount of the A Loan and the B Loan (and, for the avoidance of doubt, for the full amount of the B-1 Loan, the B-2 Loan, the B-3 Loan and the B-4 Loan, respectively), (ii)&nbsp;if the requested Disbursement is of only the A Loan and the Initial B Loan Tranche, for the full amount of the A Loan and the Initial B Loan Tranche (and, for the avoidance of doubt, for the full amount of the B-1 Loan and the B-2 Loan, respectively), or (iii)&nbsp;if the requested Disbursement is of only the Subsequent B Loan Tranche, for the full amount of the Subsequent B Loan Tranche (and, for the avoidance of doubt, for the full amount of the B-3 Loan and the B-4 Loan, respectively).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">36</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_36_031944_3736"></a>  </font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;4.04. <i><u style="font-style:italic;">Conditions for IFC Benefit</u></i>. The conditions in Section&nbsp;4.01 (<i>Conditions of Disbursement</i>) through Section&nbsp;4.03 (<i>B Loan Conditions</i>) are for the benefit of IFC and may be waived only by IFC in its sole discretion.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;V</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Particular Covenants</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;5.01. <i><u style="font-style:italic;">Affirmative Covenants</u></i>. Unless IFC otherwise agrees in writing, the Borrower shall, and shall cause each of its Subsidiaries to:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160; <u>Corporate Existence; Conduct of Business</u>. Do all things necessary to maintain its existence and keep in full force and effect its material rights, franchises, licenses, permits, copyrights, trademarks and patents, comply with its charter, conduct its Operations with due diligence and in accordance with sound industry, financial and business practices (in all material respects); <u>provided</u>, that nothing in this clause (a)&nbsp;prevents the Borrower from discontinuing the use, operation or maintenance of any of such properties or disposing of any of them, if such discontinuance or disposal is, in the reasonable judgment of the Borrower and consistent with its past practices, desirable in the conduct of the business of the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160; <u>Use of Proceeds; Compliance with Law</u>. Apply the proceeds of the Loan exclusively as set forth in Section&nbsp;3.01(r)&nbsp;(<i>Representations and Warranties</i>), comply in all material respects (or, in the case of Applicable S&amp;E Law, in all respects) with all applicable law, statutes, regulations and orders of, and all applicable restrictions imposed by, all Authorities in respect of its business and Operations and the ownership of its property (including applicable law, statutes, regulations, orders and restrictions relating to environmental standards and controls, such as any Applicable S&amp;E Law);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160; <u>Accounting and Financial Management</u>. Maintain an accounting and control system, management information system and books of account and other records, which together adequately reflect truly and fairly (in all material respects) the financial condition of the Borrower and its Subsidiaries and the results of their respective operations in conformity with the Accounting Standards;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160; <u>Taxes</u>. Pay when due, all Taxes, assessments, levies or claims due and payable by it; <u>provided</u>, that neither the Borrower nor any of its Subsidiaries shall be required to pay any such Tax, assessment, levy, or claim which is being contested in good faith and by proper proceedings if it has maintained adequate reserves with respect thereto in accordance with, and to the extent required by, the Accounting Standards;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160; <u>Auditors</u>. Maintain at all times a firm of internationally recognized independent public accountants acceptable to IFC as auditors of the Borrower and its Subsidiaries; <u>provided</u>, that PricewaterhouseCoopers, Deloitte&nbsp;&amp; Touche, KPMG and Ernst&nbsp;&amp; Young shall be deemed acceptable to IFC;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorization to Auditors</u>. Irrevocably authorize, in the form of Schedule 7, the Auditors (whose fees and expenses shall be for the account of the Borrower) to communicate directly with IFC at any time regarding the Borrower&#146;s or any of its Subsidiary&#146;s accounts and operations, and provide to IFC a copy of that authorization, and, no later than 30 days after any change in Auditors, issue a similar</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">37</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_37_031944_9621"></a>  </font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">authorization to the new Auditors and provide a copy thereof to IFC; <u>provided</u>, that IFC shall notify the Borrower before communicating with the Auditors;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160; <u>Access</u>.&#160;&#160; Upon IFC&#146;s request and with reasonable prior notice to the Borrower, permit representatives of IFC and the CAO, during normal office hours, to:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">visit any of the sites and premises where the business of the Borrower or any of its Subsidiaries is conducted;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">inspect any sites, facilities, plants and equipment of the Borrower and any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">have access to the books of account and all records and any of its Subsidiaries; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">with prior notice to the Borrower, have access to those employees, agents and contractors of the Borrower who have or may have knowledge of matters with respect to which IFC seeks information;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">provided</font></u><font size="2" style="font-size:11.0pt;">, that (i)&nbsp;such access shall not include information that is or contains trade secrets or information that is protected by attorney-client privilege, (ii)&nbsp;no such reasonable prior notice shall be necessary if an Event of Default or Potential Event of Default is continuing or if special circumstances so require and (iii)&nbsp;in the case of the CAO, such access shall be for the purpose of carrying out the CAO&#146;s role;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Environmental Matters</u>. Undertake its respective Operations in compliance with (i)&nbsp;the S&amp;E Action Plan, and (ii)&nbsp;the applicable requirements of the Performance Standards;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Review of Annual Monitoring Report</u>. Periodically review the form of the Annual Monitoring Report and advise IFC as to whether revision of the form is necessary or appropriate in light of changes to the Borrower&#146;s or its Subsidiaries&#146; Operations, or in light of environmental or social risks identified by the Borrower&#146;s S&amp;E Management System; and revise the form as agreed with IFC;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>S&amp;E Management System</u>. Use all reasonable efforts to ensure the continuing operation of the S&amp;E Management System to assess and manage the social and environmental performance of the Borrower&#146;s and its Subsidiaries&#146; Operations in compliance with the Performance Standards;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorizations</u>. (i)&nbsp;Obtain and maintain in force (and where appropriate, renew in a timely manner) all material Authorizations, including without limitation the Authorizations specified in Annex B, which are necessary for carrying out of the business and Operations of the Borrower and its Subsidiaries generally and for the Borrower to enter into and to comply with all its obligations under the IFC Financing Documents; and (ii)&nbsp;comply with all the conditions and restrictions contained in, or imposed on the Borrower or any of its Subsidiaries by, those Authorizations; <u>provided</u>, that nothing in this clause (k)&nbsp;shall prevent the Borrower from terminating or relinquishing any Authorization (or any portion thereof) if such Authorization (or such portion) is no long necessary, under applicable law, for the Operations of the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Pension Plans</u>. Comply with all material requirements relating to any pension or employee benefit plans;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160; <u>Financial Ratios</u>. Maintain at all times the following ratios:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">38</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_38_032304_6520"></a></font></p>
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<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160; an Interest Coverage Ratio of not less than 3.0; and</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)&#160;&#160;&#160;&#160;&#160; a Net Debt to EBITDA Ratio of not more than 3.0;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">which shall be determined as follows: (A)&nbsp;only on a Consolidated Basis in respect to the Borrower and its Subsidiaries, so long as the Borrower&#146;s Revenues and EBITDA, as shown in the latest unaudited financial statements of the Borrower, account for 80% or more of the consolidated Revenues and EBITDA of the Borrower and its Subsidiaries; and (B)&nbsp;both on an unconsolidated basis and on a Consolidated Basis for the Borrower and its Subsidiaries, in each case when the Borrower&#146;s Revenues and/or EBITDA, as shown in the latest unaudited financial statements of the Borrower, account for less than 80% of the consolidated Revenues and/or EBITDA of the Borrower and its Subsidiaries; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Pari Passu Obligations</u>. Take such action as may be necessary to ensure that, at all times, the obligations owing to IFC under the IFC Financing Documents are direct, general, unconditional and unsubordinated obligations of the Borrower that rank at least <u>pari</u>  <u>passu</u> in priority of payment to all unsecured obligations of the Borrower, except for any obligations given mandatory priority by operation of applicable law.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;5.02. <i><u style="font-style:italic;">Negative Covenants</u></i>. Unless IFC otherwise agrees in writing, the Borrower shall not, and shall cause each of its Subsidiaries not to:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Restricted Payments</u>. Declare or pay any Restricted Payment, except that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any Subsidiary of the Borrower may declare and pay Restricted Payments in cash to the Borrower or to any wholly-owned Subsidiary of the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any non-wholly-owned Subsidiary of the Borrower may declare and pay cash dividends to its stockholders; <u>provided</u>, that the Borrower and its Subsidiaries must receive at least their proportionate share of any cash dividends paid by such non-wholly-owned Subsidiary;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">such Borrower and its Subsidiaries may declare and pay Restricted Payments required to be paid under Law No.&nbsp;19,550 (as amended and supplemented) or Law No.&nbsp;26,831 amended by Law No.&nbsp;27,440 (as amended and supplemented) and regulations thereunder; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower may declare and pay dividends in cash or in bonds or other securities issued by the Borrower, and may redeem, retire or purchase to the extent permitted by applicable law any of the Borrower&#146;s outstanding capital stock, if in each case all of the following conditions are satisfied before and after giving effect to such dividend, redemption, retirement or purchase (A)&nbsp;no Potential Event of Default or Event of Default shall have occurred or is continuing or would result therefrom and (B)&nbsp;the Borrower is in compliance with all financial covenants set forth in Section&nbsp;5.01(m)&nbsp;(<i>Affirmative Covenants</i>) on a Pro Forma Basis;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Capital Expenditures</u>. Incur expenditures or commitments for expenditures for fixed or other non-current assets, other than (i)&nbsp;those required or requested to be made by any Authority, and (ii) those incurred by the Borrower and its Subsidiaries if, after giving effect thereto, the Borrower is in</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">39</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_39_032333_8132"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">compliance with all financial covenants set forth in Section&nbsp;5.01(m)&nbsp;(<i>Affirmative Covenants</i>) on a Pro Forma Basis;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Permitted Financial Debt</u>. Incur or assume any Financial Debt except:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Loan;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; existing Financial Debt listed on Annex D;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; short term (with a maturity of not more than 12 months) unsecured Financial Debt if, immediately after giving effect to the incurrence or assumption thereof, the Borrower and its Subsidiaries comply with the following ratios, calculated pursuant to 5.01(m)&nbsp;(<i>Affirmative Covenants</i>) on a Pro Forma Basis:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160; an Interest Coverage Ratio of not less than 3.0; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160; a Net Debt to EBITDA Ratio of not more than 2.5;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">provided</font></u><font size="2" style="font-size:11.0pt;">, that the amount of such short term unsecured Financial Debt denominated in Dollars in the aggregate outstanding at any time shall not exceed an amount equal to the greater of 10% of the total Financial Debt and $250,000,000; <u>provided</u>  <u>further</u>, that the cap set forth in the preceding proviso shall not apply to any such short term unsecured Financial Debt that is incurred or assumed in Pesos (for the avoidance of doubt, compliance with the foregoing ratios calculated in accordance with 5.01(m)&nbsp;on a Pro Forma Basis shall apply with respect to all short term unsecured Financial Debt regardless that it is denominated in Dollars or Pesos);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; other Financial Debt of the Borrower and its Subsidiaries incurred or assumed</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">after the date hereof if, immediately after giving effect to the incurrence or assumption thereof, the Borrower and its Subsidiaries comply with the following ratios, calculated pursuant to Section&nbsp;5.01(m)&nbsp;on a Pro Forma Basis:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160; an Interest Coverage Ratio of not less than 3.0; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160; a Net Debt to EBITDA Ratio of not more than 2.5; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Permitted Refinancing Debt in respect of Financial Debt otherwise permitted under this Section&nbsp;5.02(c);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Leases</u>. Enter into any agreement or arrangement to lease any property or equipment of any kind (other than Financial Leases), except for (i)&nbsp;Permitted Leases and (ii)&nbsp;leases with respect to which the aggregate lease payments do not exceed the equivalent of $40,000,000 in any Financial Year, in each case, as long as the Borrower remains in compliance with all financial covenants set forth in Section&nbsp;5.01(m)&nbsp;(<i>Affirmative Covenants</i>) on a Pro Forma Basis;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Hedging Contracts</u>. Enter into any Hedging Contract or assume the obligations of any party to any Hedging Contract, except for interest rate protection agreements and currency protection agreements incurred for non-speculative purposes on commercially reasonable terms;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">40</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_40_032432_5583"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Guarantees and Other Obligations</u>. Enter into any agreement or arrangement to guarantee or, in any way or under any condition, assume or become obligated for all or any part of any financial or other obligation of another Person, except:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Non-Recourse Pledges; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">guarantees or indemnities in respect of a portfolio of credit receivables originated by the Borrower and being subject of a sale, securitization or &#147;synthetic&#148; securitization as long as they exclusively relate to factoring or similar transactions with respect to the Borrower&#146;s receivables in the ordinary course of business;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">provided</font></u><font size="2" style="font-size:11.0pt;">, that after giving effect to the incurrence of any such obligations pursuant to items (i)&nbsp;and (ii), the Borrower and its Subsidiaries, are in compliance with the following ratios calculated in accordance with Section&nbsp;5.01(m) (<i>Affirmative Covenants</i>) on a Pro Forma Basis:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(A)&#160;&#160;&#160;&#160;&#160; an Interest Coverage Ratio of not less than 3.0; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.55in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(B)&#160;&#160;&#160;&#160;&#160; a Net Debt to EBITDA Ratio of not more than 2.5;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Permitted Liens</u>. Create or permit to exist any Lien on any property, any revenues or other assets, present or future, of the Borrower or any of its Subsidiaries, except for the following (collectively, &#147;<b>Permitted Liens</b>&#148;):</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Liens in existence on the date hereof which are listed, and the property subject thereto described, in Annex G and any Lien granted as a replacement or substitute therefor; <u>provided</u>, that any such Liens are no less favorable to IFC and are not more favorable to the lienholders with respect to such Liens than the Liens in respect of the debt being refinanced;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any Lien arising from any Tax or other Lien arising by operation of law, in each case if the obligation underlying any such Lien is not yet due or, if due, is being contested in good faith by appropriate proceedings so long as the Borrower has set aside adequate reserves in accordance with the Accounting Standards;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Liens created or deposits made in the ordinary course of business (A)&nbsp;in connection with workers&#146; compensation, unemployment insurance and other types of social security, including any Lien securing letters of credit issued in the ordinary course of business consistent with past practice in connection therewith, or (B)&nbsp;to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, purchase, construction or sales contracts, leases, government performance and return-of-money bonds and other similar obligations (other than obligations for the payment of borrowed money), so long as the Lien does not interfere with the implementation of the Transaction or the carrying on of the business or Operations of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.6in;text-align:justify;text-indent:-.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Liens created in the ordinary course of business upon specific items of inventory or other goods and proceeds of any Person securing such Person&#146;s obligations in respect of bankers&#146; acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods, so long as the Lien does not interfere in any material respect with the</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">41</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_41_034039_403"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">implementation of the Transaction or the carrying on of the business or Operations of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Liens arising from judgments, decrees, awards or attachments in circumstances not constituting an Event of Default under this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Liens on the property or assets of any corporation which becomes a Subsidiary of the Borrower after the date hereof in connection with a Permitted Acquisition permitted by Section&nbsp;5.02(k)(vii), which Liens secure Financial Debt permitted by Section&nbsp;5.02(c); <u>provided</u>, that (A)&nbsp;such Liens existed at the time such corporation became a Subsidiary and were not created in anticipation of the acquisition, (B)&nbsp;any such Lien by its terms covers only property or assets of such corporation which were covered immediately prior to the time it became a Subsidiary and (C)&nbsp;any such Lien does not by its terms secure any Financial Debt other than the Financial Debt existing immediately prior to the time such corporation becomes a Subsidiary;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">easements, rights-of-way, restrictions, encroachments and other similar charges or encumbrances, and minor title deficiencies, in each case not securing Financial Debt and not interfering in any material respect with the conduct of the business and Operations of the Borrower or any of its Subsidiaries;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">additional Liens of the Borrower or any Subsidiary of the Borrower not otherwise permitted by this Section&nbsp;5.02(g)&nbsp;that do not secure obligations in excess of the equivalent of $25,000,000 in the aggregate for all such Liens at any time;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Liens placed upon property acquired or improved after the date hereof and used in the ordinary course of business of any Borrower or any of its Subsidiaries and placed at the time of the acquisition thereof by such Borrower or such Subsidiary, or within 90 days thereafter, to secure indebtedness incurred to acquire such equipment or improvements; <u>provided</u>, that (A)&nbsp;such Liens do not at any time encumber any property of the Borrower other than the property financed by such indebtedness incurred to acquire such equipment or improvements, (B)&nbsp;the debt secured thereby does not exceed the cost or fair market value, whichever is lower, of the property being acquired on the date of acquisition, and (C)&nbsp;such Liens do not interfere in any material respect with the implementation of the Transaction or the carrying on of the business or Operations of the Borrower or any of its Subsidiaries; <u>provided</u>  <u>further</u>, that if after giving effect to the incurrence of any such Lien either the Interest Coverage Ratio decreases or the Net Debt to EBITDA Ratio increases from what it was prior to such incurrence calculated both on an unconsolidated basis and on a Consolidated Basis (for the avoidance of doubt, regardless of the calculation method otherwise called for by Section&nbsp;5.01(m)(<i>Affirmative Covenants</i>)) and on a Pro Forma Basis, the aggregate amount of all Liens permitted pursuant to this paragraph (ix)&nbsp;shall not exceed at any time 10% of the Borrower&#146;s total unconsolidated Financial Debt; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the designation of lessors, construction companies and other counterparties as loss payees under insurance policies in the ordinary course of business as required by customary contractual requirements, other than in connection with or in anticipation of the incurrence of Financial Debt;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">42</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_42_035206_2897"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Arm&#146;s Length Transactions</u>. Enter into any transaction with the Borrower&#146;s Affiliates except for (i)&nbsp;transactions in the ordinary course of business on the basis of arm&#146;s length arrangements (including, without limitation, transactions whereby the Borrower or a Subsidiary might pay more than the ordinary commercial price for any purchase or might receive less than the full ex-works commercial price (subject to normal trade discounts) for its products), (ii)&nbsp;transactions in existence as of the date of this Agreement that are included in the financial statements of the Borrower for the period ending on September&nbsp;30, 2018 and in Annex I for any transaction subsequent to such date, and (iii)&nbsp;transactions permitted under Sections 5.02(k)(iv)&nbsp;or (k)(v)&nbsp;or otherwise permitted under this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Profit Sharing Arrangements</u>. Enter into any partnership, profit-sharing or royalty agreement or other similar arrangement whereby the Borrower&#146;s income or profits are, or might be, shared with any other Person, except for customary and standard industry agreements as are reasonable and prudent and provided that they are entered into on an arm&#146;s length basis and in the ordinary course of business;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Management Contracts</u>. Enter into any management contract or similar arrangement whereby its business or operations are managed by any other Person, except for such arrangements with third parties in the ordinary course of business on an arm&#146;s length basis;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Permitted Investments</u>. Make or permit to exist loans or advances to, or deposits (except commercial bank deposits in cash in the ordinary course of business) with, other Persons or investments in any Person or enterprise (each of the foregoing are an &#147;<b>Investment</b>&#148; and, collectively, &#147;<b>Investments</b>&#148;) other than the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower and its Subsidiaries may acquire and hold Cash Equivalents;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower and its Subsidiaries may hold the Investments held by them on the date hereof including those described on Annex C; <u>provided</u>, that any additional Investments made with respect thereto shall be permitted only if (A)&nbsp;committed as of the date hereof or (B)&nbsp;is permitted under the other provisions of this Section&nbsp;5.02(k);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower may enter into a Hedging Contract or assume the obligations of any party to a Hedging Contract to the extent permitted by Section&nbsp;5.02(e);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower and its Subsidiaries may make intercompany loans and advances to any Subsidiary related to management and brand fees (excluding interconnection, connectivity, and corporate services) for up to $20,000,000; <u>provided</u>, that (A)&nbsp;the terms and conditions agreed with the relevant parent company are typical and reasonable in commercial terms, (B)&nbsp;such transactions are on an arm&#146;s length basis, and (C)&nbsp;no Event of Default or Potential Event of Default shall have occurred and be continuing or would result therefrom;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower may make capital contributions to, or acquire equity interests of, any of its Subsidiaries and/or provide intercompany loans to one or more of its Subsidiaries; <u>provided</u>, that (A)&nbsp;the aggregate amount of contributions made, together with the amount of any intercompany loans provided, pursuant to this clause (v), when added to the aggregate outstanding principal amount of intercompany loans and advances made to all of its Subsidiaries (determined without regard to any write-downs or write-offs thereof and net of any returns on any such Investment in the form of a principal repayment, distribution, dividend</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">43</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_43_035241_3020"></a></font></p>
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<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">or redemption, as applicable), shall not exceed an amount equivalent to $200,000,000 per Financial Year, including any amount necessary to avoid being diluted by third parties in any capital increase of such Subsidiary, (B)&nbsp;no contribution may be made or loan provided pursuant to this clause (v)&nbsp;at any time that an Event of Default or Potential Event of Default has occurred and its continuing, (C)&nbsp;after giving effect to any Investment made in or to any Subsidiary pursuant to this clause (v)&nbsp;the Borrower remains, both on an unconsolidated basis and on a Consolidated Basis (for the avoidance of doubt, regardless of the calculation method otherwise called for by Section&nbsp;5.01(m)&nbsp;(<i>Affirmative Covenants</i>)), in compliance with Section&nbsp;5.01(m)&nbsp;on a Pro Forma Basis and (D)&nbsp;notwithstanding anything to the contrary in this clause (v), if the capital contribution and/or intercompany loan is made to a non-wholly owned Subsidiary, then, either: (x)&nbsp;the investment made by the Borrower in such Subsidiary is made <u>pro</u>  <u>rata</u> with respect to the investments made by the other shareholders of such non-wholly-owned Subsidiary; or (y)&nbsp;the Borrower&#146;s interest in such non-wholly-owned Subsidiary increases commensurate with such Investment;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower and its Subsidiaries may own the equity interests of its respective Subsidiaries created or acquired after the date hereof in accordance with the terms of this Agreement (so long as all amounts invested in such Subsidiaries are independently justified under another provision of this Section&nbsp;5.02(k)) so long as such Subsidiary is in compliance with Section&nbsp;5.02(s);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower and its Subsidiaries may make a Permitted Acquisition so long as:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">no Event of Default or Potential Event of Default shall have occurred and be continuing at the time of, or shall occur as a result of and after giving effect to, such Permitted Acquisition;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">calculations made by the Borrower with respect to all financial covenants for the respective Calculation Period made in compliance with Section&nbsp;5.01(m)&nbsp;(<i>Affirmative Covenants</i>) on a Pro Forma Basis show that all financial covenants would have been complied with as if such Permitted Acquisition had occurred on the first day of such Calculation Period;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">all representations and warranties contained in Section&nbsp;3.01 (<i>Representations and Warranties</i>) have been updated as appropriate and restated by the Borrower, to IFC&#146;s reasonable satisfaction, as of the date of such Permitted Acquisition;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(D)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower shall have given 10 days&#146; prior written notice of such Permitted Acquisition, together with a certificate from its chief financial officer containing the relevant calculations and certifying compliance with the foregoing; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(E)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the acquisition is in compliance with Section&nbsp;5.02(s); and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower may make Investments in the ordinary course of the Borrower&#146;s business; <u>provided</u>, that both before and after giving effect to such investment no</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">44</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_44_035300_7748"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Event of Default or Potential Event of Default shall have occurred and be continuing;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fundamental Changes</u>. Change (i)&nbsp;its Charter in any manner which would be inconsistent with the provisions of any IFC Financing Document; or (ii)&nbsp;change its Financial Year;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160; <u>Nature of Business</u>. Engage directly or indirectly in any business other than the businesses engaged in by the Borrower and its Subsidiaries as of the date hereof and reasonable extensions thereof and businesses ancillary or complementary thereto (including, without limitation, information technology services, distribution of content, mobile wallet and other mobile or fixed services or developments and other services and business permitted under the applicable licenses and regulations);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Asset Sales</u>. Sell, transfer, lease (including a sale-leaseback) or otherwise dispose of all or any material part of its property or assets (other than sales of inventory in the ordinary course of business), whether in a single transaction or in a series of transactions, related or otherwise, voluntarily or involuntarily, except that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower and its Subsidiaries may liquidate or otherwise dispose of property or equipment that has become worn out, obsolete, damaged or otherwise unsuitable for use in connection with the business and operations of the Borrower;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Borrower and its Subsidiaries may liquidate, sell or otherwise dispose of assets (including, for the avoidance of doubt, capital stock in Subsidiaries) if such transaction or series of transactions (A)&nbsp;have proceeds which only are cash or Cash Equivalents, (B)&nbsp;are made on arm&#146;s length terms in the ordinary course of business, in each case at fair market value, (C)&nbsp;would not reasonably be expected to have a Material Adverse Effect, (D)&nbsp;if the consideration received at closing is not cash, the Cash Equivalents received shall remain free of any pledge over them, (E)&nbsp;no Event of Default or Potential Event of Default shall have occurred and be continuing or result therefrom, (F)&nbsp;the Borrower is in compliance with a Net Debt to EBITDA Ratio of not more than 2.5 and an Interest Coverage Ratio of not less than 3.0, calculated in accordance with Section&nbsp;5.01(m)&nbsp;(<i>Affirmative Covenants</i>) on a Pro Forma Basis (except in the case of any transaction for the disposal by the Borrower of capital stock of a Subsidiary, in which case the foregoing ratios always shall be calculated both on an unconsolidated basis and on a Consolidated Basis, and on a Pro Forma Basis, regardless of the calculation method otherwise called for by Section&nbsp;5.01(m)), and (G)&nbsp;such transaction would not affect the ability of the Borrower to comply with its payment obligations under this Agreement; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">without limiting paragraph (ii)&nbsp;above, the Borrower and its Subsidiaries may liquidate, sell or otherwise dispose of its infrastructure in cellular phone towers and directly related equipment and real estate property, leases, contracts and administrative permits and Authorizations (including personnel and intellectual property affected to such infrastructure), in one or more series of transactions, through either a corporate restructuring involving a spin-off or split-off (<i>escisi&#243;n</i>), in kind capital contributions, bulk asset transfer in kind or in cash (<i>transferencia de fondo de comercio</i>), or a combination thereof, or a direct or indirect sale of such assets or of the business unit comprising them; <u>provided</u>, that, in case any such transaction or series of transactions involves a sale to a</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">45</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_45_035327_141"></a></font></p>
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<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">third party buyer, it shall be permitted only if such transaction or series of transactions with a third party buyer (A)&nbsp;have proceeds which are in cash, Cash Equivalents or equity ownership interests in the buyer of the cellular phone towers, (B)&nbsp;are made on arm&#146;s length terms in the ordinary course of business, in each case at fair market value, (C)&nbsp;would not reasonably be expected to have a Material Adverse Effect, (D)&nbsp;if the consideration received at closing is not cash, the Cash Equivalents received shall remain free of any pledge over them, (E)&nbsp;no Event of Default or Potential Event of Default shall have occurred and be continuing or result therefrom, (F)&nbsp;the Borrower is in compliance, both on an unconsolidated basis and on a Consolidated Basis (for the avoidance of doubt, regardless of the calculation method otherwise called for by Section&nbsp;5.01(m)), with a Net Debt to EBITDA Ratio of not more than 2.5 and an Interest Coverage Ratio of not less than 3.0, calculated on a Pro Forma Basis, and (G)&nbsp;such transaction would not affect the ability of the Borrower to comply with its payment obligations under this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Use of Proceeds</u>. Use the proceeds of that Disbursement in the territories of any country that is not a member of the World Bank or for reimbursements of expenditures in those territories or for goods produced in or services supplied from any such country;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Distributions from Subsidiaries</u>. Directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any Subsidiary of the Borrower to (i)&nbsp;pay dividends or make any other distributions on its capital stock or any other equity interest or participation in its profits owned by the Borrower or any of its Subsidiaries, or to pay any Financial Debt owed to the Borrower or any of its Subsidiaries, (ii)&nbsp;make loans or advances to the Borrower or any of its Subsidiaries or (iii)&nbsp;transfer any of its properties or assets to the Borrower or any of its Subsidiaries, except for such encumbrances or restrictions existing under or by reason of (A)&nbsp;applicable law, (B)&nbsp;the IFC Financing Documents, (C)&nbsp;customary provisions restricting subletting or assignment of any lease governing any leasehold interest of any of the Borrower&#146;s Subsidiaries, (D)&nbsp;customary provisions restricting assignment of any licensing agreement (in which any of the Borrower&#146;s Subsidiaries is the licensee) or other contract entered into by any of the Borrower&#146;s Subsidiaries in the ordinary course of business, (E)&nbsp;restrictions on the transfer of any asset pending the closing of the sale of such asset, and (F)&nbsp;restrictions on the transfer of any asset subject to a Permitted Lien; except for restrictions contained in any Financial Debt permitted pursuant to Section&nbsp;5.02(c)&nbsp;and as are reasonable or customary for such financing arrangements contained therein;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>UN Security Council Resolutions</u>. Enter into any transaction or engage in any activity prohibited by any resolution of the United Nations Security Council under Chapter VII of the United Nations Charter;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Sanctionable Practices</u>. Engage in (and neither the Borrower nor any Subsidiary shall authorize or permit any Affiliate or any other Person acting on its behalf to engage in) with respect to its Operations or any transaction contemplated by this Agreement, any Sanctionable Practices. The Borrower further covenants that should IFC notify the Borrower of its concerns that there has been a violation of the provisions of this Section&nbsp;or of Section&nbsp;3.01(t)&nbsp;(<i>Representations and Warranties</i>) of this Agreement, it shall cooperate and it shall cause each relevant Subsidiary to cooperate, in good faith with IFC and its representatives in determining whether such a violation has occurred, and shall respond promptly and in reasonable detail to any notice from IFC, and shall furnish documentary support for such response upon IFC&#146;s request;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">46</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_46_035420_7608"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>New Subsidiaries</u>. Form&nbsp;or have any new Subsidiary unless (i)&nbsp;such Subsidiary&#146;s business is ancillary or complementary to the Borrower, (ii)&nbsp;such Subsidiary provides within 10 Business Days of a written request from IFC, other documentation requested by IFC that is in line with applicable &#147;know your customer&#148; requirements, and (iii)&nbsp;such Subsidiary is permitted pursuant to Section&nbsp;5.02(k);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Prohibited Activities</u>. Engage in and shall not authorize or permit any Affiliate or any other Person acting on its behalf to engage in with respect to its Operations or any transactions contemplated by the Financing Documents any Prohibited Activity; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendment of S&amp;E Action Plan</u>. Amend the S&amp;E Action Plan in any material respect without the prior written consent of IFC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;5.03. <i><u style="font-style:italic;">Reporting Requirements</u></i>. Unless IFC otherwise agrees, the Borrower shall:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Quarterly Financial Statements and Reports</u>. Except to the extent the following quarterly financial statements and reports are available on the Borrower&#146;s website, as soon as available but in any event within 60 days after the end of each of the first three calendar quarters of each Financial Year, deliver to IFC:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">2 copies of the Borrower&#146;s and its Subsidiaries complete unaudited financial statements for such quarter prepared, on both an unconsolidated basis and a Consolidated Basis, in accordance with the Accounting Standards and on a basis consistent with the Borrower&#146;s audited financial statements, in each case, certified by the Borrower&#146;s chief financial officer (or in his or her absence, by an Authorized Representative of the Borrower); and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the quarterly reports disclosed by the Borrower to the market; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">(A)&nbsp;a report (in a form pre-agreed between IFC and the Borrower), signed by the Borrower&#146;s chief financial officer (or in his or her absence, by an Authorized Representative of the Borrower), specifying how the Net Debt to EBITDA Ratio and the Interest Coverage Ratio have been calculated (i.e., whether calculated only on a Consolidated Basis or on both an unconsolidated basis and a Consolidated Basis pursuant to Section&nbsp;5.01(m)&nbsp;(<i>Affirmative Covenants</i>)), and concerning compliance with the financial covenants in this Agreement; and (B)&nbsp;a Revenues and EBITDA report (in a form pre-agreed between IFC and the Borrower), signed by the Borrower&#146;s chief financial officer (or in his or her absence, by an Authorized Representative of the Borrower), for the purposes of determining the calculations set forth in Section&nbsp;5.01(m)&nbsp;and confirming whether such ratios where calculated on a Consolidated Basis for such period or on both an unconsolidated basis and a Consolidated Basis if applicable under this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">for the avoidance of doubt, if any of the financial statements and reports under this Section&nbsp;5.03(a)&nbsp;are no longer available on the Borrower&#146;s website or if the Borrower is delisted or otherwise no longer required by applicable law to publish on their website any such financial statements or reports, the Borrower shall furnish such financial statements or reports, as the case may be, directly to IFC, at IFC&#146;s satisfaction.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Annual Financial Statements and Reports</u>. Except to the extent the following annual financial statements and reports are available on the Borrower&#146;s website, as soon as available (or, in the case of (A)&nbsp;Form&nbsp;20-F promptly after its filing with the SEC, and (B)&nbsp;Form&nbsp;6-K, promptly after being</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">47</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_47_035718_8146"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">furnished to the SEC) but in any event within 90 days after the end of each Financial Year (or in the case of (A)&nbsp;Form&nbsp;20-F no later than May&nbsp;1st of each such Financial Year, and (B)&nbsp;Form&nbsp;6-K no later than 6 months after the Borrower&#146;s second fiscal quarter of each Financial Year), deliver to IFC:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">2 copies of its and each of its Subsidiaries&#146; complete and audited financial statements for that Financial Year which are in agreement with its books of account and prepared, on both an unconsolidated basis and a Consolidated Basis, in accordance with the Accounting Standards, including an unqualified audit report on them from the Auditors, all in form satisfactory to IFC;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">a report (in a pre-agreed form) signed by the Borrower&#146;s chief financial officer (or in his or her absence, by an Authorized Representative of the Borrower) certifying (A)&nbsp;compliance with the Net Debt to EBITDA Ratio and the Interest Coverage Ratio pursuant to Section&nbsp;5.01(m)&nbsp;(<i>Affirmative Covenants</i>) (specifying whether for such period such ratios were calculated only on a Consolidated Basis or both on an unconsolidated basis and on a Consolidated Basis pursuant to Section&nbsp;5.01(m)), (B)&nbsp;that such officer or Authorized Representative is not aware of any non-compliance by the Borrower with the covenants in Section&nbsp;5.02 (<i>Negative Covenants</i>) of this Agreement, and, where applicable, detailing any non-compliance, and (C)&nbsp;certifying that all transactions between the Borrower and its Subsidiaries and each of their respective Affiliates, if any, during that Financial Year, complied with the covenant in Section&nbsp;5.02(h);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Form&nbsp;20-F for that Financial Year filed by the Borrower with the SEC or, in the case the filing of Form&nbsp;20-F by the Borrower is no longer required by applicable law, a report by the Borrower on its operations during that Financial Year, in the form of, and addressing the topics listed in, Schedule 8;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the Form&nbsp;6-K for that Financial Year furnished by the Borrower with the SEC or, in the case the furnishing of Form&nbsp;6-K by the Borrower is no longer required by applicable law, (A)&nbsp;an unaudited interim balance sheet as of the end of the Borrower&#146;s second fiscal quarter and (B)&nbsp;an unaudited semi-annual income statement covering the first two fiscal quarters of each Financial Year; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">a report, signed by the Borrower&#146;s chief financial officer (or in his or her absence, by an Authorized Representative of the Borrower) updating the identity of each of the Permitted Holders disclosed in Schedule 11, based on information submitted to the relevant Authority in the Country;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">for the avoidance of doubt, if any of the financial statements and reports under this Section&nbsp;5.03(b)&nbsp;are no longer available on the Borrower&#146;s website or if the Borrower is delisted or otherwise no longer required by applicable law to publish on their website any such financial statements or reports, the Borrower shall furnish such financial statements or reports, as the case may be, directly to IFC, at IFC&#146;s satisfaction;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Management Letters</u>. Deliver to IFC, promptly following receipt, a copy of any management letter or other communication sent by the Auditors (or any other accountants retained by the Borrower) to the Borrower or its management in relation to the Borrower&#146;s financial, accounting and other systems, management or accounts;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Annual Monitoring Report</u>. Within 90 days after the end of each Financial Year, deliver to IFC the Annual Monitoring Report (i)&nbsp;confirming compliance by the Borrower and/or the relevant</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">48</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_48_035829_7091"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Subsidiary with the social and environmental covenants set forth in Sections 5.01 (<i>Affirmative Covenants</i>) and 5.02 (<i>Negative Covenants</i>) and Applicable S&amp;E Law, as the case may be, identifying any noncompliance or failure, and the actions being taken to remedy any such deficiency; and (ii)&nbsp;including such information as IFC shall reasonably require in order to measure the ongoing development results of the relevant Operations of the Borrower and any Subsidiary against the indicators specified in Schedule 9 hereto and which information IFC may hold and use in accordance with IFC&#146;s Access to Information Policy dated January&nbsp;1, 2012, the link of which is</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">http://ifcnet.ifc.org/intranet/ifcpolproc.nsf/AttachmentsByTitle/700101IFCPolicyDisclosureInformation_Effective+Jan+1+20 12/$FILE/700 101 IFCPolicyDisclosureInformation.pdf</font></u><font size="2" style="font-size:11.0pt;">;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notice of Accidents, Etc</u>. Within 30 days after its occurrence, notify IFC of any social, labor, health and safety, security or environmental incident, accident or circumstance having, or which could reasonably be expected to have, a Material Adverse Effect or material adverse impact on the implementation of the Transaction or on the carrying on of Operations by the Borrower and/or any Subsidiary in accordance with the Performance Standards, specifying in each case the nature of the incident, accident, or circumstance and any effect resulting or likely to result therefrom, and the measures the Borrower and/or the relevant Subsidiary is taking or plans to take to address them and to prevent any future similar event; and keep IFC informed of the on-going implementation of those measures and plans;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Changes to Business; Material Adverse Effect</u>. Promptly notify IFC of any proposed change in the business or operations of the Borrower or any of its Subsidiaries and of any event or condition that has had or could reasonably be expected to have a Material Adverse Effect;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Litigation, Etc</u>. Promptly upon becoming aware of any litigation or administrative proceedings before any Authority or arbitral body which has had or, if determined adversely, could reasonably be expected to have, a Material Adverse Effect, notify IFC by facsimile of that event specifying the nature of that litigation or those proceedings and the steps the Borrower and/or the relevant Subsidiary is taking or proposes to take with respect thereto;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Default</u>. Promptly upon the occurrence of an Event of Default or Potential Event of Default, notify IFC by facsimile specifying the nature of that Event of Default or Potential Event of Default and any steps the Borrower is taking to remedy it;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Insurance</u>. Provide to IFC, in a timely manner, the insurance certificates and other information referred to in Section&nbsp;5.04(b)&nbsp;(<i>Insurance</i>);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorizations</u>. Within 5 Business Days after its occurrence, notify IFC of (i)&nbsp;the issuance of any new material Authorizations that would be specified in Part&nbsp;II of Annex B necessary for the implementation of the Transaction, the carrying out of the business and Operations of the Borrower and its Subsidiaries generally and the compliance by the Borrower and its Subsidiaries with all their respective obligations under the IFC Financing Documents and (ii)&nbsp;any modification to any of the material Authorizations specified in Part&nbsp;II of Annex B or any of the new material Authorizations specified in the foregoing subclause (i)&nbsp;(for the avoidance of doubt, the foregoing subclause (ii)&nbsp;applies to amendments, supplements, restatements, renewals, or replacements of any such Authorizations);</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Permitted Liens</u>. If, after the incurrence of a Permitted Lien pursuant to Section&nbsp;5.02(g)(ix)&nbsp;(<i>Negative Covenants</i>), either the Interest Coverage Ratio decreases or the Net Debt to EBITDA Ratio increases from what it was prior to such incurrence calculated both on an unconsolidated basis and on a Consolidated Basis (for the avoidance of doubt, regardless of the calculation method otherwise called for by Section&nbsp;5.01 (m)(<i>Affirmative Covenants</i>)) and on a Pro Forma Basis, the Borrower shall promptly provide IFC a report, signed by the Borrower&#146;s chief financial officer (or in his or her</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">49</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_49_035947_455"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">absence, by an Authorized Representative of the Borrower) informing IFC of the foregoing along with a certification that (i)&nbsp;the Borrower and its Subsidiaries remain in compliance with the financial ratios set forth in Section&nbsp;5.01(m)&nbsp;calculated both on an unconsolidated basis and on a Consolidated Basis (for the avoidance of doubt, regardless of the calculation method otherwise called for by Section&nbsp;5.01(m)), and on a Pro Forma Basis, and (ii)&nbsp;the aggregate amount of Permitted Liens (including such Permitted Lien) pursuant to Section&nbsp;5.02(g)(ix)&nbsp;does not exceed 10% of the Borrower&#146;s total unconsolidated Financial Debt; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Information</u>. Promptly provide to IFC such other publicly available information as IFC from time to time reasonably requests about the Borrower, any of its Subsidiaries, their respective assets and Operations and the Transaction, including without limitation information that IFC requests on behalf of the Participants for the Participants to satisfy requirements under applicable laws and regulations, including those concerning anti-money laundering and combatting the financing of terrorism (AML/CFT).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;5.04. <i><u style="font-style:italic;">Insurance</u></i>.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&nbsp;<u>Insurance Requirements and Borrower&#146;s Undertakings</u>. Unless IFC otherwise agrees, the Borrower shall:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">insure and keep insured, with financially sound and reputable insurers, all their respective assets and businesses in a manner and with amounts and deductibles as set forth in Annex F and otherwise as required by law;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">punctually pay any premium, commission and any other amounts necessary for effecting and maintaining in force each insurance policy;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">promptly notify the relevant insurer of any claim by the Borrower under any policy written by that insurer and diligently pursue that claim, except for immaterial claims where, in the reasonable judgment of the Borrower, the cost to pursue such claim would exceed the amount of such claim;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">not do or omit to do, or permit to be done or not done, anything which might materially prejudice the Borrower&#146;s right to claim or recover under any insurance policy; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">not vary in any material respect, rescind, terminate, cancel or cause a material change to any insurance policy, except if an insurance policy or the insurer in connection with such policy has been replaced by another policy or insurer, as the case may be, with substantially similar characteristics; <u>provided</u>, that nothing in this clause (v)&nbsp;shall prevent the Borrower from varying, rescinding, terminating, cancelling or changing any insurance policy if, in the reasonable judgment of the Borrower, such insurance policy is no longer necessary (or, in the case of variances or changes, such insurance policy as then in effect is no longer appropriate) for the Operations of the Borrower or consistent with industry practice, or such insurance policy is promptly replaced with a substantially equivalent insurance policy, or such variance or change increases the coverage under such insurance policy, or such policy was maintained solely to comply with a requirement of applicable law and such applicable law no longer requires such insurance policy.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">50</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_50_040039_4141"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b) &nbsp;<u>Reporting Requirements</u>. Unless IFC otherwise agrees, the Borrower shall provide to IFC the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">as soon as possible after its occurrence, notice of any event which entitles the Borrower to claim for an aggregate amount exceeding the equivalent of $5,000,000 under any one or more insurance policies; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">within 45 days of the written request of IFC, copies of every insurance policy relating to the Borrower&#146;s assets, as set forth in Annex F, and any other information or documents on each insurance policy as IFC requires from time to time, except to the extent that any such other information or documents are subject to confidentiality restrictions in favor of third parties, the waiver of which it would not be reasonably possible for the Borrower to obtain.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;VI</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Events of Default</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;6.01. <i><u style="font-style:italic;">Acceleration after Default</u></i>. If any Event of Default occurs and is continuing (whether it is voluntary or involuntary, or results from operation of law or otherwise),&nbsp;IFC may, by notice to the Borrower, require the Borrower to repay the Loan or such part of the Loan as is specified in that notice. On receipt of any such notice, the Borrower shall immediately repay the Loan (or that part of the Loan specified in that notice) and pay all interest accrued on it and any other amounts then payable under this Agreement and the other IFC Financing Documents. The Borrower waives any right it might have to further notice, presentment, demand or protest with respect to that demand for immediate payment.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;6.02. <i><u style="font-style:italic;">Events of Default</u></i>. It shall be an Event of Default if:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Failure to Pay Principal or Interest</u>. The Borrower fails to pay when due any part of the principal of, or interest on, the Loan and such failure continues for a period of 5 days;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Failure to Pay Other IFC Loans</u>. The Borrower or any of its Affiliates fails to pay when due any part of the principal of, or interest on, any loan from IFC other than the Loan and any such failure continues for the relevant period of grace provided for in the agreement providing for that loan;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Failure to Comply with Obligations</u>. The Borrower or any of its Subsidiaries fails to comply with any of its obligations under this Agreement or any other IFC Financing Document to which it is a party or any other agreement between such Person and IFC (other than those referred to in clauses (a)&nbsp;or (b)&nbsp;of this Section&nbsp;6.02), and any such failure continues for a period of 30 days after the date of that failure;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Misrepresentation</u>. Any representation or warranty made in (i)&nbsp;Article&nbsp;III or in connection with the execution of, or any request (including a request for Disbursement) under, this Agreement or (ii)&nbsp;any other IFC Financing Document is incorrect in any material respect;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Expropriation, Nationalization, Etc</u>. Any Authority condemns, nationalizes, seizes, or otherwise expropriates all or any substantial part of the property or other assets of the Borrower or any of its Subsidiaries or of any of their respective share capital, or assumes custody or control of that property or other assets or of the business or operations of the Borrower or any of its Subsidiaries or of any of their respective share capital, or takes any action for the dissolution or disestablishment of the Borrower or any</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">51</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_51_033910_8768"></a></font></p>
<p style="margin:0in 0in .0001pt;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">of its Subsidiaries or any action that would prevent the Borrower or any of its Subsidiaries or their respective officers from carrying on all or a substantial part of their respective business or operations;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:11.0pt;">Involuntary Proceedings</font></u><font size="2" style="font-size:11.0pt;">. A decree or order by a court is entered against the Borrower or any of its Subsidiaries:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">adjudging the Borrower or any of its Subsidiaries bankrupt or insolvent;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of, or with respect to, the Borrower or any of its Subsidiaries under any applicable law;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Borrower or any of its Subsidiaries or of any substantial part of any of their respective property or other assets; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">ordering the winding up or liquidation of its affairs;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">or any petition is filed seeking any of the above and is not dismissed or stayed within 30 days;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:11.0pt;">Voluntary Proceedings</font></u><font size="2" style="font-size:11.0pt;">. The Borrower or any of its Subsidiaries:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">requests a moratorium or suspension of payment of Liabilities from any court;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">institutes proceedings or takes any form of corporate action to be liquidated, adjudicated bankrupt or insolvent;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">consents to the institution of bankruptcy or insolvency proceedings against it;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">files a petition or answer (other than an answer contesting a reorganization or relief) or consent seeking reorganization or relief under any applicable law (including, without limitation, the filing for a <i>concurso preventivo </i>or an <i>acuerdo preventivo extrajudicial</i>), or consents to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Borrower or any of its Subsidiaries or of any substantial part of any of their respective property and is not dismissed within 30 days;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">makes a general assignment for the benefit of creditors; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">admits in writing its inability to pay its Liabilities generally as they become due or otherwise becomes insolvent;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Analogous Events to Bankruptcy</u>. Any other event occurs which under any applicable law would have an effect analogous to any of those events listed in Section&nbsp;6.02(f)&nbsp;and 6.02(g);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Cross-Default</u>. The Borrower or any of its Subsidiaries fails to pay any of its Liabilities (other than the Loan or any other loan from IFC to the Borrower or any of its Subsidiaries) or to perform any of its obligations under any agreement pursuant to which there is outstanding Financial Debt in excess of $60,000,000, and any such failure continues for more than any applicable period of grace or any such Liability becomes prematurely due and payable or is placed on demand;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">52</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_52_034417_7056"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Failure to Maintain Authorizations</u>. Any Authorization necessary for the Borrower or any of its Subsidiaries to perform and observe its obligations under any IFC Financing Document, or to carry out the Transaction or its Operations, is not obtained when required or is rescinded, terminated, lapses or otherwise ceases to be in full force and effect, including with respect to the remittance to IFC or its assignees, in the Loan Currency, of any amounts payable under any IFC Financing Document, and is not restored or reinstated, or the effect of such termination or rescission is not stayed or suspended, within 90 days of notice by IFC to the Borrower requiring that restoration or reinstatement (for the avoidance of doubt, if the termination or rescission of an Authorization is stayed or suspended, and such stay or suspension is rescinded, terminated, lapses or otherwise ceases to be in full force and effect, such 90-day period shall, from the date of such rescission, termination, lapse or ineffectiveness, continue to count down from the day where counting was suspended);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Revocation Etc. of IFC Financing Documents</u>. Any IFC Financing Document or any of its provisions:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">is revoked, terminated or ceases to be in full force and effect without, in each case, the prior consent of IFC, and that event, if capable of being remedied, is not remedied to the satisfaction of IFC within 30 days of IFC&#146;s notice to the Borrower; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">becomes unlawful or is declared void; or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">is repudiated or the validity or enforceability of any of its provisions at any time is challenged by any Person and such repudiation or challenge is not withdrawn within 30 days of IFC&#146;s notice to the Borrower requiring that withdrawal; <u>provided</u>, that no such notice shall be required or, as the case may be, the notice period shall terminate if and when such repudiation or challenge becomes effective;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Judgments</u>. A final judgment, order or arbitral award for the payment of money in excess of the equivalent of $60,000,000 is rendered against the Borrower, any of its Subsidiaries or any of their respective properties and that judgment, order or arbitral award shall not have been paid, vacated, discharged, stayed or bonded within 60 consecutive days from the proper notification of the entry thereof; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160; <u>Employee Benefit Plans</u>. Any employee benefit plan of the Borrower or its Subsidiaries shall at any time fail to satisfy the minimum funding requirement established by applicable law and such failure is not cured within 90 days.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;6.03. <i><u style="font-style:italic;">Bankruptcy</u></i>. If the Borrower is liquidated or declared bankrupt, the Loan, all interest accrued on it and any other amounts payable under this Agreement will become immediately due and payable without any presentment, demand, protest or notice of any kind, all of which the Borrower waives.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">53</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_53_034629_5335"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">ARTICLE&nbsp;VII</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Miscellaneous</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.01. <i><u style="font-style:italic;">Saving of Rights</u></i>. (a)&nbsp;The rights and remedies of IFC in relation to any misrepresentation or breach of warranty on the part of the Borrower or any other Person shall not be prejudiced by any investigation by or on behalf of IFC or any of the Participants into the affairs of the Borrower or any other Person, by the execution or the performance of this Agreement, any other IFC Financing Document or the Participation Agreement or by any other act or thing which may be done by or on behalf of IFC or any of the Participants in connection with this Agreement or any other IFC Financing Document or the Participation Agreement and which might prejudice such rights or remedies.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No course of dealing or waiver by IFC in connection with any condition of Disbursement of the Loan under this Agreement or any other IFC Financing Document shall impair any right, power or remedy of IFC with respect to any other condition of Disbursement, or be construed to be a waiver thereof; nor shall the action of IFC with respect to any Disbursement affect or impair any right, power or remedy of IFC with respect to any other Disbursement<i>.</i></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unless otherwise notified to the Borrower by IFC and without prejudice to the generality of Section&nbsp;7.01(b), the right of IFC to require compliance with any condition under this Agreement or any other IFC Financing Document that may be waived by IFC with respect to any Disbursement is expressly preserved for the purposes of any subsequent Disbursement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No course of dealing and no failure or delay by IFC in exercising, in whole or in part, any power, remedy, discretion, authority or other right under this Agreement, any other IFC Financing Document or any other agreement shall waive or impair, or be construed to be a waiver of, such or any other power, remedy, discretion, authority or right under this Agreement or any other IFC Financing Document, or in any manner preclude its additional or future exercise; nor shall the action of IFC with respect to any default, or any acquiescence by it therein, affect or impair any right, power or remedy of IFC with respect to any other default.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.02. <i><u style="font-style:italic;">Notices</u></i>. Any notice, request or other communication to be given or made under this Agreement shall be in writing. Subject to Section&nbsp;5.03(g)&nbsp;and Section&nbsp;5.03(h)&nbsp;(<i>Reporting Requirements</i>) and Section&nbsp;7.05 (<i>Enforcement</i>), any such communication may be delivered by hand, airmail, facsimile or established courier service to the party&#146;s address specified below or at such other address as such party notifies to the other party from time to time, and will be effective upon receipt.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">For the Borrower:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Alicia Moreau de Justo 50, 10th Floor,</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">C1107AAB,</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Buenos Aires, Argentina</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Attention: Mr.&nbsp;Juan Martin Vico, Mr.&nbsp;Leonardo Franceschini </font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">For IFC:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">International Finance Corporation</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2121 Pennsylvania Avenue, N.W.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">54</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_54_034914_5796"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Washington, D.C. 20433</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">United States of America</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(202) 974-4307</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(202) 974-4318</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Director,   Telecom, Media, Technology, Venture Capital and Funds</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Department</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">With a copy (in the case of communications relating to payments) sent to the attention of the Director, Department of Financial Operations, at:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Facsimile: 202-522-3064.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">With an electronic copy (in the case of all reports and notices to be given under Section&nbsp;5.03 (<i>Reporting Requirements</i>)) sent to the attention of the Manager, Syndicated Loans and Management Department, at:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">syndicatedloanreports@ifc.org.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.03. <i><u style="font-style:italic;">English Language</u></i>. (a)&nbsp;All documents to be provided or communications to be given or made under this Agreement or any other IFC Financing Document (with the exception of any financial statements) shall be in the English language.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the extent that the original version of any document to be provided, or communication to be given or made, to IFC under this Agreement or any other IFC Financing Document is in a language other than English,&nbsp;IFC may either request that the Borrower obtain, or obtain itself at the Borrower&#146;s cost and expense, an English translation by a certified public translator of any document or communication received in a language other than English at the cost and expense of the Borrower. IFC may deem any such English translation to be the governing version between the Borrower and IFC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.04. <i><u style="font-style:italic;">Term of Agreement</u></i>. This Agreement shall continue in force until all monies payable under it have been fully paid in accordance with its provisions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.05. <i><u style="font-style:italic;">Enforcement</u></i>. (a)&nbsp;This Agreement shall be governed by and construed in accordance with the laws of the State of New York, United States of America.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the exclusive benefit of IFC, the Borrower irrevocably agrees to venue being laid in the courts of the United States of America located in the Southern District of New York or in the courts of the State of New York located in the Borough of Manhattan, in any legal action, suit or proceeding arising out of or relating to this Agreement, and waives any objections to venue based on grounds of forum non conveniens or inconvenient forum.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the exclusive benefit of IFC, the Borrower irrevocably also submits to personal jurisdiction of any such court in any such action, suit or proceeding. Final judgment against the Borrower in any such action, suit or proceeding shall be conclusive and may be enforced in any other jurisdiction, including the Country, by suit on the judgment, a certified or exemplified copy of which shall be conclusive evidence of the judgment, or in any other manner provided by law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The parties acknowledge and agree that no provision of this Agreement, in any way constitutes or implies a waiver, termination or modification by IFC of any privilege, immunity or</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">55</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_55_035528_2897"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">exemption of IFC granted in the Articles of Agreement establishing IFC, international conventions, or applicable law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower hereby irrevocably designates, appoints and empowers Cogency Global, with offices currently located at 10 East 40th Street, 10th Floor, New York, NY, 10016, United States of America, as its authorized agent solely to receive for and on its behalf service of any summons, complaint or other legal process in any action, suit or proceeding IFC may bring in the State of New York in respect of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160; As long as this Agreement remains in force, the Borrower shall maintain a duly appointed and authorized agent to receive for and on its behalf service of any summons, complaint or other legal process in any action, suit or proceeding IFC may bring in New York, New York, United States of America, with respect to this Agreement. The Borrower shall keep IFC advised of the identity and location of such agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower also irrevocably consents, if for any reason its authorized agent for service of process of summons, complaint and other legal process in any action, suit or proceeding is not present in New York, New York, to the service of such papers being made out of the courts of the United States of America located in the Southern District of New York and the courts of the State of New York located in the Borough of Manhattan by mailing copies of the papers by registered United States air mail, postage prepaid, to the Borrower, at its address specified pursuant to Section&nbsp;7.02 (<i>Notices</i>). In such a case,&nbsp;IFC shall also send by facsimile, or have sent by facsimile, a copy of the papers to the Borrower.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Service in the manner provided in Sections 7.05(e), (f)&nbsp;and (g)&nbsp;in any action, suit or proceeding will be deemed personal service, will be accepted by the Borrower as such and will be valid and binding upon the Borrower for all purposes of any such action, suit or proceeding.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower irrevocably waives to the fullest extent permitted by applicable law:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">its right of removal of any matter commenced by IFC in the courts of the State of New York to any court of the United States of America; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any and all rights to demand a trial by jury in any such action, suit or proceeding brought against such party by IFC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the extent that the Borrower may be entitled in any jurisdiction to claim for itself or its assets immunity in respect of its obligations under this Agreement or any other IFC Financing Document to which it is a party, from any suit, execution, attachment (whether provisional or final, in aid of execution, before judgment or otherwise) or other legal process or to the extent that in any jurisdiction that immunity (whether or not claimed) may be attributed to it or its assets, the Borrower irrevocably agrees not to claim and irrevocably waives such immunity to the fullest extent permitted now or in the future by the laws of such jurisdiction.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower hereby acknowledges that IFC shall be entitled under applicable law, including the provisions of the International Organizations Immunities Act, to immunity from a trial by jury in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby brought against IFC in any court of the United States of America. The Borrower hereby waives any and all rights to demand a trial by jury in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated by this Agreement, brought against IFC in any forum in which IFC is not entitled to immunity from a trial by jury.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">56</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_56_035714_3020"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the extent that the Borrower may, in any action, suit or proceeding brought in any of the courts referred to in Section&nbsp;7.05(b)&nbsp;or a court of the Country arising out of or in connection with this Agreement or any other IFC Financing Document to which the Borrower is a party, be entitled to the benefit of any provision of law requiring IFC in such action, suit or proceeding to post security for the costs of the Borrower, or to post a bond or to take similar action, the Borrower hereby irrevocably waives such benefit, in each case to the fullest extent now or in the future permitted under the laws of the Country or, as the case may be, the jurisdiction in which such court is located.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Nothing in this Agreement shall affect the right of IFC to commence legal proceedings or otherwise sue the Borrower in the Country or any other appropriate jurisdiction, or concurrently in more than one jurisdiction, or to serve process, pleadings and other legal papers upon the Borrower in any manner authorized by the laws of any such jurisdiction; <u>provided</u>, that nothing in this Agreement shall constitute or imply an agreement or consent by the Borrower to submit to or accept process, pleadings or other legal papers in any jurisdiction of any court other than to the courts referred to in Section&nbsp;7.05(b)&nbsp;or the courts of the Country.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.06. <i><u style="font-style:italic;">Disclosure of Information</u></i>. (a)&nbsp;IFC may disclose any documents or records of, or information about, this Agreement or any other IFC Financing Document, or the assets, business, Operations or affairs of the Borrower to:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">its outside counsel, auditors and rating agencies,</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any Person with a participation in or who intends to purchase a participation in a portion of the Loan, and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any bona fide prospective buyer, transferee, assignee or other recipient of a disposition and their external advisors as IFC may deem appropriate in connection with any proposed sale, transfer, assignment or other disposition of IFC&#146;s rights under this Agreement or any IFC Financing Document or otherwise for the purpose of exercising any power, remedy, right, authority, or discretion relevant to this Agreement or any other IFC Financing Document.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower acknowledges and agrees that, notwithstanding the terms of any other agreement between the Borrower and IFC, a disclosure of information by IFC in the circumstances contemplated by Section&nbsp;7.06(a)&nbsp;does not violate any duty owed to the Borrower under this Agreement or under any such other agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.07. <i><u style="font-style:italic;">Indemnification; No Consequential Damages</u></i>. (a)&nbsp;The Borrower shall indemnify IFC and its respective directors, officers, employees, agents, representatives, and Affiliates (each, an &#147;<b>Indemnitee</b>&#148;) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, and expenses (including fees, charges and disbursements of counsel) incurred by or asserted against any Indemnitee arising out of, in connection with, or related to (i)&nbsp;the execution, delivery or performance of any IFC Financing Document or any other agreement or instrument contemplated thereby or the consummation of the Transaction or any other transactions contemplated hereby, (ii)&nbsp;the Loan or the use of proceeds thereof, (iii)&nbsp;non-compliance with any law or regulation, including any Applicable S&amp;E Law or any other environmental law or regulation, or (iv)&nbsp;any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is party thereto; <u>provided</u>, that such indemnity will not be available to any Indemnitee to the extent that such losses, claims, damages, liabilities or expenses resulted directly from such Indemnitee&#146;s gross negligence or willful misconduct as determined by a final and non-appealable judgment of a court of competent jurisdiction.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">57</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_57_035833_7748"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the maximum extent permitted by applicable law, the Borrower shall not assert, and hereby agrees to waive, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages arising out of, in connection with, or relating to, this Agreement or any agreement or instrument contemplated hereby, the Loan or the use of the proceeds thereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.08. <i><u style="font-style:italic;">Successors and Assignees</u></i>. This Agreement binds and benefits the respective successors and assignees of the parties. However, the Borrower may not assign or delegate any of its rights or obligations under this Agreement without the prior written consent of IFC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.09. <i><u style="font-style:italic;">Amendments, Waivers and Consents</u></i>. Any amendment or waiver of, or any consent given under, any provision of this Agreement shall be in writing and, in the case of an amendment, signed by the parties.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.10. <i><u style="font-style:italic;">Counterparts; Delivery</u></i>. This Agreement may be executed in several counterparts, each of which is an original, but all of which together constitute one and the same agreement. Delivery of an executed counterpart signature page&nbsp;by facsimile or other electronic means shall constitute effective execution and delivery of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;7.11. <i><u style="font-style:italic;">Drafting</u></i>. Each party to this Agreement represents and warrants to each other party that such party has had an opportunity to review, negotiate and propose modifications to this Agreement with a legal counsel, and has executed this Agreement based upon such party&#146;s own judgment and advice of a legal counsel. Each party to this Agreement acknowledges that it has had the opportunity to be represented by counsel of its choice in deciding whether to enter into this Agreement on the terms and conditions set forth in it. The parties agree that the <i>contra proferentem </i>principle of contract interpretation is not to be applied to this Agreement; that is, any ambiguity or inconsistency in the Agreement is to be resolved in accordance with the most reasonable construction and not strictly for or against either party by virtue of that party&#146;s authorship of a relevant provision of the Agreement or of any of its interim drafts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[<i>Signature pages&nbsp;follow</i>.]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IN WITNESS WHEREOF, the parties have caused this Agreement to be signed in their respective names as of the date first above written.</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">TELECOM   ARGENTINA S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">/S/ GABRIEL   BLASI </font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.1pt;text-align:justify;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.74%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Name: Gabriel Blasi</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Title: Chief   Financial Officer</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">/S/ MAR&#205;ANO J.   PI&#209;ERO </font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Name: Mar&#237;ano J.   Pi&#241;ero </font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Title: Treasury   Manager</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[<i>Signature Page to the Loan Agreement</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">INTERNATIONAL   FINANCE CORPORATION</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">/S/ ANIK&#211;   SZIGETV&#193;RI</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Name: Anik&#243;   Szigetv&#225;ri</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Title: Global   Head &#151; TMT Group</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMT,   Venture Capital&nbsp;&amp; PE <br>   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[<i>Signature Page to the Loan Agreement</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">60</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_60_040921_7774"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX A</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">FINANCIAL PLAN</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Loan aims to support the Borrower&#146;s capital expenditure plan in the Country for the year 2019:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 13.5pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Uses</font></b></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:45.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Sources</font></b></p>
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">2019   Capex</font></b></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">US$962   mm</font></b></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">IFC   Loan</font></b></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">US$400   mm</font></b></p>    </td>   </tr>
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<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Mobile segment   capex</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">US$337 mm</font></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IFC A Loan</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">US$110 mm</font></p>    </td>   </tr>
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<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Fixed Broadband   capex</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">US$299 mm</font></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">B-1 Loan and B-2   Loan</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">US$180 mm</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Network&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;backbone   capex</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">US$183 mm</font></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">B-3 Loan and B-4   Loan</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">US$110 mm</font></p>    </td>   </tr>
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<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Other capex</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">US$143 mm</font></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Internal   cash generation</font></b></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">US$562mm</font></b></p>    </td>   </tr>
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<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">TOTAL</font></b></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">US$962mm</font></b></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt 13.7pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">TOTAL</font></b></p>    </td>
<td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:20.0%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">US$962mm</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">61</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_61_033958_8567"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX B</font></u><font size="2" style="font-size:11.0pt;">  </font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 8</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">BORROWER/TRANSACTION AUTHORIZATIONS</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(See Sections 3.01(d)&nbsp;(<i>Representations and Warranties</i>) and 4.01(c)&nbsp;(<i>Conditions of Disbursement</i>) of the<br> Loan Agreement)</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">I)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:11.0pt;font-weight:bold;">Corporate Authorizations</font></u></b><font size="2" style="font-size:11.0pt;">:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Board Meeting held on March&nbsp;1</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">st</font><font size="2" style="font-size:11.0pt;">, 2019.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Banking Powers of Attorney issued by the Company dated March&nbsp;27, 2018.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .3in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">II)</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font size="2" style="font-size:11.0pt;font-weight:bold;">Universal Technology of Information Services License and Registered Services</font></u></b><font size="2" style="font-size:11.0pt;">:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A continuaci&#243;n, se aporta un detalle de las licencias, registros y autorizaciones de espectro que actualmente se concentran bajo la titularidad de Telecom Argentina S.A. (en adelante &#147;Telecom&#148;) y sus empresas vinculadas (Telecom Argentina USA INC., N&#250;cleo S.A., Cable Insignia S.A., Latin American Nautilus Argentina S.A. y Adesol S.A.).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">T&#233;ngase presente que Telecom es titular de las licencias, registros y autorizaciones que en el presente se detallan, como consecuencia de haber resultado adjudicataria de las mismas en los casos que as&#237; se especifica y como resultado de diversos procesos de reorganizaci&#243;n societaria que involucraran distintas sociedades licenciatarias.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Efectivamente, Telecom result&#243; continuadora de Telecom Personal S.A. (en adelante &#147;Personal&#148;) y de Cablevisi&#243;n S.A. (en adelante &#147;Cablevisi&#243;n&#148;), como as&#237; tambi&#233;n de las sociedades absorbidas por esta &#250;ltima, en virtud de los procesos de reorganizaci&#243;n societaria que se detallan a continuaci&#243;n:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a) Proceso de fusi&#243;n por absorci&#243;n en virtud del cual Telecom absorbi&#243; a Personal, Nortel Inversiones S.A. y Sofora Telecomunicaciones S.A. Dicha fusi&#243;n se inscribi&#243; ante la Inspecci&#243;n General de Justicia (&#147;IGJ&#148;) con fecha 21 de marzo de 2018 bajo el N&#176; 5099 del Libro 88, tomo &#150; de sociedades por acciones;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Proceso de fusi&#243;n por absorci&#243;n en virtud del cual Telecom absorbi&#243; por fusi&#243;n a Cablevisi&#243;n. Dicha fusi&#243;n se inscribi&#243; ante la IGJ con fecha 30 de agosto de 2018 bajo el N&#176; 16345 del libro 91, tomo &#150; de sociedades por acciones.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c) Previamente, Cablevisi&#243;n absorbi&#243; a trav&#233;s de diversos procesos de fusi&#243;n por absorci&#243;n a las licenciatarias de Servicios TIC que se detallan a continuaci&#243;n: (i)&nbsp;Fibertel S.A. fue absorbida por Cablevisi&#243;n conforme fusi&#243;n inscripta ante la IGJ con fecha 15 de enero de 2009, bajo el n&#186; 937 del libro 43, tomo - de sociedades por acciones; (ii)&nbsp;Primera Red Interactiva de Medios Argentinos (PRIMA) S.A. fue absorbida por Cablevisi&#243;n conforme fusi&#243;n inscripta ante la IGJ con fecha 20 de abril de 2017 bajo el N&#176; 7281 del Libro 83, tomo &#150; de sociedades por acciones; y (iii)&nbsp;las compa&#241;&#237;as Nextel Communications Argentina S.R.L. (en adelante &#147;Nextel&#148;), Greenmax Telecommunications S.A.U., WX Telecommunications S.A.U., Gridley Investments S.A., Trixco S.A., Fibercomm S.A., Netizen S.A., Eritown Corporation Argentina S.A., Skyonline de Argentina S.A. Infotel Argentina S.A., Nextwave Argentina S.A., Callbi S.A. conforme fusi&#243;n inscripta ante la IGJ con fecha 23 de febrero de 2018 bajo el N&#176; 3469 del Libro 88, tomo &#150; de sociedades por acciones.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">62</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_62_034457_9498"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX B<br>  </font></u><font size="2" style="font-size:11.0pt;">Page&nbsp;2 of 8</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">En raz&#243;n de las distintas fusiones implementadas, y de los desistimientos autorizados, en la actualidad Telecom cuenta con los siguientes registros bajo su Licencia &#218;nica Argentina Digital: Servicio de Telefon&#237;a Local, Servicio de Telefon&#237;a P&#250;blica, Servicio de Telefon&#237;a de Larga Distancia Internacional, Servicio de Telefon&#237;a de Larga Distancia Nacional, Servicio de Telefon&#237;a M&#243;vil, Servicio de Comunicaciones M&#243;viles Avanzadas, Servicio de Comunicaciones Personales, Servicio de Telex, Servicio de transporte de Se&#241;ales de Radiodifusi&#243;n, Servicio de Valor Agregado, Servicio de Videoconferencia, Servicio de Transmisi&#243;n de Datos, Servicio Radioel&#233;ctrico de Concentraci&#243;n de Enlaces y Servicio de Radiodifusi&#243;n por Suscripci&#243;n.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A continuaci&#243;n, se detallan las licencias, registros y autorizaciones adjudicadas a cada una de las licenciatarias, que luego de diversos procesos de reorganizaci&#243;n societaria, confluyen en Telecom.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">1.</font></b><font size="2" style="font-size:11.0pt;">&#160;&#160; <b>Telecom Argentina STET-France Telecom S.A. (hoy Telecom)</b></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Decreto 2347/90: Telefon&#237;a local y larga distancia nacional, provisi&#243;n de enlaces fijos y telefon&#237;a p&#250;blica en la Regi&#243;n Norte.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 2627/98: Telefon&#237;a P&#250;blica Regi&#243;n Sur.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 8357/99: Telefon&#237;a de larga distancia internacional, datos internacional, t&#233;lex internacional y enlaces punto a punto internacional en la Regi&#243;n Norte.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 91/99: Telefon&#237;a local, larga distancia nacional e Internacional, Transmisi&#243;n de Datos y T&#233;lex Internacional en la Regi&#243;n Sur.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 1995/99: T&#233;lex Nacional en todo el pa&#237;s.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 429/00: Servicios de valor agregado, trasmisi&#243;n de datos, videoconferencia, transporte de se&#241;ales de radiodifusi&#243;n y repetidor comunitario en todo el pa&#237;s (esta &#250;ltimo cuyo desistimiento se autoriz&#243; mediante Resoluci&#243;n ENACOM N&#176; 5644/17).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 495/01: Licencia &#250;nica de servicios de telecomunicaciones con registro del servicio de acceso a Internet en todo el pa&#237;s.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC N&#176; 191/96: autoriza el uso de las frecuencias de 899-905/944-950 MHz, para el Servicio Fijo en las siguientes localidades:</font></p>
<p style="margin:0in 0in .0001pt .75in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">8 RB&#146;s en el Delta del Tigre (Tecnolog&#237;a GSM-900).</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">70 Localidades del Interior, originalmente. Hoy, quedan 39 localidades (Tecnolog&#237;a Krone).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC N&#176; 191/96: autoriza el uso de la banda de 1.910-1.930 MHz. para el Servicio Fijo.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC N&#176;2.879/97, modificada por Res SC N&#176; 869/98: autoriza el uso de 50 MHz de la banda de 3,5 GHz.: para el Servicio Fijo de Datos y Valor Agregado.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">63</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_63_035155_452"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt 2.8in;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX B</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;3 of 8</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 11/03: Autorizar el cambio de denominaci&#243;n TELECOM ARGENTINA STET - FRANCE TELECOM SOCIEDAD ANONIMA a &#147;TELECOM ARGENTINA SOCIEDAD ANONIMA&#148; y autorizar el cambio de control accionario de Telecom Argentina S.A. a favor de TELECOM ITALIA S.P.A y TELECOM ITALIA INTERNACIONAL NV (en conjunto &#147;TI Group&#148;), FRANCE CABLES ET RADIO y Atlas COMUNNICATIONS SOCIEDAD ANONIMA (en conjunto &#147;FT Group&#148;) y W. DE ARGENTINA - INVERSIONES SL, siendo TI Group el operador exclusivo de Telecom.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n MPFIPS 136/10: Autoriza el cambio de control social de Telecom y Personal, a favor de TI Group.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n ENACOM 277/16: Autorizar el cambio de composici&#243;n accionaria de Telecom y Personal, a Fintech Telecom LLC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n ENACOM 4545/17: Autoriza la transferencia de los registros, recursos y frecuencias autorizadas de Personal a favor de Telecom.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n ENACOM 5644/17: Autoriza la transferencia de los registros, recursos y frecuencias autorizadas a Cablevisi&#243;n a favor de Telecom; y, autoriza el cambio de control de Telecom a favor de Cablevisi&#243;n Holding S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">2.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Personal</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SETyC 11/95: Servicio de Telefon&#237;a M&#243;vil (STM) en el &#193;rea I.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 18/96: Transmisi&#243;n de Datos y Servicios de Valor Agregado en todo el pa&#237;s.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 537/96: Autoriza el uso de 25 MHz de la banda de 850 MHz.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n 60/97: Autoriza el uso de 20 MHz de la banda de 1.900 MHz.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 18324/99: PCS en AMBA y &#193;rea II.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 18328/99: PCS en &#193;rea III.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 18925/99: PCS en &#193;rea I.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 18952/99: SRMC en AMBA y autoriza el uso de 12.5 MHz de la banda de 850 MHz.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 502/01: Registra el servicio de Telefon&#237;a de larga distancia nacional e internacional en todo el pa&#237;s.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 79/2014: Registra el Servicio de Comunicaciones M&#243;viles Avanzadas.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Mediante las Resoluciones de la SC N&#176; 80/2014, 81/2014, 82/2014 y 83/2014, se adjudicaron las siguientes frecuencias:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">64</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_64_035819_1838"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX B<br>  </font></u><font size="2" style="font-size:11.0pt;">Page&nbsp;4 of 8</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .85in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">para el Servicio de PCS, Bandas de Frecuencia: 1890-1892,5 Mhz y 1970-1972,5 Mhz para el &#193;rea de Explotaci&#243;n I (Lote N&#250;mero 5);</font></p>
<p style="margin:0in 0in .0001pt .85in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">para el Servicio de SRMC, Bandas de Frecuencia: 830,25-834 Mhz y 875,25-879 Mhz para el &#193;rea de Explotaci&#243;n II (Lote N&#250;mero 2);</font></p>
<p style="margin:0in 0in .0001pt .85in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">para el Servicio de PCS, Bandas de Frecuencia: 1862,5-1867,5 Mhz y 1942,5-1947,5 Mhz para el &#193;rea de Explotaci&#243;n III (Lote N&#250;mero 6);</font></p>
<p style="margin:0in 0in .0001pt .85in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">para los Servicios de SCMA, Bandas de Frecuencia: 1730-1745 Mhz y 2130-2145 Mhz para el &#193;rea de Explotaci&#243;n Nacional (Lote N&#250;mero 8, adjudicaci&#243;n parcial).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC N&#176; 25/2015: autoriza el uso de 20 MHz de la banda de 700 MHz.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Mediante Resoluci&#243;n 5478 E/2017 se asign&#243; a Personal el Lote C del proceso de asignaci&#243;n a demanda ordenado por Resoluci&#243;n ENACOM N&#176; 3687 E /2017 (40 MHz de la frecuencia de 2600 MHz en todas las localidades del pa&#237;s).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">3.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Cablevisi&#243;n</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n ENACOM 1359/16: autoriza la transferencia de la licencia y registros de Fibertel a Cablevisi&#243;n.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n ENACOM 339/17: autoriza trasferencia de registros, recursos de numeraci&#243;n y se&#241;alizaci&#243;n y frecuencias y autorizaciones radioel&#233;ctricas de PRIMA a Cablevisi&#243;n.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n ENACOM 1734/17: autoriza trasferencia de registros, recursos de numeraci&#243;n y se&#241;alizaci&#243;n y frecuencias y autorizaciones radioel&#233;ctricas de Nextel a Cablevisi&#243;n.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n ENACOM 1663/17: Aclara la titularidad de las &#225;reas de cobertura detalladas en el Anexo de dicha Resoluci&#243;n son de titularidad de Cablevisi&#243;n, as&#237; como las frecuencias radioel&#233;ctricas de los servicios de radiodifusi&#243;n por suscripci&#243;n por vinculo radioel&#233;ctrico detallados en el mencionado anexo.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">4.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Fibertel S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n 100SC/96: Servicio de Transmisi&#243;n de Datos.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n 2375SC/97: Servicio de Avisos a Personas.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n 2375SC/97: Servicio de Video Conferencia.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n 2375SC/97: Servicio de Repetidor Comunitario.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n 2375SC/97: Servicio de Transporte de Se&#241;ales de Radiodifusi&#243;n.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n 2375SC/97: Servicios de Valor Agregado.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n 2375SC/97: Servicio Radioel&#233;ctrico de Concentraci&#243;n de Enlace.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">65</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_65_040642_9149"></a></font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX B<br>  </font></u><font size="2" style="font-size:11.0pt;">Page&nbsp;5 of 8</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n 168/02: Servicio de Telefon&#237;a Local y Telefon&#237;a P&#250;blica.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n 167/03: Asignaci&#243;n de numeraci&#243;n AMBA &#150; Benavides &#150; Pilar &#150;Tortuguitas.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n 52/2005: Asignaci&#243;n C&#243;digo de Se&#241;alizaci&#243;n Nacional (CPSN) 5600 (en numeraci&#243;n decimal).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">5.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">PRIMA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 62/1996: Licencia para la prestaci&#243;n de Servicios de Valor Agregado en el &#193;mbito Nacional e Internacional y de Transmisi&#243;n de Datos, en el &#225;mbito Nacional.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 1459/1998: Licencia para la prestaci&#243;n de Servicios de Videoconferencia.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC Nro. 12296/99: autoriza uso de la Banda D del cuadro 2.1. del Anexo 1 de la Resoluci&#243;n SC 869/98 en las &#225;reas de AMBA, Ciudades de C&#243;rdoba (Pcia. de C&#243;rdoba) Rosario y Santa Fe (Pcia. de Santa Fe), La Plata, Mar del Plata y Bah&#237;a Blanca Pcia de Buenos Aires), Paran&#225; (Pcia de Entre R&#237;os), Mendoza (Pcia de Mendoza), Neuqu&#233;n (Pcia de Neuqu&#233;n) y San Miguel de Tucum&#225;n (Pcia de Tucum&#225;n).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 19/2002: Licencia para la prestaci&#243;n de Servicios de Telefon&#237;a Local y Larga Distancia Nacional e Internacional.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">6.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Nextel</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SOPyC N&#176; 646/94, Resoluciones SC N&#176; 38/98, N&#176; 4038/99, N&#176; 88/01 y N&#176; 201/02, y Resoluci&#243;n ENACOM N&#176; 1299/17: Licencia de telecomunicaciones y registros para la prestaci&#243;n del Servicio Radioel&#233;ctrico de Concentraci&#243;n de Enlaces, Servicio de Avisos a Personas, Servicio de Localizaci&#243;n de Veh&#237;culos, Servicio de Alarma por V&#237;nculo Radioel&#233;ctrico, Servicio de Transmisi&#243;n de Datos, Servicio de Valor Agregado, Servicio de Telefon&#237;a de Larga Distancia Nacional e Internacional, Servicio de Telefon&#237;a Local y Servicio de Comunicaciones M&#243;viles Avanzada.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 1085/98: Transfiere las licencias de Mc CAW ARGENTINA SA a Nextel SA para la prestaci&#243;n de los servicios de: Radioel&#233;ctrico de Concentraci&#243;n de Enlaces (SRCE), Transmisi&#243;n de Datos (STD), Avisos a Personas (SAP), Alarma por V&#237;nculo Radioel&#233;ctrico (SAVR), Localizaci&#243;n de Veh&#237;culos (SLV).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 4038/99: Licencia para la prestaci&#243;n del Servicio de Valor Agregado (SVA).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 482/01: Se aclara que las licencias para la prestaci&#243;n de Servicios de Telecomunicaciones oportunamente otorgadas a NEXTEL ARGENTINA S.R.L., a trav&#233;s de las Resoluciones Nos. 1085/98, 4038/99 y 88/01 deben entenderse otorgadas a NEXTEL COMMUNICATIONS ARGENTINA S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">66</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_66_041235_2243"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX B<br>  </font></u><font size="2" style="font-size:11.0pt;">Page&nbsp;6 of 8</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="2" face="Symbol" style="font-size:11.0pt;font-weight:bold;">&#183;</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n ENACOM 111/17: autoriz&#243; las transferencias accionarias directas e indirectas que involucraron a las firmas TRIXCO S.A., CALLBI S.A.,&nbsp;INFOTEL ARGENTINA S.A., SKYONLINE DE ARGENTINA S.A., NETIZEN S.A y ERITOWN CORPORATION ARGENTINA S.A. a favor de NEXTEL.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Se adjunta en Anexo I, una tabla que contiene un detalle de las frecuencias, los actos administrativos de asignaci&#243;n y las respectivas fechas de vencimiento de cada una de las asignaciones.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n ENACOM 1299-E/2017 (Refarming): Prestaci&#243;n del servicio de SCMA y autoriza uso de las frecuencias comprendidas entre 905 a 915 MHz y 950 a 960 MHz y la banda de frecuencias comprendida entre 2550 a 2560 MHz y 2670 a 2680 MHz.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">7.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Fibercomm S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC N&#176; 151/95: Licencia de telecomunicaciones y registro para la prestaci&#243;n del Servicio de Transmisi&#243;n de Datos en el &#225;mbito nacional.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">8.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Eritown Corporation Argentina S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 2827/97: licencia para la prestaci&#243;n de los Servicios de Transmisi&#243;n de Datos y Servicio de Valor Agregado a la empresa ERITOWN CORPORATION ARGENTINA SOCIEDAD AN&#211;NIMA.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">9.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Callbi S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 2267/97: Licencia para la prestaci&#243;n de los Servicios de Aviso a Personas, Servicio de Transmisi&#243;n de Datos, Servicio de Valor Agregado, Servicio de Transporte de Se&#241;ales de Radiodifusi&#243;n y Servicio de Videoconferencia.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluciones SC 4439/99 y SC 362/01: autoriza uso de la banda &#147;8-8&#148; del cuadro 1.4 del Anexo I de la Resoluci&#243;n SC 869/98 (2584-2596/2680-2686) en AMBA.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 191/03: Servicios de Telefon&#237;a Local, Larga Distancia Nacional e Internacional.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">10.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Trixco S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 1335/99: Autoriza uso de la banda 905-915 MHz y 950-960 MHz en las &#225;reas de CABA, Moreno, Merlo, Gonzales Cat&#225;n, Jos&#233; C. Paz, Pilar, J. M. Guti&#233;rrez, Glew y La Plata de la Provincia de Buenos Aires; C&#243;rdoba y Mendoza de las provincias hom&#243;nimas; y, Rosario provincia de Santa Fe.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 1/2002: Licencia de Reventa para Servicio de Telecomunicaciones y Servicio de Telefon&#237;a Local.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">67</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_67_041748_8331"></a></font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX B<br>  </font></u><font size="2" style="font-size:11.0pt;">Page&nbsp;7 of 8</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;Resoluci&#243;n 115/2012: Registro para la prestaci&#243;n del Servicios de Telefon&#237;a de Larga Distancia Nacional,&nbsp;Internacional, Servicio de Valor Agregado y Servicio de Telefon&#237;a P&#250;blica.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 116/12: extiende &#225;rea de prestaci&#243;n a AMBA, ciudades de Moreno, Merlo, Gonz&#225;lez Cat&#225;n, Jos&#233; C. Paz, Pilar, J. M. Gutierrez, Glew y La Plata, de la Provincia de Buenos Aires, y las ciudades de C&#243;rdoba, Mendoza, de las provincias hom&#243;nimas y la ciudad de Rosario, Provincia de Santa Fe.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">11.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Infotel Argentina S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n N&#176; 3357/99: licencia para la prestaci&#243;n de los Servicios de Valor Agregado y Transmisi&#243;n de Datos.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 95/02 autoriza uso de la &#147;4-4&#148; (2536-2548/2608-2620) del cuadro 1.4 del Anexo I de la Resoluci&#243;n SC N&#176; 869/98 en la Ciudad de Buenos Aires y un radio de 180 km.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC N&#176; 263/03: licencia de Reventa de Servicios de Telecomunicaciones.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">12.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Skyonline de Argentina S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC N&#176; 4508/99: autoriza uso de las bandas &#147;F&#148; del cuadro 2.1 del anexo II de la Resoluci&#243;n SC N&#176; 869/99 en las localidades de Santa Fe, provincia hom&#243;nima y Posadas, provincia de Misiones.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC N&#176; 4539/99: autoriza uso de las bandas &#147;I&#148; del cuadro 2.2 del anexo II de la Resoluci&#243;n N&#176; 869/98, para el &#225;rea de la ciudad de Mendoza, provincia hom&#243;nima.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC N&#176; 4506/99: autoriza uso de las bandas &#147;3-3&#148; del cuadro 1.4 del Anexo I de la Resoluci&#243;n SC N&#176;869/98, en el &#225;rea de prestaci&#243;n correspondiente al AMBA.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 4432/99: Licencia para la prestaci&#243;n de los Servicios de Transmisi&#243;n de Datos y Valor Agregado.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">13.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Netizen S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" style="font-size:11.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resoluciones SC 72/2002, N&#176; 49/1998 y N&#176; 2.521/1999: licencia para Reventa de Servicios de Telecomunicaciones, Servicio de Valor Agregado, y Servicios de Transmisi&#243;n de Datos y Videoconferencia.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Subsidiarias Licenciatarias TIC </font></u></b></p>
<p style="margin:0in 0in .0001pt .35in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">1.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Telecom Argentina USA INC.</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Autorizaci&#243;n de la FCC seg&#250;n Secci&#243;n 214 de la Communications Act, del 22/02/01 : Licencia Global para la prestaci&#243;n del servicio internacional de telecomunicaciones en los Estados Unidos de Am&#233;rica.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">68</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_68_042558_7932"></a></font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX B<br>  </font></u><font size="2" style="font-size:11.0pt;">Page&nbsp;8 of 8</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">2.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">N&#250;cleo S.A. y Cable Insignia S.A.:</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n CONATEL 278/97: Servicio de telefon&#237;a celular en Paraguay.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.3in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluciones CONATEL 15/97 y 1118/98: PCS en Asunci&#243;n (Paraguay).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">3.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Latin American Nautilus Argentina S.A. (participaci&#243;n indirecta)</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Resoluci&#243;n SC 7/2002: Licencia &#218;nica de servicios de telecomunicaciones con registro del servicio de provisi&#243;n de facilidades de telecomunicaciones en todo el pa&#237;s.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 51.1pt;text-align:justify;text-indent:-15.1pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">4.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Adesol S.A.:</font></b><font size="2" style="font-size:11.0pt;"> (Es una Subsidiaria de Telecom que no es licenciataria, pero presta servicios a diversas permisionarias en la Rep&#250;blica Oriental del Uruguay).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .45in;text-align:justify;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">i.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Decreto N&#176; 82/15: se asignan 16 canales en com&#250;n (los mismos) a BERSABEL S.A. y VISION SATELITAL S.A. (sociedades vinculadas a Adesol S.A.)</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .45in;text-align:justify;text-indent:-.35in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Decreto 305/015 (sustitutivo del Decreto 153/012): confirm&#243; el destino de los canales 21 al 36 (512 MHz a 608 MHz) y 38 al 41 (614 MHz a 638 MHz), de 6 MHz cada uno, en la banda de UHF exclusivamente para la prestaci&#243;n del servicio de radiodifusi&#243;n de televisi&#243;n digital abierta, gratuita y accesible en todo el pa&#237;s, con excepci&#243;n de los canales 35 (596-602 MHz), 36 (602-608 MHz) y 38 al 41 (614-638 MHz).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">69</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_69_043833_5468"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt 5.8in;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX C</font></u></p>
<p align="right" style="margin:0in 0in .0001pt 5.8in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">INVESTMENTS</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Unaudited Investments in excess of US$ 20,000,000 as of January&nbsp;31, 2019, in millions of Argentine pesos (AR$) / Dollars equivalents:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:.25in;">
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<td width="3%" style="padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font></p>    </td>
<td width="41%" style="padding:0in 0in 0in 0in;width:41.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Bank accounts in Dollars (Onshore/Offshore)</font></p>    </td>
<td width="54%" style="padding:0in 0in 0in 0in;width:54.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$&nbsp;1.107,3 mm / US$&nbsp;29,7 mm</font></p>    </td>   </tr>
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<td width="3%" style="padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font></p>    </td>
<td width="41%" style="padding:0in 0in 0in 0in;width:41.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Time deposits in Dollars (Onshore/Offshore)</font></p>    </td>
<td width="54%" style="padding:0in 0in 0in 0in;width:54.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$&nbsp;4.160,0 mm / US$&nbsp;111,4 mm</font></p>    </td>   </tr>
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<td width="3%" style="padding:0in 0in 0in 0in;width:3.62%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font></p>    </td>
<td width="41%" style="padding:0in 0in 0in 0in;width:41.64%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Sovereigns&nbsp;&amp; Sub-sovereigns US$&nbsp;Bonds</font></p>    </td>
<td width="54%" style="padding:0in 0in 0in 0in;width:54.74%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$&nbsp;5.046,0 mm / US$&nbsp;135,1 mm</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">70</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_70_044610_6090"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt 5.8in;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX D</font></u></p>
<p align="right" style="margin:0in 0in .0001pt 5.8in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">FINANCIAL DEBT</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Unaudited Financial Debt (Principal) as of January&nbsp;31</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">st</font><font size="2" style="font-size:11.0pt;">&#160;2019 &#150; in millions of Argentine Pesos (AR$)</font><font size="1" style="font-size:7.0pt;position:relative;top:-3.0pt;">1</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOM ARGENTINA S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Bonds - International Bond 2021 (USD 500 MM)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">18.675&nbsp; MM</font></p>    </td>   </tr>
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<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="57%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:57.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Loans</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#9632;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IFC (USD 400 MM)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">14.940&nbsp; MM</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#9632;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IIC (USD 100 MM)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp; 3.735&nbsp; MM</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#9632;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Deutsche Bank (USD 300 MM)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">11.205&nbsp; MM</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#9632;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Syndicate Loan (USD 100 MM)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp; 3.735&nbsp; MM</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.38%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#9632;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Term Loan (USD 500 MM)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">18.675&nbsp; MM</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="57%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:57.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Overdrafts</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp; 411,6&nbsp; MM</font></p>    </td>   </tr>
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="57%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:57.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Vendor Financing (USD 71,0 MM)</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.653,2 MM</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">NUCLEO S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="94%" style="border-collapse:collapse;">
<tr>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.4%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Bank Loans in Guaran&#237;es</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AR$</font></p>    </td>
<td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.155,5 MM</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font>&nbsp;Exchange Rate AR$/USD 37,3500 quoted by Banco de la Naci&#243;n Argentina at the U.S. dollar offer rate as of January&nbsp;31<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>&#160;2019.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">71</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_71_041551_5627"></a></font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX E</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SUBSIDIARIES</font></u></p>
<p style="margin:0in 0in .0001pt;text-indent:2.2in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Subsidiaries of the Borrower:</u></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="89%" style="border:none;border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="39%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="44%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Owner</font></b></p>    </td>
<td width="16%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.5pt;border-left:none;padding:2.15pt 0in 0.5625pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Ownership</font></b></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Inter   Radios S.A.U.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Cable   Imagen S.R.L.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Micro   Sistemas S.A.U.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina USA Inc.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Televisi&#243;n   Dirigida S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">99.992%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Televisi&#243;n   Dirigida S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PEM S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">0.008%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#218;ltima   Milla S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">95.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#218;ltima   Milla S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PEM S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">5.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PEM S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">99.99%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">N&#250;cleo   S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">67.50%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Personal   Env&#237;os S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">N&#250;cleo   S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">97.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Personal   Env&#237;os S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Tuves   Paraguay S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">N&#250;cleo   S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">70.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CV   Berazategui S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">30.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CV   Berazategui S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PEM S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">70.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AVC   Continente Audiovisual S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PEM S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">40.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AVC   Continente Audiovisual S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Inter   Radios S.A.U.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">20.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Teledifusora   San Miguel Arc&#225;ngel S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">49.10%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Teledifusora   San Miguel Arc&#225;ngel S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Inter   Radios S.A.U.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">La   Capital Cable S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">49.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">La   Capital Cable S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Inter   Radios S.A.U.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.00%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">72</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_72_041609_7056"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX E</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;2 of 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="89%" style="border:none;border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="39%" valign="top" style="border:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Otamendi   Cable Color S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">La   Capital Cable S.A.</font></p>    </td>
<td width="16%" valign="top" style="border:solid windowtext 1.5pt;border-left:none;padding:2.15pt 0in 0.5625pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">97.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Otamendi   Cable Color S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PEM S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.50%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Televisora   Privada del Oeste S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">PEM S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">47.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ver TV   S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">49.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">First TV   S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ver TV   S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">95.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">First TV   S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.45%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Adesol   S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">100.00%</font></p>    </td>   </tr>
<tr>
<td width="39%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:39.24%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telemas   S.A.</font></p>    </td>
<td width="44%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:44.18%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Adesol   S.A.</font></p>    </td>
<td width="16%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:16.58%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">100.00%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Capital Stock in the Borrower:</u></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="99%" style="border:none;border-collapse:collapse;margin-left:1.5pt;">
<tr>
<td width="29%" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;padding:2.15pt 0in 2.15pt 0in;width:29.94%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="47%" bgcolor="#F2F2F2" style="background:#F2F2F2;border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.5pt;padding:2.15pt 0in 2.15pt 0in;width:47.64%;">
<p style="margin:0in 0in .0001pt .05in;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Owner</font></b></p>    </td>
<td width="22%" valign="top" bgcolor="#F2F2F2" style="background:#F2F2F2;border:solid windowtext 1.5pt;border-left:none;padding:2.15pt 0in 0.5625pt 0in;width:22.42%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Ownership of<br>   total capital<br>   stock</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:29.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom Argentina   S.A.</font></p>    </td>
<td width="47%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:47.64%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Cablevisi&#243;n   Holding S.A.</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:22.42%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">18.75% (Class&nbsp;D)</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:29.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="47%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:47.64%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">VLG   S.A.U.</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:22.42%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">20.06% (Class&nbsp;D)</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:29.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="47%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:47.64%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Fintech   Telecom LLC</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:22.42%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">31.53% (Class&nbsp;A)</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:29.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="47%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:47.64%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A. (treasury stock)</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:22.42%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">0.70% (Class&nbsp;B)</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:29.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="47%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:47.64%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Free   Float</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:22.42%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">28.95% (Class&nbsp;B)</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:29.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom   Argentina S.A.</font></p>    </td>
<td width="47%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:47.64%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Class&nbsp;C   Shares</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:22.42%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">0,01% (Class&nbsp;C)</font></p>    </td>   </tr>
<tr>
<td width="29%" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:29.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Cablevisi&#243;n   Holding S.A.</font></p>    </td>
<td width="47%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:47.64%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">GC   Dominio S.A.</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:22.42%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">26.44% (which represents<br>   64.25% of the<br>   voting stock)</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:29.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">VLG   S.A.U.</font></p>    </td>
<td width="47%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:47.64%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Cablevisi&#243;n   Holding S.A.</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:22.42%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">100%</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:29.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Fintech Telecom   LLC</font></p>    </td>
<td width="47%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:47.64%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Fintech   Advisory Inc.</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:22.42%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">100%</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:solid windowtext 1.5pt;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:29.94%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Fintech   Advisory Inc.</font></p>    </td>
<td width="47%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:47.64%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">David   Manuel Mart&#237;nez Guzm&#225;n</font></p>    </td>
<td width="22%" valign="top" style="border-bottom:solid windowtext 1.5pt;border-left:none;border-right:solid windowtext 1.5pt;border-top:none;padding:2.15pt 0in 2.15pt 0in;width:22.42%;">
<p align="center" style="margin:0in 0in .0001pt .05in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">100%</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">73</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_73_042958_5335"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.05in;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX F</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">INSURANCE REQUIREMENTS</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(See Section&nbsp;5.04(a)&nbsp;(<i>Insurance</i>) of the Loan Agreement)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>CONSTRUCTION WORKS</u></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Construction All Risks, based on full contract value (including in All Risk policy) and including Third Party Liability (included in General Liability policy).</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>ONGOING AND FUTURE OPERATIONS</u></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Fire and named perils (including natural perils, and Strike, Riot&nbsp;&amp; Civil Commotion) or Property All Risks, based on new replacement cost of assets</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Electronic Equipment All Risk and Machinery Breakdown</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Public and Product Liability with a minimum limit of USD 2,000,000 per occurrence</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>AT ALL TIMES</u></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All insurances required by applicable laws and regulations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">74</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_74_043106_5796"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX G</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">EXISTING LIENS</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">None.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">75</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_75_043206_2897"></a></font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX H</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 3</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANTI-CORRUPTION GUIDELINES<br> FOR</font></u><u><font size="2" style="font-size:11.0pt;"><br>  </font></u><u><font size="2" style="font-size:11.0pt;">IFC TRANSACTIONS</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The purpose of these Guidelines is to clarify the meaning of the terms &#147;Corrupt Practices&#148;, &#147;Fraudulent Practices&#148;, &#147;Coercive Practices,&#148; &#147;Collusive Practices&#148; and &#147;Obstructive Practices&#148; in the context of IFC operations.</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">C</font><font size="2" style="font-size:11.0pt;">ORRUPT </font><font size="2" style="font-size:11.0pt;">P</font><font size="2" style="font-size:11.0pt;">RACTICES</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A &#147;Corrupt Practice&#148; is the offering, giving, receiving or soliciting, directly or indirectly, of anything of value to influence improperly the actions of another party.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">I</font><font size="2" style="font-size:11.0pt;">NTERPRETATION</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.05in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Corrupt practices are understood as kickbacks and bribery. The conduct in question must involve the use of improper means (such as bribery) to violate or derogate a duty owed by the recipient in order for the payor to obtain an undue advantage or to avoid an obligation. Antitrust, securities and other violations of law that are not of this nature are excluded from the definition of corrupt practices.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.05in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">It is acknowledged that foreign investment agreements, concessions and other types of contracts commonly require investors to make contributions for bona fide social development purposes or to provide funding for infrastructure unrelated to the project. Similarly, investors are often required or expected to make contributions to bona fide local charities. These practices are not viewed as Corrupt Practices for purposes of these definitions, so long as they are permitted under local law and fully disclosed in the payor&#146;s books and records. Similarly, an investor will not be held liable for corrupt or fraudulent practices committed by entities that administer bona fide social development funds or charitable contributions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.05in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">C.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">In the context of conduct between private parties, the offering, giving, receiving or soliciting of corporate hospitality and gifts that are customary by internationally-accepted industry standards shall not constitute corrupt practices unless the action violates applicable law.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.05in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">D.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Payment by private sector persons of the reasonable travel and entertainment expenses of public officials that are consistent with existing practice under relevant law and international conventions will not be viewed as Corrupt Practices.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">76</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_76_043306_3020"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX H</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;2 of 3</font></p>
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<p style="margin:0in 0in .0001pt 1.05in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">E.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">The World Bank Group does not condone facilitation payments. For the purposes of</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">implementation, the interpretation of &#147;Corrupt Practices&#148; relating to facilitation payments will take into account relevant law and international conventions pertaining to corruption.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">F</font><font size="2" style="font-size:11.0pt;">RAUDULENT </font><font size="2" style="font-size:11.0pt;">P</font><font size="2" style="font-size:11.0pt;">RACTICES</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A &#147;Fraudulent Practice&#148; is any action or omission, including misrepresentation, that knowingly or recklessly misleads, or attempts to mislead, a party to obtain a financial or other benefit or to avoid an obligation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">I</font><font size="2" style="font-size:11.0pt;">NTERPRETATION</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.05in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">An action, omission, or misrepresentation will be regarded as made recklessly if it is made with reckless indifference as to whether it is true or false. Mere inaccuracy in such information, committed through simple negligence, is not enough to constitute a &#147;Fraudulent Practice&#148; for purposes of World Bank Group sanctions.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.05in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Fraudulent Practices are intended to cover actions or omissions that are directed to or against a World Bank Group entity. It also covers Fraudulent Practices directed to or against a World Bank Group member country in connection with the award or implementation of a government contract or concession in a project financed by the World Bank Group. Frauds on other third parties are not condoned but are not specifically sanctioned in IFC, MIGA, or PRG operations. Similarly, other illegal behavior is not condoned, but will not be sanctioned as a Fraudulent Practice under the World Bank sanctions program as applicable to IFC, MIGA and PRG operations.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">C</font><font size="2" style="font-size:11.0pt;">OERCIVE </font><font size="2" style="font-size:11.0pt;">P</font><font size="2" style="font-size:11.0pt;">RACTICES</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A &#147;Coercive Practice&#148; is impairing or harming, or threatening to impair or harm, directly or indirectly, any party or the property of the party to influence improperly the actions of a party.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">I</font><font size="2" style="font-size:11.0pt;">NTERPRETATION</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.05in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Coercive Practices are actions undertaken for the purpose of bid rigging or in connection with public procurement or government contracting or in furtherance of a Corrupt Practice or a Fraudulent Practice.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.05in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Coercive Practices are threatened or actual illegal actions such as personal injury or abduction, damage to property, or injury to legally recognizable interests, in order to obtain an undue advantage or to avoid an obligation. It is not intended to cover hard bargaining, the exercise of legal or contractual remedies or litigation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">77</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_77_043526_7748"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX H</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;3 of 3</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; C</font><font size="2" style="font-size:11.0pt;">OLLUSIVE </font><font size="2" style="font-size:11.0pt;">P</font><font size="2" style="font-size:11.0pt;">RACTICES</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A &#147;Collusive Practice&#148; is an arrangement between two or more parties designed to achieve an improper purpose, including to influence improperly the actions of another party.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">I</font><font size="2" style="font-size:11.0pt;">NTERPRETATION</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Collusive Practices are actions undertaken for the purpose of bid rigging or in connection with public procurement or government contracting or in furtherance of a Corrupt Practice or a Fraudulent Practice.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; O</font><font size="2" style="font-size:11.0pt;">BSTRUCTIVE </font><font size="2" style="font-size:11.0pt;">P</font><font size="2" style="font-size:11.0pt;">RACTICES</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">An &#147;Obstructive Practice&#148; is (i)&nbsp;deliberately destroying, falsifying, altering or concealing of evidence material to the investigation or making of false statements to investigators, in order to materially impede a World Bank Group investigation into allegations of a corrupt, fraudulent, coercive or collusive practice, and/or threatening, harassing or intimidating any party to prevent it from disclosing its knowledge of matters relevant to the investigation or from pursuing the investigation, or (ii)&nbsp;acts intended to materially impede the exercise of IFC&#146;s access to contractually required information in connection with a World Bank Group investigation into allegations of a corrupt, fraudulent, coercive or collusive practice .</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">I</font><font size="2" style="font-size:11.0pt;">NTERPRETATION</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Any action legally or otherwise properly taken by a party to maintain or preserve its regulatory, legal or constitutional rights such as the attorney-client privilege, regardless of whether such action had the effect of impeding an investigation, does not constitute an Obstructive Practice.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">G</font><font size="2" style="font-size:11.0pt;">ENERAL </font><font size="2" style="font-size:11.0pt;">I</font><font size="2" style="font-size:11.0pt;">NTERPRETATION</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">A person should not be liable for actions taken by unrelated third parties unless the first party participated in the prohibited act in question.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">78</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">-<a name="PB_78_043635_141"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.05in;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX I</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">EXISTING AFFILIATE TRANSACTIONS</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">All matters disclosed on pages&nbsp;130-134, Note 4 in the Borrower&#180;s consolidated financial statements dated as of September&nbsp;30, 2018.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">79</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_79_052148_1839"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt 5.65in;text-align:right;text-indent:.1in;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX J </font></u></p>
<p align="right" style="margin:0in 0in .0001pt 5.65in;text-align:right;text-indent:.1in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 2</font></p>
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<p style="margin:0in 0in .0001pt 2.2in;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">PROHIBITED ACTIVITIES</font></u></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Production or activities involving harmful or exploitative forms of forced labor/harmful child labor.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and agreements.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Production or trade in weapons and munitions.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Production or trade in alcoholic beverages (excluding beer and wine).</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Production or trade in tobacco.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Gambling, casinos and equivalent enterprises.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Trade in wildlife or wildlife products regulated under Convention on International Trade in Endangered Species of Wild Fauna and Flora.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Production or trade in radioactive materials.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Production or trade in or use of unbonded asbestos fibers.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Commercial logging operations or the purchase of logging equipment for use in primary tropical moist forest (prohibited by the Forestry policy).</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Production or trade in products containing PCBs.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Production or trade in pharmaceuticals subject to international phase outs or bans.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Production or trade in pesticides/herbicides subject to international phase out.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Production or trade in ozone depleting substances subject to international phase out.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Drift net fishing in the marine environment using nets in excess of 2.5 km in length.</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Knowingly provide or permit to be provided any product or services (or any text, pictures, graphics, sound, video, or other data in connection with any services) that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">infringe on any third party&#146;s copyright, patent, trademark, trade secret or other proprietary rights or rights or publicity of privacy;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">violate any law, statute, ordinance or regulation (including, without limitation, the laws and regulations governing export control);</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">are defamatory, trade libelous, unlawfully threatening or harassing;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">80</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_80_052352_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt 4.8in;text-align:right;text-indent:.05in;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNEX J </font></u></p>
<p align="right" style="margin:0in 0in .0001pt 4.8in;text-align:right;text-indent:.05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;2 of 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">are obscene or pornographic, if the total Revenues from such products and services are in excess of 2.0% of the total consolidated Revenues;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">contain child pornography;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">violate any laws regarding competition, privacy, anti-discrimination or false advertising; or</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">contain any viruses, Trojan horses, worms, time-bombs, cancel bots or other computer routines that are intended to damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or personal information.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">81</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_81_052403_5335"></a></font></p>
<p align="right" style="margin:0in 0in .0001pt 5.8in;text-align:right;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt 5.8in;text-align:right;text-indent:-.2in;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 1</font></u></p>
<p align="right" style="margin:0in 0in .0001pt 5.8in;text-align:right;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF CERTIFICATE OF INCUMBENCY AND AUTHORITY</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(See Section&nbsp;1.01 (<i>Definitions and Interpretation</i>) and Section&nbsp;4.01(b)&nbsp;(<i>Conditions of Disbursement</i>) of<br> the Loan Agreement)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img width="100" height="86" src="g29581lw19i001.jpg" alt="GRAPHIC"></font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">March&nbsp;4, 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">International Finance Corporation<br> 2121 Pennsylvania Avenue, N.W.<br> Washington, D.C. 20433<br> United States of America</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Attention: Director, Telecom, Media, Technology, Venture Capital and Funds Department </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ladies and Gentlemen:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Certificate of Authorized Representative</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">With reference to the Loan Agreement dated as of March&nbsp;4, 2019 (the &#147;Loan Agreement&#148;) between Telecom Argentina S.A. (the &#147;Borrower&#148;) and International Finance Corporation,&nbsp;I, the undersigned Chief Financial Officer of the Borrower, duly authorized to do so, hereby certify that:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The persons named below have been duly elected, have duly qualified as and at all times since March&nbsp;4, 2019 (to and including the date hereof) have been officers of the Borrower, holding the respective offices below set opposite their names, and the signatures below set opposite their names are their genuine signatures.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Name</font></u></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Office</font></u></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Signature</font></u></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Juan Martin Vico</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Financial</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Leonardo Franceschini&nbsp; </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Finance Resources</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Matias Colombo</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Capital Markets</font></p>    </td>
<td width="29%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Solange Barthe Dennin </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Investor Relations</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Mariano Pi&#241;ero</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Treasury</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">82</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_82_053519_5796"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt 5.8in;text-align:right;text-indent:-.2in;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 1&#160; <br>  </font></u><font size="2" style="font-size:11.0pt;">Page&nbsp;2 of 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Each such person is authorized to sign the IFC Financing Documents and any other request, notice, certification or other document provided for thereunder and to take any other action required or permitted to be taken thereunder.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Attached hereto as Exhibit&nbsp;A is a copy of the by-laws of the Borrower, as filed with the<br> Public Registry (<i>Registro P&#250;blico</i>) of the Superintendence of Companies of the City of Buenos Aires (<i>Inspecci&#243;n General de Justicia</i>) on July&nbsp;13, 1990, together with all amendments thereto adopted through the date hereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.55in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Attached hereto as Exhibit&nbsp;B is a true and correct copy of resolutions duly adopted by the<br> Board of Directors of the Borrower (certified by a public notary of the Country) at a meeting on [<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>,<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>], at which a quorum was present and acting throughout, which [resolutions/powers of attorney] have not been revoked, modified, amended or rescinded and are still in full force and effect. Except as attached hereto as Exhibit&nbsp;B, no [resolutions/powers of attorney] have been adopted by the Board of Directors of the Borrower which deal with the execution, delivery or performance of any of the IFC Financing Documents.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IN WITNESS WHEREOF,&nbsp;I have hereunto set my hand this 4 day of March, 2019.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Name: Gabriel Pablo Blasi</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Title:   Chief Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">I, the undersigned, Manager of Corporate Affairs of Telecom Argentina S.A., DO HEREBY CERTIFY that Gabriel Pablo Blasi is the duly elected and qualified Chief Financial Officer of Telecom Argentina S.A. and the signature above is his genuine signature.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IN WITNESS WHEREOF,&nbsp;I have hereunto set my hand this 4 day of March, 2019.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Name: Andrea Cerd&#225;n</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Title: Manager of Corporate Affairs</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">83</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_83_054403_2897"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt 5.8in;text-align:right;text-indent:-.45in;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 2(A)&nbsp;<br>  </font></u><font size="2" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF SUBSEQUENT B LOAN TRANCHE READINESS NOTICE<br>  </font></u><font size="2" style="font-size:11.0pt;">(See Section&nbsp;2.01(c)&nbsp;(<i>The Loan</i>) of the Loan Agreement)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[IFC Letterhead]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[Alicia Moreau de Justo 50, 10th Floor, <br> C1 107AAB, Buenos Aires, Argentina] <br> Facsimile:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Tel:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Attention: [<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</u></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Investment No.&nbsp;40857<br>  <u>Subsequent B Loan Tranche Readiness Notice</u></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Please refer to the Loan Agreement dated as of March&nbsp;4, 2019 (the &#147;Loan Agreement&#148;), between Telecom Argentina S.A. (the &#147;Borrower&#148;) and International Finance Corporation (&#147;IFC&#148;). Terms defined in the Loan Agreement have their defined meanings whenever used in this request.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This notice is the Subsequent B Loan Tranche Readiness Notice for the purposes of the Loan Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower is hereby notified that (i)&nbsp;syndication of the Subsequent B Loan Tranche has been completed, (ii)&nbsp;pursuant to Section&nbsp;2.0 1(c)&nbsp;(<i>The Loan</i>) of the Loan Agreement, the rights and obligations of the parties thereto with respect to the Subsequent B Loan Tranche (including without limitation the Subsequent B Loan Tranche Disbursement) have become effective, and (iii)&nbsp;from and after the date hereof, the Borrower may deliver to IFC a request for the Subsequent B Loan Tranche Disbursement in accordance with the terms of the Loan Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.05in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; By its counter-signature below, the Borrower agrees and acknowledges the following:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:11.0pt;">Availability of the B-3 Loan.</font></u><font size="2" style="font-size:11.0pt;"> IFC hereby informs the Borrower that the B-3 Loan is hereby made available to the Borrower in a principal amount of $[<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>].</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .55in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:11.0pt;">Availability of the B-4 Loan.</font></u><font size="2" style="font-size:11.0pt;"> IFC hereby informs the Borrower that the B-4 Loan is hereby made available to the Borrower in a principal amount of $[<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>].</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Yours truly,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">INTERNATIONAL FINANCE CORPORATION</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Acknowledged and agreed:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="46%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:46.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By:</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.92%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.6%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Authorized Representative</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By:</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="46%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:46.68%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Authorized Representative</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">84</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_84_054916_3020"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 2(B)</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 3</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF REQUEST FOR DISBURSEMENT</font></u></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(See Section&nbsp;2.02 (<i>Disbursement Procedure</i>) and Section&nbsp;4.01 (<i>Conditions of Disbursement</i>) of the Loan <br> Agreement)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[Borrower&#146;s Letterhead]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[Date]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">International Finance Corporation <br> 2121 Pennsylvania Avenue, N.W. </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Washington, D.C. 20433</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">United States of America</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Attention: Director, Telecom, Media, Technology, Venture Capital and Funds Department </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Investment No.&nbsp;40857<br>  <u>Request for Disbursement</u></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Please refer to the Loan Agreement (the &#147;Loan Agreement&#148;) dated as of March&nbsp;4, 2019, between Telecom Argentina S.A. (the &#147;Borrower&#148;) and International Finance Corporation (&#147;IFC&#148;). Terms defined in the Loan Agreement have their defined meanings whenever used in this request.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Borrower irrevocably requests the disbursement on [____________,___] (or as soon as practicable thereafter) of the amount of [_________] under the [Loan] / [A Loan and the Initial B Loan Tranche] / [Subsequent B Loan Tranche] (the &#147;Disbursement&#148;) in accordance with the provisions of Section&nbsp;2.02 (<i>Disbursement Procedure</i>) of the Loan Agreement. You are requested to pay such amount to the account in New York of Telecom Argentina S.A. at Citibank N.A., New York Branch, 111 Wall Street, New York, USA 10043, SWIFT: CITIUS33, ABA: 0210-0008-9, Account No.: 36326336, Account Name: Telecom Argentina S.A. &#150; Alicia Moreau de Justo 50 &#150; Buenos Aires &#150; Argentina, [for further credit to the Borrower&#146;s Account No.&nbsp;[_______] at [Name and address of Bank] in [city and country].</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">85</font><font size="2" style="font-size:11.0pt;">  </font><font size="2" style="font-size:11.0pt;">- <a name="PB_85_060409_141"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 2(B)</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;2 of 3</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the purpose of Section&nbsp;4.01 (<i>Conditions of Disbursement</i>) and Section&nbsp;4.02 (<i>Borrower&#146;s Certification</i>) of the Loan Agreement, the Borrower certifies as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; no Event of Default and no Potential Event of Default has occurred and is continuing;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the proceeds of the Disbursement are at the date of this request needed by the Borrower for the purpose of the Transaction, or will be needed for such purpose within 6 months of such date;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; since the date of the Loan Agreement nothing has occurred which has or could reasonably be expected to have a Material Adverse Effect;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; since September&nbsp;30, 2018 neither the Borrower nor its Subsidiaries has incurred any material loss or liability (except such liabilities as may be incurred by the Borrower in accordance with Section&nbsp;5.02 (<i>Negative Covenants</i>) of the Loan Agreement);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the representations and warranties made in Article&nbsp;III of the Loan Agreement are true on the date of this request and will be true on the date of Disbursement with the same effect as if such representations and warranties had been made on and as of each such date (but in the case of Section&nbsp;3.0 1(c)&nbsp;(<i>Representations and Warranties</i>), without the words in parentheses);</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160; after giving effect to the Disbursement, neither the Borrower nor any of its Subsidiaries will be in violation of:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">its respective Charter;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any provision contained in any document to which the Borrower or any Subsidiary is a party (including the Loan Agreement) or by which the Borrower or any Subsidiary is bound; or</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">any law, rule, regulation, Authorization in the Country directly or indirectly limiting or otherwise restricting its borrowing or guarantee power or authority or its ability to borrow or guarantee; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">86</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_86_060759_2358"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 2(B)</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;3 of 3</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; after taking into account the amount of the Disbursement and any other Financial Debt incurred by the Borrower after the date of the latest financial statements of the Borrower delivered to IFC pursuant to Section&nbsp;5.03(a)&nbsp;(<i>Reporting Requirements</i>) of the Loan Agreement, the Net Debt to EBITDA Ratio, calculated [on a Consolidated Basis] / [on both an unconsolidated basis and a Consolidated Basis], would not exceed 2.5 and the Interest Coverage Ratio, calculated [on a Consolidated Basis] / [on both an unconsolidated basis and a Consolidated Basis], would not be less than 3.0.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The above certifications are effective as of the date of this Request for Disbursement and shall continue to be effective as of the date of the Disbursement. If any of these certifications is no longer valid as of or prior to the date of the requested Disbursement, the Borrower undertakes to immediately notify IFC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Yours truly,</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Authorized Representative</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Copy to:</font></p>    </td>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Director, Department of Financial Operations</font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">International Finance Corporation</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">87</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_87_061138_7091"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 3</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF DISBURSEMENT RECEIPT </font></u></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(See Section&nbsp;2.02 (<i>Disbursement Procedure</i>) of the Loan Agreement)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[Borrower&#146;s Letterhead]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">International Finance Corporation </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2121 Pennsylvania Avenue, N.W.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Washington, D.C. 20433</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">United States of America</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Attention: Director, Department of Financial Operations </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Investment No.&nbsp;40857<br>  <u>Disbursement Receipt</u></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">We, Telecom Argentina S.A., hereby acknowledge receipt on the date hereof, of the sum of [__________] disbursed to us by International Finance Corporation (&#147;IFC&#148;) under the Loan of [________] provided for in the Loan Agreement dated as of March&nbsp;4, 2019, between our company and International Finance Corporation.<i>**</i> [Of this sum, __________ is an A Loan Disbursement, _________ is an Initial B Loan Tranche Disbursement, and _______ is a Subsequent B Loan Disbursement.] / [Of this sum, ________ is an A Loan Disbursement and _______ is an Initial B Loan Tranche Disbursement.] / [The entirety of this sum is a Subsequent B Loan Disbursement.]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Yours truly,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TELECOM ARGENTINA S.A.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By</font></p>    </td>
<td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Authorized Representative</font><font size="1" style="font-size:7.0pt;">***</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">**</font><font size="2" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">Please note that in some jurisdictions one has to be able to prove amounts disbursed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">***</font><font size="2" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">As named in the Borrower&#146;s Certificate of Authorized Representative (see Schedule 1).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">88</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_88_061915_455"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 4(A)</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">MATTERS TO BE COVERED IN LEGAL OPINION OF IFC&#146;S COUNSEL IN THE COUNTRY</font></u></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(See Section&nbsp;4.0 1(d)&nbsp;(<i>Conditions of Disbursement</i>) of the Loan Agreement)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The legal opinion of IFC&#146;s counsel in the Country should cover the following matters:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(a)</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">the   organization, existence and Operations of the Borrower and its authorized and   subscribed share capital;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(b)</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">the   matters referred to in subsections (a), (c), and (d)&nbsp;of   Section&nbsp;4.01 (<i>Conditions of   Disbursement</i>) of the Loan Agreement;</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(c)</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">the   authorization, execution, validity and enforceability of this Agreement and each   of the other IFC Financing Documents and any other documents necessary or   desirable to the implementation of any of those agreements or documents;</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(d)</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">non-contravention   of Charter, law or material agreements;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(e)</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">enforceability   of foreign judgments;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(f)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">the   priorities or privileges, if any, that creditors of the Borrower, other than   IFC, may have by reason of law;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(g)</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IFC&#146;   s repatriation rights in respect of the Loan; and</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.34%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(h)</font></p>    </td>
<td width="85%" valign="top" style="padding:0in 0in 0in 0in;width:85.66%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">such   other matters relating to the transactions contemplated by this Agreement as   IFC reasonably requests.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 1.05in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">89</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_89_043843_398"></a></font></p>
<p style="margin:0in 0in .0001pt 1.05in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 4(B)</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">MATTERS TO BE COVERED IN LEGAL OPINION OF IFC&#146;S COUNSEL IN NEW YORK </font></u></p>
<p style="margin:0in 0in .0001pt .6in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(See Section&nbsp;4.01(d)&nbsp;(<i>Conditions of Disbursement</i>) of the Loan Agreement) </font></p>
<p style="margin:0in 0in .0001pt .6in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Subject to special counsel&#146;s standard qualifications, limitations, and assumptions:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">the validity and enforceability under New York law of each IFC Financing Document governed by New York law; and</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; any other relevant matters of New York law that IFC requests.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">90</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_90_044119_7056"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 5</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF SOLVENCY CERTIFICATE</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">This Solvency Certificate (the &#147;Certificate&#148;) of [entity] a [ ] organized and existing under the&#160; laws of [ ] (the &#147;Borrower/&#148;Subsidiary&#148;), is delivered pursuant to Section&nbsp;4.0 1(h)&nbsp;(<i>Conditions of Disbursement</i>) of the Loan Agreement dated as of March&nbsp;4, 2019 (as the same may be amended from time to time, the &#147;Loan Agreement&#148;) between the Borrower and IFC. Unless otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Loan Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">I, [NAME], the duly elected, qualified and acting [TITLE] of the [Borrower], DO HEREBY CERTIFY as follows:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; I have carefully reviewed the Loan Agreement and the other IFC Financing Documents and such other documents as I have deemed relevant and the contents of this Certificate and, in connection herewith, have made such investigation, as I have deemed necessary therefor. I further certify that the financial information and assumptions which underlie and form the basis for the representations made in this Certificate were reasonable when made and were made in good faith and continue to be reasonable as of the date hereof.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; I have reviewed all financial information delivered to IFC pursuant to Articles III and IV of the Loan Agreement (the &#147;Information&#148;). I am familiar with the financial performance and prospects of [the Borrower] and hereby confirm that the Information was prepared in good faith and fairly presents [the Borrower&#146;s] consolidated financial condition, based on the information available to the [Borrower] at the time so furnished.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of the date hereof, after giving effect to the transactions contemplated by the IFC Financing Documents, the fair value (as defined herein) and the present fair salable value (as defined herein) of any and all property of the [Borrower] is greater than the probable liability on existing debts (as defined herein) of the [Borrower] as they become absolute and matured.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of the date hereof, after giving effect to the transactions contemplated by the IFC Financing Documents, the [Borrower] is able to pay its debts (including, without limitation, contingent and subordinated liabilities) as they become absolute and mature (as defined herein).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">91</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_91_044408_5335"></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 5</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;2 of 2</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The [Borrower] does not intend to, nor believes that it will, incur debts that would be beyond its ability to pay as such debts mature.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of the date hereof, after giving effect to the transactions contemplated by the IFC Financing Documents, the [Borrower] is not engaged in businesses or transactions, nor about to engage in businesses or transactions, for which any property remaining would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which it is engaged.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The [Borrower] does not intend, in consummating the transactions contemplated by the IFC Financing Documents, to hinder, delay or defraud either present or future lenders or any other Person to which the [Borrower] is or will become, on or after the date hereof, indebted.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of this Certificate, &#147;fair value&#148; means the amount at which the aggregate assets of the [Borrower] would change hands between a willing buyer and a willing seller within a commercially reasonable period of time, each having reasonable knowledge of the relevant facts, neither being under any compulsion to act, with equity to both. &#147;Present fair salable value&#148; means the amount that may be realized if the aggregate assets of the [Borrower] are sold with reasonable promptness in an arm&#146;s length transaction under present conditions for the sale of assets of comparable business enterprises. The term &#147;debt&#148; means any legal liability, including, without limitation, any contingent, subordinated, absolute, fixed, matured or unmatured, disputed or undisputed, secured or unsecured and liquidated or unliquidated liability. Being &#147;able to pay its debts as they become absolute and mature&#148; means that, assuming transactions contemplated by the IFC Financing Documents have been consummated as proposed and based only upon the [Borrower&#146;s] financial forecasts, the [Borrower] would have positive cash flow for the period covered by such forecasts after paying its scheduled anticipated indebtedness and current liabilities, including (and after giving effect to) the scheduled principal payments with respect to the Loan under the Loan Agreement as in effect on the date hereof. And, all of the foregoing has been determined [on a Consolidated Basis] / [on both an unconsolidated basis and a Consolidated Basis] in accordance with Section&nbsp;5.0 1(m)&nbsp;(<i>Affirmative Covenants</i>) of the Loan Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">IN WITNESS WHEREOF,&nbsp;I have executed this Certificate this [DATE]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By:</font></p>    </td>
<td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Name:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Title:</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">92</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_92_044629_5796"></a></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 6</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF SERVICE OF PROCESS LETTER<br>  </font></u><font size="2" style="font-size:11.0pt;">(See Section&nbsp;4.01(i)&nbsp;(<i>Conditions of Disbursement</i>) of the Loan Agreement)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[Letterhead of Agent for Service of Process]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[Date]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">International Finance Corporation </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2121 Pennsylvania Avenue, N.W.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Washington, D.C. 20433</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Attention: Director, Telecom, Media, Technology, Venture Capital and Funds Department </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Re: Argentina / Telecom Argentina S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Dear Sirs:</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Reference is made to Section&nbsp;4.0 1(i)&nbsp;(<i>Conditions of Disbursement</i>) of the Loan Agreement dated as of March&nbsp;4, 2019 (the &#147;Loan Agreement&#148;) between Telecom Argentina S.A. (the &#147;Borrower&#148;) and International Finance Corporation (&#147;IFC&#148;). Unless otherwise defined herein, capitalized terms used herein shall have the meaning specified in the Loan Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Pursuant to Section&nbsp;7.05(e)&nbsp;(<i>Enforcement</i>) of the Loan Agreement, the Borrower has irrevocably designated and appointed the undersigned, National Corporate Research,&nbsp;Ltd., with offices currently located at 10 E. 40th Street, 10th Floor, New York, NY 10016, United States of America, as its authorized agent to receive for and on its behalf service of process in any legal action or proceeding with respect to the Loan Agreement in the courts of the United States of America for the Southern District of New York or in the courts of the State of New York located in the Borough of Manhattan.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The undersigned hereby informs you that it has irrevocably accepted that appointment as process agent as set forth in Section&nbsp;7.05(e)&nbsp;(<i>Enforcement</i>) of the Loan Agreement, from _________ until _________ [<i>at least 6 months after final maturity date</i>] and agrees with you that the undersigned (i) shall inform IFC promptly in writing of any change of its address in New York, (ii)&nbsp;shall perform its obligations as such process agent in accordance with the relevant provisions of Section&nbsp;7.05 (<i>Enforcement</i>) of the Loan Agreement, and (iii)&nbsp;shall forward promptly to the Borrower any legal process received by the undersigned in its capacity as process agent.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">As process agent, the undersigned and its successor or successors agree to discharge the above- mentioned obligations and will not refuse fulfillment of such obligations as provided under Section&nbsp;7.05 (<i>Enforcement</i>) of the Loan Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Very truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">NATIONAL CORPORATE RESEARCH,&nbsp;LTD.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By</font></p>    </td>
<td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Title:</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">cc: [Borrower]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">93</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_93_045127_2897"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 7</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">FORM&nbsp;OF LETTER TO BORROWER&#146;S AUDITORS</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(See Section&nbsp;4.0 1(g)&nbsp;(<i>Conditions of Disbursement</i>) and Section&nbsp;5.01(f)&nbsp;(<i>Affirmative Covenants</i>) of<br> the Loan Agreement)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[Borrower&#146;s Letterhead]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[Date]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[NAME OF AUDITORS]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[ADDRESS OF AUDITORS]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">We hereby authorize and request you to give to International Finance Corporation of 2121 Pennsylvania Avenue, N.W., Washington, D.C. 20433, United States of America (&#147;IFC&#148;), all such information as IFC may reasonably request with regard to the financial statements of the undersigned companies, both audited and unaudited. We have agreed to supply that information and those statements under the terms of a Loan Agreement between Telecom Argentina S.A. and IFC dated as of March&nbsp;4, 2019 (the &#147;Loan Agreement&#148;). For your information we enclose a copy of the Loan Agreement.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">We authorize and request you to send two copies of the audited financial statements of the undersigned companies to IFC to enable us to satisfy our obligation to IFC under Section&nbsp;5 .03(b)(i)&nbsp;of the Loan Agreement. When submitting the same to IFC, please also send, at the same time, a copy of your full report on such financial statements in a form reasonably acceptable to IFC.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Please note that under Section&nbsp;5.03(c)&nbsp;of the Loan Agreement, we are obliged to provide IFC with a copy of any management letter or other communication sent by you to us or our management in relation to our financial, accounting and other systems, management or accounts. Please provide to IFC any such management letter or other communication.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">For our records, please ensure that you send to us a copy of every letter that you receive from IFC immediately upon receipt and a copy of each reply made by you immediately upon the issue of that reply.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Yours truly,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom Argentina S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">By</font></p>    </td>
<td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.1%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Authorized Representative</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">[Insert names of Subsidiaries]</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Enclosure</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">cc:&#160;&#160;&#160;&#160;&#160;&#160;&#160; Director</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Telecom, Media, Technology, Venture Capital and Funds Department</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">International Finance Corporation </font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2121 Pennsylvania Avenue, N.W. </font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Washington, D.C. 20433</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">United States of America</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='- 93',FILE='C:\JMS\105538\19-2958-1\task9268690\2958-1-lw-21.htm',USER='105538',CD='Mar 21 13:03 2019' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">94</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_94_045520_3020"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 8</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">INFORMATION TO BE INCLUDED IN ANNUAL REVIEW OF OPERATIONS</font></u></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(See Sections 5 .03(b)(ii)&nbsp;(<i>Reporting Requirements</i>) of the Loan Agreement)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">A. Quarterly Operating Data</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Quarter Ended________, 20___</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="83%" style="border:none;border-collapse:collapse;margin-left:1.25pt;">
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<p style="margin:0in 0in .0001pt 10.25pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Key Operating Indicators</font></p>    </td>
<td width="20%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;height:.3in;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Measurement   Unit</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="20%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt 10.25pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Breakout between prepaid and post-paid for subscriber related   indicators</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt 10.25pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Subscribers (by business unit &#150; mobile, fixed broadband and Pay-TV)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">#</font></p>    </td>   </tr>
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<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Closing   balance</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">#</font></p>    </td>   </tr>
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<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Avg.   during quarter</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">#</font></p>    </td>   </tr>
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<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Churn   rate</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="20%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt 10.25pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Population covered</font></p>    </td>
<td width="20%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Mobile   penetration</font></p>    </td>
<td width="20%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Estimated   subscriber market share</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="20%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt 10.25pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Voice minutes of use</font></p>    </td>
<td width="20%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="20%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="80%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="20%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='- 94',FILE='C:\JMS\105538\19-2958-1\task9268690\2958-1-lw-21.htm',USER='105538',CD='Mar 21 13:03 2019' -->

<div style="page-break-before:always;"></div>
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">- </font><font size="2" style="font-size:11.0pt;">95</font><font size="2" style="font-size:11.0pt;"> -<a name="PB_95_050940_7748"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">S</font></u><u><font size="2" style="font-size:11.0pt;">CHEDULE 8</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;2 of 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="88%" style="border:none;border-collapse:collapse;margin-left:.5pt;">
<tr height="29" style="height:.3in;">
<td width="95%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;height:.3in;padding:0in 0in 0in 0in;width:95.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ARPU   (in Argentine Pesos)</font></p>    </td>
<td width="4%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;height:.3in;padding:0in 0in 0in 0in;width:4.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">$</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="95%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:95.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:4.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="95%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:95.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Number of direct employees</font></p>    </td>
<td width="4%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:4.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">#</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="95%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:95.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
<td width="4%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:4.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="29" style="height:.3in;">
<td width="95%" height="29" valign="bottom" style="border:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:95.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Number of female direct   employees </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Number of Towers </font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Km of fiber deployed</font></p>    </td>
<td width="4%" height="29" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.3in;padding:0in 0in 0in 0in;width:4.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">#</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes:</font></u></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160; The above is a suggested format only. The measurement units chosen above are for illustration purposes only.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160; The purpose of this report is to provide regular updates on the company&#146;s operating cost structure and operating performance.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160; The requested operating data should be agreed with the industry specialist to reflect the key industry-specific indicators and should be based on the company&#146;s existing operating reports. If the company&#146;s existing operating reports provide the necessary information, those reports may be submitted as the [Quarterly Operations Review].</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B. Supplemental Annual Operating Information</font></u></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160; <u>Macroeconomic Conditions</u>. Brief description of any material changes that affect the Borrower directly. For example, changes in corporate taxation, import duties, foreign exchange availability, price controls, other areas of regulation.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160; <u>Markets</u>. Brief description of changes in the Borrower&#146;s market conditions (both domestic and export), with emphasis on changes in market share and its competitors&#146; market shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160; <u>Sponsors and Shareholdings</u>. Information on significant changes in the ownership of the Borrower, including reasons for changes and the new shareholding structure.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160; <u>Management and Technology</u>. Summary of significant changes in the Borrower&#146;s (i)&nbsp;senior management or organizational structure, and (ii)&nbsp;technology, including technical assistance arrangements.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160; <u>Corporate Strategy</u>. Description of any changes to the Borrower&#146;s corporate or operational strategy, including changes in products, degree of integration, or business emphasis.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160;&#160;&#160; <u>Operating Performance</u>. Discussion of major factors affecting the year&#146;s results, including key operating indicators (e.g.: sales - by volume, value and market, operating costs, margins, capacity utilization).</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160;&#160;&#160; <u>Material Adverse Effect</u>. Discuss any circumstance that has had or could reasonably be expected to have a Material Adverse Effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">- </font><font size="3" style="font-size:12.0pt;">96</font><font size="3" style="font-size:12.0pt;"> -<a name="PB_96_053133_4122"></a></font></p>
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<p align="right" style="margin:0in 0in .0001pt 5.9in;text-align:right;text-indent:-.25in;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 9</font></u></p>
<p align="right" style="margin:0in 0in .0001pt 5.9in;text-align:right;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 6</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNUAL MONITORING REPORT</font></u></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="5" color="navy" face="Times New Roman" style="color:navy;font-size:16.0pt;font-weight:bold;">Annual Environmental and Social Monitoring Report (AMR) Telecommunication   Projects</font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .05in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Separate instructional text to sponsors on the preparation of AMRs is attached. The following template may be supplemented with annexes as appropriate to ensure all relevant information on project performance is reported.</font></i></b></p>
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<p style="margin:3.0pt 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" color="white" face="Wingdings" style="color:white;font-size:9.0pt;">q</font><font size="1" color="white" style="color:white;font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font size="2" color="white" style="color:white;font-size:11.0pt;font-weight:bold;">General Questions</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 6.25pt;"><b><font size="2" color="navy" face="Times New Roman" style="color:navy;font-size:11.0pt;font-weight:bold;">Company Details</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 6.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sponsor:</font></b></p>
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<p style="margin:0in 0in .0001pt 6.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Project Country:</font></b></p>
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<p style="margin:0in 0in .0001pt 6.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Project Name:</font></b></p>
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<p style="margin:0in 0in .0001pt 6.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IFC Project ID:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 6.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sponsor authorized representative</font></b>:</p>
<p style="margin:0in 0in .0001pt 6.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I certify that the data contained in this AMR completely and   accurately represents operations during this reporting period.</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 6.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature:</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Date:</p>    </td>
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<p style="margin:0in 0in .0001pt 6.5pt;"><b><font size="2" color="navy" face="Times New Roman" style="color:navy;font-size:11.0pt;font-weight:bold;">Reporting Period</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt 6.25pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMR reporting period:</font></b></p>
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<p style="margin:0in 0in .0001pt 6.5pt;"><b><font size="2" color="navy" face="Times New Roman" style="color:navy;font-size:11.0pt;font-weight:bold;">Project Status</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt -16.3pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 6.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sites Developed During Reporting Year. </font></b>Utilize   the following tables to identify the type of sites and the type of   acquisition. </p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Type of   Site</font></i></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sites   Developed by<br>   Company</font></i></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sites   Developed by<br>   Subcontractor</font></i></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Total</font></i></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Standalone Radio Access   Network (BTS), urban</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Standalone Radio Access   Network (BTS), rural</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Co-located Radio Access   Network (BTS), urban</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Satellite terminals</font></p>
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Core Network, new sites</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">- </font><font size="3" style="font-size:12.0pt;">97</font><font size="3" style="font-size:12.0pt;"> -<a name="PB_97_053944_5210"></a></font></p>
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<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other (describe)</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:8.0pt;">&nbsp;&nbsp; </font><b>Total</b></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 6.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Site Acquisition</font></b>.</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Type of Site<br>   Acquisition</font></i></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sites   Acquired by<br>   Company</font></i></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Sites   Acquired by<br>   Subcontractor</font></i></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Total</font></i></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-term lease</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Services in exchange   for access</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other (describe)</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:8.0pt;">&nbsp;&nbsp; </font><b>Total</b></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border:none;border-left:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:3.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="19%" valign="top" bgcolor="black" style="background:white;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" bgcolor="black" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:8.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" bgcolor="black" style="background:white;border:none;border-collapse:collapse;">
<tr>
<td width="99%" valign="top" bgcolor="#CDCDCD" style="background:#CDCDCD;border:solid navy 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:99.0%;">
<p style="margin:0in 0in .0001pt 6.25pt;"><b><font size="2" color="navy" face="Times New Roman" style="color:navy;font-size:11.0pt;font-weight:bold;">Significant Events and Issues</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#CDCDCD" style="background:#CDCDCD;border:solid navy 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="99%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:99.0%;">
<p style="margin:0in 0in .0001pt 6.25pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.25pt;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font></p>
<p style="margin:0in 0in .0001pt 6.25pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Are   you aware of any events</i><i><font size="1" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">2</font>&nbsp;that may have caused damage; brought about   injuries or fatalities or other health problems; attracted the attention of   outside parties; affected project labor or adjacent populations; affected   cultural property; or created liabilities for your company?</i></p>
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>If   yes please provide details of the event/issue or complete an incident report.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="5" face="Times New Roman" style="font-size:16.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" bgcolor="black" style="background:white;border:none;border-collapse:collapse;">
<tr>
<td width="99%" valign="top" bgcolor="#CDCDCD" style="background:#CDCDCD;border:solid navy 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:99.0%;">
<p style="margin:0in 0in .0001pt 6.25pt;"><b><font size="2" color="navy" face="Times New Roman" style="color:navy;font-size:11.0pt;font-weight:bold;">Liaison with External Parties</font></b></p>    </td>
<td width="1%" valign="top" bgcolor="#CDCDCD" style="background:#CDCDCD;border:solid navy 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="99%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:99.0%;">
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Describe   any changes to reporting/monitoring requirements imposed by local regulatory   authorities.</i></p>
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="5" face="Times New Roman" style="font-size:16.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Describe   any ongoing public consultation and disclosure, liaison with non-governmental   organizations (NGOs), civil society or public relations efforts (e.g.   establishment of a web page).</i></p>
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="5" face="Times New Roman" style="font-size:16.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Describe any ongoing social or community   development initiatives, programs or dialogue.</i></p>
<p style="margin:0in 0in .0001pt 6.25pt;"><font size="5" face="Times New Roman" style="font-size:16.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;"><font size="1" face="Times New Roman" style="font-size:6.0pt;position:relative;top:-3.0pt;">2</font>&#160;Examples of significant incidents follow. Chemical and/or hydrocarbon materials spills; fire, explosion or unplanned releases, including during transportation; ecological damage/destruction; local population impact, complaint or protest; failure of emissions or effluent treatment; legal/administrative notice of violation; penalties, fines, or increase in pollution charges; negative media attention; chance cultural finds; labor unrest or disputes; local community concerns.</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt 6.25pt;"><b><font size="2" color="navy" face="Times New Roman" style="color:navy;font-size:11.0pt;font-weight:bold;">Management Capability</font></b></p>    </td>
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<td width="99%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:99.0%;">
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Have   you received or have you begun working toward an environmental/social or   quality management system (e.g. to ISO 14001 or ISO 9000) in the last year?</i></p>
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Are   there staff in the company with identified roles relating to environment,   health and safety or social issues?</i></p>
<p style="margin:0in 0in .0001pt 6.25pt;"><font size="5" face="Times New Roman" style="font-size:16.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Describe the level of environmental, social and   health and safety training provided to staff.</i></p>
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="5" face="Times New Roman" style="font-size:16.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" bgcolor="navy" style="background:navy;border:none;border-collapse:collapse;">
<tr>
<td width="99%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:99.0%;">
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" color="white" face="Wingdings" style="color:white;font-size:9.0pt;">q</font><font size="1" color="white" style="color:white;font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font size="2" color="white" style="color:white;font-size:11.0pt;font-weight:bold;">Environmental and   Social Monitoring Data</font></b></p>    </td>
<td width="1%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr>
<td width="99%" valign="top" style="border:solid navy 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:99.0%;">
<p style="margin:0in 0in .0001pt 6.5pt;"><b><font size="2" color="navy" face="Times New Roman" style="color:navy;font-size:11.0pt;font-weight:bold;">Listing of Base Stations</font></b></p>    </td>
<td width="1%" valign="top" style="border:solid navy 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please provide a cumulative list of all base stations, and indicate if environmental/social issues were encountered.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 6.25pt;"><b><font size="2" color="navy" face="Times New Roman" style="color:navy;font-size:11.0pt;font-weight:bold;">Head Office Building</font></b></p>    </td>
<td width="1%" valign="top" style="border:solid navy 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please provide a description of your Head Office building, describing how many floors it occupies and what life and fire protection measures have been provided.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr>
<td width="99%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:99.0%;">
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" color="white" face="Wingdings" style="color:white;font-size:9.0pt;">q</font><font size="1" color="white" style="color:white;font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font size="2" color="white" style="color:white;font-size:11.0pt;font-weight:bold;">Health and Safety   Monitoring Data</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 6.5pt;"><b><font size="2" color="navy" face="Times New Roman" style="color:navy;font-size:11.0pt;font-weight:bold;">Occupational Health and Safety</font></b></p>    </td>
<td width="1%" valign="top" style="border:solid navy 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sponsors are required to monitor and record occupational health and safety incidents throughout the reporting period for both the company and for any contractors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 20.9pt;text-indent:-.2in;"><font size="1" face="Wingdings" style="font-size:8.0pt;">q</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Incident statistics reporting for Company and Contractors</b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Occupational Health<br>   and Safety Incidents</font></i></p>    </td>
<td width="11%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.5%;">
<p align="center" style="margin:0in 0in .0001pt 9.0pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Number   of<br>   Incidents</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Occupational Health and Safety   Incident Details</font></i><i><font size="1" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">3</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fatalities</font></u></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.5%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="69%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:69.5%;">
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Date(s)&nbsp;of fatality:</p>
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Cause of fatality:</p>
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Corrective or preventive   measures to prevent reoccurrence:</p>
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 11.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 11.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font>&#160;Provide additional sheets as needed.</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">- </font><font size="3" style="font-size:12.0pt;">99</font><font size="3" style="font-size:12.0pt;"> -<a name="PB_99_054929_2491"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Occupational Health<br>   and Safety Incidents</font></i></p>    </td>
<td width="11%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.58%;">
<p style="margin:0in 0in .0001pt 9.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Number of Incidents</font></i></p>    </td>
<td width="69%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:69.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Occupational Health and Safety   Incident Details</font></i><i><font size="1" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">3</font></i></p>    </td>   </tr>
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<td width="19%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Lost Time</font></u></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accidents (including</font></u></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">vehicular)</font></u><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">4</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="69%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:69.42%;">
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Date(s)&nbsp;of lost time   accidents:</p>
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Cause(s)&nbsp;of lost time   accident(s):</p>
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Corrective or preventive   measures to prevent reoccurrence:</p>
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="19%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total number of lost</font></u></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.75pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">workdays</font></u><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">5</font>&nbsp;resulting</p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">from incidents.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="69%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:69.42%;">
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Total lost   workdays this reporting period:</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Total lost   workdays last reporting period:</p>    </td>   </tr>
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<td width="19%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total man-hours</font></u></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.75pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">worked</font></u> (total hours</p>
<p style="margin:0in 0in .0001pt 5.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">worked by all</font></p>
<p style="margin:0in 0in .0001pt 5.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">employees) during the reporting period and</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incidence calculation.</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="69%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:69.42%;">
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Total man-hours   worked this reporting period:</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Incidence = total   lost workdays/total hours worked</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Incidence this reporting   period:</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Incidence last   reporting period:</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Incidence next to   last reporting period:</p>    </td>   </tr>
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<td width="19%" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Training</font></u><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">6</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:11.58%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="69%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:69.42%;">
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.55pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" bgcolor="#CCCCCC" style="background:#CCCCCC;border:none;border-collapse:collapse;">
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<td width="99%" valign="top" style="border:solid navy 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:99.0%;">
<p style="margin:0in 0in .0001pt 6.25pt;"><b><font size="2" color="navy" face="Times New Roman" style="color:navy;font-size:11.0pt;font-weight:bold;">Fire Safety Monitoring</font></b></p>    </td>
<td width="1%" valign="top" style="border:solid navy 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="19%" valign="top" style="border:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fire Safety Verification<br>   Activities</font></i></p>    </td>
<td width="15%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:15.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mandatory<br>   Frequency</font></i></p>    </td>
<td width="10%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Date(s)<br>   Performed</font></i></p>    </td>
<td width="25%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Observed Deficiencies</font></i><i><font size="1" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">7</font></i></p>    </td>
<td width="29%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:29.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Corrective Actions and Schedule   For<br>   Implementation</font></i><i><font size="1" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">8</font></i></p>    </td>   </tr>
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<td width="19%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:19.06%;">
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 24.5pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Fire and Other   Emergency Drills</p>    </td>
<td width="15%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:15.96%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minimum:<br>   one (1)&nbsp;/<br>   year</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="25%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.0%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 2.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;position:relative;top:-3.0pt;">4</font>&#160;Incapacity to work for at least one full workday beyond the day on which the accident or illness occurred.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;position:relative;top:-3.0pt;">5</font>&#160;Lost workdays are the number of workdays (consecutive or not) beyond the date of injury or onset of illness that the employee was away from work or limited to restricted work activity because of an occupational injury or illness.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.0pt;position:relative;top:-3.0pt;">6</font>&#160;Personnel should be trained in environmental, health and safety matters including accident prevention, safe lifting practices, the use of Material Safety Data Sheets (MSDS), safe chemical handling practices, proper control and maintenance of equipment and facilities, emergency response, personal protective equipment (PEP), emergency response,&nbsp;etc.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;position:relative;top:-3.0pt;">7</font>&#160;Attach additional sheets as needed to fully describe observed deficiencies.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;position:relative;top:-3.0pt;">8</font>&#160;Attach additional sheets as needed to fully describe corrective actions and implementation.</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">- </font><font size="3" style="font-size:12.0pt;">100</font><font size="3" style="font-size:12.0pt;"> -<a name="PB_100_055207_2695"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;margin-left:.25pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fire Safety Verification<br>   Activities</font></i></p>    </td>
<td width="17%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mandatory<br>   Frequency</font></i></p>    </td>
<td width="9%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:9.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Date(s)<br>   Performed</font></i></p>    </td>
<td width="21%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:21.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Observed Deficiencies</font></i><i><font size="1" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">7</font></i></p>    </td>
<td width="29%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:29.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Corrective Actions and Schedule   For<br>   Implementation</font></i><i><font size="1" style="font-size:6.5pt;font-style:italic;position:relative;top:-3.0pt;">8</font></i></p>    </td>   </tr>
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<td width="21%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.26%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 24.5pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Inspection   and certification of fire detection and suppression electrical and mechanical   systems.</p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minimum:<br>   one (1)&nbsp;/<br>   year</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.68%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.56%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.26%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt 24.5pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Portable   fire extinguisher inspection, refilling/recharging</p>
<p style="margin:0in 0in .0001pt 24.5pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:17.52%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minimum: one (1)&nbsp;inspection / year</font></p>    </td>
<td width="9%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.68%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.56%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.98%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="5" face="Times New Roman" style="font-size:16.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="70%" bgcolor="#CCCCCC" style="background:#CCCCCC;border-collapse:collapse;">
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<td width="99%" valign="top" bgcolor="navy" style="background:navy;padding:0in 0in 0in 0in;width:99.74%;">
<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" color="white" face="Wingdings" style="color:white;font-size:9.0pt;">q</font><font size="1" color="white" style="color:white;font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font size="2" color="white" style="color:white;font-size:11.0pt;font-weight:bold;">Solid and Hazardous   Waste Generation and Disposal</font></b></p>    </td>
<td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="5" face="Times New Roman" style="font-size:16.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="4%" valign="top" style="border:solid windowtext 1.0pt;border-right:none;padding:0in 0in 0in 0in;width:4.04%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:20.94%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Waste Type</font></i></p>    </td>
<td width="25%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Quantities Generated</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Method of Storage and/or<br>   Treatment</font></i></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Disposal Method</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reporting Period Year:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cable and   associated materials</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Circuit boards,   electronics</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computer CPUs</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computer   monitors</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Domestic waste</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ferrous and   non-ferrous metals</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other wastes</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Packaging waste</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Truck and auto   tires</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vehicle   maintenance wastes</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waste oils</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">&#167;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waste solvents</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 28.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 28.1pt;"><font size="5" face="Times New Roman" style="font-size:16.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 28.1pt;text-indent:-.3in;"><font size="1" color="white" face="Wingdings" style="color:white;font-size:9.0pt;">q</font><font size="1" color="white" style="color:white;font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><b><font size="2" color="white" style="color:white;font-size:11.0pt;font-weight:bold;">Specific questions   relating to IFC Performance Standard #1 on Social&nbsp;&amp; Environmental   Management Systems,&nbsp;IFC Performance Standard #2 on Labor and Working   Conditions, and IFC Performance Standard #4 on Security Personnel</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please state whether your company has or does not have new documentation of its Social and Environmental Management System. If there is new documentation, please send it attached to this AMR.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .45in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please describe briefly any issues that arose over the year regarding compliance with labour laws, regarding employment, health, or safety with your employees.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">- </font><font size="3" style="font-size:12.0pt;">101</font><font size="3" style="font-size:12.0pt;"> -<a name="PB_101_055731_6208"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please provide a summary of the procedure followed during the year for performing checks on your employees before they started to work at your company. Attach a statement of the procedure to this form if you prefer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please describe briefly any issues that arose over the year regarding the payment of salaries on time to your employees.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please describe briefly any cases of significant grievances that arose with any of your employees over the year in relation to working hours or working conditions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you employed any armed security service &#150; i.e., security staff or contractor armed with a weapon &#150; <b>please attach to this form any policy, procedure, and/or terms of reference that you have for the security service</b>, and describe:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .55in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>whether the service was provided by employees, contractors, and/or government personnel</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .55in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any checks (i.e., due diligence) that you performed on the quality of the security personnel and their backgrounds (e.g., any criminal background)</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">- </font><font size="3" style="font-size:12.0pt;">102</font><font size="3" style="font-size:12.0pt;"> -<a name="PB_102_055807_4933"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 10</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)</font></u></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IFC Performance Standard 1: Environmental and Social Assessment and Management System</font></b></p>
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<p style="margin:0in 0in .0001pt .15in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Action Item</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Deliverable</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Deadline</font></b><br>    <b>&amp; condition</b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .15in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Telecom will update the   corporate ESMS to include the necessary information to ensure that the   company&#146;s operations comply IFC&#146;s Performance Standards and relevant and   applicable World Bank Group Environmental, Health and Safety (EHS)   Guidelines, in addition to applicable social and environmental laws and   regulations of the respective countries where it operates.</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revised Telecom ESMS, acceptable to IFC.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">09/30/2019</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Telecom will update the   relevant ESMS procedures to assess and manage the risks of future   acquisitions of companies and assets and mergers of companies, ensuring   compliance with IFC Performance Standards. The procedure will identify   E&amp;S risks associated with proposed acquisitions and mergers, and include   risk-based criteria, developed consistent with IFC Performance Standards, to   inform the decision whether to proceed with the acquisition / merger.</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Updated corporate E&amp;S procedure for<br>   acquisitions and<br>   mergers, acceptable to IFC.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12/31/2019</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Telecom will ensure that   all E&amp;S and HR policies, procedures and plans, which are applicable   within the group, are fully integrated under the Telecom&#146;s ESMS. All policies   and procedures will ensure compliance with IFC Performance Standards.</p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revised Telecom E&amp;S policies, procedures and   plans, acceptable to IFC.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">06/30/2019</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">- </font><font size="3" style="font-size:12.0pt;">103</font><font size="3" style="font-size:12.0pt;"> -<a name="PB_103_060030_8685"></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">SCHEDULE 11</font></u></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Page&nbsp;1 of 1</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">PERMITTED HOLDER REPORT</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>GC Dominio S.A.</p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Blue Media Inc.</p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>GS Unidos LLC</p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Symbol" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ELHN-Grupo Clar&#237;n New York Trust</p>
<p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Agreement</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">35111000000</ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss contextRef="Duration_1_1_2018_To_12_31_2018_teo_IfrsIncomeStatementLocationAxis_teo_AdministrationCostsMember" unitRef="Unit12" decimals="-6">5260000000</ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss contextRef="Duration_1_1_2018_To_12_31_2018_teo_IfrsIncomeStatementLocationAxis_teo_CommercializationCostMember" unitRef="Unit12" decimals="-6">2545000000</ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss contextRef="Duration_1_1_2018_To_12_31_2018_teo_IfrsIncomeStatementLocationAxis_teo_OperatingCostsMember" unitRef="Unit12" decimals="-6">27306000000</ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_OtherAbroadSegmentsMember" unitRef="Unit12" decimals="-6">1753000000</ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_SegmentConsolidationItemsAxis_ifrs-full_OperatingSegmentsMember_ifrs-full_SegmentsAxis_teo_ServicesRenderedInArgentinaSegmentMember" unitRef="Unit12" decimals="-6">20416000000</ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_SegmentsAxis_teo_OtherAbroadSegmentsMember_us-gaap_StatementScenarioAxis_teo_RestatedValuesForInflationMember" unitRef="Unit12" decimals="-6">2217000000</ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_SegmentConsolidationItemsAxis_teo_RestatementEffectOfInflationMember_ifrs-full_SegmentsAxis_teo_OtherAbroadSegmentsMember" unitRef="Unit12" decimals="-6">464000000</ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_SegmentConsolidationItemsAxis_teo_RestatementEffectOfInflationMember_ifrs-full_SegmentsAxis_teo_ServicesRenderedInArgentinaSegmentMember" unitRef="Unit12" decimals="-6">12478000000</ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_SegmentsAxis_teo_ServicesRenderedInArgentinaSegmentMember_us-gaap_StatementScenarioAxis_teo_RestatedValuesForInflationMember" unitRef="Unit12" decimals="-6">32894000000</ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss contextRef="Duration_1_1_2018_To_12_31_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member_teo_BusinessCombinationAdjustmentAxis_teo_ImpactOfPurchasePriceAllocationInIncomeStatementMember" unitRef="Unit12" decimals="-6">-11414000000</ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">7719000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">9698000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_ComputerEquipmentMember" unitRef="Unit12" decimals="-6">831000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_OtherPropertyPlantAndEquipmentMember" unitRef="Unit12" decimals="-6">12000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">134000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_FixedNetworkAndTransportationMember" unitRef="Unit12" decimals="-6">5517000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_GoodsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">2979000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_IfrsRealEstateMember" unitRef="Unit12" decimals="-6">22000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MachineryDiverseEquipmentAndToolsMember" unitRef="Unit12" decimals="-6">184000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">9698000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember" unitRef="Unit12" decimals="-6">19000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">27643000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_ComputerEquipmentMember" unitRef="Unit12" decimals="-6">3809000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_OtherPropertyPlantAndEquipmentMember" unitRef="Unit12" decimals="-6">149000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">428000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_FixedNetworkAndTransportationMember" unitRef="Unit12" decimals="-6">12450000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_GoodsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">3886000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_IfrsRealEstateMember" unitRef="Unit12" decimals="-6">966000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MachineryDiverseEquipmentAndToolsMember" unitRef="Unit12" decimals="-6">266000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember" unitRef="Unit12" decimals="-6">2763000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentAndInstallationsMember" unitRef="Unit12" decimals="-6">1062000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">27643000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember" unitRef="Unit12" decimals="-6">1032000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember" unitRef="Unit12" decimals="-6">832000000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;q)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Dividends&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Dividends payable are reported as a change in equity in the&amp;nbsp;year in which they are approved by the Shareholders&amp;#x2019; Meeting.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;t)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Earnings per Share&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Basic earnings per share are calculated by dividing the net income or loss attributable to owners of the Parent by the weighted average number of ordinary shares outstanding during the year (for more information, see Note 25).&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;r)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Debt Financial Costs and Other Financial Results, net&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Debt Financial costs and other financial results, net, are recorded as incurred and include, among others:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;interest accrued on the related financial assets and liabilities using the effective interest rate method;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;financial discounts on debt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;changes in fair value of derivatives and other financial instruments measured at fair value through profit or loss;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;results from operations with notes and bonds;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;gains and losses on foreign exchange and financial instruments; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;interest on provisions.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;f)&lt;/font&gt;&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Financial Instruments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;f.1) Financial Assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Upon initial recognition, in accordance with IFRS 9, financial assets are subsequently measured at either amortized cost, or fair value, on the basis of:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(a)&amp;nbsp;the Company&amp;#x2019;s business model for managing the financial assets; and &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(b)&amp;nbsp;the contractual cash flow characteristics of the financial asset.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;A financial asset shall be measured at amortized cost if both of the following conditions are met:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(a)&amp;nbsp;the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(b)&amp;nbsp;the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;A financial asset that is not measured at amortized cost according to the paragraphs above is measured at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial assets include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;font-style:italic;text-decoration:underline;"&gt;Cash and Cash Equivalents&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three&amp;nbsp;months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Time deposits are valued at their amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net - Interest and Gains on investments. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Investments in Government Bonds were valued at amortized cost or at fair value, depending on the business model established by the Company&amp;#xB4;s Management. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Trade and Other Receivables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for doubtful accounts.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As mentioned in section e) Revenues, contractual assets originated by the application of IFRS 15, either current or non-current, are initially recognized at fair value and subsequently measured at amortized cost, less allowances for doubtful accounts, if any.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;font-style:italic;text-decoration:underline;"&gt;Investments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Government Bonds include the Bonds issued by National, Provincial and Municipal Governments. Depending on the business model adopted by Management, Bonds may be valued at amortized cost or at fair value and its results are recognized under Other Financial Results, net - Interest and Gains on other investments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Time deposits are valued at amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net - Interest and Gains on investments. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Those National, Provincial and Municipal Governments bonds denominated in foreign currency whose initial intention is to keep them until their maturity, are measured at amortized cost and bear an interest in foreign currency. In this particular case, Management estimated the US Dollar denominated cash flows to be generated until maturity and compared that amount to the fair value of the instrument in US Dollars at the acquisition date. The acquisition cost in US Dollars has been adjusted by applying the Internal Rate of Return (IRR) and the resulting value was converted to Argentine pesos using the exchange rate as of the date of measurement. The exchange differences generated by these bonds are included in Other financial results, net - Foreign currency exchange gain (loss).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Other investments in Government Bonds are valued at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The 2003 telecommunications fund was recorded at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Impairment of Financial Assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;At the time of initial recognition of financial assets (and at each closing), the Company estimates the expected losses to be generated by the assets, with an early recognition of a provision, pursuant to IFRS 9.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;With regard to trade receivables, and using the simplified approach provided by such standard, the Company measures the allowance for doubtful accounts for an amount equal to the lifetime expected credit losses. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The expected losses to be recognized are calculated based on a percentage of uncollectibility per maturity ranges of each financial credit. For such purposes, the Company analyzes the performance of the financial assets by type of market. Such historical percentage must contemplate the future collectibility expectations regarding those credits and, therefore, those estimated changes in performance.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Derecognition of Financial Assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company derecognizes a financial asset when the contractual rights to the cash flows of such assets expire or when it transfers the financial asset and, therefore, all the risks and benefits inherent to the ownership of the financial asset are transferred to another entity. If the Company retains substantially all the risks and benefits inherent to the ownership of the transferred asset, it will continue to recognize it and will recognize a liability for the amounts received.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;f.2)&amp;nbsp;Financial Liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial liabilities comprise trade payables (excluding Derivatives, if applicable), financial debt, salaries and social security payables (see point n) below), Dividends payable and certain liabilities included in Other Liabilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made, adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Derecognition of Financial Liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company shall derecognize a financial liability (or part of it) when it has been extinguished, i.e., when the obligation specified in the corresponding agreement is discharged, cancelled or expires.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;f.3)&amp;nbsp;Derivatives&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Derivatives are used by Telecom and its subsidiaries to manage its exposure to exchange rate and interest rate risks and to diversify the parameters of debt so that costs and volatility can be reduced to pre-established operational limits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;All derivative financial instruments are measured at fair value in accordance with IFRS 9. Derivative financial instruments qualify for Hedge Accounting if and only if all of the following conditions are met:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;a)&amp;nbsp;&amp;nbsp;The hedging relation consists only of hedging instruments and eligible hedged items;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;b)&amp;nbsp;&amp;nbsp;The hedging relation and the risk management strategy and purpose are formally designated and documented since its inception; and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;c)&amp;nbsp;&amp;nbsp;the hedge is expected to fulfill the efficacy requirements described in Note 21.c &amp;#x2013; Hedge Accounting.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;When a derivative financial instrument is designated as a cash flow hedge the effective portion of any gain or loss on the derivative financial instrument is recognized directly in Other Comprehensive Income. The cumulative gain or loss is removed from OCI and recognized in the consolidated income statement at the same time as the hedged transaction affects the consolidated income statement. The gain or loss associated with the ineffective portion of a hedge is immediately recognized in the consolidated income statement. If the hedged transaction is no longer probable, the cumulative gains or losses included in OCI are immediately recognized in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If the hedged item is a prospective transaction that results in the recognition of a non-financial asset or liability or a firm commitment, the cumulative gain or loss that was initially recognized in OCI is reclassified to the carrying amount of such asset or liability.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If Hedge Accounting is not appropriate, gains or losses arising from the fair value measurement of derivative financial instruments are immediately recognized in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For additional information about derivatives operations during the years ended December 31, 2018 and 2017, see Note 21.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;b)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Foreign Currency Translation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Items included in the financial statements of each of the entities of Telecom are measured using the currency of the primary economic environment in which the entity operates (&amp;#x201C;the functional currency&amp;#x201D;). The consolidated financial statements are presented in Argentine pesos, which is the functional currency of all Telecom&amp;#x2019;s companies located in Argentina. The functional currency for the foreign subsidiaries of Telecom is the respective legal currency of each country.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The financial statements of the Company&amp;#x2019;s foreign subsidiaries are translated using the exchange rates in effect at the reporting date; for assets and liabilities while income and expenses are translated at the average exchange rates for the year. Exchange differences resulting from the application of this method are recognized in Other Comprehensive Income. The cash flows of foreign consolidated subsidiaries expressed in foreign currencies included in the consolidated financial statements are translated at the average exchange rates for each year.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;c)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Foreign Currency Transactions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Transactions in foreign currencies are translated into the functional currency using the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate prevailing at the reporting date. Exchange differences are recognized in the consolidated income statement and are included in Debt financial costs and Other financial results, net.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;j)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Goodwill&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Goodwill is recognized as a difference between the fair value of the consideration paid and the amount of the non-controlling interest, if any, less the fair value of the net assets identified in each business combination. Goodwill has indefinite useful life and its recoverable value must be assessed at least once a year.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;No impairment losses have been recorded for goodwill at year-end.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;l)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Impairment of PP&amp;amp;E, Intangible Assets and Goodwill&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company assesses whether there are any indicators of impairment of the assets that are subject to amortization. Both internal and external factors are considered for this purpose. Internal factors include, among others, obsolescence or physical damage of the asset, and significant changes in the extent to which, or manner in which, an asset is used or expected to be used and internal reports that may indicate that the economic performance of the asset is, or will be, worse than expected. External sources include, among others, the market value of the asset, significant changes in the legal, economic, technological or markets environment, increases in market interest rates and the cost of capital used to evaluate investments, and an excess of the carrying amount of the net assets of Telecom over market capitalization.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The carrying value of an asset is considered impaired by the Company when it is higher than its recoverable amount. In that event, a loss shall be immediately recognized in the statement of income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The recoverable value of an asset is the higher of its fair value (less selling costs) or its value in use. In calculating the value in use of an asset, the estimated future cash flows are discounted to present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the evaluated asset.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit to which the asset belongs. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets with an indefinite useful life and goodwill are not subject to amortization and are tested at least annually for impairment. The intangible assets with an indefinite useful life held by the Company as of December 31, 2018 are the PCS license in Argentina, the brands acquired with the business combination (see Note 4.a) and the SRCE license. The intangible asset with indefinite useful life held by the Company as of December 31, 2017 is the SRCE license. Its recoverable amount is determined based on the value in use, which is estimated using discounted net cash flows projections.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For the years presented, the Company estimates that there is no indication of impairment of the assets that are subject to amortization, with the exception of, mainly, the impairment recognized for the brand Arnet for $1,623. The Company decided, in the fourth quarter of 2018, to discontinue the use of the trademark Arnet for the commercialization of its broadband product during the year 2019. The customers that currently use said brand will now use said service under the brand Fibertel. This will allow the Company to simplify its brand portfolio completing the alignment of products, and to establish a better and more direct communication with our customers.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The net effects of the constitution and recovery of the above-mentioned impairments are recorded under &amp;#x201C;Impairment of PP&amp;amp;E&amp;#x201D;, which is described under Note 23.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;o)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Taxes Payable&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Includes mainly: Income Tax, Other National Taxes, Provincial Taxes and Municipal Taxes. The main taxes that represent an expense for the Company are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Income Tax&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Income tax (national tax) is recognized in the consolidated income statement, except to the extent that they relate to items directly recognized in Other comprehensive income or directly in equity. In this case, the tax is also recognized in Other comprehensive income or directly in equity, respectively. The income tax expense for the period/year comprises current and deferred tax.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If the income tax payments and withholdings exceed the amount to pay for the current tax, the excess shall be recognized as a tax credit, only if it is recoverable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As per Argentinean Tax Law, income taxes payables have been computed on a separate return basis (i.e., the Company is not allowed to prepare a consolidated income tax return). &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company records income taxes in accordance with IAS 12. Deferred taxes are recognized using the liability method, which provides for the assessment of net deferred tax assets or liabilities based on temporary differences. Temporary differences arise when the tax base of an asset or liability differs from their carrying amounts in the statement of financial position, whose future reversal affects tax results. The deferred tax asset / liability is disclosed under a separate item of the Consolidated Financial Statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;A deferred income tax asset or liability is recognized on those differences, except for those differences related to investments in subsidiaries abroad that generate a deferred income tax liability due to the difference in the income tax rates, only in those cases where the timing of the reversal of the temporary difference is controlled by the Company and it is not probable that the temporary difference will reverse in the foreseeable future.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Deferred tax assets relating to unused tax carryforwards are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets that may arise from investment in subsidiaries are recognized when it is probable that the temporary differences will be reversed in the foreseeable future and when future taxable income would be sufficient to apply those temporary differences.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;A deferred tax asset shall be subjected to a recoverability test at the end of every reporting period. The company shall reduce the carrying amount of the deferred tax asset if it is probable that future taxable income will not be available before its prescription that allows applying the tax deductions of the deferred tax asset. This reduction could be reversed in future periods, to the extent that the Company recovers the expectation of enough future taxable income to apply these deductions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The legal rate in force in the Argentine Republic for the current period is 30% (years beginning on January 1, 2018 to December 31, 2019, inclusive) established by Law No. 27,430 of December 29, 2017. This law establishes that from January 1, 2020 onward, the legal rate will be 25%. The current legal rate for years ended December 31, 2017 and 2016 was 35%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For the determination of the deferred tax as of December 31, 2018, the Company has considered, according to the guidelines of IAS 12, the moments in which the temporary differences will be reversed in order to apply the corresponding rate based on the provisions by Law No. 27,430.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The collection of dividends from the investment in a foreign company is achieved by the income tax at the general tax rate. Likewise, the Argentine legislation allows computing as a tax credit the sums paid for analogous taxes abroad.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In Uruguay, the statutory income tax rate is 25% for the years presented.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The statutory income tax rate in Paraguay was 10% for the years presented. As per Paraguayan Tax Law, dividends paid are computed with an additional income tax rate of 5%, representing an effective tax rate of 15%. In addition, a deferred tax liability is recognized in Telecom Argentina due to the effect of the difference in the profit tax rates between Argentina and Paraguay on N&amp;#xFA;cleo accumulated profits because it is probable that these accumulated results flow as dividends and generate a future payment of income tax in Telecom Argentina in accordance with the Argentine law principle of "worldwide income".&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The statutory income tax rate in the United States was 39.5% for the year ended December 31, 2017. Since January 1, 2018, a new Income Tax Law is applicable, which modifies the flat federal rate to 21% changing the total legal income tax rate from 39.5% to 26.5%. &amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Tax on Minimum Presumed Income&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In Argentina, the tax on minimum presumed income (impuesto a la ganancia m&amp;#xED;nima presunta) is supplementary to income tax. The Company assesses this tax at the effective rate of 1% on the taxable assets at year-end. The Company&amp;#x2019;s tax liability for each year will be equal to the higher of the tax on minimum presumed income assessment or the income tax liability assessed at the legally effective rate on the estimated taxable income for the year. However, if the tax on minimum presumed income exceeds the income tax liability in any given fiscal year, the excess may be creditable against any excess of income tax liability over the tax on minimum presumed income in any of the following ten fiscal years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Notwithstanding the provisions of the law, pursuant to AFIP Instruction No. 2/2017, companies shall not be subject to tax on minimum presumed income as long as they recognized accounting and tax losses in the relevant fiscal period. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, Law No. 27,260 establishes that tax on minimum presumed income will lose its effectiveness as from fiscal years beginning on or after January 1, 2019.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During fiscal year 2018 Telecom is subject to tax on minimum presumed income tax since it has recognized accounting gains but income tax losses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, the tax on minimum presumed income balance has been capitalized in the consolidated financial statements because we estimate that the amounts paid and to be paid for this tax will be recoverable within the statute of limitations, based on the Telecom and its subsidiaries&amp;#x2019; current business plans.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Declaration as Fulfilled Taxpayer &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Pursuant to Law No. 27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and have complied with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should be filed before March 31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom Argentina and Cablevisi&amp;#xF3;n have already filed this request related to the payment of the tax on personal property as substitute taxpayer&amp;#x2013; on behalf of Shareholders. The Company&amp;#x2019;s Management believes that the requirements to obtain said exemptions were duly fulfilled. However, it cannot be assured that the Tax Authorities will not challenge said situation.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Provincial Taxes: Turnover Tax&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This tax is levied on companies based in Argentina for the activities carried out in each province of the country. Rates differ depending on the jurisdiction where revenues are earned for tax purposes and on the nature of revenues (for example, sale of services and equipment).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Other taxes and levies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Since the beginning of 2001, telecommunication services companies have been required to make a SU contribution to fund SU requirements (Note 2.d). The SU tax is calculated as a percentage of the total revenues received from the rendering of telecommunication services, net of taxes and levies applied on such revenues. The rate is 1% of total billed revenues and adopts the &amp;#x201C;pay or play&amp;#x201D; mechanism for compliance with the mandatory contribution to the SU fund.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Audiovisual Communication Services Law No. 26,522 established a tax on audiovisual communication services. According to the law, the holders of those services must pay a tax proportional to the amount of gross revenues from the sale of traditional and non-traditional advertising, programs, signals, contents, subscriptions and any other item that arises from the exploitation. In the case of cable operators, the tax rate varies between 2% and 5% based on the number of inhabitants in the area where the service is rendered. In the case of licensees, permit holders, authorized entities and owners of the registered title of signals who are registered VAT payers and are also subject to the tax established by Law No. 26,522, 100% of the amounts effectively paid under the tax established by the new law may be creditable against VAT.&amp;nbsp; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, the Company makes payments for copyrights to several institutions such as AADI-CAPIF, SADAIC, ARGENTORES. Those rights are calculated on similar bases as those indicated in the previous paragraph and the rates range between 0.1% and 1%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Tax Reform and Consensus on - Laws No. 27,429, 27,430, 27,432, 27,467 and amendments &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;1.&lt;font style="display:inline;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Tax Reform&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On December 29, 2017, the PEN issued Law No. 27,430 - ruled through Regulatory Decree No. 1170/2018, which establishes a comprehensive reform of the tax system effective as from 2018. Some of the changes implemented by this law were modified by other regulations during 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Among other things, were introduced modifications to income tax (both corporate and individual matters), Value Added Tax (&amp;#x201C;VAT&amp;#x201D;), excise taxes, employer&amp;#x2019; social security contributions, the tax procedure regime and the criminal tax regime.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The main changes that have an impact on corporate income tax are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Income tax&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Changes to corporate income tax rate and withholding on distributed dividends&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law No. 27,430 reduced the corporate income tax rate from 35% to 30% for fiscal years beginning on or after January 1, 2018 up to and including December 31, 2019, and to 25% for fiscal years beginning on or after January 1, 2020. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, it was established a withholding tax regime on distributed dividends at a rate of 7% for distributions of profits generated during fiscal years beginning on or after January 1, 2018, and at a rate of 13% for those beginning on or after January 1, 2020. The earnings generated in fiscal years ended on or before December 31, 2017 do not fall within the withholding provision at the time of distribution. The withholding only applies to those shareholders that are individuals residing in Argentina and non-resident individuals.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additionally, the Law repeals the &amp;#x201C;equalization tax&amp;#x201D; (i.e., 35% withholding on dividend distributions exceeding accumulated taxable income) for distributions of profits generated during fiscal years beginning on or after January 1, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Gain/Loss on purchase-sale of shares&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law maintains the 15% capital gains tax rate for Argentine resident individuals or foreign beneficiaries (in the case of foreign beneficiaries, it is calculated on the presumed net gain equal to 90% of the sale price). In the case of local legal entities, the Law establishes a general rate of 30% for fiscal years ended December 31, 2018 and 2019, and 25% for the following years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the case of individuals and undivided estates residing in Argentina, however, the results derived from transfers of shares are exempted from income tax to the extent that the transfer consists in a public placement authorized by the CNV or if the transactions were carried out in markets authorized by that agency under segments that guarantee price/time priority and by crossing of offers (such as the shares of Telecom Argentina) or carried out through a public tender offering and/or exchange authorized by the CNV. Decree No. 1,170/2018 provides that the conversion process whereby individuals or undivided estates residing in Argentina cease to be holders of non-exempted ADRs to become holders of the underlying exempted shares will be deemed a taxable transfer of ADRs at the fair value as of the conversion date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The foregoing exemption will also be applicable to foreign beneficiaries to the extent that such beneficiaries, or, in its case, depositors, do not reside in, and the funds do not come from, non-cooperative jurisdictions. In the case of foreign beneficiaries, the exemption will also be applicable, among other things, to income from depositary receipts or certificates issued abroad when those shares, were issued by entities domiciled in Argentina (ADRs).&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Assets - Tax Revaluation (optional)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law No. 27,430 established the revaluation, on a general basis of the cost of several assets -in case of transfers- and the revaluation of the depreciation of property, plant and equipment, for all the acquisitions or investments made as from January 1, 2018 based on the variation of the IWPI. However, Law No. 27,468, published on December 4, 2018, provides that the adjustment must be made based on the variation of the CPI.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, an optional regime for the revaluation for tax purposes of assets located in Argentina that generate taxable income was established. In the case of the Company, the revaluation option is applicable to assets existing as of December 31, 2017. Pursuant to the Law, the new tax value of the assets will be determined by applying a "revaluation factor," set forth in the Law, according to the calendar year of the asset's acquisition or construction, on the tax value originally assessed, each year or period since the asset's acquisition or construction. In the case of real estate or movable property subject to amortization, the value may be assessed by an appraiser under certain conditions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law imposes a one-time special tax on the amount of the revaluation. Such tax is not deductible from income tax. The applicable rate will vary depending on the type of assets: &lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;Real estate (qualifying as property, plant and equipment) 8%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;Real estate (qualifying as inventories): 15%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;Shares, quotas and other participations owned by resident individuals: 5%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;All other assets: 10%&amp;nbsp;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The option must be exercised on all the taxpayer&amp;#x2019;s assets that integrate the same category of assets. Once the option is exercised, the taxpayer is able to calculate the amortization and cost in the income tax over the revalued assets. Likewise, such revaluation was updated since January 1, 2018 on the base of the variation of the CPI as provided by Law No. 27,468.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The law requires taxpayers that opt for the special asset revaluation regime to waive any judicial or administrative claims for the purpose of requesting the application, for tax purposes, of adjustments of any kind, with respect to the period of the option and those in which depreciation of the revaluation amount is computed. Any taxpayers that have filed such claims with respect to fiscal years closed before the Law becomes effective, required to withdraw such claims and rights invoked. (See Note 15).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company has conducted analyses and calculations in order to assess the convenience of opting for the application of the asset revaluation regime and decided not to join the regime.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Inflation Adjustment&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Notwithstanding the above-mentioned regime, Law No. 27,430 and its amendment and Law No. 27,468 provide that, effective as from fiscal years beginning on or after January 1, 2018, the inflation adjustment procedure set out in Title VI of the income tax law shall be applicable in fiscal years in which the variation of the accumulated CPI in the 36 months immediately preceding the end of the relevant fiscal year, is higher than 100%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the first, second and third year as from its effectiveness, this procedure shall be applicable as long as the accumulated variation of the CPI, calculated from the beginning of the first year to the end of each year, is 55%, &amp;nbsp;35% and 15% higher, respectively. Likewise, it is foreseen that the restatement for positive or negative inflation, depending on the case, corresponding to the first, second and third fiscal year beginning on January 1, 2018 that must be calculated in order to verify the anticipated assumptions, should be recognized one third in that fiscal period and the remaining two thirds, in equal parts, in the next two immediate fiscal periods.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;Internal Taxes and Tax Collection ENARD &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law No. 27,430 also provides for an increase in the effective internal tax rate applicable to mobile telephone services from 4.16% to 5.26% in force for the taxable events ocurred as of March 1, 2018. Likewise, such law repeals collection at source of the charge imposed for the benefit of the ENARD from the aforementioned date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, pursuant to Decree No. 979/2017, as from November 15, 2017, for the year ended December 31, 2018, the effective tax rate (for internal taxes) on the sale of imported mobile phones and other wireless network equipment is reduced from 20.48% to 11.73%. Such rate, pursuant to Law No. 27,430, will decrease gradually until its complete phase out as from January 1, 2024 (for the year 2019 the rate will be 9.89%). In the case of goods manufactured in Tierra del Fuego, the rate is set at 0% as from November 15, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;Tax on deposits to and withdrawals from bank accounts&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Pursuant to Law No. 27,432, the PEN may establish that the percentage of the tax rate on bank credit and debits that, to date may not be creditable against income tax, be gradually reduced up to 20% per year as from January 1, 2018. The PEN may provide that, by 2022, it be fully creditable against income tax. On May 7, 2018, Decree 409/2018 was published. It established that for transactions reached at the general tax rate, it can be computed as an advance payment up to 33% of the tax originated in both the accredited amounts and the debited and for the other taxable events achieved by the tax. In the case of operations taxed at a reduced rate, the computation as credit of the tax will be 20%. &amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These provisions are applicable to advances and balances of income tax corresponding to fiscal periods beginning on or after January 1, 2018, for tax credits originated in taxable events that occurred since that date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;Social Security &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Law No. 27,430 gradually reduces the percentage of employers&amp;#x2019; contributions to be paid by large companies from 21% to reach 19.5% in 2022.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It establishes a non-taxable base for calculating employers&amp;#x2019; contributions of 2,400 Argentine pesos for 2018, which will increase since January 2019 until reaching 12,000 Argentine pesos in 2022, based on the variations of the CPI. Pursuant to the provisions of RESOL-2018-3-APN-SESS#MSYDS the non-taxable base for 2019 will be 7,003.68 Argentine pesos. In addition, employer contributions that result in payment on account of VAT are gradually eliminated.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additionally, the National Budget Law for the year 2019, Law No. 27,467, provides that entities that provide broadcast television or physical link and/or radio electric link subscription television services, audio broadcasting, cable television signals, newspaper, magazine or periodical publishing companies or companies engaged in digital journalism, and the distributors of those publishing companies, may all calculate employer&amp;#x2019;s contributions paid in connection with the personnel engaged in said activities as tax credit on VAT. These contributions must have been accrued in the fiscal period and effectively paid at the moment of submitting the VAT return. As provided above, where the salaries that give rise to the contributions which may be calculated as tax credit on VAT are indistinctly related to other activities outside the scope of this benefit, they will be subject to the apportionment procedure. During 2018, the Company has applied a regime similar to that provided under Law No. 27,467, based on final court decisions allowing its application.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Export duties&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law No. 27,467, granted to the PEN, until December 31, 2020, the power to apply export duties on the services carried out in Argentina whose utilization or effective exploitation is carried out abroad, with a rate of up to 30% of the value of such services. In this sense, Decree No. 1201/2018 established that such services are subject to an export duty at a rate of 12% with a with a maximum limit of $ 4 for each dollar of taxable value of said operation payable on a monthly basis according to the transactions billed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This duty is applicable on export of services rendered and invoiced since January 1, 2019 until December 31, 2020, including services originated in contracts or transactions initiated before that date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Tax Consensus&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the other hand, on January 2, 2018, Law No. 27,429 - &amp;#x201C;Tax Consensus&amp;#x201D; was published in the Official Gazette. Said Law approves the Tax Consensus signed between the National Executive Branch and the representatives of the Provinces and the Autonomous City of Buenos Aires. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The tax consensus seeks to harmonize the tax structures of the different jurisdictions to promote employment, investment and economic growth and to promote uniform policies. In this sense, both the National State and the Provinces and the Autonomous City of Buenos Aires agree to comply with certain commitments. Among the commitments undertaken by the Provinces, the most relevant are, with respect to Turnover Tax, the immediate elimination of differential treatments based on the place of business or the location of the taxpayer's establishment or the location where goods are manufactured and the establishment of exemptions and the application of tax rates that shall not exceed those set forth for each activity and period in the Annex to the Consensus (in the case of communications 5% in 2018, which will decrease to 3% by 2022, and in the case of mobile telephony 7% in 2018 decreasing to reach 5% in 2022).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It was also ordered the repeal of all payroll taxes&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As to stamp tax rates, it was agreed for certain activities and contracts, the establishment of a maximum stamp tax rate of 0.75% as from January 1, 2019, with a gradual decrease until its complete phase out as from January 1, 2022. However, this point was postponed for a year through Law No. 27,469 &amp;#x201C;2018 Tax consensus&amp;#x201D; published in the Official Gazette on December 4, 2018.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;i)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Intangible Assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets are recognized if and only if the following conditions are met: The asset is separately identifiable, it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and the cost of the asset can be measured reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets with a finite useful life are stated at restated cost, less accumulated amortization and impairment losses, if any.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets with an indefinite useful life are stated at restated cost, less accumulated impairment losses, if any.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets comprise the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:11pt;"&gt;- Incremental Costs from the Acquisition of Contracts&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Certain direct incremental costs incurred for the acquisition of new subscribers are capitalized as intangible assets to the extent the conditions for the recognition of an intangible asset are met, pursuant to IFRS 15, i.e. provided the Company expects to recover those costs and provided they are costs that the Company would not have incurred if the contract had not been successfully obtained.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Subsequently, said assets will be amortized under the straight-line method over the contractual relationship of the related transferred service. These costs are amortized over a period of two years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;- &amp;nbsp;3G/4G licenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As described in Note 2.e Spectrum, it includes 3G and 4G frequencies awarded by the SC to Personal in November 2014 and June 2015. In accordance with Section 12 of the Auction Terms and Conditions, they were granted for a period of 15 years as from the date of awarding notification.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Consequently, the Company's management has concluded that the 3G and 4G licenses have a finite useful life and, therefore, they are amortized under the straight-line method over 180 months as from their award.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Pursuant to Section 4.d) of PEN Decree No. 1,340/16 and Resolution No. 528/2018, which is described in Note 2.e), the remaining useful life of the frequencies included in Lot 8 of the auction was re-estimated. In consequence, the 700Mhz bands will finish amortizing in January 2033.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, the licenses that had been previously awarded to Nextel whose useful life is calculated as from the beginning of the provision of the Advanced Mobile Communication Services SCMA or upon expiration of the 18-month term provided under Section 10.1, subsection a), Annex I, Decree No. 764/2000 for the beginning of the provision of the Services, whatever occurs first.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- PCS license (Argentina)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company&amp;#x2019;s Management, based on an analysis of the relevant characteristics of this license, has considered the license having an indefinite useful life since there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. Therefore, this license is subject to a recoverability assessment at least on an annual basis.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;No impairment losses have been recorded for those intangible assets for any of the three years presented. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- N&amp;#xFA;cleo&amp;#xB4;s licenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;PCS license is amortized under the straight-line method over 60 months, ending its amortization in fiscal year 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On June 2017, N&amp;#xFA;cleo required the renovation of that license. Finally, and after that the CONATEL issued, according to the Telecommunication law, resolutions of precarious extensions in the second quarter 2018, the PCS license was renewed for approximately $64, which amortizes in 60 months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The 700 MHz- band spectrum licenses acquired by N&amp;#xFA;cleo during the first quarter of 2018 for US$24 million are amortized over a term of 10 years.&amp;nbsp; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- SRCE License&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;SRCE License has indefinite useful life. At the end of the year, no impairment losses have been recognized on these intangible assets.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- Customer relationship&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It comprises mainly contracts with Telecom&amp;#x2019;s and Tuves Paraguay&amp;#x2019;s customers that were incorporated as a result of the merger between Telecom and Cablevisi&amp;#xF3;n (see Note 4.a)). They are amortized over the estimated term of the relationship with the acquired customers: for fixed-telephony customer such term was estimated at 10 years, for mobile telephony customers in Argentina it was estimated at 6 years, and for mobile telephony customers in Paraguay it was estimated at 5 years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- Brands&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It includes the Brand Cablevisi&amp;#xF3;n, which is amortized over 50 years, and the Brand Flow, which is amortized over 3 years. In addition, as a result of the Merger described under Note 4.a), the brands of Telecom (&amp;#x201C;Telecom&amp;#x201D;, &amp;#x201C;ARNET&amp;#x201D; and &amp;#x201C;Personal&amp;#x201D;, both in Argentina and in Paraguay) which are not amortized because they have been considered of indefinite useful life.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- Other&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It includes Exclusivity Rights, Rights of Use, among others. The average useful life is estimated at 5 and 28 years.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;k)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Finance Leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Leases that transfer substantially all the risks and benefits incidental to ownership of the leased asset are classified as finance leases. All other leases are classified as operating. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018 Telecom and its subsidiaries do not have current financial lease agreements or residual value of fixed assets acquired by financial leases.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Operating Leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Lease payments under an operating lease are recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the normal course of business, the Company leases cell sites, switch sites, satellite capacity and circuits, among others, under various non-cancellable operating leases. Rental expenses are included under Interconnection and transmission costs and Other operating income and expenses items lines in the consolidated income statement during the term of the lease.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;g)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Inventories&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Inventories are measured at the lower of restated cost and net realizable value. The cost is determined under the weighted average price method. The net realizable value represents the estimated selling price in the ordinary course of business less the applicable variable selling expenses. In addition, the Company estimates and records allowances for obsolete and slow-moving inventories.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The value of inventories does not exceed its recoverable value at the end of the year.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
  <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;h)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;PP&amp;amp;E&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;PP&amp;amp;E is stated at restated acquisition or construction cost. Subsequent expenditures are capitalized only when they represent an improvement, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The other subsequent costs are recognized as expenses for the period in which they are incurred. When a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items if they are significant.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;PP&amp;amp;E cost also includes the expected costs of dismantling the asset and restoring the site if a legal or constructive obligation exists. The corresponding liability is recognized under Provisions line item at its present value. These capitalized costs are depreciated and charged to the consolidated income statement over the useful life of the related assets in the Depreciation, amortization and impairment of PP&amp;amp;E and Intangible assets item line.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed on an annual basis. Changes in the above liability are recognized as an increase or decrease of the cost of the related asset and are depreciated prospectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, PP&amp;amp;E costs include those related to the installation that allows the customer to connect to the service, in Fixed network and transportation. Those costs comprise labor costs and the materials required to install wiring.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Borrowing costs attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of these assets until they are ready for their intended use or sale, under IAS 23 (&amp;#x201C;Borrowing Costs&amp;#x201D;.) The assets in respect of which borrowing costs are capitalized are those that necessarily take a substantial period of time to get ready for their intended use (qualifying assets under IAS 23).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The value of PP&amp;amp;E does not exceed its recoverable value estimated at the end of the year.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Depreciation of PP&amp;amp;E owned is calculated on a straight-line basis over the ranges of estimated useful lives of each class of assets. The ranges of the estimated useful lives of the main classes of PP&amp;amp;E are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Estimated&amp;nbsp;Useful&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Life&amp;nbsp;(in&amp;nbsp;years)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Real Estate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fixed Network and Transportation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5 &amp;#x2013; 10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile Network Access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;3 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tower and Pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;10 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Switching Equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Computer Equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;3 &amp;#x2013; 5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Goods lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2 &amp;#x2013; 4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Power Equipment and Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2 &amp;#x2013; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Machinery, diverse equipment and tools&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5 &amp;#x2013; 10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The depreciation rates are reviewed annually and revised if the current estimated useful life is different from that estimated previously taking into account, among others, technological obsolescence, maintenance and condition of the assets and different intended use from previous estimates. The effect of such changes is recognized prospectively in the income statement in the corresponding period.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;p)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Provisions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom records provisions when it has a present, legal or constructive obligation, to a third party, as a result of a past event, when it is probable that an outflow of resources will be required to satisfy the obligation and when the amount of the obligation can be estimated reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If the effect of the time value of money is material, and the payment date of the obligations can be reasonably estimated, provisions to be accrued are the present value of the expected cash flows, taking into account the risks associated with the obligation. The increase in the provision due to the passage of time is recognized as finance expenses. For more information, see Note 18.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Provisions also include the expected costs of dismantling assets and restoring the corresponding site if a legal or constructive obligation exists, as mentioned in h) above. The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed annually, at each financial year-end.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;e&lt;/font&gt;&lt;font style="display:inline;"&gt;)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Revenues&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues are recognized to the extent the sales agreement has commercial substance, provided it is considered probable that economic benefits will flow to the Company and their amount can be measured reliably. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues are stated net of discounts and returns (such as handset returns). The Company discloses its revenues into two large groups: Services and equipment. Revenues from services are recognized over the time services are rendered to the customers. Revenues from sales of equipment are recognized at the point in time when the control is transferred and the performance obligation is performed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues from transactions that include more than one item have been recognized separately to the extent they have commercial substance on their own.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The sale prices identified in the different sales transactions are net prices of discounts (list price less discounts or bonifications if applicable). In those cases in which the payment is delayed over time, as for example in construction contracts, the effect of the time value of money must be withdrawn.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financed sales are recognized at the value of future income discounted at a market rate assessed at the beginning of the transaction.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The main performance obligations of Telecom and its subsidiaries are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Mobile Services&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom provides mobile services in Argentina and Paraguay through wireless networks. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Services revenues consist of monthly basic fees, airtime usage charges, roaming, TLRD, CPP charges (as from October 1 these charges were no longer recognized as CPP and began to be recognized as a call termination charge), charges for VAS (among them, call waiting, voicemail, SMS and multimedia) and other services. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Basic fees are generally billed monthly in advance, disclosed net of trade receivables until services are rendered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues from the sale of prepaid calling cards are recognized in the period during which traffic is used, or when the card expires, whichever occurs first. Remaining unused traffic for unexpired calling cards is shown as &amp;#x201C;Deferred revenue on prepaid calling cards&amp;#x201D; under Other liabilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues from sales of mobile equipment consist mainly of the sale of handsets to customers and own agents. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Generally, in cases of combined sales, the handset is sold with a discount in the price, but not when the handset is sold separately. In connection with mobile telephony service, it is generally offered at the same selling price, without any discount in case it is offered together with a handset. In those cases of combined sales, IFRS 15 (Revenue from Contracts with Customers), adopted by Telecom as from January 1, 2018, requires to allocate the selling price to each performance obligation according to its proportional standalone selling price for the agreed-upon stipulated contractual term.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Taking into consideration that the customer pays for the handset the price net of the discount and that, under the application of the method detailed in the previous paragraph, the discount applied to the handset is assigned between handset sale revenues and service revenues, a contractual asset will be initially recognized. The contract of individuals is a contract for an indeterminate period and the payment of the handset is net of discounts. In such cases, the contractual asset will be reversed within a period of one month. In the case of large customers, the contractual asset will decrease to the extent service revenues are recognized, and will be fully derecognized in the 24th month, that is the stipulated contractual term for this type of customers. The method used provides a faithful representation of the transfer of goods or services in mobile services contracts in which more than one good or service is offered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Internet Services&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Internet revenues mainly consist of monthly fees received from residential and corporate customers for data transmission (including private networks, dedicated lines, broadcasting signal transport and videoconferencing services) and Internet services (mainly high-speed subscriptions - broadband).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Non-refundable up-front connection fees (revenues at a point in time), generated at the beginning of the relationship with the customers, are deferred and charged to income over the term of the contract or, in the case of indefined period contracts, over the average period of the customer relationship.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Cable Television Services&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cable Television Services comprise the operation of cable television networks installed in different locations of Argentina and Uruguay. In addition, Tuves holds a license for the provision of DATH services in Paraguay.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cable television basic fees are billed in advance and are recognized as revenues when services are provided.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues from the installation (&amp;#x201C;one-time&amp;#x201D; revenues) non-refundable of these services are deferred and charged to income in the estimated average term of the relationship with the customer.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Fixed Telephony and Data services&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Domestic fixed telephony services revenues mainly consist of monthly fees, measured service and monthly fees for additional services (among others, call waiting, itemized billing and voicemail).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Basic fees are generally billed monthly in advance, disclosed net of trade receivables, and are recognized as revenues when services are provided. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Non-refundable up-front connection fees for fixed telephony and data services (one-time revenues), generated at the beginning of the relationship with the customers, are deferred and charged to income over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;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 up to an amount equal to or less than the amount of deferred revenues. Generally, reconnection revenues are higher than its associated direct expenses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues on construction contracts are recognized based on the stage of completion (percentage of completion method). This method provides a faithful representation of the transfer of assets in construction contracts, given that revenues are recognized to the extent of the progress of the construction. When the outcome of a construction contract can be estimated reliably, the revenues and costs associated with the construction contract are recognized as revenues and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. When it is probable that total contract costs will exceed total contract revenues, the expected losses are immediately recognized as expenses. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018 revenues from construction contracts were recognized for $160 and cost of construction contracts were recognized for $155. In relation to construction contracts; $322 of deferred revenues and $537 of inventories were recognized as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
  <ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;s)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Acquisition of Treasury Shares&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In connection with the Treasury Shares Acquisition Process described in Note 20 d) to these consolidated financial statements, the Company has applied the guidance set forth in IAS 32, which provides, consistently with the CNV Regulations, that any instruments of its own equity acquired by the Company must be recorded at the acquisition cost and must be deducted from Equity under the caption &amp;#x201C;Treasury shares acquisition cost&amp;#x201D;. No profit or loss resulting from holding such instruments of own equity shall be recognized in the income statement. If the treasury shares are sold, the account &amp;#x201C;Treasury shares acquisition cost&amp;#x201D; shall be cancelled and the difference between the net realizable value of the treasury shares sold and its acquisition cost shall be recorded, if positive, within Equity under the &amp;#x201C;Treasury shares negotiation premium&amp;#x201D; caption. If such difference is negative, the resulting amount shall be recorded within Equity under the &amp;#x201C;Treasury shares negotiation discount&amp;#x201D; caption.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_ifrs-full_TradeReceivablesMember_srt_CurrencyAxis_currency_PYG" unitRef="Unit14" decimals="3">0.098</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_IfrsLoansPayableMember_srt_CurrencyAxis_currency_PYG" unitRef="Unit14" decimals="4">0.0883</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2017_ifrs-full_AssetsAndLiabilitiesAxis_teo_NonCurrentTradeReceivablesMember_srt_CurrencyAxis_currency_USD" unitRef="Unit14" decimals="4">0.1300</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2018_ifrs-full_AssetsAndLiabilitiesAxis_ifrs-full_IntangibleAssetsAndGoodwillMember_srt_CurrencyAxis_currency_USD" unitRef="Unit14" decimals="4">0.0966</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2018_ifrs-full_AssetsAndLiabilitiesAxis_ifrs-full_TradeReceivablesMember_srt_CurrencyAxis_currency_PYG" unitRef="Unit14" decimals="2">0.09</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2018_ifrs-full_AssetsAndLiabilitiesAxis_teo_IfrsLoansPayableMember_srt_CurrencyAxis_currency_PYG" unitRef="Unit14" decimals="4">0.0832</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2018_ifrs-full_AssetsAndLiabilitiesAxis_teo_NonCurrentTradeReceivablesMember_srt_CurrencyAxis_currency_USD" unitRef="Unit14" decimals="4">0.0832</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2018_ifrs-full_AssetsAndLiabilitiesAxis_teo_NonCurrentTradeReceivablesMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember" unitRef="Unit14" decimals="2">0.29</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections contextRef="As_Of_12_31_2018_ifrs-full_AssetsAndLiabilitiesAxis_teo_NonCurrentTradeReceivablesMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember" unitRef="Unit14" decimals="2">0.40</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
  <ifrs-full:DilutedEarningsLossPerShare contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit16" decimals="2">0.00</ifrs-full:DilutedEarningsLossPerShare>
  <ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit1" decimals="INF">0</ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares>
  <ifrs-full:DirectorsRemunerationExpense contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-5">10000000</ifrs-full:DirectorsRemunerationExpense>
  <ifrs-full:DirectorsRemunerationExpense contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-5">13000000</ifrs-full:DirectorsRemunerationExpense>
  <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 13 &amp;#x2013; FINANCIAL DEBT&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial debt consists of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank overdrafts - principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,276&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans - principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 12,945&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 77&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By purchase of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,048&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,257&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Accrued interest and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,675&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 43&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 20,044&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,383&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Notes&amp;nbsp;&amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 18,831&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 13,767&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans - principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34,260&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 210&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By purchase of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,031&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 686&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Accrued interest and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,146&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (37)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 59,268&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 14,626&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 79,312&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 16,009&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;text-decoration:none;"&gt;Bank and other financing entities loans&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;IFC and IIC loans&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On July&amp;nbsp;5, 2016, Personal accepted an offer from the International Finance Corporation (IFC) for the assessment and transfer of funds for purposes of financing investment needs, work capital and debt refinancing.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On October&amp;nbsp;5, 2016 Personal and the IFC signed the loan agreement (&amp;#x201C;IFC Loan&amp;#x201D;) for an amount of US$ 400 million and for a six-year period, payable in 8 equal half-yearly installments since the 30&lt;/font&gt;&lt;font style="display:inline;font-size:5pt;"&gt;th&lt;/font&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;month, with a 6&amp;nbsp;month LIBOR + 400bp. This loan will be used to deploy the 4G network and refinance short-term financial liabilities. The loan terms include standard commitments and limitations for this type of financial transactions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On October&amp;nbsp;26, 2016 Personal received the loan proceeds for an amount of US$ 392.5 million, net of expenses of US$ 7.5 million.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On April 7, 2017, Personal and the Inter-American Investment Corporation (&amp;#x201C;IIC&amp;#x201D;), a member of the Inter-American Development Bank (&amp;#x201C;IDB&amp;#x201D;) Group, signed a loan agreement (&amp;#x201C;IIC Loan&amp;#x201D;) for an amount of US$100 million maturing in September 2022, payable in 8 equal half-yearly installments since the 24th month, with a 6 month LIBOR + 400bp. The funds of this loan will be allocated to deploy the 4G network and for financing working capital and other financial needs. The loan terms include standard commitments and covenants for this type of financial transactions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On September 18, 2017 Personal received the loan funds, net of issuance expenses for US $ 1.8 million.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On October 30, 2018, within the framework of its permanent optimization policy for the term, rate and structure of its financial liabilities Telecom Argentina has accepted a proposal from the International Finance Corporation (IFC) for the evaluation and mobilization of funds with for the purpose of financing investment needs, working capital and refinancing of liabilities. On March 4, 2019 The Company signed a loan agreement with IFC for a total amount of up to US$450 million, as requested in a timely manner by the Company in one or more disbursements (the "Loan"). The Loan will consist of a tranche "A", a tranche "B-1", a tranche "B-2", a tranche "B-3" and a tranche "B-4" which will accrue compensatory interest payables semiannually for periods that are due at an annual rate equal to LIBOR plus the following margins: 4.85 percentage points in the case of Tranche A, Tranche B-2 and Tranche B-4, and 4.60 percentage points in the case of Tranche B-1 and Tranche B-3. Likewise, the capital will be payable as follows: Tranche A, Tranche B-2, and Tranche B-4 in eight consecutive semi-annual equal installments from February 2021 and final maturity in August 2024 and Tranche B-1 and Tranche B-3 in six consecutive semi-annual equal installments from February 2021 and final maturity in August 2023. The proceeds from the loan will be used to finance capital investments for 2019.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Syndicated Loan&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;At its meeting held on January 31, 2018, the Board of Directors of the Company approved the execution of a syndicated loan agreement with several banks for up to a total of US$1,000 million, which will accrue compensatory interest at an annual rate equal to LIBOR for each period of interest accrual plus an applicable margin.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On February 2, 2018, the Company entered into a term loan agreement with Citibank, N.A., HSBC M&amp;#xE9;xico, S.A., Multiple Banking Institution, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. y Banco Santander, S.A., in his capacity as a lender, Citigroup Global Markets Inc., HSBC M&amp;#xE9;xico, S.A., Multiple Banking Institution, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. y Santander Investment Securities Inc. as organizers, Citibank N.A. as an administrative agent and the Branch of Citibank N.A. in Argentina, as a local custodian agent for an aggregate principal amount of US$1,000 million (the "Original Loan"). On February 9 and March 9, 2018, the Company borrowed US$650 million and US$350 million, respectively, under this agreement, that matures in February 2019. The proceeds of the Loans were used to finance capital expenditures, working capital and other general corporate purposes. The Loan bear interest at an annual rate equivalent to LIBOR plus the following margins: 1.25 percentage points during the first four months, 1.50 percentage points, during the following two months, 1.75 percentage points during the following three months and 2.25 percentage points during the last three months prior to the maturity date. Interest is payable quarterly or semiannually, at the Company's option. The Company is permitted to make voluntary prepayments at any time without premium or penalty. The Company is required to make prepayments under the Loans (without payment of a premium) with net cash proceeds from bilateral or syndicated bank financings in excess of US$500 million, or underwritten offerings or private placements of any non-Peso denominated debt securities of the Company governed by a law other than the laws of Argentina with a tenor of at least three years. The Company is also required to prepay the Original Loans upon the occurrence of a change of control, at each lender's option.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Subsequently, on October 8, 2018, the Company entered into a new agreement with Citibank, N.A., HSBC Mexico, S.A., Instituci&amp;#xF3;n de Banca M&amp;#xFA;ltiple, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., in its capacity as lenders, Citibank, N.A., HSBC Mexico, S.A., Instituci&amp;#xF3;n de Banca M&amp;#xFA;ltiple, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. as organizers, Citibank N.A. as an administrative agent and the Citibank N.A. branch established in Argentina, as agent of local custody, for an aggregate principal amount of US$ 500 million (which can be increased, in accordance with the terms and conditions thereof) and to 48 months of term (the "Loan").&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company requested a disbursement of US$ 500 million on October 17, 2018. The funds were used to partially pre-pay the Original Loan.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The disbursed capital will accrue compensatory interest at an annual rate equivalent to LIBOR plus the following margin: 4.50 percentage points during the first year after the disbursement, 5.00 percentage points, during the second year and 5.25 percentage points from the date that is two years after the disbursement and until the expiration date; and will be payable quarterly in arrears.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additionally, in accordance with the provisions of the loan, the Company made an additional payment of US$ 100 million of the Original Loan, (as a condition precedent to the execution of the loan, the Company and the remaining parties of the Original Loan had agreed to a mandatory pre-cancellation amount equivalent to at least US$ 100 million).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Subsequently, in November 2018, the Company used all the funds from Deutsche Bank Loan for US$ 300 million to prepay this Original Loan. The balance owed by the Company of US $ 100 million was canceled on February 11, 2019, with its own funds.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Deutsche Bank Loan&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On November 8, 2018, the Company acknowledged the acceptance by Deutsche Bank AG, London Branch, as organizer of a syndicate of banks, of a loan facility for an amount of up to US$200 million (which might be increased up to US$300 million). On November 14, 2018 the Company acknowledged the acceptance of the extension of the loan offer by Deutsche Bank AG, London Branch, for US$100 million.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Deutsche Bank Loan has a term of 42 months counted from the date of the initial borrowing and will accrue compensatory interest at an initial rate per annum equivalent to LIBOR plus 4.5% that will be payable quarterly, in arrears. The capital will be payable in six consecutive semi-annual equal installments equivalent to 12.5% of the disbursed amount with a final payment on the maturity date equivalent to 25% of the initial borrowing.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The proceeds from the Deutsche Bank Loan were used by the Company only to partially prepay the Syndicated Loan.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Other bank loans&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, the Company mantains other bank loans for:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;US$4.5 million in a loan agreement with the Bank ICBC for financing imports, accruing interest at an annual rate of 6.0%, due in January 2022,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;US$3.2 million in a loan agreement with the Bank Ita&amp;#xFA; for financing imports, accruing interest at an annual rate of 5.0%, due in February 2020, and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; c)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;US$10.0 million in a loan agreement with the Bank Macro for financing imports accruing interest at an annual rate of 6.2%, due in August, 2019.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;N&amp;#xFA;cleo&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The following table shows the outstanding loans with different local financing entities in Paraguay and their main terms as of December 31, 2018:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 87.14%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Principal&amp;nbsp;nominal value&amp;nbsp;(in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Book&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;millions&amp;nbsp;of Guaran&amp;#xED;es)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Maturity&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Amortization term&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Rate (%)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;(in millions of Argentine pesos)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 40,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;December 2019&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Semi-annually&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 8.75&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 253&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 308,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;February 2024&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Semi-annually&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;8.20-9&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 158&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,793&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 348,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 411&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,793&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The terms and conditions of N&amp;#xFA;cleo&amp;#x2019;s loans provide for certain events of default which are considered standard for these kinds of operations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:normal;text-decoration:none;"&gt;Global Programs for the issuance of Notes&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Cablevisi&amp;#xF3;n&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;text-decoration:none;"&gt;On April 20, 2016, at the Annual General Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting of Cablevisi&amp;#xF3;n, the shareholders of Cablevisi&amp;#xF3;n approved, among other matters: i) the extension of the authorization of the Global Program for the Issuance of Notes (the &amp;#x201C;Program&amp;#x201D;), which had been granted at the Annual General Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting of Cablevisi&amp;#xF3;n on April 28, 2014, increasing the maximum amount of the outstanding notes that may be issued under this Program from a nominal value outstanding at any time of US$ 500,000,000 (or its equivalent in other currencies) to US$ 1,000,000,000 (or its equivalent in other currencies). The Shareholders&amp;#x2019; Meeting renewed the delegation on the Board of Directors of the broadest powers in connection with the Program. The Board of Directors may subdelegate all or some powers interchangeably to one or more directors or managers of the Company; and ii) the extension of the authorization of the Short-Term Debt Securities (&amp;#x201C;VCPs&amp;#x201D;) program under the terms that had been originally approved.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;text-decoration:none;"&gt;On June 1, 2016, pursuant to its delegated powers, the Board of Directors of Cablevisi&amp;#xF3;n authorized the issuance of Class A Notes for a nominal value of US$ 500,000,000 (the &amp;#x201C;Class A Notes&amp;#x201D;), at a fixed annual nominal interest rate of 6.50%, interest payable semi-annually, with maturity in June 2021. Proceeds will be used for:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:10pt;;"&gt; (i)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;text-decoration:none;"&gt;The settlement of the outstanding debt as of that date;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:10pt;;"&gt; (ii)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;text-decoration:none;"&gt;The investment in fixed assets and other capital expenditures with the balance of the net proceeds (approximately US$ 89,100,000).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;text-decoration:none;"&gt;On October 30, 2017, within the framework of the merger between Cablevision and Telecom Argentina (Note 4.a), Cablevision called for an Extraordinary Noteholders&amp;#x2019; Meeting in order to request its holders of Class A Notes, the amendment and/or removal of certain clauses (or parts there of) of the Indenture Agreement executed on June 15, 2016 between Cablevision, Deutsche Bank Trust Company Americas, Deutsche Bank S.A. and Deutsche Bank Luxembourg S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;text-decoration:none;"&gt;On December 11, 2017, the holders of Class &amp;#x201C;A&amp;#x201D; Notes held an Extraordinary Noteholders&amp;#x2019; Meeting with a quorum of 81.8621626 % of the total capital and votes under the Notes. At that Shareholders&amp;#x2019; Meeting, the shareholders unanimously decided to approve the amendment and/or removal of certain clauses (or parts thereof) of the Indenture Agreement executed on June 15, 2016 between the Company, Deutsche Bank Trust Company Americas, Deutsche Bank S.A. and Deutsche Bank Luxembourg S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;text-decoration:none;"&gt;As a result of the amendment of the Indenture referred to above, the Company&amp;#x2019;s covenants under the Notes include: (i) limitation on the issuance of guarantees by the Company and its subsidiaries; (ii) merger by acquisition and consolidation, (iii) limitation on incurring debt above certain approved ratios, and (iv) limitation on the issuance and sale of significant subsidiaries&amp;#x2019; shares with certain exceptions, among others, certain clauses that restricted sales of assets under certain conditions, certain payments and related party transactions under certain circumstances and the distribution of dividends, were eliminated.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;text-decoration:none;"&gt;Cablevision Notes were assumed by the Company on January 1, 2018 due to the merger (Note 4.a).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;text-decoration:none;"&gt;For this purpose, Telecom Argentina, as successor of Cablevisi&amp;#xF3;n, the Deutsche Bank Trust Company Americas, as Trustee and Banco Comafi S.A., as trustee representative in Argentina, have signed a supplement to the Trust Agreement formalizing the absorption of the Notes of Cablevisi&amp;#xF3;n by Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;text-decoration:none;"&gt;Until December 31, 2018, the Company had repurchased approximately US$0.5 million (nominal value) of the Notes issued by Cablevisi&amp;#xF3;n. These transactions were executed at the quoted market price prevailing on each repurchase date, which did not significantly differ from the book value as of that date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Telecom Argentina&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On December 28, 2017, Telecom Argentina held an Ordinary Shareholders&amp;#x2019; Meeting that approved a Notes Global Program for a maximum outstanding amount of US$3,000 million or its equivalent in other currencies. The delegation of powers in the Board of Directors was also approved to determine and modify the terms and conditions of the Program as well as to establish the issuance opportunities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Under the aforementioned program, Telecom Argentina submitted a prospectus for the issuance of Notes to the CNV that was approved on April 24, 2018. Subsequently, on April 25, 2018, the CNV approved the prospectus supplement corresponding to the Notes. Class 1 for a nominal value of up to US$ 500,000,000 (extendable up to US$ 1,000,000,000). This supplement was extended several times, finally expiring on August 3, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In accordance with the provisions governing the placement mechanism of the Notes provided in the Prospectus Supplement, Telecom Argentina decided to temporarily suspend, until further notice, the period of placement of the Notes. Telecom Argentina will publish a complementary notice to the Prospectus Supplement, announcing the date on which the Offer Period will be resumed and the Award Date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Personal&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting of Personal held on December&amp;nbsp;2, 2010, approved the creation of a Medium Term Notes&amp;nbsp;Global Program for a maximum outstanding amount of US$ 500 million or its equivalent in other currencies for a term of five&amp;nbsp;years. On October&amp;nbsp;13, 2011, the CNV authorized such Program, through Resolution No.&amp;nbsp;16,670.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Personal&amp;#x2019;s Ordinary Shareholders&amp;#x2019; Meeting held on May&amp;nbsp;26, 2016 authorized to extend the due date and expand the Program&amp;#x2019;s maximum circulation amount up to US$ 1,000 million or its equivalent in other currencies. On October&amp;nbsp;20, 2016, the CNV authorized the extension and expansion of the mentioned Program through Resolution No.&amp;nbsp;18,277. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Under such Program, Personal issued four Series of Notes. The net proceeds obtained were used for debt refinancing.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Personal Notes were assumed by the Company on December 1, 2017 due to the Reorganization, Note 4.f.2).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of the date of issuance of these consolidated financial statements, Telecom has canceled all Series issued on their respective expiration dates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Loans for purchase of equipment&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, the Company has debt agreements corresponding to financing for the purchase of equipment of Cisco Systems, the which amounts to approximately US$57.3 million. Such contracts have an average maturity term of between 36 and 49 months with partial repayments and accrue an average annual interest of 4.81%.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfBorrowingsExplanatory>
  <ifrs-full:DisclosureOfBusinessCombinationsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;NOTE 4 &amp;#x2013; ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Merger between Telecom Argentina (absorbing company for legal purposes) and Cablevisi&amp;#xF3;n (absorbed company for legal purposes)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On June 30, 2017, the Boards of Directors of Telecom Argentina S.A. and Cablevisi&amp;#xF3;n S.A. approved a pre-merger commitment whereby Telecom Argentina S.A., in its capacity as absorbing company, absorbed Cablevisi&amp;#xF3;n S.A., pursuant to the provisions of Sections 82 and 83 of the General Corporations Law No. 19,550 and subject to corporate and regulatory approvals (the "Merger"). The Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting of Telecom Argentina S.A. and the Extraordinary Shareholders&amp;#x2019; Meeting of Cablevisi&amp;#xF3;n S.A. held on August 31, 2017 approved the pre-merger commitment and, in the case of Cablevisi&amp;#xF3;n S.A., its consequent dissolution on the Effective Date of the Merger and, in the case of Telecom Argentina S.A., the amendment of the Bylaws and the increase of its capital stock.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The purpose of the Merger was for the Company, in its capacity as surviving company under the merger, to offer in an efficient manner, in line with the national and international trend, technological products for media and telecommunications that converge the different separate or independent modalities in which voice, data, sound and video transmission wired and wireless services are provided, into a single product or a series of products to be provided to users as a whole, for its own benefit and for the benefit of the users and consumers of those multiple individual services. Both companies understood that their respective operating and technical structures were highly complementary and could be optimized through a structural consolidation, achieving synergies and efficiencies in the development of convergence products along with the demand of the market.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Pursuant to Section 83, subsection c) of the LGS, the parties have set the following exchange ratio: 1 common share of Cablevisi&amp;#xF3;n S.A. (either a Class A Share of Cablevisi&amp;#xF3;n S.A. or a Class B Share of Cablevisi&amp;#xF3;n S.A.) for each 9,871.07005 new shares of Telecom Argentina S.A. (the &amp;#x201C;Exchange Ratio&amp;#x201D;). This Exchange Ratio was deemed reasonable, from a financial standpoint, by the independent professional appraisers J.P Morgan Securities LLC and Lion Tree Advisors LLC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October 31, 2017, the parties subscribed the Final Merger Agreement pursuant to Section 83, subsection 4) of the LGS, subject to the regulatory authorization from the ENACOM requested by Telecom Argentina S.A. and Cablevisi&amp;#xF3;n S.A. on September 6, 2017. This authorization was granted through ENACOM Resolution No. 5,644-E/2017, notified to the Company on December 22, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Having all the conditions to which the Merger was subject been met under the terms of Section Seven of the Pre-Merger Commitment and the Final Merger Agreement, on January 1, 2018, the parties signed the Minutes regarding the Transfer of Operations of Cablevisi&amp;#xF3;n S.A. to Telecom Argentina S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a result, the Effective Date of the Merger is January 1, 2018 with the consequent change of control in the Company, being Cablevisi&amp;#xF3;n Holding S.A. the new controlling company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On August 22, 2018, through Resolution RESFC 2018-19688-APN-DIR-CNV 2018, CNV conformed the Merger, the amendment of the bylaw of Telecom Argentina and its increase in capital stock as a result thereof. The Merger, the amendment of the bylaw and the increase of capital stock of Telecom Argentina were registered before the General Board of Corporations on August 30, 2018 under No. 16,345, L&amp;#xB0; 91, T&amp;#xBA; Share Corporations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, on July 7, 2017, Cablevisi&amp;#xF3;n Holding S.A. accepted an offer for a call option granted by Fintech Advisory Inc. for the acquisition of an equity interest of 13.51% in Telecom Argentina (which represents approximately 6% of Telecom Argentina&amp;#x2019;s post-merger capital stock) for US$ 634,275,282 (the &amp;#x201C;Option&amp;#x201D;). The maximum term to exercise the Option was one year as from July 7, 2017. Likewise, CVH had to pay to Fintech Advisory Inc., within a term of thirty days as from July 7, 2017, an option premium of US$ 3,000,000, which was settled on July 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On October 5, 2017, Cablevisi&amp;#xF3;n Holding S.A. made a prepayment of the aggregate exercise price under the Option for US$ 634,275,282. On December 27, 2017, Cablevisi&amp;#xF3;n Holding S.A. exercised the Option, choosing to receive, an additional equity interest in VLG of 21.55% (which represents an indirect interest of approximately 6% in Telecom as of the Merger Effective Date).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, within the framework of the option agreement, its price was finally established at US$ 628,008,363.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Under the Pre-Merger Commitment and the Final Merger Agreement and the notice received from Fintech Telecom LLC (&amp;#x201C;Fintech Telecom&amp;#x201D;) and Fintech Media LLC (&amp;#x201C;Fintech Media&amp;#x201D;) on December 29, 2017 informing about a corporate reorganization process whereby Fintech Telecom absorbed Fintech Media and VLG Argentina Escindida LLC (a company spun off from VLG) under a merger by acquisition process effective as of the Effective Date of the Merger, the shares which issuance was decided upon by the Board of Directors of Telecom Argentina on the Effective Date of the Merger as a consequence of the Merger were delivered: i) to Fintech Telecom LLC: 342,861,748 Class &amp;#x201C;A&amp;#x201D; shares; ii) to Cablevisi&amp;#xF3;n Holding S.A.: 406,757,183 Class &amp;#x201C;D&amp;#x201D; shares; and iii) to VLG: 434,909,475 Class &amp;#x201C;D&amp;#x201D; shares.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;According to the resolutions of the Ordinary and Extraordinary and Special General Class &amp;#x201C;C&amp;#x201D; Shareholders&amp;#x2019; Meetings held on December 15, 2011 and in compliance with the court order (as informed in the notice served on December 19, 2018), 23,882 Class &amp;#x201C;C&amp;#x201D; shares were converted into the same number of Class &amp;#x201C;B&amp;#x201D; shares on December 28, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Consequently, the capital stock of Telecom Argentina as of December 31, 2018 is now composed as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Class of Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Outstanding Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Treasury Stock&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total Capital Stock&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Class&amp;nbsp;&amp;#x201C;A&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 683,856,600&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 683,856,600&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Class&amp;nbsp;&amp;#x201C;B&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 627,953,887&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 15,221,373&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 643,175,260&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Class&amp;nbsp;&amp;#x201C;C&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 210,866&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 210,866&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Class&amp;nbsp;&amp;#x201C;D&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 841,666,658&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 841,666,658&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,153,688,011&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 15,221,373&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,168,909,384&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Fintech, controlling company of Telecom Argentina until December 31, 2017, a limited liability company incorporated in Delaware (United States of America), is a company fully and directly controlled by Fintech Advisory Inc. and its core business is the holding, directly and indirectly, of the interest in Telecom Argentina. Fintech Advisory Inc. is a company incorporated in Delaware (United States of America) fully controlled by Mr. David Mart&amp;#xED;nez. Fintech Advisory Inc. is a company engaged in investing and managing equity interests and corporate and government debt securities, mainly in emerging markets.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;CVH, controlling company of Telecom Argentina as from January 1, 2018, is an Argentine sociedad an&amp;#xF3;nima, a corporation with limited liability incorporated in Argentina, which is mainly engaged in investing in businesses and stock companies existing or to be created, which are mainly engaged in rendering Information Technology and Communication Services (&amp;#x201C;ICT Services&amp;#x201D;) and Audiovisual Communication Services. Its controlling shareholder is GC Dominio S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As from the Effective Date of the Merger, (i) all the assets and liabilities, including the assets subject to registration, licenses, rights and obligations that belong to Cablevisi&amp;#xF3;n S.A. are deemed to have been incorporated to the equity of Telecom Argentina S.A., (ii) Telecom Argentina S.A. continued with the operations of Cablevisi&amp;#xF3;n S.A., thus generating the corresponding operating, accounting and tax effects, (iii) the management and representation of Cablevisi&amp;#xF3;n S.A. was taken over by the management and representatives of Telecom Argentina S.A., iv) Cablevisi&amp;#xF3;n S.A. was dissolved without liquidation.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Merger, the capital stock increase as a result of the Merger, and the amendment of the Bylaws of Telecom Argentina were administratively conformed by the CNV and later registered in the Public Registry of Commerce under the IGJ on August 30, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Resolution No. 374/2018 issued by the Secretary of Commerce - Approval of the merger between Telecom and Cablevisi&amp;#xF3;n&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On June 29, 2018, through Resolution No. 374/2018, the Secretary of Commerce authorized under the terms of paragraph a), Article 13 of Law No. 25,156 the merger transaction whereby Telecom absorbed Cablevisi&amp;#xF3;n. In said resolution, as part of the approval of the merger, the Secretary of Commerce also (i) approved the assignment of 143,464 residential subscribers of the Internet service rendered by Telecom under the brand ARNET to Universo Net S.A. (the aforementioned assignment was completed during the third quarter of 2018), (ii) accepted the conduct undertaking filed by Telecom, Cablevisi&amp;#xF3;n, Cablevisi&amp;#xF3;n Holding and Fintech, whereby Telecom undertook to limit the integrated marketing of subscription television services by physical link with the mobile communications service until certain conditions are fulfilled, and (iii) accepted the conduct undertaking filed by Telecom, Cablevisi&amp;#xF3;n, Cablevisi&amp;#xF3;n Holding and Fintech, whereby Telecom undertook to offer the possibility that any current or new Internet service provider may provide the retail broadband service by leveraging the use of its copper network under ADSL technology under the terms described in said resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The Merger was accounted for under the acquisition method, as described under IFRS 3 and as a reverse acquisition whereby Cablevisi&amp;#xF3;n (acquirer for accounting purposes) absorbs Telecom (acquiree for accounting purposes.)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Specific matters relating to the merger between Telecom Argentina and Cablevisi&amp;#xF3;n&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Taking into consideration the information disclosed under Note 1.c), the merger between Telecom Argentina and Cablevisi&amp;#xF3;n was accounted for under the acquisition method, as described under IFRS 3 and as a reverse acquisition whereby Cablevisi&amp;#xF3;n (acquirer for accounting purposes) absorbs Telecom (acquiree for accounting purposes). Consequently, the assets and liabilities of Cablevisi&amp;#xF3;n S.A. were recognized and measured in these consolidated financial statements at book value before the merger, while the identifiable assets and liabilities of Telecom Argentina S.A. were recognized at fair value as of the effective date of the merger (January 1, 2018). The goodwill obtained under the acquisition method was measured as the excess of the fair value of the consideration paid over the fair value of the net identifiable assets and liabilities of Telecom Argentina S.A. The retained earnings and other balances of shareholders&amp;#x2019; equity recognized in the financial statements of the combined entity correspond to the sum of the respective balances of the individual financial statements of Telecom Argentina S.A. and Cablevisi&amp;#xF3;n S.A. immediately before the Merger, excluding Other Comprehensive Income and the Cost from the increase in the interest held in the companies controlled by Telecom Argentina S.A., as approved by the shareholders at the Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting of Telecom Argentina and the Extraordinary Shareholders&amp;#x2019; Meeting of Cablevisi&amp;#xF3;n held on August 31, 2017. In addition, share capital of Telecom was maintained as of before the merger and then the shares of Telecom issued according to the exchange ratio were added to the Capital Stock of Telecom before the merger, and recorded the contribution surplus as mentioned in following paragraphs.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Since the Merger between Telecom and Cablevisi&amp;#xF3;n was a business combination carried out through an exchange of interests in equity, the consideration was determined based on the fair value of the shares of Telecom as of the effective date of the merger. The consideration amounted, restated to current currency of December 31, 2018, amounts to $194,435, was calculated based on a) the market price of the ADR of Telecom on the New York Stock Exchange (NYSE) on the last business day before the effective date of the transaction (January 1, 2018) of US$ 36.63 per ADR and b) the equivalent outstanding ADR (193,831,921 ) as of the effective date, translated to Argentine pesos at the exchange rate prevailing on December 29, 2017, (last market day of 2017).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Pursuant to IFRS 3, the acquired net identifiable assets were measured at fair value, which value amounted to $108,324. Of this amount, $1,958 corresponded to the non-controlling interest (valued as the proportionate share in the recognized amounts of the acquiree&amp;#x2019;s identifiable net assets), measuring the net identifiable assets under the equity method. The allocation of the purchase price of the acquired net assets attributable to controlling shareholders generated a goodwill with a value which amounts to $88,072.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The total fair value of the most important items transferred and the main adjustments to the book value as a result of the purchase price allocation are detailed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;The total fair value of the item Property, plant and equipment amounts to $92,637. Of this amount, $50,504 was the fair value adjustment allocated to buildings and automobiles based on the comparative market analysis and the adjusted estimated replacement cost to reflect the deterioration due to use of the telecommunications fixed assets;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;The total value of the item Intangible Assets measured at fair value amounts to $59,329. Of this amount, $22,046 was the fair value adjustment allocated to Licenses and corresponds to the amount paid in excess of the book value under the comparative market value method, $13,701 was the fair value adjustment allocated to customer relationship under the discounted cash flows method and $13,029 was the fair value adjustment allocated to Brands based on royalties on gross revenues.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The total value of the item Deferred income tax liabilities amounts to $24,716 mainly includes the effects of the fair value adjustments and was recognized using a rate between 25% and 30% on the temporary differences of the adjustments incorporated, taking into consideration the estimated time of reversal of each difference.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, the Company will disclose the new capital stock and generate the corresponding merger contribution surplus for $127,343 which will reflect mainly the difference between the fair value of the consideration transferred and the book value of the equity of Telecom Argentina before the effective date of the Merger.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The identifiable assets and liabilities of Telecom Argentina S.A. (acquiree for accounting purposes) incorporated on the Effective Date of the Merger and the impact of the purchase price allocation recorded in the consolidated statement of income for the year ended December 31, 2018, both considering the effect of the current currency restatement (See Note 1.e), are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The identifiable assets and liabilities of Telecom Argentina (acquiree for accounting purposes) incorporated on the Effective Date of the Merger and the impact of the purchase price allocation recorded in the consolidated statement of income for the year ended December 31, 2018, considering the effect of the current currency restatement (see Note 1.e), are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&amp;nbsp;consolidated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;identified&amp;nbsp;assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;net&amp;nbsp;in&amp;nbsp;current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;ASSETS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,180&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Trade receivables &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 12,013&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other current assets &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 10,044&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total current assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 26,237&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Deferred income tax assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,927&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Goodwill&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 88,072&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Property, plant and equipment &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 92,637&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 59,329&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other Non-current assets &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 636&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 244,604&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;TOTAL ASSETS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 270,841&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total current liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 32,470&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Deferred income tax liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 24,716&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other non-current liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 17,262&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total non-current liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 41,978&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;TOTAL LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 74,448&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Capital nominal value &amp;#x2013; Outstanding shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 954&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Inflation adjustment &amp;#x2013; Outstanding shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 39,559&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Capital nominal value - Treasury shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 15&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Inflation adjustment &amp;#x2013; Treasury shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 152&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Treasury shares acquisition cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,795)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Contributed Surplus&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 127,343&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Legal reserve&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,819&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Special reserve for IFRS implementation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 869&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Voluntary reserve for capital investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,300&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Reserve for future investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 22,414&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other comprehensive results&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Equity attributable to non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Retained earnings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (195)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Equity Attribuibled to Telecom Argentina &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 194,435&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,958&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;TOTAL EQUITY&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 196,393&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;TOTAL LIABILITIES AND EQUITY&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 270,841&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Year &amp;nbsp;ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Impact of the purchase price allocation recognized in the consolidated results&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December&amp;nbsp;31,&amp;nbsp;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (30)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Operating costs without depreciation and amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (187)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (11,414)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Operating loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (11,631)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 35&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Loss before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (11,596)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Income tax &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,479&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Net loss for the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (8,117)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Attribuibled to controlling Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (8,044)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (73)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Total revenues related to the business of the acquiree company amount to $88,020 for the year ended December 31, 2018.&lt;/font&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Disclosure of the profit or loss of the acquiree since the acquisition date included in the consolidated statement of comprehensive income for the year ended December 31, 2018 is not disclosed because costs are not specifically appropriated to a type of service, considering that the Company has a single payroll and operating expenses that affect all services in general (non-specific allocation between acquirer and acquiree).&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Acquisition of Nextel&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On September 10, 2015, the Board of Directors of Cablevisi&amp;#xF3;n approved the assignment of the rights and obligations held by Grupo Clar&amp;#xED;n S.A. (&amp;#x201C;Grupo Clar&amp;#xED;n&amp;#x201D;) under an offer it had submitted to NII Mercosur Telecom, S.L.U. and NII Mercosur M&amp;#xF3;viles, S.L.U. (hereinafter, the &amp;#x201C;Sellers&amp;#x201D;) for the acquisition of 49% of the capital stock of NEXTEL and an option to acquire, together with its subsidiary Televisi&amp;#xF3;n Dirigida S.A., subject to certain conditions -among them, the regulatory approvals- 51% of the remaining capital stock. The price of the transaction was US$ 165 million (out of this amount, US$ 80 million accounts for 49% and US$ 85 million accounts for 51%) plus the right to collect an additional amount of up to US$ 13 million subject to the fulfillment of certain conditions. The offer submitted by Grupo Clar&amp;#xED;n was subject to the acceptance of the Sellers. On September 11, 2015, the Sellers accepted the offer submitted by Grupo Clar&amp;#xED;n and, on the same date, the Sellers accepted the assignment of the rights under such offer in favor of Cablevisi&amp;#xF3;n, offering Cablevisi&amp;#xF3;n the acquisition of 49 % of the capital stock of NEXTEL and the option to acquire the remaining 51%. In order to guarantee the rights and obligations under the offer, the capital stock owned by NII Mercosur M&amp;#xF3;viles, S.L.U. was pledged (subject to registration with the Public Registry of Commerce). The transaction was completed on September 14, 2015, upon payment by Cablevisi&amp;#xF3;n and its subsidiary of an aggregate US$ 159 million. The companies undertook to create a guarantee fund with the US$6 million balance to cover any potential liabilities of NEXTEL (this fund was set up on October 7, 2015). In addition, upon the fulfillment of certain conditions precedent, on October 1, 2015, Cablevisi&amp;#xF3;n paid to the Sellers the additional amount of US$12.73 million. On June 3, 2016, the assignment of 49% of the capital stock of NEXTEL in favor of Cablevisi&amp;#xF3;n was registered with the IGJ. Under the terms of the offer, NEXTEL would continue to be controlled and operated by the Sellers until the option to acquire the remaining 51% of the capital stock had been exercised.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As of December 31, 2015, the call option was not legally exercisable and uncertainties remained regarding the obtainment of the required regulatory authorization. As of December 31, 2015, Cablevisi&amp;#xF3;n did not have control over NEXTEL taking into consideration the elements provided under IFRS 10. Therefore, it did not consolidate NEXTEL as of such date. In January 2016, the regulatory framework changed and the regulatory authorization of the transaction was no longer necessary.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Subsequently, on January 27, 2016, Cablevisi&amp;#xF3;n and its subsidiary Televisi&amp;#xF3;n Dirigida S.A. decided to exercise the option to acquire the remaining 51% of the capital stock and votes of NEXTEL, and, consequently, Cablevisi&amp;#xF3;n became the holder of 51.4% of the capital stock and votes of NEXTEL and Televisi&amp;#xF3;n Dirigida S.A. became the holder of the remaining 48.6%. To such effect, on the same date, NEXTEL&amp;#x2019;s management took notice of the release of the pledge that had been set up to guarantee the rights and obligations under the offer. On July 26, 2016, the IGJ registered the assignment of the remaining 51% of the capital stock.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On June 30, 2016, Cablevisi&amp;#xF3;n's subsidiary Televisi&amp;#xF3;n Dirigida S.A. transferred to Cablevisi&amp;#xF3;n 392,774,929 membership interests with nominal value of peso 1 each and entitled to a vote per membership interest, representing 48.5% of the capital stock of NEXTEL. Televisi&amp;#xF3;n Dirigida S.A. also transferred to Pem 1,000,000 membership interests with nominal value of peso 1 each and entitled to one vote per membership interest, representing 0.1% of the capital stock. As a result of these transactions, the shareholders of NEXTEL hold the following interests: i) - Cablevisi&amp;#xF3;n became the holder of 809,236,480 membership interests with nominal value of $1 and entitled to one vote per membership interest, representing 99.9% of the capital stock and votes; ii) PEM S.A. became the holder of 1,000,000 membership interests with nominal value of $1 and entitled to one vote per membership interest, representing 0.1% of the capital stock and votes. Those transactions were registered with the IGJ on November 25, 2016.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December 28, 2016, PEM S.A. transferred to Cablevisi&amp;#xF3;n 1,000,000 membership interests with nominal value of peso 1 each and entitled to one vote per membership interest, representing 0.1% of the capital stock and votes of NEXTEL. As a result of the assignment of the membership interests described above, Cablevisi&amp;#xF3;n became the holder of 810,236,480 membership interests with nominal value of $1 and entitled to one vote per membership interest, representing 100% of the capital stock and votes of NEXTEL. Said transfer was registered with the IGJ on March 27, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;c)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Acquisition of companies, holders of radioelectric spectrum in the 900 Mhz and 2.5 Ghz bands&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In June 2016, Cablevisi&amp;#xF3;n, with its subsidiary NEXTEL, acquired 100%&amp;nbsp;(97% owned by NEXTEL and the remaining 3% owned by Cablevisi&amp;#xF3;n) of the capital stock of Fibercomm S.A. and Gridley Investments S.A. both owners of 100% of the capital stock of Trixco S.A., holder of licenses for the use of the radioelectric spectrum in 900 Mh bands. NEXTEL acquired 100% of the capital stock of WX Telecommunications LLC (in accordance with the LGS, WX Telecommunications S.A.U.) and Greenmax Telecommunications LLC (in accordance with the LGS, Greenmax Telecommunications S.A.U), which are the controlling companies of Skyonline Argentina S.A., Netizen S.A., Infotel S.A. and Callbi S.A., among the most important subsidiaries. The latter render wireless telecommunications services and hold licenses for the use of the radioelectric spectrum in the 2.5 Ghz bands. The aggregate price for those transactions was US$ 138.2 million, equivalent to $3,978 in current currency as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;During the year ended December 31, 2016, Cablevisi&amp;#xF3;n completed the process of allocating the acquisition cost of 100%&amp;nbsp;(97% to Nextel and the remaining 3% to Cablevisi&amp;#xF3;n) of the capital stock of Fibercomm S.A. and Gridley Investments S.A., both owners of 100% of the capital stock of Trixco S.A., and calculated goodwill from this acquisition in the amount of $1,475.9 in current currency as of December 31, 2018, included under Goodwill in the consolidated statement of financial position, taking into consideration that the valuation of the identifiable assets, liabilities and contingent liabilities at the interest percentage acquired is lower than the acquisition cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;d)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Corporate Reorganization of Cablevisi&amp;#xF3;n&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;d.1)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; On March 31, 2017, Cablevisi&amp;#xF3;n's Board of Directors approved the Pre-Merger Commitment executed among Cablevisi&amp;#xF3;n, Nextel, Greenmax Telecommunications S.A.U., WX Telecommunications S.A.U., Gridley Investments S.A., Trixco S.A., Fibercomm S.A., Netizen S.A, Eritown Corporation Argentina S.A., Skyonline de Argentina S.A., Infotel Argentina S.A., Nextwave Argentina S.A. and Callbi S.A., whereby, as of the merger date, Cablevisi&amp;#xF3;n, in its capacity as absorbing company, will continue with the operations of Nextel, Greenmax Telecommunications S.A.U., WX Telecommunications S.A.U., Gridley Investments S.A., Trixco S.A., Fibercomm S.A., Netizen S.A, Eritown Corporation Argentina S.A., Skyonline de Argentina S.A., Infotel Argentina S.A., Nextwave Argentina S.A. and Callbi S.A. (the &amp;#x201C;Absorbed Companies&amp;#x201D;) thus generating the corresponding operating, accounting and tax effects. That merger was approved by the shareholders of Cablevisi&amp;#xF3;n at the Extraordinary Shareholders&amp;#x2019; Meeting held on May 17, 2017. On July 11, 2017, the public deed related to the merger was issued.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On September 18, 2017, the ENACOM authorized, under Resolution No. 2017-1734 APN ENACOM# MM, the transfer of the registrations, numbering and sign-posting resources, authorizations and frequency use permits granted to Nextel, Trixco S.A., Callbi S.A., Infotel Argentina S.A., Skyonline de Argentina S.A., Netizen S.A. and Eritown Corporation Argentina S.A. in favor of Cablevisi&amp;#xF3;n.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a result of the above-mentioned corporate reorganization process, the Absorbed Companies were dissolved without liquidation and Cablevisi&amp;#xF3;n assumed all the activities, receivables, property and all the rights and obligations of the above-mentioned companies, existing as of the first day of October 2017, or any that may exist or arise due to previous or subsequent acts or activities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December 1, 2017, the CNV issued Resolution RESFC-2017-19134-APN-DIR#CNV, whereby it granted the administrative approval of the above-mentioned merger and, on February 23, 2018, the merger was registered with the IGJ under No. 3,469, Book 88 Volume of Stock Companies.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;d.2)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt; On August 16, 2016, the Board of Directors of Cablevisi&amp;#xF3;n approved the Pre-Merger Commitment executed between Cablevisi&amp;#xF3;n, Copetonas Video Cable S.A., Dorrego Televisi&amp;#xF3;n S.A., Fintelco S.A., Indio Rico Cable Color S.A., Primera Red Interactiva de Medios Argentinos (PRIMA) S.A. (&amp;#x201C;Prima&amp;#x201D;), Cable Video Sur S.A., Wolves Televisi&amp;#xF3;n S.A. and Tres Arroyos Televisora Color S.A., whereby, on the effective date of the merger -October 1, 2016- (&amp;#x201C;Effective Date of the Merger&amp;#x201D;), Cablevisi&amp;#xF3;n, as absorbing company, continued with the operations of Copetonas Video Cable S.A., Dorrego Televisi&amp;#xF3;n S.A., Fintelco S.A., Indio Rico Cable Color S.A., Prima, Cable Video Sur S.A., Wolves Televisi&amp;#xF3;n S.A. and Tres Arroyos Televisora Color S.A. (the &amp;#x201C;Absorbed Companies&amp;#x201D;), thus generating the corresponding operating, accounting and tax effects. As a result of the above-mentioned corporate reorganization process, the Absorbed Companies were dissolved without liquidation. That merger was approved by the shareholders of Cablevisi&amp;#xF3;n at the Extraordinary Shareholders&amp;#x2019; Meeting held on September 27, 2016, and on April 20, 2017 it was registered with the Public Registry of Commerce.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, at the Extraordinary Shareholders&amp;#x2019; Meeting held on September 27, 2016, the shareholders also unanimously approved: (i) the amendment of Section Three of the Bylaws in order to conform the core business of Cablevisi&amp;#xF3;n to the new regulatory framework of LAD and LSCA, and (ii) the amendment of Sections Nine and Ten of the Bylaws in order to eliminate the Executive Committee. Both amendments of the Bylaws were registered with the Public Registry of Commerce.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Cablevisi&amp;#xF3;n made a filing with the ENACOM in order to inform that Agency of the corporate reorganization to be implemented, so that it would consequently register under the name of the absorbing company, the &amp;#x201C;Area Authorizations&amp;#x201D; required to exploit Cable Television Services corresponding to Copetonas Video Cable S.A., Dorrego Televisi&amp;#xF3;n S.A., Indio Rico Cable Color S.A., Cable Video Sur S.A., and Tres Arroyos Televisora Color S.A. The license for Wolves Televisi&amp;#xF3;n S.A. was abandoned because Cablevisi&amp;#xF3;n already has an Area Authorization in the jurisdiction where Wolves Televisi&amp;#xF3;n S.A. exploited the cable television service.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, Prima and Cablevisi&amp;#xF3;n made a filing with the ENACOM in order to request that Agency to register the license that had been granted to Prima in favor of Cablevisi&amp;#xF3;n as a consequence of the corporate reorganization process. On August 25, 2017, the ENACOM authorized, through Resolution No. 2017-339 APN ENACOM# MM, the transfer of the registrations of national and international long-distance telephony services, as well as the numbering and signposting resources, frequencies and radioelectric authorizations granted to it in favor of Cablevisi&amp;#xF3;n.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;e)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Corporate Reorganization of the Shareholders of Cablevisi&amp;#xF3;n&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;At the Extraordinary Shareholders' Meetings of CV B Holding S.A., Vistone S.A. and Southtel Holdings S.A. &amp;#x2013;&amp;#x201C;The Direct Shareholders of Cablevisi&amp;#xF3;n&amp;#x201D;- held on September 28, 2016, the shareholders approved the Pre-Merger Commitment executed between Grupo Clar&amp;#xED;n, the Direct Shareholders of Cablevisi&amp;#xF3;n and Compa&amp;#xF1;&amp;#xED;a Latinoamericana de Cable S.A. (&amp;#x201C;CLC&amp;#x201D;), whereby, on the Effective Date of the Merger - October 1, 2016- Grupo Clar&amp;#xED;n, as absorbing company, continued with the operations of the &amp;#x201C;Direct Shareholders of Cablevisi&amp;#xF3;n&amp;#x201D; and CLC, thus generating the corresponding operating, accounting and tax effects. As a result of the above-mentioned corporate reorganization process, the Direct Shareholders of Cablevisi&amp;#xF3;n were dissolved without liquidation and Grupo Clar&amp;#xED;n assumed all the activities, receivables, property and all the rights and obligations of the above-mentioned companies, existing on the Effective Date of the Merger, or any that may exist or arise due to previous or subsequent acts or activities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Upon executing the corresponding Final Merger Agreement, Cablevisi&amp;#xF3;n notified the ENACOM of the change of shareholder structure in Cablevisi&amp;#xF3;n, which did not entail a change of control pursuant to Section 13 of Law No. 27,078 and, therefore, an authorization is not required.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On September 28, 2016, the shareholders of Grupo Clar&amp;#xED;n approved the merger by absorption of the Direct Shareholders of Cablevisi&amp;#xF3;n and CLC. In addition, at such Shareholders&amp;#x2019; Meeting, the shareholders of Grupo Clar&amp;#xED;n S.A. approved the partial spin-off for the creation of a new company domiciled in the City of Buenos Aires under the name Cablevisi&amp;#xF3;n Holding S.A. The equity subject to the spin-off comprises the direct (upon the execution of the merger) and indirect equity interests of Grupo Clar&amp;#xED;n in Cablevisi&amp;#xF3;n and in GCSA Equity, LLC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On April 27, 2017, both corporate reorganization processes (merger and spin-off-incorporation) were registered with the IGJ and, as from May 1, 2017, the controlling company of Cablevisi&amp;#xF3;n (directly and indirectly) was Cablevisi&amp;#xF3;n Holding S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;f)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Corporate Reorganization of Telecom Argentina&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;f.1) Redemption of the shares of Sofora&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In March 2017, WAI offered Sofora and, Sofora, with the consent of Fintech, its controlling shareholder, accepted an offer to redeem in two tranches all of the 140,704,640 shares issued by Sofora held by WAI pursuant to Sections 223 and 228 of the LGS. As a result of the redemption, Sofora agreed to pay to WAI an amount equal to the nominal value of the shares issued by Sofora, equivalent to $141 and issue in the name of WAI one or more dividend certificates (Class &amp;#x201C;A&amp;#x201D; &amp;#x201C;Bono de Goce&amp;#x201D;) which will serve as proof of the rights of WAI to collect dividends for a total amount of up to US$ 470 million less the amounts paid to redeem the shares of Sofora held by WAI (equivalent to US$ 8,683,596).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Subsequently, Dividend Certificates were issued in two tranches for a total of US$ 461,316,404 (the first tranche on May 23, 2017 for US$ 245,036,017, and the second tranche on June 22, 2017 for US$ 216,280,387), together with the respective agreed-upon stock redemption.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The main general terms and conditions of the dividend certificates (Class &amp;#x201C;A&amp;#x201D; &amp;#x201C;Bono de Goce&amp;#x201D;) provided that: (i) they will only grant rights to collect declared dividends at the sole discretion of Sofora for up to the maximum amount provided under the respective bond; (ii) they will be entitled to collect the amount of dividends provided for in the respective bond in preference to the other shareholders of Sofora; (iii) all the payments under those bonds shall be made with realized and liquid profits of Sofora; (iv) the maximum amount of dividends receivable under those bonds shall increase on June 1 of each year for an amount equivalent to 2% per annum applied to the outstanding balance as of May 31 of each year; (v) they may be redeemed by Sofora at any time after 36 months counted as from the date of issuance or after payment of 60% of its value at the time of issuance, whichever occurs later; and (vi) in the event Sofora is absorbed by another company that continues with the activities of Sofora, the preference under the dividend certificates (Class &amp;#x201C;A&amp;#x201D; &amp;#x201C;Bono de Goce&amp;#x201D;) will be maintained only with respect to those shares of the surviving company received by the shareholders of Sofora under the exchange ratio provided for under said merger so that this preference does not affect the other shareholders of the absorbing company, i.e., in the case of the reorganization mentioned in point f.2) of this note (the &amp;#x201C;Reorganization of Telecom Group&amp;#x201D;) the preference of the dividend certificates (Class &amp;#x201C;A&amp;#x201D; &amp;#x201C;Bono de Goce&amp;#x201D;) will only be verified with respect to Class A shares of Telecom Argentina received by Fintech and will not affect Class B shares or Class C shares of Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Taking into consideration that the Reorganization of Telecom Group, described in the following point, has entered into effect, Telecom Argentina assumed all the rights and obligations of Sofora as issuer of the Class A Exchange Bonds. Under no circumstance the rights to collect dividends under the dividend certificates (Class &amp;#x201C;A&amp;#x201D; &amp;#x201C;Bono de Goce&amp;#x201D;) shall affect the rights to collect dividends that belong to the holders of Class B Shares or Class C Shares or any other class of shares of Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The dividend certificates (Class &amp;#x201C;A&amp;#x201D; &amp;#x201C;Bono de Goce&amp;#x201D;) have been paid in full through the dividends in respect of which they were entitled to collect.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;f.2) Corporate Reorganization of the Telecom Group&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On March 31, 2017, each of the Boards of Directors of Sofora, Personal and Nortel and Telecom Argentina approved a pre-merger commitment, whereby Telecom Argentina would absorb Nortel, Sofora and Personal in accordance with the provisions of sections 82 and 83 of the LGS.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The General Ordinary and Extraordinary Shareholders&amp;#x2019; Meetings of Telecom Argentina and Telecom Personal held on May 23, 2017, and the General Extraordinary Shareholders&amp;#x2019; Meetings of Nortel and Sofora held on May 22, 2017 approved the Reorganization of Telecom Group.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, at the above-mentioned General Ordinary and Extraordinary Shareholders&amp;#x2019; Meeting of Telecom Argentina, the shareholders approved:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="right" style="width: 18.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt;i.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;the conversion of up to 161,039,447 Class A Shares, with nominal value of $1 and entitled to one vote per share into the same number of Class B Shares, with nominal value of $1 and entitled to one vote per share to be delivered to the holders of Preferred Class &amp;#x201C;B&amp;#x201D; Shares of Nortel, as explained in Section 4th of the related pre-merger commitment (the conversion was effective on December 15, 2017); and&amp;nbsp; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="right" style="width: 18.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt;ii.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;the amendment of the following sections of the Bylaws:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:43pt;"&gt;&lt;p style="width:43pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; a.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Section 4: to establish a dynamic conversion procedure for the shares representing capital stock from one Class to the other with equal political and equity rights; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:43pt;"&gt;&lt;p style="width:43pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; b.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Section 5: to allow the total or partial redemption of fully-paid shares in accordance with the provisions of Section 223 of LGS and allow the issuance of bonds given in exchange for redeemed shares according to the provisions of Section 228 on the mentioned Law.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="right" style="width: 18.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt;i.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;The elimination of Section 9 of the Bylaws, which includes limitations for transferring Class &amp;#x201C;A&amp;#x201D; Shares, which is effective since the authorization by the ENACOM of the dissolution of Nortel under the Reorganization of the Telecom Group and the distribution to holders of Nortel&amp;#x2019;s Class &amp;#x201C;B&amp;#x201D; Preferred Shares of a portion of Class &amp;#x201C;A&amp;#x201D; Shares of Telecom Argentina through its conversion to Class &amp;#x201C;B&amp;#x201D; Shares in accordance with the provisions of the corresponding pre-merger commitment.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On March 21, 2018, the amendment of the Bylaws mentioned in points ii) and iii) was registered with the IGJ.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;At the Shareholders&amp;#x2019; Meetings of Telecom Personal, Nortel and Sofora, the shareholders approved the dissolution without liquidation of the respective companies pursuant to Section 94, subsection 7 of the LGS as a consequence of its incorporation to Telecom Argentina under the Reorganization of Grupo Telecom.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The companies involved in the Reorganization requested the ENACOM the following authorizations provided under the pre-merger commitment.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;ENACOM authorization for releasing the shares that comprised the second redemption tranche of Sofora's common shares (owned by WAI representing 15% of Sofora's capital stock) of the allocation to the main core of shares of the investment consortium for the acquisition, in the process of privatization of ENTel, of the Sociedad Licenciataria Norte (currently Telecom Argentina) pursuant to the provisions of Decree No. 62/90 issued on January 5, 1990 and the terms of such privatization and Resolution No. 111/2003 issued by the SC on December 10, 2003.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;ENACOM authorization for the dissolution of Nortel as a result of the Reorganization of the Telecom Group and the distribution to the holders of Nortel&amp;#x2019;s Class &amp;#x201C;B&amp;#x201D; Preferred Shares of a portion of Telecom Argentina's Class &amp;#x201C;A&amp;#x201D; Shares through its conversion to Telecom Argentina&amp;#x2019;s Class &amp;#x201C;B&amp;#x201D; Shares pursuant to the corresponding pre-merger commitment.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; c)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;ENACOM authorization for the transfer to Telecom Argentina, as a result of the Reorganization of the Telecom Group, of all licenses for the provision of ICT Services and the registrations of ICT Services, together with the corresponding permissions for the use of frequencies, which were granted or awarded to Telecom Personal.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On June 16, 2017, the ENACOM Authorization referred to in a) above was granted through Resolution No. RESOL-2017-5120-APN-ENACOM # MCO.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Since the Reorganization of the Telecom Group was approved at all the General and Special shareholders&amp;#x2019; meetings of the companies involved, and since the term for the opposition of creditors in accordance with the applicable regulations has expired, on November 13, 2017, Telecom Argentina, Nortel, Sofora, and Telecom Personal executed the final merger agreement which was filed with the Argentine regulatory authorities in accordance with the respective applicable regulations. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On November 24, 2017, the Company, Personal, Nortel and Sofora were served with Resolution No. 2017-4545-APN-ENACOM#MM, whereby the ENACOM granted the authorizations mentioned in sections b) and c) mentioned above.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The effective date of the reorganization of Telecom Group began at 00.00 hs of December 1, 2017, date on which the Chairmen of the Boards of Directors of the companies that were part of the Telecom Group signed the Minutes regarding the Transfer of Operations. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a consequence of the reorganization and with effect as of the date thereof: (i) all the equities of Sofora, Personal and Nortel were fully transferred to Telecom Argentina at the book values of such items in the respective special-purpose unconsolidated financial statements. According to this, Telecom Argentina acquired all rights, obligations and responsibilities of any nature of Personal, Sofora and Nortel; (ii) Telecom Argentina is the surviving company of all the activities developed by Personal, Sofora and Nortel; (iii) Personal, Sofora and Nortel were dissolved without liquidation. On March 21, 2018, the Reorganization and the dissolution without liquidation of each of the absorbed companies was registered with the IGJ.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;As a consequence of the Reorganization of Telecom Group:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;A portion of the Class A Shares issued by Telecom Argentina was distributed to Fintech as the only holder of the common shares of Sofora;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;The remaining Class A Shares issued by Telecom Argentina were converted to Class B Shares of Telecom Argentina;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;All Class B Shares issued by Telecom Argentina held by Nortel (including Class B Shares as a result of the conversion mentioned above) were distributed to the holders of Nortel Class B Preferred Shares. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Telecom Argentina did not issue any new Class B Shares or Class A Shares in connection with the Reorganization of Telecom Group.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfBusinessCombinationsExplanatory>
  <ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BusinessCombinationsAxis_teo_CablevisionSaMember">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The breakdown of the capital stock of Cablevisi&amp;#xF3;n as of December 31, 2017 was as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Number&amp;nbsp;of&amp;nbsp;Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Equity&amp;nbsp;Interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;CVH (1) (3)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34,425&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 28.7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;VLG (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 61,581&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 51.3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fintech Media LLC (2) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17,212&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 14.3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;CVH (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,782&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5.7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Total &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 120,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 100.0&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Class A shares.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Class B shares.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (3)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;CVH held a 50% equity interest in VLG.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory>
  <ifrs-full:DisclosureOfCommitmentsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE&amp;nbsp;19&amp;nbsp;&amp;#x2013; COMMITMENTS&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;a)&amp;nbsp;&amp;nbsp;Purchase commitments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company has entered into various purchase orders amounting in the aggregate to approximately $41,107 as of December 31, 2018 (of which $9,926 corresponds to PP&amp;amp;E commitments), primarily related to the supply of switching equipment, external wiring, infrastructure agreements, inventory and other service agreements. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It should be noted that $3.6 billion correspond to contracts that qualify as leases under IFRS 16 (Note 3.x)).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;b)&amp;nbsp;&amp;nbsp;Commitments assumed from the acquisition of Spectrum by Personal&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Auction Terms and Conditions convened by SC Resolution No.&amp;nbsp;38/14 established high and demanding obligations of coverage and network deployment, which would require significant investments in PP&amp;amp;E that were estimated at the time of submission of Personal&amp;#xB4;s bid in approximately US$450 million over the next five&amp;nbsp;years and whose failure could result in sanctions and adverse effects to Personal.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Some of the obligations included in the Terms and Conditions are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Extend the SRMC, STM and PCS coverage in such a way that it reaches all locations with at least 500 inhabitants in a time period that would not exceed 60&amp;nbsp;months.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Upgrade the network infrastructure in a time period that would not exceed 60&amp;nbsp;months, in such a manner that in all the network locations where mobile Internet services are offered a minimum of 1 Mbps per user be guaranteed in the downlink for SRMC, STM and PCS.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;For the SCMA (Annex III of Terms and Conditions) progressive coverage obligations in the Argentine Republic territory are established, in five differenced stages, completed in the 60&amp;#8209;month-period with coverage in locations with more than 500 inhabitants.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For further detail of the obligations involved, see SC Resolution No.37/14, No.&amp;nbsp;38/14 and its amendments and supplementary regulations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The terms will be counted as stipulated in this respect by Section 4 d) of Decree No. 1,340/16 (see Note 2.e).&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfCommitmentsExplanatory>
  <ifrs-full:DisclosureOfCreditRiskExposureExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.92%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Cash and cash&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Trade&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;receivables,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Date&amp;nbsp;due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;receivables,&amp;nbsp;net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 7,287&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 7,287&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total not due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,891&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,998&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 10,189&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,988&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 26,066&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total as of December&amp;nbsp;31, 2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,891&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,998&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,988&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 33,353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfCreditRiskExposureExplanatory>
  <ifrs-full:DisclosureOfDeferredTaxesExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 15 &amp;#x2013; DEFERRED INCOME TAX ASSETS/LIABILITIES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Deferred Income tax assets and liabilities, net and the actions for recourse tax receivable of Telecom are presented below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tax carryforward&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,866)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (925)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (269)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,062)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (396)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventory&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (153)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Pension and termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (235)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 29,788&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,690&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cash dividends from foreign companies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 418&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile handsets financed sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 169&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other deferred tax liabilities (assets), net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 148&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (105)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total deferred tax liabilities, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 25,282&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 3,916&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Actions for recourse tax receivable&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (818)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total deferred tax liability, net &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 24,464&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 3,916&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Net deferred tax assets &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (78)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (66)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; Net deferred tax liabilities &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 24,542&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 3,982&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, the Company and some subsidiaries have a cumulative Tax carryforward of approximately $9,554, which calculated considering statutory income tax rate represent a deferred tax asset of approximately $2,866. Telecom and its subsidiaries estimate that non-recoverable cumulative Tax carryforward amounted to $0.4 as of that date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Following, the detail of the maturities of estimated Tax carryforward is disclosed:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Tax&amp;nbsp;carryforward&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Tax&amp;nbsp;carryforward&amp;nbsp;amount&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Tax&amp;nbsp;carryforward&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;generation&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;as&amp;nbsp;of&amp;nbsp;12.31.2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;expiration&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inter Radios&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;8&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Pem&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2021&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inter Radios &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2022&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Telecom Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 9,540&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2023&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inter Radios&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2023&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 9,554&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Income tax benefit (expense) consists of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.02%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit&amp;nbsp;(loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Current tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,819)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,405)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Deferred tax benefit &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,838&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (697)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,610)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Income tax benefit (expense)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,838&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (5,516)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (6,015)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Income tax benefit (expense) differed from the amounts computed by applying the Company&amp;#x2019;s statutory income tax rate to pre-tax income as a result of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:27.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:27.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Pre-tax income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,698&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 15,375&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 16,561&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Non-taxable items - Earnings from associates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (236)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (353)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (221)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Non-taxable items - Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 29&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (114)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (57)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,491&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 14,908&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 16,283&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Weighted statutory income tax rate (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Income tax expense at weighted statutory tax rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (747)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (5,218)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (5,699)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tax carryforward prescription&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 33&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Changes in tax rates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (272)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (45)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Actions for recourse&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 44&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Income tax on cash dividends of foreign companies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (64)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inflation effect&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,605&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (59)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (302)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Income tax benefit (expense)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,838&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (5,516)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (6,015)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*)&amp;nbsp;&amp;nbsp;&amp;nbsp;Effective income tax rate based on weighted statutory income tax rate in the different countries where the Company has operations. The statutory tax rate in Argentina was 35% for 2017, is 30% for the years 2018-2019 and will be 25% for the year 2020 and onwards (see Note 3.o). In Paraguay is 10% plus an additional rate of 5% in case of payment of dividends for all the years presented and in the USA the effective tax rate was 39.5% for 2017 and 2016 and 26.5% for 2018 onwards.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Income tax&amp;nbsp;- Actions for recourse filed with the Tax Authority&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Section 10 of Law No. 23,928 and Section 39 of Law No. 24,073 suspended the application of the provisions of Title VI of the Income Tax Law relating to the income tax inflation adjustment since April 1, 1992.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Accordingly, Telecom Argentina determined its income tax obligations in accordance to those provisions, without taking into account the income tax inflation adjustment.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;After the economic crisis of 2002, many taxpayers began to question the legality of the provisions suspending the income tax inflation adjustment. Also, the Argentine Supreme Court of Justice issued its verdict in the "Candy" case July 3, 2009 in which it stated that particularly for fiscal year 2002 and considering the serious state of disturbance of that year, the taxpayer could demonstrate that not applying the income tax inflation adjustment resulted in confiscatory income tax rates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;More recently, the Argentine Supreme Court of Justice applied a similar criterion to the 2010, 2011 and 2012 fiscal years in the cases brought by "Distribuidora Gas del Centro", enabling the application of income tax inflation adjustment for periods not affected by a severe economic crisis such as 2002.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;According to the above-mentioned new legal background that the Company took knowledge during 2015, and after making the respective assessments, Telecom Argentina filed during 2015, 2016, 2017 and 2018 actions for recourse with the AFIP to claim the full tax overpaid for fiscal years 2009, 2010, 2011, 2012 and 2013 for a total amount of $722 plus interest, under the argument that the lack of application of the income tax inflation adjustment is confiscatory.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of the date of issuance of these consolidated financial statements, the actions for recourse filed are pending of resolution by the Tax Authority. However, the Company&amp;#x2019;s Management, with the assessment of its tax advisor, considers that the arguments presented in those recourse actions follow the same criteria as the one established by the Argentine Supreme Court of Justice jurisprudence mentioned above, among others, which should allow the Company to obtain a favorable resolution of actions of recourse filed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Consequently, the income tax determined in excess qualifies as a tax credit in compliance with IAS 12 and the Company recorded a non-current tax credit of $818 as of December 31, 2018. For the measurement and update of the tax credit, the Company has estimated the amount of the tax determined in excess for the years 2009-2017 weighting the likelihood of certain variables according to the jurisprudential antecedents known until such date. The Company&amp;#x2019;s Management will assess Tax Authority&amp;#x2019;s resolutions related to actions of recourse filed as well as the jurisprudence evolution in order to, at least annually, remeasure the tax credit recorded.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDeferredTaxesExplanatory>
  <ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank overdrafts - principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,276&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans - principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 12,945&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 77&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By purchase of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,048&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,257&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Accrued interest and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,675&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 43&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 20,044&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,383&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Notes&amp;nbsp;&amp;#x2013; principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 18,831&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 13,767&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans - principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34,260&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 210&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By purchase of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,031&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 686&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Accrued interest and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,146&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (37)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 59,268&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 14,626&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 79,312&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 16,009&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory>
  <ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&amp;nbsp;consolidated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;identified&amp;nbsp;assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;net&amp;nbsp;in&amp;nbsp;current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;ASSETS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,180&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Trade receivables &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 12,013&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other current assets &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 10,044&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total current assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 26,237&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Deferred income tax assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,927&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Goodwill&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 88,072&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Property, plant and equipment &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 92,637&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 59,329&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other Non-current assets &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 636&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 244,604&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;TOTAL ASSETS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 270,841&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total current liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 32,470&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Deferred income tax liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 24,716&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other non-current liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 17,262&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total non-current liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 41,978&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;TOTAL LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 74,448&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Capital nominal value &amp;#x2013; Outstanding shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 954&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Inflation adjustment &amp;#x2013; Outstanding shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 39,559&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Capital nominal value - Treasury shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 15&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Inflation adjustment &amp;#x2013; Treasury shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 152&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Treasury shares acquisition cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,795)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Contributed Surplus&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 127,343&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Legal reserve&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,819&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Special reserve for IFRS implementation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 869&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Voluntary reserve for capital investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,300&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Reserve for future investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 22,414&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other comprehensive results&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Equity attributable to non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Retained earnings&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (195)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Equity Attribuibled to Telecom Argentina &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 194,435&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,958&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;TOTAL EQUITY&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 196,393&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;TOTAL LIABILITIES AND EQUITY&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 270,841&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory>
  <ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.02%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:24.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Fair&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;accounted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;accounted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;through&amp;nbsp;other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Amortized&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;through&amp;nbsp;profit&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;comprehensive&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;or&amp;nbsp;loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cash and cash equivalents (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,831&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 60&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,891&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,269&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 729&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,998&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other receivables (2)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,302&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 657&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 138&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,097&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 30,878&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,446&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 138&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 32,462&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade payables &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 23,424&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 23,424&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 79,312&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 79,312&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Salaries and social security payables &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,294&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,294&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other liabilities and dividends payables (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 109,378&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 109,378&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Includes 1,878 as of December 31, 2018, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Only includes financial assets and liabilities according to the scope of IFRS 7.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="4" valign="bottom" style="width:26.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Fair&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;accounted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;accounted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;through&amp;nbsp;other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Amortized&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;through&amp;nbsp;profit&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;comprehensive&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;or&amp;nbsp;loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cash and cash equivalents (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,153&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,364&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,517&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 159&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 162&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,588&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,588&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other receivables (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 428&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 428&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 8,172&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,523&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 9,695&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 16,009&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 16,009&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,585&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,585&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other liabilities (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,026&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,026&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 30,357&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 30,357&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Includes 5,120 as of December&amp;nbsp;31, 2017, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Only includes financial assets and liabilities according to the scope of IFRS 7.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory>
  <ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:22.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;PP&amp;amp;E before allowances and impairment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 151,168&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 45,885&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Valuation allowance for obsolecense and impairment of materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (359)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (184)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (333)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 150,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 45,701&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory>
  <ifrs-full:DisclosureOfEmployeeBenefitsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 14 &amp;#x2013; SALARIES AND SOCIAL SECURITY PAYABLES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Salaries and social security payables include unpaid salaries, vacation and bonuses and its related social security contributions and termination benefits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The compensations policies for Directors and Managers of Telecom and its subsidiaries and its subsidiaries have a scheme that includes fixed and variable components. While fixed compensations are dependent upon the level of responsibility required for the position and its market competitiveness, variable compensations are driven by the goals established on an annual basis and also by the fulfillment of long and medium term goals.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company and its subsidiaries have no stock option plans for their employees.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Salaries and social security payables consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Salaries, annual complementary salaries, vacation&amp;nbsp;&amp;nbsp;and bonuses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,371&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,677&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,280&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 907&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 296&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,947&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,585&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 347&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 347&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,294&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,585&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Compensation for the Key Managers of Telecom for the years ended December 31, 2018 and 2017 are shown in Note 27.e).&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
  <ifrs-full:DisclosureOfExpensesExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE&amp;nbsp;23&amp;nbsp;&amp;#x2013; OPERATING EXPENSES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Operating expenses disclosed by nature of expense amounted to $146,789, &amp;nbsp;$52,340 and $48,089 for the years ended December 31, 2018, 2017 and 2016, respectively. The main components of the operating expenses are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Employee benefit expenses and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Salaries, Social security expenses and benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (27,026)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (10,817)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (10,007)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Severance indemnities and termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,273)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (362)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (186)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other employee expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (749)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (486)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (410)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (30,048)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (11,665)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (10,603)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Fees for services, maintenance, materials and supplies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Maintenance and materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (8,533)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,300)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (5,271)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fees for services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (7,629)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,930)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,619)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Directors and Supervisory Committee's fees&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (99)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (24)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (22)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (16,261)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (7,254)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (7,912)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Turnover tax&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (7,361)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,157)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,218)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Municipal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,811)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,026)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (838)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other taxes and fees&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,437)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,676)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,285)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (13,609)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (4,859)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (4,341)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Cost of equipment and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventory balance at the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (189)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (515)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (9)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Plus:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Incorporation by merger (Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,739)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (232)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (47)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Purchases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (9,608)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (285)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,341)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (20)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 350&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Less:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventory balance at the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,889&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 189&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 515&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (9,667)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (493)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (882)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Other operating income and expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,254)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (359)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (348)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Rentals and internet capacity&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (3,321)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,121)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (862)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (5,100)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,766)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,915)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (9,675)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (3,246)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (3,125)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Depreciation of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (27,643)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (9,698)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (7,719)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Amortization of intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (5,378)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (106)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (164)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (467)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Impairment of Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (35,111)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (9,804)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (7,883)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Operating expenses, disclosed per function are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Commercializa-tion&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Administration&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Concept&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;12.31.2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;12.31.2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;12.31.2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Employee benefit expenses and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (16,724)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (4,241)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,083)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (30,048)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (11,665)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (10,603)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interconnection costs and other telecommunication charges&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (5,478)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (11)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (36)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (5,525)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,311)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,360)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Fees for services, maintenance, materials and supplies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (8,548)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (2,796)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (4,917)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (16,261)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (7,254)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (7,912)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (13,420)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (23)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (166)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (13,609)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (4,859)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (4,341)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Commissions and advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (229)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,451)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,530)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (11,210)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,691)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,464)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of equipment and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,667)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,667)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (493)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (882)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Programming and content costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (12,149)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (12,156)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,116)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (7,778)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,525)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,527)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (901)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (741)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other operating income and expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (6,668)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,141)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,866)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,675)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,246)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,125)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (27,306)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (2,545)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (5,260)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (35,111)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,804)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (7,883)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total as of 12.31.2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (100,191)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (12,208)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (34,390)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (146,789)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total as of 12.31.2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (34,316)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (7,953)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (10,071)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (52,340)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total as of 12.31.2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (31,584)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (8,089)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (8,416)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (48,089)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Operating leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Future minimum lease payments from of non-cancellable operating lease agreements of Telecom and its subsidiaries as of December 31, 2018, 2017 and 2016 in current currency on the transaction date are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Less&amp;nbsp;than&amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;More&amp;nbsp;than&amp;nbsp;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;1&amp;#x2011;5&amp;nbsp;years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 430&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 455&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 26&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 911&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 467&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 391&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 25&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 883&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,754&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,286&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 479&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,519&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Further information is provided in Note&amp;nbsp;3.k) to these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfExpensesExplanatory>
  <ifrs-full:DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Less&amp;nbsp;than&amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;More&amp;nbsp;than&amp;nbsp;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;1&amp;#x2011;5&amp;nbsp;years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 430&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 455&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 26&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 911&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 467&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 391&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 25&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 883&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,754&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,286&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 479&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,519&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory>
  <ifrs-full:DisclosureOfFinancialInstrumentsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE&amp;nbsp;21&amp;nbsp;&amp;#x2013; FINANCIAL INSTRUMENTS&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 100%;text-indent:18pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;;padding:0pt 8pt 0pt 0pt;"&gt; a)&lt;/font&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Categories of financial assets and financial liabilities&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The following tables set out, for financial assets and liabilities as of December 31, 2018 and 2017, the supplementary disclosures on financial instruments required by IFRS 7 and the detail of gains and losses established by IFRS 9.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.02%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:24.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Fair&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;accounted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;accounted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;through&amp;nbsp;other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Amortized&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;through&amp;nbsp;profit&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;comprehensive&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;or&amp;nbsp;loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cash and cash equivalents (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,831&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 60&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,891&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,269&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 729&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,998&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other receivables (2)&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,302&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 657&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 138&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,097&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 30,878&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,446&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 138&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 32,462&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade payables &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 23,424&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 23,424&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 79,312&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 79,312&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Salaries and social security payables &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,294&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,294&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other liabilities and dividends payables (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 109,378&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 109,378&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Includes 1,878 as of December 31, 2018, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Only includes financial assets and liabilities according to the scope of IFRS 7.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="4" valign="bottom" style="width:26.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Fair&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;accounted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;accounted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;through&amp;nbsp;other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Amortized&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;through&amp;nbsp;profit&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;comprehensive&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;or&amp;nbsp;loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cash and cash equivalents (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,153&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,364&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,517&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 159&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 162&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,588&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,588&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other receivables (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 428&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 428&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 8,172&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,523&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 9,695&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 16,009&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 16,009&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,585&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,585&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other liabilities (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,026&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,026&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 30,357&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 30,357&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Includes 5,120 as of December&amp;nbsp;31, 2017, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Only includes financial assets and liabilities according to the scope of IFRS 7.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Gains and losses by category&amp;nbsp;&amp;#x2013;&amp;nbsp;Year 2018&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Net&amp;nbsp;gain/(loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Of&amp;nbsp;which&amp;nbsp;interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial assets at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 7,544&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,863&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial liabilities at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (41,540)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (6,307)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial assets at fair value through profit or loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,237&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,019&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial liabilities at fair value through profit or loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (229)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (31,988)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (3,425)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Gains and losses by category&amp;nbsp;&amp;#x2013;&amp;nbsp;Year 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Net&amp;nbsp;gain/(loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Of&amp;nbsp;which&amp;nbsp;interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial assets at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (285)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 201&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial liabilities at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,229)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,185)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial assets at fair value through profit or loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 265&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,249)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,984)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 100%;text-indent:18pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:10pt;;;padding:0pt 8pt 0pt 0pt;"&gt; a)&lt;/font&gt;
			&lt;font style="display:inline;"&gt;Fair value hierarchy and other disclosures&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;IFRS 7 establishes a hierarchy of fair value, based on the information used to measure the financial assets and liabilities and also establishes different valuation techniques. According to IFRS 7, valuation techniques used to measure fair value shall maximize the use of observable inputs.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The measurement at fair value of the financial instruments of Telecom are classified according to the three levels set out in IFRS 7:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;Level 1: Fair value determined by quoted prices (unadjusted) in active markets for identical assets or liabilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;Level 2: Fair value determined based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (e.g. as prices) or indirectly (e.g. derived from prices).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;-&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;Level 3: Fair value determined by unobservable inputs where the reporting entity is required to develop its own assumptions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial assets and liabilities recognized at fair value as of September 30, 2018 and 2017, their inputs, valuation techniques and the level of hierarchy are listed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Mutual Funds:&lt;/font&gt;&lt;font style="display:inline;"&gt; These investments are included in Cash and cash equivalents and Investments. Telecom and its subsidiaries have other short-term investments amounting to $62 and $1,463 as of December 31, 2018 and 2017, respectively. The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end; therefore, its valuation is classified as Level 1.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Government bonds:&lt;/font&gt;&lt;font style="display:inline;"&gt; These bonds are included in &amp;#x201C;Investments&amp;#x201D; in the consolidated statement of financial position. As of December 31, 2018 and 2017 Telecom and its subsidiaries have Government bonds in an amount of $727 and $50, respectively. The fair value was determined using information from active markets, valuing each bond to its closing&amp;nbsp;year market value, so, its valuation qualifies as Level 1.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Other investments:&lt;/font&gt;&lt;font style="display:inline;"&gt; These investments are included in Cash and Cash equivalents. The Company has other investments at fair value in an amount of $10 as of December 31, 2017. Fair Value was determined using information from active markets, valuing each investment to its closing year market value, so, its valuation qualifies as Level 1.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Derivative financial instruments (Forward contracts to purchase US dollars at fixed exchange rates):&lt;/font&gt;&lt;font style="display:inline;"&gt; The fair value of Telecom's and its subsidiaries NDF contracts, disclosed in the chapter &amp;#x201C;Hedge Accounting&amp;#x201D; was determined by information obtained in the most representative financial institutions in Argentina, the derivative financial instruments&amp;#x2019; valuation was classified as Level 2.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During the years ended December 31, 2018 and 2017, there were no&amp;nbsp;transfers&amp;nbsp;between&amp;nbsp;Levels of the&amp;nbsp;fair&amp;nbsp;value&amp;nbsp;hierarchy.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;According to IFRS 7, it is also required to disclose fair value information about financial instruments whether or not recognized at fair value in the balance sheet, for which it is practicable to estimate fair value. The financial instruments which are discussed in this section include, among others, cash and cash equivalents, investments at amortized cost, accounts receivable, accounts payable and other instruments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair value, the Company&amp;#x2019;s fair values should not be compared to those of other companies.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The methods and assumptions used to estimate the fair values of each class of financial instrument falling under the scope of IFRS 7 as of December 31, 2018 and 2017 are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cash and banks&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Carrying amounts approximate its fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Time deposits and Other investments at amortized cost (included in Cash and cash equivalents)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom and its subsidiaries consider as cash and cash equivalents all short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed 3 months. The carrying amount reported in the statement of financial position approximates fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Current and non-current Investments valued at amortized cost&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, fair value of investments valued at amortized cost amounts to $4,310 and its carrying value amounts to $5,183. As of December 31, 2017 fair value of those investments approximates fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Trade receivables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Carrying amounts are considered to approximate fair value due to the short term nature of these accounts receivables. Noncurrent trade receivables have been recognized at their amortization cost, using the effective interest method and are not significant. All amounts that are assumed to be uncollectible within a reasonable period are written off and/or reserved.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Trade payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The carrying amount of accounts payable reported in the consolidated statement of financial position approximates its fair value due to the short term nature of these accounts payable. Noncurrent trade payables have been discounted.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Financial Debt&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, loans&amp;#x2019; fair value amounts to $78,787 and its carrying value amounts to $79,312. As of December&amp;nbsp;31, 2017 loans&amp;#x2019; fair value amounts to $11,459 ( $16,918 restated for comparative purposes), and its carrying value amounts to $10,844 ( $16,010 restated for comparative purposes).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Salaries and social security payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The carrying amount of Salaries and social security payables, reported in the consolidated statement of financial position approximates its fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Other receivables, net (except for NDF) and other liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The carrying amount of other receivables, net and other liabilities reported in the consolidated statement of financial position approximates its fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 100%;text-indent:18pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:10pt;;;padding:0pt 8pt 0pt 0pt;"&gt; b)&lt;/font&gt;
			&lt;font style="display:inline;"&gt;Hedge accounting&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom and its subsidiaries believe that a hedging relationship qualifies for hedge accounting if all of the following conditions established by the IFRS 9&amp;nbsp;are met:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;a)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;The hedging relationship consists only of eligible hedging instruments and hedged items;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;b)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;At the beginning of the hedge relationship, there is a formal designation and documentation of the hedging relationship and objective and strategy for risk management of the Company and its subsidiaries for undertaking the hedge. That documentation shall include identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the entity assesses whether the hedging relationship meets the requirements of hedge effectiveness (including analysis of sources of hedge ineffectiveness and how to determine the hedge ratio); and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;c)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;The hedging relationship satisfies the following requirements of hedge effectiveness:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(i)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;the economic relationship between the hedged item and the hedging instrument; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(ii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 6pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;the effect of credit risk is not predominant in respect of changes of value coming from this economic relationship, and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;(iii)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 3pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;the coverage ratio of the hedging relationship is the same as the one provided by the amount of the hedged item that really covers the entity and the amount of the hedging instrument that the entity actually uses to cover that amount of the hedged item.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;During years 2017 and 2018&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:12pt;"&gt;&lt;font style="display:inline;font-weight:bold;"&gt;&amp;#x2022;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;LIBOR Hedges&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During year ended December 31, 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of LIBOR from the IFC loan amounting to US$400 million. The agreements effective from March 15, 2017 hedge an amount if US$300 million, while those effective from September 15, 2017 hedge the outstanding US$ 100 million. Such NDF allow fixing the variable rate all along the loan term in a range between 2.087% and 2.4525% nominal annual rate (resulting in a weight average of 2.2258%).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, Telecom recognized a receivable of $137, which is included in other receivables ($98 current and $39 non-current). Additionally, during the year ended December 31, 2018, Telecom recognizes gains of $3 related to those contracts that are included in Debt financial expenses &amp;#x2013; Interests on debts in Financial results.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During year ended December 31, 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of LIBOR from the International Finance Corporation loan amounting to US$100 million. The agreements hedge an amount of US$40 million and were agreed in two tranches of US$20 million each one, both of them starting on March 15, 2018 and fixing the variable rate all along the term of the loan to 2.1325% and 2.085% nominal annual rate, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, Telecom recognized a receivable of $18, which is included in other receivables (&amp;nbsp;$12 current and $6 non-current).&amp;nbsp;Additionally, during the year ended December 31, 2018, Telecom recognizes gains of $4 related to those contracts, that are included in Debt financial expenses &amp;#x2013; Interests on debts in Financial results.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:12pt;"&gt;&lt;font style="display:inline;font-weight:bold;"&gt;&amp;#x2022;&lt;/font&gt;&lt;font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"&gt;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Exchange rate Hedges&lt;/font&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During year ended December 31, 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate from the International Finance Corporation loan amounting to US$53.5 million fixing the average exchange rate in 18.30 Argentine pesos/US$, expiring between February and April 2018. During first half of 2018, some NDF agreements expire, recognizing a gain of $77 including in Other Financial results, net &amp;#x2013; Other Foreign currency exchange gains (losses).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During year ended December 31, 2018, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate from its loan portfolio (International Finance Corporation, Syndicated, Deustche Bank and Notes Series IV) amounting to US$306 million fixing the average exchange rate in 36.58 Argentine pesos/US$, expiring between June 2018 and May 2019. During 2018, Telecom recognized gains related to these agreements of $1,039 that are included in Foreign currency exchange gains in Financial Results, net. As of December 31, 2018, Telecom maintains NDF agreements for a total of US$166 million for those that has recognized a receivable of $640, which is included in Other receivables current and a liability of $100 which is included in Financial Debt current.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the other hand, during 2017, Telecom Argentina entered into agreements (NDF) to hedge exchange rate fluctuations of certain commercial obligations for an amount of US $6.3 million, with an average exchange rate of 18.94 Argentine pesos/US$, maturing in March and August 2018. For such agreements, Telecom has recognized gains of $22 that are included in Other Financial results, net &amp;#x2013; Other Foreign currency exchange gains (losses).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In 2018, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate of certain commercial obligations for an amount of US$118 million fixing the average exchange rate in 39.33 Argentine pesos/US$ expiring between August and October 2018. For these NDF agreements has recognized losses of $152 that are included in Other Financial results, net &amp;#x2013; Other Foreign currency exchange gains (losses).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Offsetting of financial assets and financial liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The information required by the amendment to IFRS 7 as of December 31, 2018 of Telecom and its subsidiaries is as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="7" valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As of December 31, 2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Trade&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Trade&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Current and noncurrent assets (liabilities)&amp;nbsp;- Gross value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 18,729&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,128&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (24,665)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (379)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Offsetting&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,251)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (31)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,251&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Current and noncurrent assets (liabilities)&amp;nbsp;&amp;#x2013; Booked value &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,478&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,097&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (23,414)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (348)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(1)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;Includes financial assets and financial liabilities according to IFRS 7.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2017, Offsetting of financial assets and financial liabilities did not exist.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom and its subsidiaries offset the financial assets and liabilities to the extent that such offsetting is provided by offsetting agreements and provided that Telecom has the intention to make such offsetting, in accordance with requirements established in IAS 32. The main financial assets and liabilities offset correspond to transactions with other national and foreign operators including interconnection, CPP and Roaming (being offsetting a standard practice in the telecommunications industry at the international level that Telecom applies regularly). Offsetting is also applied to transactions with agents.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfFinancialInstrumentsExplanatory>
  <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;a name="_Hlk3546424"&gt;&lt;/a&gt;&lt;font style="display:inline;"&gt;NOTE&amp;nbsp;26&amp;nbsp;&amp;#x2013; FINANCIAL RISK MANAGEMENT&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial risk factors&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom and its subsidiaries are exposed to the following financial risks in the ordinary course of its business operations:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;market risk: stemming from change in exchange rates and interest rates in connection with financial assets that have been originated and financial liabilities that have been assumed;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;credit risk: representing the risk of the non-fulfillment of the obligations undertaken by the counterpart with regard to the operations of Telecom;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;liquidity risk: connected with the need to meet short-term financial commitments.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These financial risks are managed by:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;the definition of guidelines for directing operations;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;the activity of the Board of Directors and Management which monitors the level of exposure to mentioned risks consistently with prefixed general objectives;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;the identification of the most suitable financial instruments, including derivatives, to reach prefixed objectives;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;the monitoring of the results achieved.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The policies to manage and the sensitivity analyses of the above financial risks by Telecom are described below.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:normal;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xD8;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Market risk&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;One of the main Telecom&amp;#x2019;s market risks is its exposure to changes in foreign currency exchange rates in the markets in which it operates principally Argentina, Uruguay and Paraguay. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Foreign currency risk is the risk that the future fair values or cash flows of a financial instrument may fluctuate due to exchange rate changes. Telecom&amp;#x2019;s exposure to exchange variation risks is related mainly to its operating activities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom has great part of its commercial debt nominated in US$ and euro. Additionally, holds part of its financial debt is denominated in US$ at variable rate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The financial risk management policies of Telecom are directed towards diversifying market risks by the acquisition of goods and services in the functional currency and minimizing interest rate exposure by an appropriate diversification of the portfolio. This may also be achieved by using carefully selected derivative financial instruments to mitigate long-term positions in foreign currency and/or adjustable by variable interest rates (See Note 21).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additionally, Telecom and its subsidiaries have cash and cash equivalents and investments mostly denominated in foreign currency that are also sensitive to changes in peso/dollar exchange rates and contribute to reduce the exposure to trade payables in foreign currency.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial assets and liabilities denominated in foreign currencies as of December 31, 2018 and 2017, are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;In equivalent millions of Argentine pesos&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17,111&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,058&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (90,217)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (11,131)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Assets (Liabilities) Net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (73,106)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (8,073)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In order to reduce this net position in foreign currency Telecom has NDF as of December 31, 2018 amounting to US$ 166 million, therefore the net liability not hedged amounts to US$ 1,773 million as that date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Exchange rate risk&amp;nbsp;&amp;#x2013; Sensitivity analysis&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Based on the composition of the consolidated statement of financial position as of December 31, 2018, which is a net liability position in foreign currency of $73,106 equivalent to US$1,939 million, Management estimates that every variation in the exchange rate of $1 peso against the U.S. dollar and proportional variations for Euro and Guaran&amp;#xED;es against the Argentine peso, plus or minus, would result in a variation of approximately $1,939 of the consolidated amounts of foreign currency position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If we consider only the portion not covered by derivative financial instruments, the net liability position totaled $66,848&amp;nbsp;equivalent to approximately US$1,773 million, and a variation of the exchange rate of 1 peso as described in the previous paragraph, would generate a variation of approximately $1,773 in the consolidated financial position in foreign currency.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This analysis is based on the assumption that this variation of the Argentine peso occurred at the same time against all other currencies.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This sensitivity analysis provides only a limited, point-in-time view of the market risk sensitivity of certain of the financial instruments. The actual impact of market foreign exchange rate changes on the financial instruments may differ significantly from the impact shown in the sensitivity analysis.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Interest rate risk&amp;nbsp;&amp;#x2013; Sensitivity analysis&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Within its structure of financial debt, Telecom and its subsidiaries have bank overdrafts denominated in argentine pesos accruing interest at rates that are reset at maturity, notes and foreign bank loans denominated in U.S. dollar and guaran&amp;#xED;es that bear interest at a variable and fixed rate (Note 13).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company has financial debts at variable rate, which amounts approximately to $52,767 as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In order to reduce the effect of changes in interest rates, Telecom has NDF that amounts to US$440 million as of December 31, 2018, that convert variable rate into fixed rate, therefore the net financial debt not hedged amounts to $36,179 as of December 31, 2018. Management believes that any variation of 10 bps in the agreed interest rates would become in the following results of $36.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This analysis is based on the assumption that this change in interest rates occurs at the same time and for the same periods.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This sensitivity analysis provides only a limited point of view of the sensitivity to market risk of certain financial instruments. The actual impact of changes in interest rates of financial instruments may differ significantly from this estimate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:normal;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xD8;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Credit risk&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Credit risk represents Telecom's exposure to possible losses arising from the failure of commercial or financial counterparts to fulfill their assumed obligations. Such risk stems principally from economic and financial factors, or from the possibility that a default situation of a counterpart could arise or from factors more strictly technical, commercial or administrative.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom's maximum theoretical exposure to credit risk is represented by the carrying amount of the financial assets and trade receivables, net recorded in the consolidated statement of financial position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.92%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Cash and cash&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Trade&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;receivables,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Date&amp;nbsp;due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;receivables,&amp;nbsp;net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 7,287&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 7,287&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total not due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,891&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,998&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 10,189&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,988&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 26,066&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total as of December&amp;nbsp;31, 2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,891&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,998&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,988&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 33,353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The accruals to the allowance for doubtful accounts are recorded: (i)&amp;nbsp;for an exact amount on credit positions that present an element of individual risk (bankruptcy, customers under legal proceedings with the Company); (ii)&amp;nbsp;on credit positions that do not present such characteristics, by customer segment considering the aging of the accounts receivable balances, expected credit losses, customer creditworthiness and changes in the customer payment terms. Total overdue balances not covered by the allowance for doubtful accounts amount to $7,278 as of December 31, 2018 ($1,521 as of December&amp;nbsp;31, 2017).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Regarding the credit risk relating to the asset included in the &amp;#x201C;Net financial debt or asset&amp;#x201D;, it should be noted that Telecom evaluates the outstanding credit of the counterparty and the levels of investment, based, among others, on their credit rating and the equity size of the counterparty. Deposits are made with leading high-credit-quality banking and financial institutions and generally for short-term periods.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom serves a wide range of customers, including residential customers, businesses and governmental agencies. As such, Telecom's account receivables are not subject to significant concentration of credit risk.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In order to minimize credit risk, Telecom also pursues a diversification policy for its investments of liquidity and allocation of its credit positions among different first-class financial entities. Consequently, there are no significant positions with any one single counterpart.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:normal;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xD8;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Liquidity risk&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Liquidity risk represents the risk that Telecom and its subsidiaries have no funds to accomplish its obligations of any nature (labor, commercial, fiscal and financial, among others).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom and its subsidiaries' working capital breakdown and their main variations are disclosed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Variation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17,415&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,588&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 14,827&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other receivables (not considering financial NDF)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,323&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,223&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,100&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 136&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,601&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Current liabilities (not considering financial debt)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (33,401)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (17,238)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (16,163)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Operative working capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (8,926)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (13,291)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,365&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt;Over revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt; 5.3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt; 19.9&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,891&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,517&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 374&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 750&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 750&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,371&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 162&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,209&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Current financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (20,044)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,383)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (18,661)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Net Current financial (liabilitiy) asset &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (11,032)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,296&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (16,328)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Negative operating working capital (current assets - current liabilities)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (19,958)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (7,995)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (11,963)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Liquidity rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 0.63&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 0.57&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 0.06&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom and its subsidiaries have a typical working capital structure corresponding to a company with intensive capital that obtains spontaneous financing from its suppliers (especially PP&amp;amp;E) for longer terms than those it provides to its customers. According to this, the negative operating working capital amounted to $8,296 as of December 31, 2018 (decreasing $4,365 vs. December 31, 2017) mainly due to the dividend payments of Cablevision on January, 2018, declared in December, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During years ended December 31, 2017 and 2018, Telecom continued obtaining funds to the financial market (See Note 13), used to pay its investments, operative working capital, and other corporative expenses and refinancing part of its financial debts in the framework of its permanent policy of optimizing the term, rate and structure of its financial debts. Telecom has an excellent credit rating. The Company has several financing sources and several offers from first-class international institutions to diversify its current funding structure, which includes accessing to domestic and international capital market and obtaining competitive bank loans in what relates to terms and financial costs.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company&amp;#x2019;s management evaluates the national and international macroeconomic context to take advantage of market opportunities that allows it preserving its financial health for the benefit of its investors.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom manages its cash and cash equivalents and its financial assets trying to match the term of investments with those of its obligations. Cash and cash equivalents position is invested in highly liquid short-term instruments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom maintains a liquidity policy that includes cash through its normal course of business. Telecom and its subsidiaries have consolidated cash and cash equivalents amounting to $6,891 (equivalent to US$183 million) as of December 31, 2018 (as of December 31, 2017 amounted to US$236 million). Telecom has bank credits and a program of Notes that allow to finance its short-term obligations and an investment plan in addition to the operative cash flow for the next years (see Note 13).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The table below contains a breakdown of financial liabilities into relevant maturity groups based on the remaining period at the date of the consolidated statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Salaries&amp;nbsp;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;social&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Trade&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Financial&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;security&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Maturity&amp;nbsp;Date&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,149&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,149&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;January 2019 thru December 2019&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 20,709&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 21,917&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,953&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 341&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 48,920&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;January 2020 thru December 2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 278&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17,336&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 182&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,803&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;January 2021 thru December 2021&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 170&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34,289&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 116&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 34,575&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;January 2022 and thereafter&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 253&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 18,743&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 92&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 19,088&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 23,559&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 92,285&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,343&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 122,535&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Capital management&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The primary objective of Telecom's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom manages its capital structure and makes adjustments considering the business evolution and changes in the macroeconomic conditions. In relation to the merger, there has been an increase in capital in relation to the size of the merger Company, amounting to $2,169.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders and the level of indebtedness.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The company does not have to comply with regulatory capital adequacy requirements.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
  <ifrs-full:DisclosureOfGoodwillExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:19.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina business (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 119,678&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 31,273&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Uruguay business (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 771&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 681&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 120,449&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 31,954&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;I&lt;/font&gt;&lt;font style="display:inline;font-size:8pt;"&gt;ncludes $88,068 corresponding to the Merger between Telecom and Cablevisi&amp;#xF3;n (See Note 4.a)), $31,606 from Cablevisi&amp;#xF3;n and $4 corresponding to the goodwill of Tuves Paraguay as of December 31, 2018.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-size:8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt; Telemas S.A. goodwill, indirect subsidiary throughout its participation in Adesol. The increase in the amounts with respect to balance as of December 31, 2017 corresponds to currency translation adjustments.&lt;/font&gt;&lt;font style="display:inline;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfGoodwillExplanatory>
  <ifrs-full:DisclosureOfIntangibleAssetsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 11 &amp;#x2013; INTANGIBLE ASSETS&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Intangible assets before impairment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 61,493&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Impairment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 59,870&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the impairment of Intangible assets are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets consist as of December 31, 2018 of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&amp;nbsp;value as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&amp;nbsp;value as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:16.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Incorporation by merger&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:16.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;(Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 17,713&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 21,348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 10,538&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 10,538&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;N&amp;#xFA;cleo&amp;#xB4;s licenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 844&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 33&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 877&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;SRCE license&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 879&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 879&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 15,771&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 73&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (609)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 15,235&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Brands&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 249&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 13,030&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 13,279&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Incremental Cost from the adquisition of contracts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,355&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 890&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 2,277&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 714&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,895&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,653&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;(*) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 59,329&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,906&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 127&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (609)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 67,406&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*) Includes $(125) Retained earnings adjustment. Note 3.u).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Net&amp;nbsp;carrying&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,196)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,196)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 20,152&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 10,538&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;N&amp;#xFA;cleo&amp;#xB4;s licenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (70)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (74)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 803&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;SRCE license&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (72)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (72)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 807&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,574)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;8&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 494&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,072)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 12,163&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Brands&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (89)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (5)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (94)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 13,185&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Incremental Cost from the adquisition of contracts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (378)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (15)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (393)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 962&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (857)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (155)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,012)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,883&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,018)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (5,378)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (11)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 494&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (5,913)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 61,493&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets consist as of December 31, 2017 of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.44%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Net carrying&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;amortization as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;amortization as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;SRCE license&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 72&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 807&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 879&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (57)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (15)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (72)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 807&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Brands&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 249&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 249&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (83)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (6)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (89)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 160&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 890&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 890&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (772)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (85)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (857)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 33&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,846&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 807&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,653&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (912)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (106)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,018)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
  <ifrs-full:DisclosureOfIntangibleAssetsMaterialToEntityExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Intangible assets before impairment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 61,493&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Impairment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 59,870&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfIntangibleAssetsMaterialToEntityExplanatory>
  <ifrs-full:DisclosureOfInterestsInAssociatesExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Percentage&amp;nbsp;of&amp;nbsp;capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;stock&amp;nbsp;owned&amp;nbsp;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Valuation&amp;nbsp;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Valuation&amp;nbsp;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Companies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:16.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Main&amp;nbsp;activity&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Country&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;voting&amp;nbsp;rights&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;12.31.2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;12.31.2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Ver T.V. S.A. (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Cable televisi&amp;#xF3;n station&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 49.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 592&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 428&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Teledifusora San Miguel Arc&amp;#xE1;ngel S.A. (1) (2) (3)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Cable televisi&amp;#xF3;n station&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 50.10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 226&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 161&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;La Capital Cable S.A. (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Closed-circuit television&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 50.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 143&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 137&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other minor investments in associates at equity method&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;9&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 967&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 735&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Data about the issuer arise from extra-accounting information.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Direct and indirect interest.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (3)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Despite owning a percentage higher than a 50% of interest, the Company does not have the control in accordance with the requirements of IFRS.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfInterestsInAssociatesExplanatory>
  <ifrs-full:DisclosureOfInventoriesExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 8 &amp;#x2013; INVENTORIES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Inventories consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:23.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile handsets and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,254&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Radio equipment and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 64&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 189&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fixed telephones and equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 15&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventories for construction projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 537&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,870&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 189&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Allowance for obsolescence of inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (133)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (53)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 136&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the allowance for obsolescence of inventories are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (53)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (82)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (70)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (133)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (53)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfInventoriesExplanatory>
  <ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the pension benefits are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Incorporation by merger (Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 316&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Service cost (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 23&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Interest cost (**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 72&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Payments (***)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (166)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 245&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Included in Employee benefit expenses and severance payments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(**)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Included in Other Financial expenses, net.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(***)&amp;nbsp;&amp;nbsp;Include (158) corresponding to RECPAM.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory>
  <ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="7" valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As of December 31, 2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Trade&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Trade&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;(1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Current and noncurrent assets (liabilities)&amp;nbsp;- Gross value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 18,729&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,128&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (24,665)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (379)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Offsetting&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,251)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (31)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,251&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Current and noncurrent assets (liabilities)&amp;nbsp;&amp;#x2013; Booked value &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,478&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,097&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (23,414)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (348)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(1)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;Includes financial assets and financial liabilities according to IFRS 7.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory>
  <ifrs-full:DisclosureOfOperatingSegmentsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;&amp;#x2610;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Consolidated Income Statement as of December 31, 2018&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&amp;nbsp;rendered&amp;nbsp;in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&amp;nbsp;abroad&amp;nbsp;segments&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Revenues &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 129,836&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 29,165&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 159,001&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 7,894&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 1,855&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 9,749&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; (704)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 168,046&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Operating costs without depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (85,942)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (19,753)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (105,695)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (5,414)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (1,273)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (6,687)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 704&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (111,678)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (20,416)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (12,478)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (32,894)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (1,753)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (464)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (2,217)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (35,111)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 23,478&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; (3,066)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 20,412&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 727&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 118&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 845&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 21,257&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Earnings from associates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 236&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Debt financial expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (33,972)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Other financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 15,177&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 2,698&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 2,838&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 5,536&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Attributable to:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Controlling Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 5,294&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 242&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 5,536&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;&amp;#x2610;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Consolidated Income Statement as of December 31, 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&amp;nbsp;rendered&amp;nbsp;in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&amp;nbsp;abroad&amp;nbsp;segments&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Revenues &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 39,870&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 25,596&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 65,466&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 1,074&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 117&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 1,191&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; (8)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 66,649&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Operating costs without depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (25,082)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (16,673)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (41,755)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (711)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (78)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (789)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; &amp;nbsp;8&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (42,536)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (3,880)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (5,806)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (9,686)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (106)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (118)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (9,804)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 10,908&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 3,117&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 14,025&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 257&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 27&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 284&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 14,309&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Earnings from associates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Debt financial expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (217)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Other financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 930&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 15,375&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (5,516)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 9,859&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Attributable to:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Controlling Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 9,731&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 128&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 9,859&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;&amp;#x2610;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Consolidated Income Statement as of December 31, 2016&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&amp;nbsp;rendered&amp;nbsp;in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&amp;nbsp;abroad&amp;nbsp;segments&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Revenues &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 29,726&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 29,804&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 59,530&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 819&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 62&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 881&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; (6)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 60,405&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Operating costs without depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (19,106)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (20,483)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (39,589)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (579)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (44)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (40,206)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (2,519)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (5,285)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (7,804)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (73)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (6)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (79)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (7,883)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 8,101&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 4,036&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 12,137&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 167&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 179&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 12,316&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Earnings from associates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; 221&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Debt financial expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (595)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Other financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; 4,619&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 16,561&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (6,015)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 10,546&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Attributable to:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Controlling Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; 10,457&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; 89&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 10,546&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfOperatingSegmentsExplanatory>
  <ifrs-full:DisclosureOfOtherLiabilitiesExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 17 &amp;#x2013; OTHER LIABILITIES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Other liabilities consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;revenues received from connection fees for fixed telephony, cable television, data and Internet, nonrefundable;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;revenues collected by remaining traffic and packages of data from unexpired cards;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;the value assigned to the points delivered by customer loyalty programs in the mobile telephony;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;the advanced collection of revenues from services of international capacity;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;the advanced collection of construction projects;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;deferred revenue from government subsidies for the acquisition of PP&amp;amp;E;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;pension benefits; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;any liability not included in the other liability items.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Deferred revenues on prepaid calling cards&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 710&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Deferred revenues on connection fees and international capacity leases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 76&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 117&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Deferred revenues on construction projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 322&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile customer loyalty programs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 173&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Compensation for directors and members of the Supervisory Committee&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 47&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 209&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,537&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 152&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Deferred revenues on connection fees and international capacity leases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 254&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 198&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Pension benefits (Note&amp;nbsp;3.m)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 245&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile customer loyalty programs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 280&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 380&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,159&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 198&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total other liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,696&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 350&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*) Includes deferred revenue from subsidiaries for government subsidies for the acquisition of PP&amp;amp;E.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the pension benefits are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Incorporation by merger (Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 316&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Service cost (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 23&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Interest cost (**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 72&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Payments (***)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (166)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 245&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Included in Employee benefit expenses and severance payments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(**)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Included in Other Financial expenses, net.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(***)&amp;nbsp;&amp;nbsp;Include (158) corresponding to RECPAM.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfOtherLiabilitiesExplanatory>
  <ifrs-full:DisclosureOfOtherProvisionsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="4" valign="bottom" style="width:17.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Incorporation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="4" valign="bottom" style="width:17.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;by merger&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;December&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;(Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:08.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;(i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 599&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; 402&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; 1,745&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; (2,002)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 744&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Total current provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 599&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 402&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,745&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; (2,002)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 744&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;text-decoration:underline;"&gt;Non-Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,263&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,854&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; 864&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; 732&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; (1,741)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 2,972&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 547&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; 48&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; (128)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; (315)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 496&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Total non-current provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,611&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 2,401&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 912&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 604&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; (1,745)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; (315)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 3,468&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Total provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,611&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 3,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;(ii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,314&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 604&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; (2,317)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 4,212&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (i)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:4pt;"&gt;&lt;p style="width:4pt;width:4pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Charged to finance costs, net, interest for provisions line item.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (ii)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:4pt;"&gt;&lt;p style="width:4pt;width:4pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Charged $1,254 to Other operating income and expenses and $60 to currency translation adjustments.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:16.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;(iii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non- Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,073&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 78&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (236)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,263&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 337&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 11&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total non-current provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,410&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 359&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 78&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (236)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,611&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,410&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;(iv)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 359&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 78&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;(v)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (236)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,611&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (iii)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:4pt;"&gt;&lt;p style="width:4pt;width:4pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Charged to finance costs, net, interest for provisions line item.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (iv)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:22pt;"&gt;&lt;p style="width:22pt;width:22pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Charged to Other operating income and expenses.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (v)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:22pt;"&gt;&lt;p style="width:22pt;width:22pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Include 90 corresponding to RECPAM.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfOtherProvisionsExplanatory>
  <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 10 &amp;#x2013; PROPERTY, PLANT AND EQUIPMENT&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:22.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;PP&amp;amp;E before allowances and impairment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 151,168&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 45,885&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Valuation allowance for obsolecense and impairment of materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (359)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (184)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (333)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 150,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 45,701&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the valuation allowance for materials and impairment of materials are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (184)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (153)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Additions&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (175)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (31)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (359)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (184)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the impairment of PP&amp;amp;E are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (333)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (333)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Details on the nature and movements as of December 31, 2018 are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Incorporation by merger&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Transfers&amp;nbsp;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;(Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Real estate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,990&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 19,387&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 167&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 219&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (9)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 22,760&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,700&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 223&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 798&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 384&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,103&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Fixed network and transportation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 35,676&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 30,493&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 5,408&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 674&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 15,187&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,840)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 83,598&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 11,317&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 836&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,825&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (312)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 16,682&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 207&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,494&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 43&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 273&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 384&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,398&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Power equipment and Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 5,472&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 233&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 705&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,410&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Computer equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,767&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 6,264&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,158&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,249&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 2,211&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 15,645&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Goods lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,282&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 223&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 5,010&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 361&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,396)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 7,484&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,477&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,187&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 376&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 21&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (74)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,987&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Machinery, diverse equipment and tools&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,946&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 226&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 194&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 98&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 259&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 473&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 42&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 83&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 863&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 10,377&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 5,818&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 24,138&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 95&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (23,144)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (38)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 17,246&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,982&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,582&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,001&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 25&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (956)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (41)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 12,593&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 71,967&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 92,636&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 39,574&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,786&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (7,718)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 201,245&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Net&amp;nbsp;carrying&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Real estate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,087)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (966)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (178)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (2,228)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 20,532&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,032)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (681)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,713)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,390&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Fixed network and transportation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (15,959)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (12,450)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (657)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (25,048)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 58,550&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2,763)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (548)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 48&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,263)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 13,419&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (18)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (832)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (145)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (992)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,406&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Power equipment and Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,062)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (156)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,218)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,192&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Computer equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (2,830)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,809)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,128)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (7,764)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 7,881&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Goods lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,234)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,886)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (296)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,397&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (2,019)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,465&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,085)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (428)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (20)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 33&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,500)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,487&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Machinery, diverse equipment and tools&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,656)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (266)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (15)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,937)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 539&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (213)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (149)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (33)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (395)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 468&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 17,246&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 12,593&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (26,082)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (27,643)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,857)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 7,505&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (50,077)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 151,168&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Details on the nature and movements as of December 31, 2017 are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Transfers&amp;nbsp;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Real estate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,864&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 227&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 22&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (121)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,990&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Fixed network and transportation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 30,317&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,027&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (177)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,793&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,284)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 35,676&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 208&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 207&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Computer equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,577&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 574&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 616&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,767&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Goods lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,035&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 845&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,192&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2,790)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,282&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,384&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 195&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (103)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,477&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Machinery, diverse equipment and tools&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,805&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 22&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 120&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,946&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 260&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (6)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 259&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,879&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 2,169&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,329&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 10,377&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 7,532&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 11,052&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (9)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (10,075)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,518)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,982&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 60,864&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 19,116&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (201)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (7,812)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 71,967&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Net&amp;nbsp;carrying&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;reclassification&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Real estate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,067)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (22)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,087)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,903&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Fixed network and transportation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (13,786)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (5,517)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 86&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,258&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (15,959)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 19,717&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (19)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (18)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 189&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Computer equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (2,002)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (831)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (2,830)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,937&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Goods lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,045)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2,979)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 2,790&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,234)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,048&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,033)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (134)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 80&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,085)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 392&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Machinery, diverse equipment and tools&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,473)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (184)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,656)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 290&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (206)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (213)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 46&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 10,377&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,982&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (22,612)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (9,698)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 98&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,130&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (26,082)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 45,885&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
  <ifrs-full:DisclosureOfProvisionsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 18 &amp;#x2013; PROVISIONS&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom and its subsidiaries are parties to several civil, tax, commercial, labor and regulatory proceedings and claims that have arisen in the ordinary course of business. In order to determine the proper level of provisions, Management of the Company, based on the opinion of its internal and external legal counsel, assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. A determination of the amount of provisions required, if any, is achieved after careful analysis of each individual case.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The determination of the required provisions may change in the future due to new developments or unknown facts at the time of the evaluation of the claims or changes as a matter of law or legal interpretation. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Provisions consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="4" valign="bottom" style="width:17.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Incorporation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="4" valign="bottom" style="width:17.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;by merger&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;December&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-size:5pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;(Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:08.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;(i)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 599&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; 402&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; 1,745&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; (2,002)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 744&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Total current provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 599&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 402&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,745&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; (2,002)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 744&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;text-decoration:underline;"&gt;Non-Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,263&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,854&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; 864&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; 732&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; (1,741)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 2,972&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 547&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; 48&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; (128)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"&gt; (315)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 496&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Total non-current provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,611&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 2,401&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 912&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 604&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; (1,745)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; (315)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 3,468&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;Total provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,611&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 3,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt;(ii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 1,314&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 604&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; (2,317)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"&gt; 4,212&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (i)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:4pt;"&gt;&lt;p style="width:4pt;width:4pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Charged to finance costs, net, interest for provisions line item.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (ii)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:4pt;"&gt;&lt;p style="width:4pt;width:4pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Charged $1,254 to Other operating income and expenses and $60 to currency translation adjustments.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:16.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;31,&amp;nbsp;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;(iii)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;31,&amp;nbsp;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non- Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,073&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 78&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (236)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,263&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Asset retirement obligations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 337&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 11&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total non-current provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,410&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 359&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 78&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (236)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,611&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,410&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;(iv)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 359&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 78&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;(v)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (236)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,611&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (iii)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:4pt;"&gt;&lt;p style="width:4pt;width:4pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Charged to finance costs, net, interest for provisions line item.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (iv)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:22pt;"&gt;&lt;p style="width:22pt;width:22pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Charged to Other operating income and expenses.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"&gt; (v)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:22pt;"&gt;&lt;p style="width:22pt;width:22pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Include 90 corresponding to RECPAM.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;1.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Probable Contingent liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Below is a summary of the most significant claims and legal actions for which provisions have been established:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;a)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Symbol;font-style:italic;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Profit sharing bonds&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Various legal actions are brought, mainly by former employees of the Company against the Argentine government and Telecom Argentina, requesting that Decree No.&amp;nbsp;395/92&amp;nbsp;&amp;#x2013; which expressly exempted Telef&amp;#xF3;nica and the Company from issuing the profit sharing bonds provided in Law No.&amp;nbsp;23,696&amp;nbsp;&amp;#x2013; be struck down as unconstitutional. The plaintiffs also claim the compensation for damages they suffered because such bonds have not been issued.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In August&amp;nbsp;2008, the Argentine Supreme Court of Justice found Decree No.&amp;nbsp;395/92 unconstitutional when resolving a similar case against Telef&amp;#xF3;nica.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Since the Argentine Supreme Court of Justice&amp;#x2019;s judgment on this matter, the Divisions of the Courts of Appeal ruled that Decree No.&amp;nbsp;395/92 was unconstitutional. As a result, in the opinion of the legal counsel of the Company, there is an increased probability that the Company has to face certain contingencies, notwithstanding the right of reimbursement that attends Telecom Argentina against the National State.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Said Court decision found the abovementioned Decree unconstitutional and ordered that the proceedings be remanded back to the court of origin so that such court could decide which defendant was compelled to pay&amp;nbsp;&amp;#x2013;the licensee and/or the Argentine government- and the parameters that were to be taken into account in order to quantify the remedies requested (percent of profit sharing, statute of limitations criteria, distribution method between the program beneficiaries, etc). It should be mentioned that there is no uniformity of opinion in the Courts in relation to each of those concepts.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Later, in &amp;#x201C;Ramollino Silvana c/Telecom Argentina S.A.&amp;#x201D;, the Argentine Supreme Court of Justice, on June&amp;nbsp;9, 2015, ruled that the profit sharing bonds do not correspond to employees who joined Telecom Argentina after November&amp;nbsp;8, 1990 and that were not members of the PPP.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This judicial precedent is consistent with the criteria followed by the Company for estimating provisions for these demands, based on the advice of its legal counsel, which considered remote the chances of paying compensation to employees not included in the PPP.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Legal action&amp;#x2019;s statute of limitations criteria: Argentine Supreme Court of Justice ruling &amp;#x201C;Dominguez c/ Telef&amp;#xF3;nica de Argentina S.A.&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In December&amp;nbsp;2013, the Argentine Supreme Court ruled on a similar case to the above referred legal actions, &amp;#x201C;Dom&amp;#xED;nguez c/ Telef&amp;#xF3;nica de Argentina S.A&amp;#x201D;, overturning a lower court ruling that had barred the claim (as having exceeded the applicable statute of limitations since ten&amp;nbsp;years had passed since the issuance of Decree No.&amp;nbsp;395/92).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Argentine Supreme Court of Justice ruling states that the Civil and Commercial Proceedings Court must hear the case again to consider statute of limitations arguments raised by the appellants that, in the opinion of the Argentine Supreme Court of Justice, were not considered by the lower court and are relevant to the resolution of the case.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;After the Argentine Supreme Court of Justice&amp;#x2019;s ruling and until the date of issuance of these consolidated financial statements, two chambers of the Civil and Commercial Federal Proceedings Court have issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice in its ruling, acknowledging that the statute of limitations must be applied periodically&amp;nbsp;&amp;#x2013;as of the time of each balance sheet- but limited to five&amp;nbsp;years; and Chamber III ruled, by a majority of votes, that the statute of limitations must not be applied periodically, but that instead, was exceeded ten&amp;nbsp;years after the issuance of Decree No.&amp;nbsp;395/92.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Criteria for determining the relevant profit to calculate compensation: ruling of the Civil and Commercial Federal Proceedings Court in Plenary Session &amp;#x201C;Parota c/ Estado Nacional y Telef&amp;#xF3;nica de Argentina S.A.&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On February 27, 2014, the Civil and Commercial Appeals Court issued its decision in plenary session in the case &amp;#x201C;Parota, C&amp;#xE9;sar c/ Estado Nacional&amp;#x201D;, as a result of a complaint filed against Telef&amp;#xF3;nica, ruling: &lt;/font&gt;&lt;font style="display:inline;font-style:italic;"&gt;&amp;#x201C;that the amount of profit sharing bonds the corresponding to former employees of Telef&amp;#xF3;nica de Argentina S.A. should be calculated based on the taxable income of Telef&amp;#xF3;nica de Argentina S.A. on which the income tax liability is to be assessed&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Court explained that in order to make such determination: &lt;/font&gt;&lt;font style="display:inline;font-style:italic;"&gt;&amp;#x201C;it is necessary to clarify that &amp;#x201C;taxable income&amp;#x201D; (pre-tax income) means the amount of income subject to the income tax that the company must pay, which generally means gross income, including all revenue obtained during the fiscal&amp;nbsp;year (including contingent or extraordinary revenue), minus all ordinary and extraordinary expenses accrued during such fiscal&amp;nbsp;year&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, the Company&amp;#x2019;s Management, with the advice of its legal counsel, has recorded the provisions for contingencies that it estimates are sufficient to cover the risks associated with these legal actions, having considered the available legal background as of the date of issuance of these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Federaci&amp;#xF3;n Argentina de las Telecomunicaciones and others against Telecom Argentina S.A. in relation to worker shareholding participation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additionally, on June&amp;nbsp;3, 2013 Telecom Argentina was notified of a lawsuit filed by four unions claiming the issuance of a profit sharing bonds (hereinafter &amp;#x201C;the bonds&amp;#x201D;) for future periods and for periods for which the statute of limitations is not expired. To enforce this claim, the plaintiffs require that Decree No.&amp;nbsp;395/92 should be declared unconstitutional.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This collective lawsuit is for an unspecified amount. The plaintiffs presented the criteria that should be applied for the determination of the&amp;nbsp;percentage of participation in the Company&amp;#x2019;s profit. The lawsuit requiring the issuance of a profit sharing bond represents an obligation with potential future economic impact for Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In June&amp;nbsp;2013, the Company filed its answer to the claim, arguing that the labor courts lack of jurisdiction. On October&amp;nbsp;30, 2013, the judge rejected the lack of jurisdiction plea, established a ten&amp;nbsp;year period as statute of limitation and deferred ruling on the defenses of res judicata, lis pendens and on the third party citation required after a hearing is held by the court. Telecom Argentina has appealed the judge&amp;#x2019;s ruling.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On December&amp;nbsp;12, 2013 this hearing took place and the intervening court differed the defense of statute of limitations filed by the Company to the moment of the final ruling, among other matters. It also ordered the plaintiff to establish that they have permission to bring the case on behalf Telecom Argentina&amp;#x2019;s employees included in the claim; meanwhile the trial proceeding will be suspended. The plaintiff appealed the decision and the judge deferred this issue to the time of sentencing.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On December 20, 2017, the Court of First Instance on Labor Matters No. 19 dismissed the claim on the grounds that the claimant lacks of active legitimization because it is an individual claim, not a collective one. The claimant filed an appeal, which is pending before Chamber 7 of the Court of Appeals.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company, based on the advice of its legal counsel, believes that there are strong arguments to defend its rights in this claim based, among other things, in the expiration of the statute of limitations of the claim for the unconstitutionality of Decree No.&amp;nbsp;395/92, the lack of active legal standing for collective claim for bonds issuance&amp;nbsp;-due to the existence of individual claims-, among other reasons regarding lack of active legal standing.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;b)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Symbol;font-style:italic;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Former sales representative claims of Personal and Nextel&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Former sales representatives of Personal and Nextel have brought legal actions for alleged improper termination of their contracts and have submitted claims for payment of different items such as commission differences, value of the customers&amp;#x2019; portfolio and lost profit, among other matters. The Company&amp;#xB4;s Management believes, based on the advice of its legal counsel, that certain items included in the claims would not be sustained while other items, if sustained, would result in lower amounts than those claimed. As of the date of issuance of these consolidated financial statements, some legal actions are in the discovery phase and with expert opinions in progress.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company&amp;#x2019;s Management, based on the advice of its legal counsel, has recorded provisions that it estimates are sufficient to cover the risks associated with these claims, which are considered that would not have a negative impact on the Company&amp;#x2019;s results and financial position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;c)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Symbol;font-style:italic;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Regulator&amp;#x2019;s Penalty Activities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom Argentina is subject to various penalty procedures, in most cases promoted by the Regulatory Authority, for delays in the reparation and installation of service to fix-line customers. Although generally a penalty considered on an individual basis does not have a material effect on Telecom Argentina&amp;#x2019;s equity, there is a significant disproportion between the amounts of the penalty imposed by the Regulatory Authority and the revenue that the affected customer has generated to Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In determining the provisions for regulatory charges and sanctions, the Telecom Argentina&amp;#x2019;s Management, with the assessment of its legal counsel, determines the likelihood of such sanctions being imposed, the amount thereof based on historical information and judicial precedents, also contemplating various probable scenarios of statute of limitation for charges and sanctions received, the current levels of execution of sanctions and the eventual results of legal actions that Telecom Argentina has undertaken to demonstrate, among other things, the disproportionate sanctions imposed by the Regulatory Authority since 2013.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom Argentina has recorded provisions that it deems sufficient to cover the above mentioned sanctions and charges, estimating that they should not prosper in amounts individually higher than 200 thousand UT ( 9,380 argentine pesos) per each alleged violation against its clients in the normal course of business, in accordance with the legal and regulatory analysis performed as of December 31, 2018. If Telecom Argentina and its legal advisors&amp;#x2019; arguments do not prevail, the Management of Telecom Argentina estimates that the amount of provisions for regulatory charges and sanctions might be increased in approximately $62 as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;d)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Task Solutions against/ Telecom Personal S.A. S/ Ordinario and Task Solutions against/Telecom Argentina S.A. S/ Ordinario&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Task Solutions S.A., a company whose main activity was the contact center, promoted a lawsuit against Telecom Argentina and Telecom Personal, claiming the amount of 408,721,835&amp;nbsp;Argentine pesos for damages and losses suffered during the contractual relationship between those companies, as well as the non-renewal of the relationship between them. Task Solutions S.A. maintains that its only contractual relationship was with the defendant companies and that the non-renewal of their relationship caused its cessation of payments. On August 27, 2018, the claims were answered, the facts and the compensation claimed were denied and the Company requested the unconstitutionality of the punitive damages claimed. The Company reproved the amounts already paid in relation to labor items. Likewise, a claim was made for the amounts that eventually will have to be paid for that same concept in the future. Such estimation may be modified in relation to the proof that is produced in the case.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, the Company's Management, with the assistance of its legal advisors, has established provisions that it considers sufficient to cover the risks arising from the judgments indicated, taking into account the arguments and jurisprudential background available at the date of issuance of these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;2.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Possible Contingencies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition to the possible contingencies related to regulatory matters described in Note 2 d) and in the last paragraph of section &amp;#x201C;Regulator&amp;#x2019;s Penalty Activities&amp;#x201D; previously mentioned, is a summary of the most significant claims and legal actions for which no provisions have been established, although it cannot be ensured the final outcome of these lawsuits:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;a.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Radioelectric Spectrum Fees&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In October 2016 Personal modified the criteria used for the statement of some of its commercial plans (&amp;#x201C;Abono fijo&amp;#x201D;) for purposes of paying the radioelectric spectrum fees (derecho de uso de espectro radioel&amp;#xE9;ctrico or &amp;#x201C;DER&amp;#x201D;), taking into account certain changes in such plans&amp;#x2019; composition. This meant a reduction in the amount of fees paid by Personal.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In March 2017, the ENACOM demanded Personal to rectify its statements, requiring that such plans&amp;#x2019; statements continue to be prepared based on the previous criteria. Personal&amp;#x2019;s Management believes that it has strong legal arguments to defend its position, which are actually confirmed by Resolution ENACOM No. 840/18. On August 15, 2017, Personal received a note for the differences owed, and on August 31, 2017 presented the corresponding administrative note. However, it cannot be assured that such arguments will be accepted by the ENACOM.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The difference resulting since October 2016, from both sets of liquidation criteria is of approximately $717 plus interests as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On February 27, 2018, Resolutions Nos. 840/18 and No. 1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of the date of issuance of these consolidated financial statements Telecom has submitted the rectifying affidavits corresponding to the months of March and April 2018 (due in April and May 2018), and has paid (under protest) the respective amounts. It also started to comply with, as from September 2018, the filing and payment (under protest) of the corresponding affidavits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;b.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Symbol;font-style:italic;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;&amp;#x201C;Consumidores Financieros Asociaci&amp;#xF3;n Civil para su Defensa&amp;#x201D; claim&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In November&amp;nbsp;2011, Personal was notified of a lawsuit filed by the &amp;#x201C;Consumidores Financieros Asociaci&amp;#xF3;n Civil para su Defensa&amp;#x201D; claiming that Personal made allegedly abusive charges to its customers by implementing per-minute billing and setting an expiration date for prepaid telecommunication cards.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The plaintiff claim Personal to: i) cease such practices and bill its customers only for the exact time of telecommunication services used; ii) reimburse the amounts collected in excess in the ten&amp;nbsp;years preceding the date of the lawsuit; iii) credit its customers for unused minutes on expired prepaid cards in the ten&amp;nbsp;years preceding the date of the lawsuit; iv) pay an interest equal to the lending rate charged by the Banco de la Naci&amp;#xF3;n Argentina; and v) pay punitive damages provided by Section 52 bis of Law No. 24,240.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Personal responded in a timely manner, arguing the grounds by which the lawsuit should be dismissed, with particular emphasis on the regulatory framework that explicitly endorses Personal&amp;#x2019;s practices, now challenged by the plaintiff in disregard of such regulations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This claim is at a preliminary stage as of the date of issuance of these consolidated financial statements. However, the judge has ordered the accumulation of this claim with two other similar claims against Telef&amp;#xF3;nica M&amp;#xF3;viles Argentina S.A. and AMX Argentina S.A. So, the three legal actions will continue within the Federal Civil and Commercial Court No.&amp;nbsp;9.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In connection with this lawsuit, the Secretariat of Commerce canceled the registration of CONSUMIDORES FINANCIEROS ASOCIACI&amp;#xD3;N CIVIL PARA SU DEFENSA, therefore, the Company is awaiting the resolution of the intervening court.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The plaintiffs are seeking damages for unspecified amounts. Although the Company believes there are strong defenses according to which the claim should not succeed, in the absence of jurisprudence on the matter, the Company&amp;#x2019;s Management (with the advice of its legal counsel) has classified the claim as possible until a judgment is rendered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;c.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Lawsuit against Personal on changes in services prices&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In June 2012 the consumer trade union &amp;#x201C;Proconsumer&amp;#x201D; filed a lawsuit against Personal claiming that the company did not provide the clients with enough information regarding the new prices for the services provided by Personal between May 2008 and May 2011. It demands the reimbursement to certain customers &amp;#x2013; Abono Fijo - of an amount of a period of two&amp;nbsp;months since the alleged inconsistencies of the plaintiff.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company&amp;#x2019;s Management considers that Personal had adequately informed its clients the modifications of the terms and conditions in which the service would be provided, and therefore, believes that this lawsuit should not succeed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company answered the complaint and made a proposal that was rejected by the Supreme Court of Justice of the Nation, which ordered that the case continued in commercial courts. The cause was open to trial and the parties are producing the evidence offered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company&amp;#x2019;s Management considers that there are strong arguments for the favorable resolution of this lawsuit, but, in the event it is resolved unfavorably, it would not have a significant impact on Telecom&amp;#x2019;s results and financial position.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;d.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Symbol;font-style:italic;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Proceedings related to value added services&amp;nbsp;- Mobile contents&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On October&amp;nbsp;1, 2015 Personal was notified of a claim seeking damages for unspecified amounts initiated by consumer trade union &amp;#x201C;Cruzada C&amp;#xED;vica para la defensa de los consumidores y usuarios de Servicios p&amp;#xFA;blicos&amp;#x201D;. The plaintiff invokes the collective representation of an undetermined number of Personal customers.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The plaintiff claims the way that content and trivia are contracted, in particular the improper billing of messages sent offering those services and their subscription. Additionally, it proposes the application of a punitive damages to Personal.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This claim is substantially similar to other claims made by a consumer association (Proconsumer) where collective representation of customers is also invoked. As of the date of issuance of these consolidated financial statements, this claim is at preliminary stage since the demand notifications of everyone involved have not yet been finalized.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Personal has answered the claims through the presentation of legal and factual defenses, subpoenaing third parties involved in the provision of VAS. Likewise, with the advice of its legal counsel, Telecom believes to have strong arguments for its defense in these lawsuits. However, given the absence of jurisprudential precedents, the final outcome of these claims cannot be assured.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;e.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Symbol;font-style:italic;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Claims of some Content Providers&amp;nbsp;&amp;nbsp;to the Company&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the framework of the general reorganization of the content business started out by Personal in 2016, and given the expiration of agreements with content providers, some of the latter have been notified that such agreements will not be renewed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;By virtue of that communication, four of those companies initiated and obtained in court, precautionary measures against Personal, in order to avoid that the duly notified decision of not renewing the agreements be effective, and thus, forcing Personal to refrain from disconnecting or interrupting the contractual relationship on the scheduled dates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On February&amp;nbsp;24, 2017, the ENACOM notified Personal the Resolution 2017&amp;#8209;1122&amp;#8209;APN-ENACOM # MCO (Resolution No. 1,122), which set out that Mobile Operators providers of audiotext and mass calling Value Added Services may receive, in every respect, a&amp;nbsp;percentage that should not exceed 40% of the services invoiced on behalf and to the order those providers. In addition, the Resolution sets forth a 30 -day period to file under the ENACOM the interconnection contracts or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On March 22, 2017, Personal&amp;#x2019;s Management, with the assistance of its legal advisors and due to its solid grounds, filed an administrative appeal against Resolution No. 1,122 before the former Ministry of Communications. In addition, Personal has brought legal actions to safeguard its rights.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the other hand, it should be noted that the Company has renewed the commercial agreements with most of the providers of these contents, which are still in force.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On September 29, 2017, the ENACOM notified Personal with ENACOM Resolution No. 2,408/17, whereby it rejected the reconsideration appeals filed by Movistar and Claro against Resolution No. 1,122, and the suspension of the effects of said resolution requested by Personal, Movistar and Claro. In addition, in the same act, it rejected the reconsideration appeal filed by Personal against ENACOM Note No. 29/17 (in connection with the supplier MOVICLIPS). The appeal filed by Personal against Resolution No. 1,122 with the former Ministry of Communications is still pending resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;f.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Symbol;"&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;&amp;#x201C;Asociaci&amp;#xF3;n por la Defensa de Usuarios y Consumidores against/Telecom Personal S.A.&amp;#x201D; claim&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In 2008 the &amp;#x201C;Asociaci&amp;#xF3;n por la Defensa de Usuarios y Consumidores&amp;#x201D; sued Personal, seeking damages for unspecified amounts, claiming the billing of calls to the automatic answering machine and the collection system called "send to end" in collective representation of an undetermined number of Personal customers. The claim is currently about to dictate sentence.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In 2015 the Company took knowledge of an adverse court ruling in a similar trial, promoted by the same consumers association against other mobile operator. Currently it is pending judgment.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company's Management, with the advice of its legal counsel, believes that it has strong arguments for its defense, but given the new jurisprudential precedent, the outcome of this claim cannot be ensured.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;g.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Claims by Trade Unions for Union Contributions and Payments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The unions FOEESITRA, SITRATEL, SILUJANTEL, SOEESIT, FOETRA, SUTTACH and the Union of telephony workers and employees of Tucum&amp;#xE1;n (Sindicato de Obreros y Empleados Telef&amp;#xF3;nicos de Tucum&amp;#xE1;n) filed 7 legal actions against Telecom Argentina claiming the union contributions and payments set forth in the respective Collective Bargaining Agreements (&amp;#x201C;CBA&amp;#x201D;) corresponding to the third party employees rendering services to Telecom Argentina, for the not prescribed term of 5 years, plus the damages caused by the lack of payment of such items. The items claimed are the Special Fund and the Solidarity Contribution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The unions mentioned sustain that Telecom Argentina is jointly liable for the payment of the above-mentioned contributions and payments, based on the provisions of sections 29 and 30 of the Labor Contract Law and the nonperformance of the CBA as to its obligation to inform the Union on the hiring of third parties.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;All claims were answered and procedural terms are suspended. In all cases, new hearings were appointed in the terms of art. 80 and the parties requested a new suspension of terms as a result of possible extrajudicial negotiations. The suits are for an undetermined amount.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Although the Company&amp;#x2019;s management considers that there are strong arguments for these actions to be decided on its favor, as there is no case law in the matter, no assurance can be given on the final outcome of these claims. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;h.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Claim for damages between Supercanal Holding S.A. and Cablevisi&amp;#xF3;n&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Multicanal has filed several legal actions seeking the nullity of: i) all the ordinary shareholders&amp;#x2019; meetings held by Supercanal Holding S.A. from the year 2000 until February 2018; and ii) the sureties granted by Supercanal S.A. securing bank loans granted exclusively for the benefit of the controlling group of Supercanal Holding S.A. (Grupo Uno S.A. and its affiliates). In addition, a legal action was filed seeking the dissolution and liquidation of Supercanal Holding S.A. together with a legal action seeking the removal of all the members of the Board of Directors and the Supervisory Committee and the dissolution of Supercanal Capital N.V. Supercanal Holding S.A. On March 29, 2000 Supercanal Holding S.A. filed for concurso preventivo (judicial restructuring proceedings) with National Court of First Instance on Commercial Matters No. 20, Clerk&amp;#x2019;s Office No. 40, and the proceedings began on March 27, 2001.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Upon the revocation of an injunction initially granted in favor of Multicanal S.A. in the case entitled &amp;#x201C;Multicanal S.A. c/Supercanal Holding S.A. s/sumario&amp;#x201D;, where it sought to nullify the January 25, 2000 Extraordinary Shareholders&amp;#x2019; Meeting of Supercanal Holding S.A. where it was resolved to reduce the capital stock of Supercanal Holding S.A. to 12,000 Argentine pesos and a subsequent increase thereof to 83,012,000 Argentine pesos, Multicanal S.A. was notified on December 12, 2001 of the filing by Supercanal Holding S.A. of a claim for the damages allegedly caused to it by the issue of the injunction that was subsequently revoked. The alleged damage is that the suspension of the effects of the meeting of January 25, 2000 would have led Supercanal Holding S.A. to suspend payments. Multicanal S.A. answered to such claim by denying all liability on the grounds that Supercanal Holding S.A.&amp;#x2019;s inability to pay its obligations when due had begun before the date of the suspension of the shareholders meeting according to documentation provided by the plaintiff itself. Furthermore, the suspension of the meeting did not prevent the capitalization of Supercanal Holding S.A. through other alternative means. Based on the factual and legal findings of the case, Cablevisi&amp;#xF3;n, as Multicanal&amp;#x2019;s continuing company considers that the claim should be rejected in its entirety, and that the legal costs should be borne by the plaintiff. The case is in the discovery period. In addition, the court of First Instance has dismissed Supercanal Holding S.A.&amp;#x2019;s request that it be allowed to sue without paying court fees or costs and that decision has been confirmed by the National Court of Appeals.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On June 15, 2018, Telecom Argentina, Grupo Clar&amp;#xED;n, Supercanal and Am&amp;#xE9;rica TV executed a settlement agreement in order to terminate the claims existing among the parties. Those companies executed a framework agreement whereby, among other issues, Am&amp;#xE9;rica TV expressly waived its claim for the exhibition of its signals &amp;#x201C;Am&amp;#xE9;rica TV&amp;#x201D; and &amp;#x201C;A24&amp;#x201D; in Cablevisi&amp;#xF3;n&amp;#x2019;s (now Telecom Argentina's) programming grid, waiving its right to bring any claims in that regard and recognizing that it has nothing to claim against Telecom Argentina for any other cause as of the date of the agreement. In addition, a share transfer agreement was executed whereby Telecom Argentina -in its capacity as successor of Cablevisi&amp;#xF3;n-absorbing company of Multicanal- assigned in favor of Supercablecanal S.A. the shares- and all the rights inherent to them- it holds and owns in Supercanal and Supercanal Holding S.A. as of the date of execution of the agreement. Pursuant to the settlement agreement, the parties have agreed that all costs of the proceedings shall be borne by Supercanal S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;i.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;"&gt;Asociaci&amp;#xF3;n por la Defensa de Usuarios y Consumidores v. Cablevisi&amp;#xF3;n on expedited summary proceeding:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On November 29, 2018 the Company was notified of a lawsuit initiated by the Asociaci&amp;#xF3;n por la Defensa de Usuarios y Consumidores, requesting that the defendant 1) cease to prevent customers to rescind Internet and cable TV services at the time of request; 2) reimburse to each user the amounts collected for the period of 5 years and until Cablevisi&amp;#xF3;n fulfills the request mentioned in 1); and 3) pay punitive damages for each of the affected customers.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On December 19, 2018, the Company filed a response. In its plea, it requested the extension of the period of the statutes of limitation (biennial term) and the declaration of the lack of standing to sue of the association. Likewise, the Company argued that the class to be represented had not been established and that it had not contravened the Antitrust Law and gave a detailed description of the termination procedure used by Cablevisi&amp;#xF3;n highlighting its compliance with Articles 10 ter and 10 quater of said law. It also challenged the application of the punitive damages claimed by the plaintiff and the Company also produced documentary evidence. It requested that the claim be rejected in its entirety, and that the legal costs be borne by the plaintiff.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The probability of occurrence of the lawsuit has been deemed as possible and the amount has still not been set yet.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;j.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Resolution No. 50/10 and subsequent ones of the Secretariat of Domestic Trade of the Nation (&amp;#x201C;SCI&amp;#x201D;)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;SCI Resolution No. 50/10 approved certain rules for the sale of pay television services. These rules provide that cable television operators must apply a formula to calculate their monthly subscription prices. The price arising from the application of the formula was to be informed to the Office of Business Loyalty (Direcci&amp;#xF3;n de Lealtad Comercial) between March 8 and March 22, 2010, having cable television operators to adjust such amount semi-annually and inform the result of such adjustment to such Office.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Even though as of the date of issuance of these consolidated financial statements, the Company cannot assure the actual impact of the application of this formula, given the vagueness of the variables provided by Resolution No. 50/10 to calculate the monthly subscription prices, the Company believes that such Resolution is arbitrary and bluntly disregards its freedom to contract, which is part of the freedom of industry and trade, and therefore it has filed the pertinent administrative claims and will proceed to file the necessary legal actions requesting the suspension of the Resolution&amp;#x2019;s effects and ultimately the nullification thereof.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Even though the Company and/or some of its subsidiaries, like other companies in the industry, have strong constitutional arguments to support their position, it cannot be assured that the final outcome of this issue will be favorable. Therefore, the Company may be forced to modify the price of its pay television subscription, which could significantly affect the revenues of its core business. This creates a general scenario of uncertainty regarding the Company's business that could significantly affect the recoverability of its relevant assets. Notwithstanding the foregoing, it should be noted that as of the date of issuance of these consolidated financial statements, according to the decision issued on August 1, 2011 in re "LA CAPITAL CABLE S.A. c/ Ministerio de Econom&amp;#xED;a-Secretar&amp;#xED;a de Comercio Interior de la Naci&amp;#xF3;n", the Federal Court of Appeals of the City of Mar del Plata has ordered the SCI to suspend the application of Resolution No. 50/10 with respect to all cable television licensees represented by the Argentine Cable Television Association (&amp;#x201C;ATVC&amp;#x201D;). Upon being notified to the SCI and the Ministry of Economy on September 12, 2011, such decision became fully effective and may not be disregarded by the SCI. The National Government filed an appeal against the decision issued by the Federal Court of Appeals of Mar del Plata to have the case brought before the Supreme Court. Such appeal was dismissed, for which the National Government filed a direct appeal to the Supreme Court, which has also been dismissed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On June 1, 2010, the SCI imposed a $5 fine on Cablevisi&amp;#xF3;n alleging that it had failed to comply with the information regime set forth by Resolution No. 50/10 and invoking the Consumer Defense Law to impose such penalty. The fine was appealed and submitted to the Federal Court of Appeals on Administrative Matters, Chamber No. 5, which decided to reduce the fine to $0.3. The Company appealed this decision by filing an extraordinary appeal with the Supreme Court of Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On March 10, 2011 SCI Resolution No. 36/11 was published in the Official Gazette. This resolution falls within the framework of SCI Resolution 50/10. Resolution No. 36/11 sets forth the parameters to be applied to the services to be provided by Cablevisi&amp;#xF3;n to its subscribers. The Company believes that Resolution No. 36/11 is illegal and arbitrary, since it is grounded on Resolution 50/10, which the Company believes is absolutely null and void. Since the application of Resolution No. 50/10 has been suspended, the application of Resolution No. 36/11, which falls within the framework of the former, is also suspended. Subsequently, the SCI issued Resolutions No. 65/11, 92/11, 123/11, 141/11, 10/11, 25/12, 97/12, 161/12, 29/13, 61/13, 104/13, 1/14, 43/14 and 93/14 pursuant to which it extended the effectiveness of Resolution No. 36/11 up to and including September 2014, and adjusted the cable television subscription price to 152 Argentine pesos. The Company believes, however, that given the terms under which the Federal Court of the City of Mar del Plata granted the preliminary injunction, which ordered the SCI to suspend the application of Resolution No. 50/10 with respect to all cable television licensees represented by ATVC (among them, the Company and its subsidiaries), and also given the fact that Resolutions No. 36/11, 65/11, 92/11, 123/11, 141/11, 10/11, 25/12, 97/12, 161/12, 29/13, 61/13, 104/13, 1/14, 43/14 and 93/14 limit to apply Resolution No. 50/10, the Company continues to believe to be protected by the preliminary injunction, and therefore the normal operation thereof will not be affected.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On September 23, 2014, the Court issued a decision in re &amp;#x201C;Municipalidad de Berazategui c/ Cablevisi&amp;#xF3;n&amp;#x201D; ordering the remission of the cases relating to these resolutions to the jurisdiction of the Federal Court of Mar del Plata, that had issued the decision on the collective action in favor of ATVC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Currently, all the claims relating to this matter are pending before the Federal Court of Mar del Plata. The judge has not yet ordered discovery proceedings in respect of the main claim, &amp;#x201C;La Capital Cable v. National Government s/ Ordinary Proceeding&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Decisions made on the basis of these consolidated financial statements shall consider the potential impact that the above-mentioned resolutions might have on the Company and its subsidiaries, and the Company's consolidated financial statements should be read in light of such circumstances.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company&amp;#xB4;s Management, with the assistance of its legal advisors, considers that it has strong arguments for its defense.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;k.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Resolution No. 16,765 of the CNV&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On March 16, 2012, CNV issued Resolution No. 16,765 whereby it ordered the conduction of a preliminary investigation (sumario) against Cablevisi&amp;#xF3;n, its directors and members of the Supervisory Committee for an alleged failure to comply with its reporting duties. The CNV considers that this deprived investors of the possibility to become fully aware of the decision issued by the Supreme Court of Argentina in re &amp;#x201C;Recurso de Hecho deducido por el Estado Nacional Ministerio de Econom&amp;#xED;a y Producci&amp;#xF3;n en la causa Multicanal S.A. y otro c/ CONADECO Dto. 527-05&amp;#x201D; (which as of this date has been resolved) and that a series of issues relating to the information required by the CNV regarding the Extraordinary Meeting of Class 1 and 2 Noteholders held on April 23, 2010 would not have been disclosed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On April 4, 2012, the Company filed a response requesting that its defenses be sustained and that all charges against it be dismissed. The discovery stage has been closed and the legal brief has been submitted.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company and its legal advisors believe that the Company has strong arguments in its favor. Nevertheless, the Company cannot assure that the outcome of the preliminary investigation proceeding will be favorable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;l.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Resolution No. 17,769 of the CNV&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On August 28, 2015, Cablevisi&amp;#xF3;n was served notice of Resolution No. 17,769 dated August 13, 2015 whereby the CNV the conduction of a preliminary investigation (sumario) against Cablevisi&amp;#xF3;n and its directors, members of the Supervisory Committee and the Head of Market Relations for an alleged delay in the submission of the required documentation relating to the registration of the authorities appointed in the General Meeting of Shareholders of Cablevisi&amp;#xF3;n held on April 30, 2000 and the update of the particulars of its registered office in the Autopista de Informaci&amp;#xF3;n Financiera.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 20, 2016, the preliminary hearing was held pursuant to Section 138 of Law No. 26,831 and Section 8, Subsection b.1. of Section II, Chapter II, Title III of the Regulations (amended text of 2013).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company and its advisors believe that same has strong arguments in its favor on this matter, but no assurance can be given that the outcome of the preliminary investigation proceeding will be favorable.&amp;nbsp; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;"&gt;m.&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;"&gt;Additional rate for the &amp;#x201C;Impuesto a la Renta Comercial, Industrial o de Servicios&amp;#x201D; (Tax on Commercial, Industrial or Services Revenues or &amp;#x201C;IRACIS&amp;#x201D;)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On April 5, 2017, a subsidiary of the Company received a notice from the Under-Secretary of Taxes of the Republic of Paraguay, whereby that subsidiary was informed that it had failed to determine the additional IRACIS rate on the retained earnings of the companies merged in 2014.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company&amp;#xB4;s subsidiary considers that it has strong arguments to support its position, but no assurance can be given on the final outcome of this claim.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;3.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Remote Contingencies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom faces other legal proceedings, fiscal and regulatory considered normal in the development of its activities. The Company Directors and its legal advisors estimate it will not generate an adverse impact on their financial position and the result of its operations, or its liquidity. In accordance with IAS 37 &amp;#x201C;Provisions&amp;#x201D;, not any provision has been constituted and/or disclosed additional information in these financial statements related to the resolution of these issues.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;4.&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Contingency Asset&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;&amp;#x201C;AFA Plus Project&amp;#x201D; Claim&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On July&amp;nbsp;20, 2012, the Company entered into an agreement with the Argentine Football Association (&amp;#x201C;AFA&amp;#x201D;), for the provision of services to a system called &amp;#x201C;Argentine Football System Administration&amp;#x201D; (&amp;#x201C;AFA Plus Project&amp;#x201D;) related to the secure access to first division football stadiums whereby Telecom Argentina should provide the infrastructure and systems to enable the AFA to manage the aforementioned project. The recovery of investments and expenses incurred by Telecom Argentina and its profit margin would come from charging AFA with a referring price stated in 20% of the popular ticket price per each football fan that attend the stadiums during the term of the agreement, so the recoverability of the Company&amp;#x2019;s assets related to the Project depended on AFA implementing the &amp;#x201C;AFA Plus Project&amp;#x201D;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;From 2012 and in compliance with its contractual obligations, the Company made investments and incurred in expenses amounting to $269, of which $211 are included in PP&amp;amp;E for the provision and installation of equipment and the execution of civil works for improving the football stadiums, registration centers equipment, inventories and material storage and attend other expenses directly associated with AFA Plus Project.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For several specific reasons of the Project, the football environment and the country context, the AFA Plus system was not implemented by the AFA, not even partially. Accordingly, Telecom Argentina has not been able to begin collecting the agreed price.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Finally, throughout the agreement, Telecom Argentina received no compensation from AFA for the services provided and the work performed. In September&amp;nbsp;2014, the AFA notified the Company of its decision to terminate the agreement with Telecom Argentina, modifying the AFA Plus Project, and also informed that it will assume the payment of the investments and expenditures incurred by the Company. Accordingly, negotiations between the parties have started.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In February&amp;nbsp;2015, AFA made a proposal to compensate the investments and expenditures incurred by the Company through advertising exchange exclusively related to the AFA Plus Project (or the one that replaces this Project in the future), in the amount of US$ 12.5 million. The proposal considered that if the advertising compensation was not realized in one&amp;nbsp;year, AFA would pay to Telecom the agreed amount. The Company analyzed the quality of the assets offered by the AFA in its offer of advertising exchange, and rejected the offer as insufficient.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;New negotiations were conducted in 2015 to improve the mentioned offer (requiring a combination of cash payments and advertising) but a satisfactory agreement was not reached and negotiations were suspended for AFA internal affairs.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In October&amp;nbsp;2015, the Company formally demanded that AFA pay the amounts due ($179.2&amp;nbsp;plus interest from its implementation). The AFA rejected the claim but agreed to resume negotiations for a closing agreement which then was suspended by the AFA electoral process.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In January&amp;nbsp;2016 both parties resumed conciliatory negotiations, while the Company reserved its right to exercise legal claims on the amounts due.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In June&amp;nbsp;2016 the Company initiated a compulsory pre-judicial mediation procedure. The first audience, held on July&amp;nbsp;12, 2016, was attended by both parties. A second audience was held on August&amp;nbsp;3, 2016 and a third and the last one was held on August&amp;nbsp;23, 2016, which resulted in no agreement between the parties.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In February 2018, the Company initiated a new mandatory prejudicial mediation procedure which was finished without agreement. On December 19, 2018, a claim was brought against AFA for 353,477,495&amp;nbsp;&amp;nbsp;Argentine pesos.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company&amp;#x2019;s Management with the assistance of its external advisor believes that they have strong legal arguments for claiming and are evaluating the actions to be followed for recovering the investments and expenses made.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It is worth mentioning that the impairment recorded by the Company arising from the uncertainties related to the recoverable value of assets recognized by the AFA Plus Project (Works in Progress and Materials amounting to $211) have been only recorded for the purpose to comply with accounting standards and in no way involves giving up or limiting the rights given to the Company as a genuine creditor for the AFA Plus Project agreement.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfProvisionsExplanatory>
  <ifrs-full:DisclosureOfReconciliationOfChangesInGoodwillExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;NOTE 9 &amp;#x2013; GOODWILL&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:19.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina business (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 119,678&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 31,273&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Uruguay business (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 771&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 681&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 120,449&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 31,954&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-size:8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;I&lt;/font&gt;&lt;font style="display:inline;font-size:8pt;"&gt;ncludes $88,068 corresponding to the Merger between Telecom and Cablevisi&amp;#xF3;n (See Note 4.a)), $31,606 from Cablevisi&amp;#xF3;n and $4 corresponding to the goodwill of Tuves Paraguay as of December 31, 2018.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-size:8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt; Telemas S.A. goodwill, indirect subsidiary throughout its participation in Adesol. The increase in the amounts with respect to balance as of December 31, 2017 corresponds to currency translation adjustments.&lt;/font&gt;&lt;font style="display:inline;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfReconciliationOfChangesInGoodwillExplanatory>
  <ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Exchange&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;differences&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;and currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Incorporation by&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;merger&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Cash&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;adjustments and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;(Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Flows (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Accrued&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;interests&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Others (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 199&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,176&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (99)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,276&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans - principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 287&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 12,097&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 25,258&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 9,563&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 47,205&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Notes - principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 13,767&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,186&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (3,905)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,783&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 18,831&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 25&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (44)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 119&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By purchase of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,943&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (256)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 35&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 357&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,079&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (6)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Accrued interests and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,597&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,100)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,395&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,923&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 8,821&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total current and non-current financial debt (Note 13)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 16,009&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 18,104&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 19,129&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,549&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 21,521&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 79,312&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Correspond to $27,769 of debt proceeds, $4,512 of principal payments, $3,724 of interest and related expenses payments and (404) that were reclassified to Other receivables.&amp;nbsp; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Includes (5) that were offset with dividends receivable.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory>
  <ifrs-full:DisclosureOfRelatedPartyExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;NOTE 27 - BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;a)&amp;nbsp;&amp;nbsp;Controlling Company&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, CVH is the controlling company of Telecom Argentina, holding directly and indirectly 38.81% of the total capital stock of the Company, upon the effectiveness of the Merger described under Note 4.a on January 1, 2018 and the effectiveness of the shareholder agreement signed on July 7, 2017 mentioned in this note. The change of control was authorized under ENACOM Resolution No. 5,644-E/2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Until November 30, 2017 Nortel was the holder of the 54.74% of the total capital stock of the Company, whereby it exercised control of the Company under the provisions of Section 33 of LGS. As of that date, Nortel held all of the Class "A" shares (51% of total capital stock of the Company) and 7.64% of the Class "B" shares (3.74% of total capital stock of the Company).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As a result of the Company&amp;#x2019;s Treasury Shares Acquisition Process described in Note 20.d), Nortel&amp;#x2019;s equity interest in Telecom Argentina amounted to 55.60% of the Company&amp;#x2019;s outstanding shares as of November 30, 2017. It is important to mention that Pursuant to Section 221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&amp;#x2019; Meetings.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;All of the common shares of Nortel belonged to Sofora until November 30, 2017 and represented 78.38% of the capital stock of Nortel.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Sofora&amp;#x2019;s capital stock consisted of common stock shares, with nominal value of $1 peso each and entitled to one vote per share. As of November 30, 2017, Sofora&amp;#x2019;s total shares were held by Fintech, as a result of the total redemption of Sofora&amp;#x2019;s shares held by WAI during the fiscal year 2017 (see Note 4 f.1.). As of December 31, 2018, Fintech owns all Class "A" shares (31.53% of the total capital stock of the Company) and ADRs that represent rights over 186,999,612 Class "B" shares representing 8.62% of the total capital stock of the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Shareholders&amp;#x2019; Agreement: Fintech - CVH&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On July 7, 2017 CVH, VLG, Fintech Media LLC (merged to date with Fintech Telecom LLC), Fintech Advisory Inc., GC Dominio S.A. (all of them direct or indirect shareholders of Cablevisi&amp;#xF3;n S.A.) and Fintech Telecom LLC (direct or indirect shareholder of Telecom Argentina) entered into a shareholders agreement that governs the exercise of their rights as shareholders of the Company. The Shareholders&amp;#xB4; Agreement establishes basically:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;the representation in the corporate bodies, provided that subject to the fulfillment of certain conditions and as long as CVH holds a certain percentage of Telecom Shares, CVH shall be entitled to designate the majority of the directors, members of the Executive Committee, Audit Committee, Supervisory Committee, CEO and any other Key Employee (other than the CFO and the Internal Auditor). CVH shall also be entitled to nominate the Chairman of the Board of Directors and Fintech to nominate de Vice chairman of the Board of Directors.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;a scheme of supermajorities and required votes for the approval by the Shareholders&amp;#xB4; Meetings or Board of Directors&amp;#xB4; Meetings, respectively, of certain matters such as: i) the approval of the Business Plan and the Annual Budget of Telecom Argentina; ii) amendments of the bylaws, iii) changes in Independent Auditors, iv) the creation of committees of the Board of Directors, v) hiring of Key Employees as defined in the Shareholders&amp;#xB4; Agreement (Key employees will be proposed by CVH, except for the CFO and the internal auditor); vi) merger of Telecom or any other controlled entity, vii) acquisitions of certain assets, viii) sale of certain assets, ix) capital increases; x) incurrence of indebtedness over certain limits, xi) capital investments not contemplated in the Business Plan and the Annual Budget above certain amounts; xii) related party transactions, xiii) contracts that may impose restrictions to the distribution of dividends; xiv) new lines of business or discontinuing existing lines of business; xv) contracting for significant amounts not contemplated in the Business Plan and the Annual Budget, among others.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Public Tender Offer due to change of control&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On June 21, 2018, the Company was informed that CVH (or the &amp;#x201C;Offeror&amp;#x201D;) of the promotion and formulation of a Mandatory Public Tender Offer (&amp;#x201C;PTO&amp;#x201D;) due to change of control for all the Class &amp;#x201C;B&amp;#x201D; common shares issued by Telecom Argentina listed on Bolsas y Mercados Argentinos S.A. (&amp;#x201C;BYMA&amp;#x201D;) (including the Class &amp;#x201C;C&amp;#x201D; common shares issued by Telecom Argentina that were converted into Class &amp;#x201C;B&amp;#x201D; common shares within the stipulated term) which CVH was obliged to perform because CVH had effectively obtained a controlling interest in the Company. CVH attached a copy of the public announcement of the PTO, pursuant to applicable regulations, which was published in Diario Clar&amp;#xED;n on June 23, 24 and 25 and in BYMA's Daily Bulletin on June 21, 2018 (the &amp;#x201C;PTO Announcement&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In said PTO Announcement, CVH informed that, notwithstanding the fact that Fintech Telecom LLC is not obliged under the applicable standards to promote, formulate or launch a PTO and that it has not taken part in the determination or formulation of any of the terms and conditions of the PTO, as provided under the agreement executed between the shareholders of Telecom Argentina, Fintech Telecom LLC has undertaken with regard to CVH to pay and acquire 50% of the shares that will be acquired under the PTO (notwithstanding CVH's right to acquire by itself the first 43,073,760 Class &amp;#x201C;B&amp;#x201D; shares).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The price offered in the PTO Announcement for the Class &amp;#x201C;B&amp;#x201D; common shares issued by Telecom Argentina that are listed on BYMA (including the Class &amp;#x201C;C&amp;#x201D; common shares issued by Telecom Argentina that were converted into Class &amp;#x201C;B&amp;#x201D; common shares within the stipulated term) and that are not directly or indirectly held by CVH or Fintech Telecom LLC (the &amp;#x201C;Shares&amp;#x201D;, or in singular, the &amp;#x201C;Share&amp;#x201D;) tendered by their holders for its acquisition during the Offer Reception Period is 110.85 Argentine Pesos per Share (less any cash dividend per share as may be payable by Telecom Argentina from the date of the PTO Announcement to the date of actual payment of the PTO price and other expenses such as fees for transfer, rights, fees, commissions, taxes, rates or contributions) (the &amp;#x201C;PTO Price&amp;#x201D;), which will be paid in pesos in Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On July 5, 2018, the Board of Directors of Telecom Argentina, in compliance with the provisions of article 3 c), Chapter II, Title III of the Rules of the CNV, expressed the opinion that the Price of the OPA has been fixed in the mandatory terms foreseen in the current legal regime in accordance with Article 88, section I of the Capital Markets Law and issued the Board Report set forth in said Rules.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On September 21, 2018, the Company received a communication from CVH informing the issuance of the resolution dated September 20, 2018, in the case of "Cablevisi&amp;#xF3;n Holding S.A. against/National Securities Commission s/Precautionary Measures" Expte. 7998/2018 in process in the Federal Civil and Commercial Court No. 3, pursuant to which, as an interim precautionary measure, the CNV must refrain from issuing and ruling on the authorization of the PTO promoted and formulated by CVH on the June 21, 2018, until the precautionary measure requested is resolved once the provisions of art. 4 of the Law No. 26,854.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On November 28, 2018, CVH notified the Company of the decision issued on November 27, 2018 in re &amp;#x201C;Cablevisi&amp;#xF3;n Holding S.A. v. Comisi&amp;#xF3;n Nacional de Valores on Injunctions&amp;#x201D; File 7,998/2018, pending before Federal Civil and Commercial Court No. 3, whereby the Court deemed accepted (as a requirement of admissibility) the bond required under the decision rendered on November 1, 2018, which had granted the request filed by CVH. It ordered, as a preliminary injunction, the CNV to refrain for six months from issuing any decision on the authorization of the PTO submitted and formulated by CVH on June 21, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of the date of issuance of these consolidated financial statements, resolution dated November 1, 2018 which conferring the precautionary measure is still not enforceable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;b)&amp;nbsp;&amp;nbsp;Related Parties&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For the purposes of these consolidated financial statements, related parties are those individuals or legal entities which are related (in terms of IAS 24) to Fintech Telecom LLC and CVH, except companies under sect. 33 of the LGS.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For the years presented, Telecom and Cablevision has not conducted any transactions with Key Managers and/or persons related to them, except the mentioned in e) below.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 10pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;c)&amp;nbsp;&amp;nbsp;Balances with Companies under section 33 - Law No. 19,550 and Related Parties&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-weight:bold;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Companies under section 33 - Law No. 19,550 &amp;#x2013; Controlling companies&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;CURRENT LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Dividends payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;CVH&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,067&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;VLG&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Shareholder&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,090&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fintech Media LLC&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Shareholder&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 864&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,021&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Companies under section 33 - Law No. 19,550 &amp;#x2013; Associates&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-indent:18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:23.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;CURRENT ASSETS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other receivables (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 78&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Teledifusora San Miguel Arc&amp;#xE1;ngel S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 19&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 40&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Ver T.V. S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 47&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 144&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 174&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;CURRENT LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Televisora Privada del Oeste S.A.(2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Financial Debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;text-decoration:underline;"&gt;Related parties&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:23.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;CURRENT ASSETS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 92&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 59&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 92&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 59&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;CURRENT LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 565&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 438&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 565&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 438&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Include 65 and 134 as of December 31, 2018 and as of December 31, 2017, respectively corresponding to dividends receivable.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Associate Company throughout PEM.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;d)&amp;nbsp;&amp;nbsp;Transactions with Companies under section 33 - Law No. 19,550 and related parties&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Companies under section 33 - Law No. 19,550&amp;#x2013; Controlling companies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Transaction&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Grupo Clar&amp;#xED;n S.A. (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other services revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Grupo Clar&amp;#xED;n S.A. (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advisory services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (95)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;CVH&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advisory services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (99)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (99)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (95)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Finance results&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Grupo Clar&amp;#xED;n S.A. (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interests on loans granted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 713&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;CVH&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interests on loans granted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 713&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;It ceased to be Cablevisi&amp;#xF3;n&amp;#xB4;s controlling company as of May 1, 2017. Note 4.e).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Companies under section 33 - Law No. 19,550&amp;#x2013; Associates&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Transaction&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Services revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 11&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 37&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 29&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 41&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 48&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 41&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 53&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Fees for services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (24)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (19)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (24)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (19)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Finance results&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interests on debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Related Parties (2)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Transaction&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:29.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:29.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:29.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advertising sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 36&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Services revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 88&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 59&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 39&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 124&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 109&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 42&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:29.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Programming costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,611)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,614)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,480)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Editing and distribution of magazines&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (558)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (363)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (407)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advisory services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (235)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (356)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (236)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advertising purchases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (400)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (166)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (131)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other purchases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (109)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (23)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (37)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (2,913)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (2,522)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (2,291)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Includes mainly operations with the following related parties through the Grupo Clar&amp;#xED;n S.A.: Arte Radiotelevisivo Argentino S.A., Arte Gr&amp;#xE1;fico Editorial Argentino S.A., Unir S.A., Impripost S.A., Tele Red Imagen S.A., GC Gesti&amp;#xF3;n Compartida S.A. y Compa&amp;#xF1;&amp;#xED;a De Medios Digitales S.A.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The transactions discussed above were made on terms no less favorable to Telecom than would have been obtained from unaffiliated third parties. The Board of Directors approved transactions representing more than 1% of the total shareholders&amp;#x2019; equity of the Company, after being approved by the Audit Committee in compliance with Law No. 26,831.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Cablevisi&amp;#xF3;n agreements with its shareholders&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On June 28, 2008, Cablevisi&amp;#xF3;n and Grupo Clar&amp;#xED;n executed a supplementary agreement to the technical assistance agreement, effective as of September 26, 2006, whereby they amended the volume of the services rendered by Grupo Clar&amp;#xED;n and the mechanism used to determine that company&amp;#x2019;s annual fee.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 6, 2017 and January 5, 2016 respectively, the agreements were amended, setting Grupo Clar&amp;#xED;n&amp;#x2019;s annual fees. On April 30, 2017 the contract was terminated as a consequence of the change of controlling company (See Note 4.e).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On May 1, 2017 Cablevisi&amp;#xF3;n and Cablevisi&amp;#xF3;n Holding S.A., entered into a contract for advisory services and technical assistance under which the parties set the volume of services to be received from Cablevisi&amp;#xF3;n Holding S.A. and the way in which the annual fee shall be determined.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the occasion of the merger described in Note 4.a), the contracts for advisory services and technical assistance subscribed between Cablevisi&amp;#xF3;n and CVH have been left without effects.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;e)&amp;nbsp;&amp;nbsp;Key Managers&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Compensation for Directors and Key Managers&amp;nbsp;of Telecom Argentina for the year ended December 31, 2018, and for Directors and Key Managers of Cablevisi&amp;#xF3;n for the years ended December 31, 2017 and 2016, including social security contribution, amounted to $324, &amp;nbsp;$77 and $65, respectively (both in current currency on the transaction date), and was recorded as expenses under the line item Employee benefits expenses and severance payments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, an amount of $157 remained unpaid.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom Argentina has recorded a provision of $83 for the fees of its Board of Directors&amp;#x2019; members for the year ended December 31, 2018 (in current currency on the transaction date). The fees to the Board of Directors of Cablevisi&amp;#xF3;n for years ended December 31, 2017 and 2016 amounted to approximately $13 and $10, respectively (in current currency on the transaction date).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The members and alternate members of the Board of Directors do not hold executive positions in the Company or Company&amp;#x2019;s subsidiaries.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfRelatedPartyExplanatory>
  <ifrs-full:DisclosureOfRevenueExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE &amp;nbsp;22&amp;nbsp;&amp;#x2013; REVENUES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="7" valign="bottom" style="width:29.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:09.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 57,776&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,274&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 7,736&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Internet Services &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 37,742&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 19,354&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 13,789&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cable Television Services &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 36,067&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 39,914&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 36,929&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fixed and Data Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 23,149&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,897&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 996&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other services revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 478&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 835&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 712&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Subtotal Services revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 155,212&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 66,274&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 60,162&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Equipment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 12,834&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 375&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 243&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 168,046&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 66,649&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 60,405&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfRevenueExplanatory>
  <ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;2018&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;2017&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Discount Rate (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;6.4 % - 15.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;4.6 % - 9.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Projected&amp;nbsp;increase&amp;nbsp;rate&amp;nbsp;in&amp;nbsp;compensation&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;10.0 % - 31.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;8.0 % -16.3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(1)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.8pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-size:8pt;"&gt;Represents estimates of real interest rate rather than nominal rate.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory>
  <ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE&amp;nbsp;20&amp;nbsp;&amp;#x2013; EQUITY&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Equity includes:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:22.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Equity attributable to Controlling Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 225,686&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 54,182&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Equity attributable to non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,227&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 846&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total equity (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 228,913&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 55,028&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*)&lt;font style="display:inline;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.8pt 0pt 0pt;"&gt;&lt;/font&gt;Additional information is given in the consolidated statements of changes in equity.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;(a)&lt;font style="display:inline;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"&gt;&lt;/font&gt;Capital Stock&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, the total capital stock of Telecom Argentina amounted to $2,169, represented by the same number of common book-entry shares with nominal value of $1 peso, of which 2,153,688,011 are&amp;nbsp;&amp;nbsp;entitled to one vote per share, since 15,221,373&amp;nbsp;are treasury shares that were acquired by the Company&amp;nbsp;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;All of the Class B Shares and Class C Shares and 340,994,852 Class A Shares of Telecom Argentina are authorized for public offering granted by the CNV. Class B Shares are listed and traded on the leading companies panel of the BYMA and the NYSE.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Each American Depositary Share (ADS) represents 5 Class B shares of the Company and is traded on the NYSE under the ticker symbol TEO.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2017, the total capital stock of Telecom Argentina amounted to $984, represented by the same number of common book-entry shares with nominal value of $1 peso, of which 969,159,605 are entitled to one vote per share, since 15,221,373 are treasury shares that were acquired by the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Pursuant to the Pre-Merger Commitment and the Final Merger Agreement, mentioned in Note 4.a), Telecom Argentina issued, effective as of January 1, 2018, 342,861,748 Class A Shares and 841,666,658 Class D, all of them common book-entry shares, with nominal value of $1 peso and entitled to one vote per shares, which have been fully paid in. The Merger, the consequent increase in the capital stock and the modification of the company bylaws were registered with the Public Registry of Commerce under the IGJ on August 30, 2018. For more information, see Note 4.a) to the consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These consolidated financial statements were prepared taking into consideration the provisions of IFRS 3 (Business Combinations). As a consequence of the foregoing and as explained in the Basis of Presentation (Note 1.a), the shareholders' equity as of December 31, 2017 and 2016 and its evolution in the statement of changes in equity for the years ended December 31, 2017 and 2016 presented as comparative information arise from the information reported by Cablevisi&amp;#xF3;n (acquirer for accounting purposes).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The capital stock of Cablevisi&amp;#xF3;n as of December 31, 2017 and 2016 amounted to $1,200 represented by 120,000 common book-entry shares with nominal value of 10,000 Argentina pesos and entitled to one vote per share, as decided at the General Extraordinary Shareholders' Meeting held on June 30, 2016.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The breakdown of the capital stock of Cablevisi&amp;#xF3;n as of December 31, 2017 was as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Shareholders&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Number&amp;nbsp;of&amp;nbsp;Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Equity&amp;nbsp;Interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;CVH (1) (3)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34,425&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 28.7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;VLG (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 61,581&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 51.3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fintech Media LLC (2) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17,212&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 14.3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;CVH (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,782&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5.7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Total &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 120,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 100.0&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Class A shares.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Class B shares.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (3)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;CVH held a 50% equity interest in VLG.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The dissolution of Cablevisi&amp;#xF3;n, due to the Merger, was registered in the Public Registry of Commerce in charge of IGJ on August 30, 2018 under No. 16346, L&amp;#xB0; 91 T&amp;#xB0; of Stock Companies.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(b)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"&gt;&lt;/font&gt;Share Ownership Plan&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;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&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares was to be included in the PPP (an employee share ownership program sponsored by the Argentine government). Pursuant to the PPP, the Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; 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. In 1999, Decree No.&amp;nbsp;1,623/99 of the Argentine government eliminated the restrictions on some of the Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares held by the PPP, although it excluded Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares of the Fund of Guarantee and Repurchase subject to an injunction against their use. In March&amp;nbsp;2000, the shareholders&amp;#x2019; meeting of the Company approved the conversion of up to unrestricted 52,505,360 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares into Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; shares (these shares didn&amp;#x2019;t belong to the Fund of Guarantee and Repurchase), most of which was sold in a secondary public offering in May&amp;nbsp;2000.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As required by the executive committee of PPP, the Annual Shareholders Meetings held on April&amp;nbsp;27, 2006, approved that the power for the additional conversion of up to 41,339,464 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; ordinary shares into the same amount of Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; ordinary shares, be delegated to the Board of Directors. That delegation does not include 4,593,274 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares of the Fund of Guarantee and Repurchase, that were affected by an injunction measure recorded in file &amp;#x201C;Garc&amp;#xED;as de Vicchi, Amerinda y otros c/ Sindicaci&amp;#xF3;n de Accionistas Clase C del Programa de Propiedad Participada s/nulidad de acto jur&amp;#xED;dico ("Garcias de Vicchi")", with respect to which the Annual Shareholders Meetings considered that there were legal impediments to approve that delegation of faculties for their conversion to Class "B". As of December 31, 2011, the 41,339,464 Class "C" shares had been converted to Class "B" in eleven tranches.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;With the injunction measure issued in the case Garc&amp;#xED;as de Vicchi having been revoked, the Board of Directors of the Company convened the Ordinary and Extraordinary General Meeting and the Special Meeting of Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; Shares&amp;nbsp;, that were held on December&amp;nbsp;15, 2011, and approved the power for the additional conversion of up to 4,593,274 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares into the same amount of Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; shares in one or more tranches, be delegated to the Board of Directors. As of December 31, 2016, 4,382,408 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares have already been converted into Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; shares in 11 tranches.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of the date of issuance of these consolidated financial statements, 210,866 Class&amp;nbsp;&amp;#x201C;C&amp;#x201D; shares are still pending to be converted into Class&amp;nbsp;&amp;#x201C;B&amp;#x201D; shares.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(c)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"&gt;&lt;/font&gt;Capital Market Act&amp;nbsp;- Law No.&amp;nbsp;26,831 and amendments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On December 28, 2012 the new Capital Market Law (Law No. 26,831) was published in the Official Gazette. This Law eliminates self-regulation of the capital market; grants new powers to the CNV and supersedes Law No. 17,811 and Decree No. 677/01, among other rules. The Law became effective on January 28, 2013. Since that date, governs the universal scope of the Statutory Regime of Public Offer of Mandatory Acquisition.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Productive Financing Law&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On May 11, 2018, Productive Financing Law No. 27,440 was published in the Official Gazette. This law established several amendments to the Capital Markets Law No. 26,831 regarding the extent of the powers of the CNV; the exercise of preemptive rights on shares offered through public offering in the case of capital increases; private placements; public tender offers; the jurisdiction of the federal commercial courts of appeals to review the resolutions issued or sanctions imposed by the CNV, among other amendments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;With regard to public tender offers, under the previous regime, the offeror was obliged to formulate a &amp;#x201C;fair&amp;#x201D; price to be fixed by weighing the results of different company valuation methods, with a minimum floor related to the average market price for the six-month period immediately preceding the date of the agreement. Pursuant to the amendments introduced by Law No. 27,440 to the Capital Markets Law, the obligation is objective and consists in offering the higher of two existing prices: the price that the offeror would have paid or agreed during the 12 months immediately preceding the first day of the public tender offer period, and the average price of the securities subject to the offer during the semester immediately preceding the date of the announcement of the transaction under which the change of control is agreed upon.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On December 28, 2018, CNV General Resolution No. 779/2018 was published in the Official Gazette, pursuant to which the regulatory framework applicable to the Public Tender Offers is regulated.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(d)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"&gt;&lt;/font&gt;Acquisition of Treasury Shares&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company&amp;#x2019;s Ordinary Shareholders&amp;#x2019; Meeting held on April&amp;nbsp;23, 2013, which was adjourned until May&amp;nbsp;21, 2013, approved at its second session of deliberations, the creation of a &amp;#x201C;Voluntary Reserve for Capital Investments&amp;#x201D; of $1,200, granting powers to the Company&amp;#x2019;s Board of Directors to decide its total or partial application, and to approve the methodology, terms and conditions of such investments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In connection with the above mentioned, on May&amp;nbsp;22, 2013, the Board of Directors approved a Company&amp;#x2019;s Treasury Shares Acquisition Program in the market in Argentine pesos (the &amp;#x201C;Treasury Shares Acquisition Program&amp;#x201D;) so as to avoid any possible damages to the Company and its shareholders derived from fluctuations and unbalances between the shares&amp;#x2019; price and the Company&amp;#x2019;s solvency, for the following maximum amount and deadline:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;text-decoration:underline;"&gt;Maximum amount to be invested:&lt;/font&gt;&lt;font style="display:inline;"&gt; $1,200.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;text-decoration:underline;"&gt;Deadline for the acquisitions:&lt;/font&gt;&lt;font style="display:inline;"&gt; until April&amp;nbsp;30, 2014.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;According to the offer made on November 7, 2013 by Fintech for the acquisition of the controlling interest of the Telecom Italia Group in Telecom Argentina, Telecom Argentina suspended the acquisition of treasury shares and its Board of Directors considered appropriate to request the opinion of the CNV on the applicability of the new provisions contained in the rules issued by that entity (Title II, Chapter I, Art.13 and concurring) with respect to the continuation of the Treasury Shares Acquisition Program.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The CNV did not answer the Company&amp;#x2019;s request and the Telecom Argentina&amp;#x2019;s Board of Directors, at its meeting held on May&amp;nbsp;8, 2014, decided to conclude the request considering that the Treasury Shares Acquisition Program finished on April&amp;nbsp;30, 2014, which had been approved by Telecom Argentina&amp;#x2019;s Board of Directors Meeting held on May&amp;nbsp;22, 2013.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom Argentina&amp;#x2019;s Board of Directors, at its meeting held on June&amp;nbsp;27, 2014, decided to request a new opinion from the CNV to confirm whether Telecom Argentina is obliged to refrain from acquiring treasury shares in the market under Section&amp;nbsp;13, Chapter&amp;nbsp;I, Title II of the CNV rules&amp;nbsp;(NT 2013).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Pursuant to Section&amp;nbsp;67 of Law No.&amp;nbsp;26,831, the Company should sell its treasury shares within three&amp;nbsp;years of the date of acquisition, although the Company&amp;#xB4;s Shareholders&amp;#x2019; Meetings provides an extension. Pursuant to Section&amp;nbsp;221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&amp;#x2019; Meetings. No restrictions apply to Retained Earnings as a result of the creation of a specific reserve for such purposes named &amp;#x201C;Voluntary Reserve for Capital Investments&amp;#x201D;, which as of December 31, 2018 amounts to $3,300 (in current currency on the transaction date).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company&amp;#x2019;s Shareholders&amp;#x2019; Meeting held on April&amp;nbsp;29, 2016 approved a three-year extension to the term established in Section&amp;nbsp;67 of Law No.&amp;nbsp;26,831 for the disposal of the treasury shares.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018 the Company owns 15,221,373 treasury shares, representing 0.70% of its total capital. The acquisition cost of these shares in the market amounted to $461 (in current currency on the transaction date).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(e)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"&gt;&lt;/font&gt;Law No. 27,260 of &amp;#x201C;Historical Repair to Retired and Pensioned&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On July 22, 2016, Law No. 27,260 of &amp;#x201C;Historic Reparation for Retired Persons and Pensioners&amp;#x201D;, abolishing Law No. 27,181 on "Declaration of public interest of the protection of the social participations of the National State that make up the investment portfolio of the &amp;#x201C;Sustainability Guarantee Fund of the Argentine Pension Integrated System" in its Section 35, was published in the Official Gazette. In addition, Section 30 of Law No. 27,260 provides that the transfer of shares of public corporations authorized by the CNV that are part of the FGS is banned without a previous and express authorization of the Federal Congress if, as a result of such transfer, the FGS&amp;#x2019;s holding of the above referred securities becomes less than 7% of the aggregate assets of the FGS. The following exceptions apply: &lt;/font&gt;&lt;font style="display:inline;font-style:italic;"&gt;&amp;#x201C;1.Tender offers addressed to all holders of such assets at a fair price authorized by the CNV, pursuant to the terms of Chapters II, III and IV of Title III of Law No. 26,831. 2. Swaps of shares for other shares of the same or another corporation as a result of a merger, split or other corporate reorganization.&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(f)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"&gt;&lt;/font&gt;Decree No.&amp;nbsp;894/2016: exercise of corporate, political and economic rights by the ANSES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On July 28, 2016, Decree No. 894/2016 was published in the Official Gazette, providing that in those corporations which shares are part of the Sustainability Guarantee Fund of the Argentine Pension Integrated System&amp;#x2019; portfolio, the corporate, political and economic rights corresponding to such shares shall not be exercised by the Secretary of Economic Politics and Development Planning, but shall instead be exercised by the Federal Management of Social Security (&amp;#x201C;ANSES&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;In addition, Decree No. 894/2016 provides that the Directors appointed by ANSES shall have the functions, duties and powers provided in the LGS, the Capital Market Law No. 26,831 and their complementary regulations, all other rules applicable to corporations in which they act as directors, and their bylaws and internal regulations, and that they shall be exposed to all the liabilities applicable under such rules, not being subject to the provisions of Decree No. 1,278/2012 and No.196/2015 (the latter in connection with its delimitation of responsibility).&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory>
  <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These consolidated financial statements have been prepared by applying the restatement criteria of financial statements established in IAS 29. For more information, see Note 1.e).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;a)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Going Concern&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The consolidated financial statements as of December 31, 2018 and 2017 have been prepared on a going concern basis as there is a reasonable expectation that Telecom Argentina and its subsidiaries will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months from the end of the reporting period).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;b)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Foreign Currency Translation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Items included in the financial statements of each of the entities of Telecom are measured using the currency of the primary economic environment in which the entity operates (&amp;#x201C;the functional currency&amp;#x201D;). The consolidated financial statements are presented in Argentine pesos, which is the functional currency of all Telecom&amp;#x2019;s companies located in Argentina. The functional currency for the foreign subsidiaries of Telecom is the respective legal currency of each country.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The financial statements of the Company&amp;#x2019;s foreign subsidiaries are translated using the exchange rates in effect at the reporting date; for assets and liabilities while income and expenses are translated at the average exchange rates for the year. Exchange differences resulting from the application of this method are recognized in Other Comprehensive Income. The cash flows of foreign consolidated subsidiaries expressed in foreign currencies included in the consolidated financial statements are translated at the average exchange rates for each year.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;c)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Foreign Currency Transactions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Transactions in foreign currencies are translated into the functional currency using the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate prevailing at the reporting date. Exchange differences are recognized in the consolidated income statement and are included in Debt financial costs and Other financial results, net.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;d)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Consolidation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These consolidated financial statements include the consolidation of the assets, liabilities, results and cash flows of Telecom Argentina and its subsidiaries, as well as the consolidation in its financial statements of the assets, liabilities and results under joint control, according to the percentage of interest in the arrangements of the companies and joint ventures (&amp;#x201C;Interests in joint operations,&amp;#x201D; point d.2) jointly controlled by it; and, the interest owned by the Company in associates is recognized in one item (companies in which it exercises significant influence, see d.3) Investments in Associates.) Finally, structured entities with the specifications mentioned in point d.4) are included in these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.1) Control&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Control exists when the investor has substantive power over the investee; exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power to affect the amount of returns. Subsidiaries are fully consolidated from the date on which control is transferred to the controlling company. They should be deconsolidated from the date that control ceases.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the preparation of these consolidated financial statements, assets, liabilities, revenues and expenses of the consolidated subsidiaries are consolidated on a line-by-line basis. Non-controlling interests in the equity and in the profit (loss) for the period are disclosed separately under appropriate captions, respectively, in the consolidated statement of financial position, in the consolidated income statement and in the consolidated statement of comprehensive income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;All intercompany accounts and transactions between Telecom and its subsidiaries have been eliminated in the preparation of these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial statements of controlled companies are for the same period and has the same closing date of the parent&amp;#x2019;s financial statements and are made using the same accounting policies of the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Note 1.a) details the consolidated subsidiaries, together with the interest percentages held directly or indirectly in each subsidiary&amp;#x2019;s capital stock and votes as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company considers transactions with non-controlling companies that do not result in a loss of control as transactions among shareholders. A change in the equity interests held by the Company is considered as an adjustment in the book value of controlling interests and non-controlling interests to reflect the changes in its relative interests. The differences between the amount for which non-controlling interests is adjusted and the fair value of the consideration paid or received and attributed to the shareholders of the controlling company will be directly recognized in equity under a specific reserve in the equity attributed to the parent company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.2) Interests in Joint Operations&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;A joint operation is a contractual arrangement whereby two or more companies undertake an economic activity that is subject to joint control, i.e., when the financial strategy and the operating decisions related to the company&amp;#x2019;s activities require the unanimous consent of the parties sharing control.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the cases of joint business arrangements executed through &lt;/font&gt;&lt;font style="display:inline;font-style:italic;"&gt;Uniones Transitorias de Empresas&lt;/font&gt;&lt;font style="display:inline;"&gt; ("UTE"), considered joint operations under IFRS 11, the Company recognizes in its financial statements on a line-by-line basis the assets, liabilities and net income subject to joint control in proportion to its share in such arrangements. Telecom, upon absorbing the operations of Cablevisi&amp;#xF3;n, holds a 50% share in the UTE Ertach &amp;#x2013; Cablevisi&amp;#xF3;n.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The UTE Ertach &amp;#x2013; Cablevisi&amp;#xF3;n is engaged in the provision of data transmission services and the order channels required to integrate the public administration agencies of the Province of Buenos Aires and its municipal agencies in a single data communication provincial network.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The UTE was created in April 2005 by the Board of Directors of Prima (absorbed by Cablevisi&amp;#xF3;n in 2016) and currently has an agreement, with the Ministry of the Chief of the Cabinet of Ministers of the Province of Buenos Aires which was approved under Decree No. 2017-166-E-GDEBA-GPBA, that provides for the data transmission services for the Single Provincial Data Communication Network implemented under the original Bid for a term of 24 months since May 1, 2017. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.3) Investments in Associates&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;An associate is an entity over which the Company has significant influence, without exercising control, generally accompanied by equity holdings of between 20% and 50% of voting rights.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The associates&amp;#x2019; assets, liabilities and net income are disclosed in the financial statements using the equity method. Under the equity method, the investment in an associate is initially recorded at cost and the book value will be increased or decreased to recognize the investor&amp;#x2019;s share in the statement of income for the year or in other comprehensive income obtained by the associate, after the acquisition date. The dividends distributions received from the associate will reduce the book value of the investment. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company's investment in associates includes the goodwill identified at the time of the acquisition, net of any impairment losses. Goodwill is the excess of the acquisition cost over the Company&amp;#x2019;s share in the net fair value of the associate&amp;#x2019;s identifiable assets and liabilities (including contingent ones) measured at the acquisition date. Goodwill is included in the book value of the investment and tested for impairment as part of the investment.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Unrealized gains or losses on transactions between the Company (and its subsidiaries) and the associates are eliminated considering the Company&amp;#x2019;s interest held in the associates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If necessary, adjustments are made, to the associates&amp;#x2019; financial statements so that their accounting policies are in line with those used by the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.4) Consolidation of structured entities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company, through one of its subsidiaries, has executed certain agreements with other companies for the purpose of rendering on behalf of and by order of such companies certain installation services, collections, administration of subscribers, marketing and technical assistance, financial and general business advising, with respect to cable television services in Uruguay. In accordance with IFRS 10 &amp;#x201C;Consolidated Financial Statements&amp;#x201D;, these consolidated financial statements include the assets, liabilities and results of these companies. Since the Company does not hold an equity interest in these companies, the offsetting entry of the net effect of the consolidation of the assets, liabilities and results of these companies is disclosed under the line items "Equity attributable to non-controlling interests" and "Net Income attributable to non-controlling interests".&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;text-decoration:underline;"&gt;Call Option Agreement of Adesol&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On December 22, 2016, Adesol S.A. entered into a call option agreement (the &amp;#x201C;Call Option Agreement&amp;#x201D;) with the majority shareholder of the special purpose entities, whereby, Adesol has the right to exercise, until December 31, 2021, the irrevocable call option on the shares of those companies (the &amp;#x201C;Call Option&amp;#x201D;). If it exercises the Call Option, the purchase price has been preliminarily established in the amount of $128, subject to an eventual adjustment in case certain circumstances provided under the Call Option Agreement occur.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition to the execution of the Call Option Agreement, Adesol S.A. paid to the grantor of the call option an option premium the amount of $45 (the amount restated to current currency of December 31, 2018 amounts to $83 ). If Adesol S.A. does not exercise the Call Option, the seller shall irrevocably retain the amount paid by Adesol S.A., and the agreement will be terminated.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If it exercises the Call Option, the assignment, sale and transfer of the shares to Adesol shall be subject, as condition precedent, to the approval by the Communication Services Regulatory Agency of the Republic of Uruguay.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, on December 28, 2017, the parties executed an amendment to the Option Agreement and the Seller sent a notice to Adesol, whereby: (i) the Call Option Period was extended for two additional years, thus the expiration date is December 31, 2023; (ii) the Purchase Price of the Shares was set precisely and definitively US$ 5,011,747 and $45; (iii) Adesol undertook to pay, within ten business days as from December 30, 2017, a Supplement to the Option Premium in the amount of US$ 4,500,000; and (iv) in the event that Adesol S.A. has paid the Seller the Supplement to the Option Premium and Adesol S.A. does not exercise the Call Option within the Call Option Period, the Seller undertakes to return to Adesol S.A., within ten business days as from the expiration of the Call Option Period, the amount of US$ 2,500,000 received as partial payment of the Supplement to the Call Option Premium. In view of the above, on January 16, 2018, Adesol S.A. paid to the Seller the Supplement to the Call Option Premium. Such amount was allocated under &amp;#x201C;Other deferred&amp;#x201D; in the statement of changes in equity and amounts to $91 at the exchange rate prevailing at the time of its payment (the amount restated to current currency of December 31, 2018 amounts to $132).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.5) Business Combinations&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company applies the acquisition method of accounting for business combinations. The consideration for each acquisition is measured at fair value (on the date of exchange) of the assets given, the liabilities incurred or assumed, and the equity instruments issued by the Company in exchange for the control of the acquired company. The costs related to the acquisition are expensed as incurred.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The consideration for the acquisition, if any, includes any asset or liability arising from a contingent consideration arrangement, measured at fair value at the acquisition date. Subsequent changes to such fair value, identified during the measurement period, are adjusted against the acquisition cost. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The identifiable assets, liabilities and contingent liabilities of the acquired company that meet the conditions for recognition under IFRS 3 are recognized at fair value at the acquisition date, except for certain particular cases provided by such standard.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Any excess of the acquisition cost over the Company&amp;#x2019;s share in the net fair value of the acquired&amp;#x2019;s identifiable assets, liabilities and contingent liabilities measured at the acquisition date is recognized as goodwill. Any excess of the Company&amp;#x2019;s share in the net fair value of the identifiable assets, liabilities and contingent liabilities over the acquisition cost, after its measurement at fair value, is immediately recognized in the income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.6) Accounting treatment for the acquisition of the remaining shareholding (30%) of the subsidiary CV Berazategui&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On April 4, 2018, the Company acquired shares representing 30% of the capital stock and votes of CV Berazategui for a total amount of US$ 8,968,000, equivalent to $181 at the date of the transaction.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The remaining 70% of the capital stock and votes of CV Berazategui are owned by Pem, a company controlled by Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This operation represents a transaction between the controlling and non-controlling shareholders in the consolidated financial statements. For this reason, the non-controlling interest of $5, which represents 30% of the equity value of CV Berazategui, was adjusted and the difference between the purchase price of $181 and the non-controlling interest was recorded in "Other deferred" within Net Equity attributable to controlling shareholders as of December 31, 2018, in accordance with IFRS 10 (the amount restated to current currency of December 31, 2018 amounts to $237).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;e&lt;/font&gt;&lt;font style="display:inline;"&gt;)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Revenues&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues are recognized to the extent the sales agreement has commercial substance, provided it is considered probable that economic benefits will flow to the Company and their amount can be measured reliably. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues are stated net of discounts and returns (such as handset returns). The Company discloses its revenues into two large groups: Services and equipment. Revenues from services are recognized over the time services are rendered to the customers. Revenues from sales of equipment are recognized at the point in time when the control is transferred and the performance obligation is performed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues from transactions that include more than one item have been recognized separately to the extent they have commercial substance on their own.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The sale prices identified in the different sales transactions are net prices of discounts (list price less discounts or bonifications if applicable). In those cases in which the payment is delayed over time, as for example in construction contracts, the effect of the time value of money must be withdrawn.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financed sales are recognized at the value of future income discounted at a market rate assessed at the beginning of the transaction.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The main performance obligations of Telecom and its subsidiaries are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Mobile Services&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom provides mobile services in Argentina and Paraguay through wireless networks. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Services revenues consist of monthly basic fees, airtime usage charges, roaming, TLRD, CPP charges (as from October 1 these charges were no longer recognized as CPP and began to be recognized as a call termination charge), charges for VAS (among them, call waiting, voicemail, SMS and multimedia) and other services. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Basic fees are generally billed monthly in advance, disclosed net of trade receivables until services are rendered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues from the sale of prepaid calling cards are recognized in the period during which traffic is used, or when the card expires, whichever occurs first. Remaining unused traffic for unexpired calling cards is shown as &amp;#x201C;Deferred revenue on prepaid calling cards&amp;#x201D; under Other liabilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues from sales of mobile equipment consist mainly of the sale of handsets to customers and own agents. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Generally, in cases of combined sales, the handset is sold with a discount in the price, but not when the handset is sold separately. In connection with mobile telephony service, it is generally offered at the same selling price, without any discount in case it is offered together with a handset. In those cases of combined sales, IFRS 15 (Revenue from Contracts with Customers), adopted by Telecom as from January 1, 2018, requires to allocate the selling price to each performance obligation according to its proportional standalone selling price for the agreed-upon stipulated contractual term.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Taking into consideration that the customer pays for the handset the price net of the discount and that, under the application of the method detailed in the previous paragraph, the discount applied to the handset is assigned between handset sale revenues and service revenues, a contractual asset will be initially recognized. The contract of individuals is a contract for an indeterminate period and the payment of the handset is net of discounts. In such cases, the contractual asset will be reversed within a period of one month. In the case of large customers, the contractual asset will decrease to the extent service revenues are recognized, and will be fully derecognized in the 24th month, that is the stipulated contractual term for this type of customers. The method used provides a faithful representation of the transfer of goods or services in mobile services contracts in which more than one good or service is offered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Internet Services&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Internet revenues mainly consist of monthly fees received from residential and corporate customers for data transmission (including private networks, dedicated lines, broadcasting signal transport and videoconferencing services) and Internet services (mainly high-speed subscriptions - broadband).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Non-refundable up-front connection fees (revenues at a point in time), generated at the beginning of the relationship with the customers, are deferred and charged to income over the term of the contract or, in the case of indefined period contracts, over the average period of the customer relationship.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Cable Television Services&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cable Television Services comprise the operation of cable television networks installed in different locations of Argentina and Uruguay. In addition, Tuves holds a license for the provision of DATH services in Paraguay.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cable television basic fees are billed in advance and are recognized as revenues when services are provided.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues from the installation (&amp;#x201C;one-time&amp;#x201D; revenues) non-refundable of these services are deferred and charged to income in the estimated average term of the relationship with the customer.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Fixed Telephony and Data services&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Domestic fixed telephony services revenues mainly consist of monthly fees, measured service and monthly fees for additional services (among others, call waiting, itemized billing and voicemail).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Basic fees are generally billed monthly in advance, disclosed net of trade receivables, and are recognized as revenues when services are provided. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Non-refundable up-front connection fees for fixed telephony and data services (one-time revenues), generated at the beginning of the relationship with the customers, are deferred and charged to income over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;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 up to an amount equal to or less than the amount of deferred revenues. Generally, reconnection revenues are higher than its associated direct expenses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues on construction contracts are recognized based on the stage of completion (percentage of completion method). This method provides a faithful representation of the transfer of assets in construction contracts, given that revenues are recognized to the extent of the progress of the construction. When the outcome of a construction contract can be estimated reliably, the revenues and costs associated with the construction contract are recognized as revenues and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. When it is probable that total contract costs will exceed total contract revenues, the expected losses are immediately recognized as expenses. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018 revenues from construction contracts were recognized for $160 and cost of construction contracts were recognized for $155. In relation to construction contracts; $322 of deferred revenues and $537 of inventories were recognized as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;f)&lt;/font&gt;&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Financial Instruments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;f.1) Financial Assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Upon initial recognition, in accordance with IFRS 9, financial assets are subsequently measured at either amortized cost, or fair value, on the basis of:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(a)&amp;nbsp;the Company&amp;#x2019;s business model for managing the financial assets; and &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(b)&amp;nbsp;the contractual cash flow characteristics of the financial asset.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;A financial asset shall be measured at amortized cost if both of the following conditions are met:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(a)&amp;nbsp;the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(b)&amp;nbsp;the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;A financial asset that is not measured at amortized cost according to the paragraphs above is measured at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial assets include:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;font-style:italic;text-decoration:underline;"&gt;Cash and Cash Equivalents&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three&amp;nbsp;months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Time deposits are valued at their amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net - Interest and Gains on investments. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Investments in Government Bonds were valued at amortized cost or at fair value, depending on the business model established by the Company&amp;#xB4;s Management. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Trade and Other Receivables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for doubtful accounts.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As mentioned in section e) Revenues, contractual assets originated by the application of IFRS 15, either current or non-current, are initially recognized at fair value and subsequently measured at amortized cost, less allowances for doubtful accounts, if any.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:normal;font-style:italic;text-decoration:underline;"&gt;Investments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Government Bonds include the Bonds issued by National, Provincial and Municipal Governments. Depending on the business model adopted by Management, Bonds may be valued at amortized cost or at fair value and its results are recognized under Other Financial Results, net - Interest and Gains on other investments.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Time deposits are valued at amortized cost.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net - Interest and Gains on investments. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Those National, Provincial and Municipal Governments bonds denominated in foreign currency whose initial intention is to keep them until their maturity, are measured at amortized cost and bear an interest in foreign currency. In this particular case, Management estimated the US Dollar denominated cash flows to be generated until maturity and compared that amount to the fair value of the instrument in US Dollars at the acquisition date. The acquisition cost in US Dollars has been adjusted by applying the Internal Rate of Return (IRR) and the resulting value was converted to Argentine pesos using the exchange rate as of the date of measurement. The exchange differences generated by these bonds are included in Other financial results, net - Foreign currency exchange gain (loss).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Other investments in Government Bonds are valued at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The 2003 telecommunications fund was recorded at fair value.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Impairment of Financial Assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;At the time of initial recognition of financial assets (and at each closing), the Company estimates the expected losses to be generated by the assets, with an early recognition of a provision, pursuant to IFRS 9.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;With regard to trade receivables, and using the simplified approach provided by such standard, the Company measures the allowance for doubtful accounts for an amount equal to the lifetime expected credit losses. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The expected losses to be recognized are calculated based on a percentage of uncollectibility per maturity ranges of each financial credit. For such purposes, the Company analyzes the performance of the financial assets by type of market. Such historical percentage must contemplate the future collectibility expectations regarding those credits and, therefore, those estimated changes in performance.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Derecognition of Financial Assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company derecognizes a financial asset when the contractual rights to the cash flows of such assets expire or when it transfers the financial asset and, therefore, all the risks and benefits inherent to the ownership of the financial asset are transferred to another entity. If the Company retains substantially all the risks and benefits inherent to the ownership of the transferred asset, it will continue to recognize it and will recognize a liability for the amounts received.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;f.2)&amp;nbsp;Financial Liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial liabilities comprise trade payables (excluding Derivatives, if applicable), financial debt, salaries and social security payables (see point n) below), Dividends payable and certain liabilities included in Other Liabilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made, adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Derecognition of Financial Liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company shall derecognize a financial liability (or part of it) when it has been extinguished, i.e., when the obligation specified in the corresponding agreement is discharged, cancelled or expires.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;f.3)&amp;nbsp;Derivatives&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Derivatives are used by Telecom and its subsidiaries to manage its exposure to exchange rate and interest rate risks and to diversify the parameters of debt so that costs and volatility can be reduced to pre-established operational limits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;All derivative financial instruments are measured at fair value in accordance with IFRS 9. Derivative financial instruments qualify for Hedge Accounting if and only if all of the following conditions are met:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;a)&amp;nbsp;&amp;nbsp;The hedging relation consists only of hedging instruments and eligible hedged items;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;b)&amp;nbsp;&amp;nbsp;The hedging relation and the risk management strategy and purpose are formally designated and documented since its inception; and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;c)&amp;nbsp;&amp;nbsp;the hedge is expected to fulfill the efficacy requirements described in Note 21.c &amp;#x2013; Hedge Accounting.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;When a derivative financial instrument is designated as a cash flow hedge the effective portion of any gain or loss on the derivative financial instrument is recognized directly in Other Comprehensive Income. The cumulative gain or loss is removed from OCI and recognized in the consolidated income statement at the same time as the hedged transaction affects the consolidated income statement. The gain or loss associated with the ineffective portion of a hedge is immediately recognized in the consolidated income statement. If the hedged transaction is no longer probable, the cumulative gains or losses included in OCI are immediately recognized in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If the hedged item is a prospective transaction that results in the recognition of a non-financial asset or liability or a firm commitment, the cumulative gain or loss that was initially recognized in OCI is reclassified to the carrying amount of such asset or liability.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If Hedge Accounting is not appropriate, gains or losses arising from the fair value measurement of derivative financial instruments are immediately recognized in the consolidated income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For additional information about derivatives operations during the years ended December 31, 2018 and 2017, see Note 21.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;g)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Inventories&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Inventories are measured at the lower of restated cost and net realizable value. The cost is determined under the weighted average price method. The net realizable value represents the estimated selling price in the ordinary course of business less the applicable variable selling expenses. In addition, the Company estimates and records allowances for obsolete and slow-moving inventories.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The value of inventories does not exceed its recoverable value at the end of the year.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;h)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;PP&amp;amp;E&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;PP&amp;amp;E is stated at restated acquisition or construction cost. Subsequent expenditures are capitalized only when they represent an improvement, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The other subsequent costs are recognized as expenses for the period in which they are incurred. When a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items if they are significant.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;PP&amp;amp;E cost also includes the expected costs of dismantling the asset and restoring the site if a legal or constructive obligation exists. The corresponding liability is recognized under Provisions line item at its present value. These capitalized costs are depreciated and charged to the consolidated income statement over the useful life of the related assets in the Depreciation, amortization and impairment of PP&amp;amp;E and Intangible assets item line.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed on an annual basis. Changes in the above liability are recognized as an increase or decrease of the cost of the related asset and are depreciated prospectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, PP&amp;amp;E costs include those related to the installation that allows the customer to connect to the service, in Fixed network and transportation. Those costs comprise labor costs and the materials required to install wiring.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Borrowing costs attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of these assets until they are ready for their intended use or sale, under IAS 23 (&amp;#x201C;Borrowing Costs&amp;#x201D;.) The assets in respect of which borrowing costs are capitalized are those that necessarily take a substantial period of time to get ready for their intended use (qualifying assets under IAS 23).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The value of PP&amp;amp;E does not exceed its recoverable value estimated at the end of the year.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Depreciation of PP&amp;amp;E owned is calculated on a straight-line basis over the ranges of estimated useful lives of each class of assets. The ranges of the estimated useful lives of the main classes of PP&amp;amp;E are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Estimated&amp;nbsp;Useful&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Life&amp;nbsp;(in&amp;nbsp;years)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Real Estate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fixed Network and Transportation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5 &amp;#x2013; 10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile Network Access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;3 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tower and Pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;10 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Switching Equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Computer Equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;3 &amp;#x2013; 5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Goods lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2 &amp;#x2013; 4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Power Equipment and Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2 &amp;#x2013; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Machinery, diverse equipment and tools&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5 &amp;#x2013; 10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The depreciation rates are reviewed annually and revised if the current estimated useful life is different from that estimated previously taking into account, among others, technological obsolescence, maintenance and condition of the assets and different intended use from previous estimates. The effect of such changes is recognized prospectively in the income statement in the corresponding period.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;i)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Intangible Assets&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets are recognized if and only if the following conditions are met: The asset is separately identifiable, it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and the cost of the asset can be measured reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets with a finite useful life are stated at restated cost, less accumulated amortization and impairment losses, if any.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets with an indefinite useful life are stated at restated cost, less accumulated impairment losses, if any.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets comprise the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:11pt;"&gt;- Incremental Costs from the Acquisition of Contracts&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Certain direct incremental costs incurred for the acquisition of new subscribers are capitalized as intangible assets to the extent the conditions for the recognition of an intangible asset are met, pursuant to IFRS 15, i.e. provided the Company expects to recover those costs and provided they are costs that the Company would not have incurred if the contract had not been successfully obtained.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Subsequently, said assets will be amortized under the straight-line method over the contractual relationship of the related transferred service. These costs are amortized over a period of two years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;- &amp;nbsp;3G/4G licenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As described in Note 2.e Spectrum, it includes 3G and 4G frequencies awarded by the SC to Personal in November 2014 and June 2015. In accordance with Section 12 of the Auction Terms and Conditions, they were granted for a period of 15 years as from the date of awarding notification.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Consequently, the Company's management has concluded that the 3G and 4G licenses have a finite useful life and, therefore, they are amortized under the straight-line method over 180 months as from their award.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Pursuant to Section 4.d) of PEN Decree No. 1,340/16 and Resolution No. 528/2018, which is described in Note 2.e), the remaining useful life of the frequencies included in Lot 8 of the auction was re-estimated. In consequence, the 700Mhz bands will finish amortizing in January 2033.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, the licenses that had been previously awarded to Nextel whose useful life is calculated as from the beginning of the provision of the Advanced Mobile Communication Services SCMA or upon expiration of the 18-month term provided under Section 10.1, subsection a), Annex I, Decree No. 764/2000 for the beginning of the provision of the Services, whatever occurs first.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- PCS license (Argentina)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company&amp;#x2019;s Management, based on an analysis of the relevant characteristics of this license, has considered the license having an indefinite useful life since there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. Therefore, this license is subject to a recoverability assessment at least on an annual basis.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;No impairment losses have been recorded for those intangible assets for any of the three years presented. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- N&amp;#xFA;cleo&amp;#xB4;s licenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;PCS license is amortized under the straight-line method over 60 months, ending its amortization in fiscal year 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On June 2017, N&amp;#xFA;cleo required the renovation of that license. Finally, and after that the CONATEL issued, according to the Telecommunication law, resolutions of precarious extensions in the second quarter 2018, the PCS license was renewed for approximately $64, which amortizes in 60 months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The 700 MHz- band spectrum licenses acquired by N&amp;#xFA;cleo during the first quarter of 2018 for US$24 million are amortized over a term of 10 years.&amp;nbsp; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- SRCE License&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;SRCE License has indefinite useful life. At the end of the year, no impairment losses have been recognized on these intangible assets.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- Customer relationship&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It comprises mainly contracts with Telecom&amp;#x2019;s and Tuves Paraguay&amp;#x2019;s customers that were incorporated as a result of the merger between Telecom and Cablevisi&amp;#xF3;n (see Note 4.a)). They are amortized over the estimated term of the relationship with the acquired customers: for fixed-telephony customer such term was estimated at 10 years, for mobile telephony customers in Argentina it was estimated at 6 years, and for mobile telephony customers in Paraguay it was estimated at 5 years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- Brands&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It includes the Brand Cablevisi&amp;#xF3;n, which is amortized over 50 years, and the Brand Flow, which is amortized over 3 years. In addition, as a result of the Merger described under Note 4.a), the brands of Telecom (&amp;#x201C;Telecom&amp;#x201D;, &amp;#x201C;ARNET&amp;#x201D; and &amp;#x201C;Personal&amp;#x201D;, both in Argentina and in Paraguay) which are not amortized because they have been considered of indefinite useful life.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;- Other&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It includes Exclusivity Rights, Rights of Use, among others. The average useful life is estimated at 5 and 28 years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;j)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Goodwill&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Goodwill is recognized as a difference between the fair value of the consideration paid and the amount of the non-controlling interest, if any, less the fair value of the net assets identified in each business combination. Goodwill has indefinite useful life and its recoverable value must be assessed at least once a year.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;No impairment losses have been recorded for goodwill at year-end.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;k)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Finance Leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Leases that transfer substantially all the risks and benefits incidental to ownership of the leased asset are classified as finance leases. All other leases are classified as operating. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018 Telecom and its subsidiaries do not have current financial lease agreements or residual value of fixed assets acquired by financial leases.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Operating Leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Lease payments under an operating lease are recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the normal course of business, the Company leases cell sites, switch sites, satellite capacity and circuits, among others, under various non-cancellable operating leases. Rental expenses are included under Interconnection and transmission costs and Other operating income and expenses items lines in the consolidated income statement during the term of the lease.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;l)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Impairment of PP&amp;amp;E, Intangible Assets and Goodwill&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company assesses whether there are any indicators of impairment of the assets that are subject to amortization. Both internal and external factors are considered for this purpose. Internal factors include, among others, obsolescence or physical damage of the asset, and significant changes in the extent to which, or manner in which, an asset is used or expected to be used and internal reports that may indicate that the economic performance of the asset is, or will be, worse than expected. External sources include, among others, the market value of the asset, significant changes in the legal, economic, technological or markets environment, increases in market interest rates and the cost of capital used to evaluate investments, and an excess of the carrying amount of the net assets of Telecom over market capitalization.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The carrying value of an asset is considered impaired by the Company when it is higher than its recoverable amount. In that event, a loss shall be immediately recognized in the statement of income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The recoverable value of an asset is the higher of its fair value (less selling costs) or its value in use. In calculating the value in use of an asset, the estimated future cash flows are discounted to present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the evaluated asset.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit to which the asset belongs. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets with an indefinite useful life and goodwill are not subject to amortization and are tested at least annually for impairment. The intangible assets with an indefinite useful life held by the Company as of December 31, 2018 are the PCS license in Argentina, the brands acquired with the business combination (see Note 4.a) and the SRCE license. The intangible asset with indefinite useful life held by the Company as of December 31, 2017 is the SRCE license. Its recoverable amount is determined based on the value in use, which is estimated using discounted net cash flows projections.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For the years presented, the Company estimates that there is no indication of impairment of the assets that are subject to amortization, with the exception of, mainly, the impairment recognized for the brand Arnet for $1,623. The Company decided, in the fourth quarter of 2018, to discontinue the use of the trademark Arnet for the commercialization of its broadband product during the year 2019. The customers that currently use said brand will now use said service under the brand Fibertel. This will allow the Company to simplify its brand portfolio completing the alignment of products, and to establish a better and more direct communication with our customers.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The net effects of the constitution and recovery of the above-mentioned impairments are recorded under &amp;#x201C;Impairment of PP&amp;amp;E&amp;#x201D;, which is described under Note 23.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;m)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Other Liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Pension Benefits&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Pension benefits shown under Other liabilities represent accrued benefits under collective bargaining agreements for employees who retire upon reaching normal retirement age, or earlier due to disability in Telecom Argentina. Benefits consist of the payment of a single lump sum equal to the salary of one month for each five years of service at the time of retirement due to retirement age or disability. The collective bargaining agreements do not provide for other post-retirement benefits such as life insurance, health care, and other welfare benefits. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The net periodic pension costs are recognized in the income statement, segregating the financial component, as employees render the services necessary to earn pension benefits. However, actuarial gains and losses should be presented in the statements of comprehensive income. Actuarial assumptions and demographic data, as applicable, were used to measure the benefit obligation as required by IAS 19 revised. The Company does not make plan contributions or maintain separate assets to fund the benefits at retirement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The actuarial assumptions used are based on market interest rates, past experience and Management&amp;#x2019;s best estimate of future economic conditions. Changes in these assumptions may impact future benefit costs and obligations. The main assumptions used in determining expense and benefit obligations are the:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;2018&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;2017&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Discount Rate (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;6.4 % - 15.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;4.6 % - 9.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Projected&amp;nbsp;increase&amp;nbsp;rate&amp;nbsp;in&amp;nbsp;compensation&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;10.0 % - 31.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;8.0 % -16.3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(1)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.8pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-size:8pt;"&gt;Represents estimates of real interest rate rather than nominal rate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additional information on pension benefits is provided in Note&amp;nbsp;17.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Deferred revenues on prepaid calling cards&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues from unused traffic and data packs for unexpired calling cards are deferred and recognized as revenue when the minutes and the data are used by customers or when the card expires, whichever happens first. For more information, see Note 3.e) Revenues &amp;#x2013; Mobile services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Deferred revenues on connection fees&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Non-refundable up-front connection or installation fees for fixed telephony, data, cable and Internet services are deferred over the term of the contract, or in the case of indefinite period contracts, over the average period of customer relationship. For more information, see Note 3.e) Revenues &amp;#x2013; Fixed Telephony and Data services, Internet services and Cable television services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Deferred Revenues related to Customer Loyalty Programs&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The fair value of the award credits regarding the Company and N&amp;#xFA;cleo&amp;#x2019;s customer loyalty program is accounted for as deferred revenue and recognized as revenue until the award credits are redeemed or expire, whichever occurs first.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Deferred Revenues on International Capacity Leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Under certain network capacity purchase agreements, the Company sells excess purchased capacity to other carriers. Revenues are deferred and recognized as services are provided.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Government grants for the acquisition of PP&amp;amp;E&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Government grants for the acquisition of PP&amp;amp;E must be recognized on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. In accordance with IAS 20 the government grants related to assets can be presented either as deferred income or as a reduction of the carrying amount of related asset. The Company, in relation to subsidies received by its subsidiaries, elected the first alternative provided by the standard considering that recognition as deferred income adequately reflects the business purpose of the transaction. Therefore, the related assets are recognized at the cost incurred in the construction of the engaged infrastructure and the government grant was accounted for as deferred income in Other liabilities - Other and recognized in profit or loss starting at the time the infrastructure becomes operative and throughout its useful life.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;n)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Salaries and Social Security Payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Include unpaid salaries, vacation and bonuses and its related social security contributions, as well as termination benefits. See Note f.2) for a description of the accounting policies regarding the measurement of financial liabilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Termination benefits represent severance indemnities that are payable when employment is terminated in accordance with labor regulations and current practices, or whenever an employee accepts voluntary redundancy in exchange for these benefits. In the case of severance compensations resulting from agreements with employees leaving the Company upon acceptance of voluntary redundancy, the compensation is usually comprised of a special cash bonus paid upon signing the severance agreement, and in certain cases may include a deferred compensation, which is payable in monthly installments calculated as a percentage of the prevailing wage at the date of each payment (&amp;#x201C;prejubilaciones&amp;#x201D;). The employee&amp;#x2019;s right to receive the monthly installments mentioned above starts on the date they leave the Company and ends either when they reach the legal mandatory retirement age or upon the decease of the beneficiary, whichever occurs first.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;o)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Taxes Payable&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Includes mainly: Income Tax, Other National Taxes, Provincial Taxes and Municipal Taxes. The main taxes that represent an expense for the Company are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Income Tax&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Income tax (national tax) is recognized in the consolidated income statement, except to the extent that they relate to items directly recognized in Other comprehensive income or directly in equity. In this case, the tax is also recognized in Other comprehensive income or directly in equity, respectively. The income tax expense for the period/year comprises current and deferred tax.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If the income tax payments and withholdings exceed the amount to pay for the current tax, the excess shall be recognized as a tax credit, only if it is recoverable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As per Argentinean Tax Law, income taxes payables have been computed on a separate return basis (i.e., the Company is not allowed to prepare a consolidated income tax return). &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company records income taxes in accordance with IAS 12. Deferred taxes are recognized using the liability method, which provides for the assessment of net deferred tax assets or liabilities based on temporary differences. Temporary differences arise when the tax base of an asset or liability differs from their carrying amounts in the statement of financial position, whose future reversal affects tax results. The deferred tax asset / liability is disclosed under a separate item of the Consolidated Financial Statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;A deferred income tax asset or liability is recognized on those differences, except for those differences related to investments in subsidiaries abroad that generate a deferred income tax liability due to the difference in the income tax rates, only in those cases where the timing of the reversal of the temporary difference is controlled by the Company and it is not probable that the temporary difference will reverse in the foreseeable future.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Deferred tax assets relating to unused tax carryforwards are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets that may arise from investment in subsidiaries are recognized when it is probable that the temporary differences will be reversed in the foreseeable future and when future taxable income would be sufficient to apply those temporary differences.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;A deferred tax asset shall be subjected to a recoverability test at the end of every reporting period. The company shall reduce the carrying amount of the deferred tax asset if it is probable that future taxable income will not be available before its prescription that allows applying the tax deductions of the deferred tax asset. This reduction could be reversed in future periods, to the extent that the Company recovers the expectation of enough future taxable income to apply these deductions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The legal rate in force in the Argentine Republic for the current period is 30% (years beginning on January 1, 2018 to December 31, 2019, inclusive) established by Law No. 27,430 of December 29, 2017. This law establishes that from January 1, 2020 onward, the legal rate will be 25%. The current legal rate for years ended December 31, 2017 and 2016 was 35%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For the determination of the deferred tax as of December 31, 2018, the Company has considered, according to the guidelines of IAS 12, the moments in which the temporary differences will be reversed in order to apply the corresponding rate based on the provisions by Law No. 27,430.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The collection of dividends from the investment in a foreign company is achieved by the income tax at the general tax rate. Likewise, the Argentine legislation allows computing as a tax credit the sums paid for analogous taxes abroad.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In Uruguay, the statutory income tax rate is 25% for the years presented.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The statutory income tax rate in Paraguay was 10% for the years presented. As per Paraguayan Tax Law, dividends paid are computed with an additional income tax rate of 5%, representing an effective tax rate of 15%. In addition, a deferred tax liability is recognized in Telecom Argentina due to the effect of the difference in the profit tax rates between Argentina and Paraguay on N&amp;#xFA;cleo accumulated profits because it is probable that these accumulated results flow as dividends and generate a future payment of income tax in Telecom Argentina in accordance with the Argentine law principle of "worldwide income".&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The statutory income tax rate in the United States was 39.5% for the year ended December 31, 2017. Since January 1, 2018, a new Income Tax Law is applicable, which modifies the flat federal rate to 21% changing the total legal income tax rate from 39.5% to 26.5%. &amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Tax on Minimum Presumed Income&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In Argentina, the tax on minimum presumed income (impuesto a la ganancia m&amp;#xED;nima presunta) is supplementary to income tax. The Company assesses this tax at the effective rate of 1% on the taxable assets at year-end. The Company&amp;#x2019;s tax liability for each year will be equal to the higher of the tax on minimum presumed income assessment or the income tax liability assessed at the legally effective rate on the estimated taxable income for the year. However, if the tax on minimum presumed income exceeds the income tax liability in any given fiscal year, the excess may be creditable against any excess of income tax liability over the tax on minimum presumed income in any of the following ten fiscal years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Notwithstanding the provisions of the law, pursuant to AFIP Instruction No. 2/2017, companies shall not be subject to tax on minimum presumed income as long as they recognized accounting and tax losses in the relevant fiscal period. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, Law No. 27,260 establishes that tax on minimum presumed income will lose its effectiveness as from fiscal years beginning on or after January 1, 2019.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During fiscal year 2018 Telecom is subject to tax on minimum presumed income tax since it has recognized accounting gains but income tax losses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, the tax on minimum presumed income balance has been capitalized in the consolidated financial statements because we estimate that the amounts paid and to be paid for this tax will be recoverable within the statute of limitations, based on the Telecom and its subsidiaries&amp;#x2019; current business plans.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Declaration as Fulfilled Taxpayer &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Pursuant to Law No. 27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and have complied with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should be filed before March 31, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom Argentina and Cablevisi&amp;#xF3;n have already filed this request related to the payment of the tax on personal property as substitute taxpayer&amp;#x2013; on behalf of Shareholders. The Company&amp;#x2019;s Management believes that the requirements to obtain said exemptions were duly fulfilled. However, it cannot be assured that the Tax Authorities will not challenge said situation.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Provincial Taxes: Turnover Tax&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This tax is levied on companies based in Argentina for the activities carried out in each province of the country. Rates differ depending on the jurisdiction where revenues are earned for tax purposes and on the nature of revenues (for example, sale of services and equipment).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Other taxes and levies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Since the beginning of 2001, telecommunication services companies have been required to make a SU contribution to fund SU requirements (Note 2.d). The SU tax is calculated as a percentage of the total revenues received from the rendering of telecommunication services, net of taxes and levies applied on such revenues. The rate is 1% of total billed revenues and adopts the &amp;#x201C;pay or play&amp;#x201D; mechanism for compliance with the mandatory contribution to the SU fund.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Audiovisual Communication Services Law No. 26,522 established a tax on audiovisual communication services. According to the law, the holders of those services must pay a tax proportional to the amount of gross revenues from the sale of traditional and non-traditional advertising, programs, signals, contents, subscriptions and any other item that arises from the exploitation. In the case of cable operators, the tax rate varies between 2% and 5% based on the number of inhabitants in the area where the service is rendered. In the case of licensees, permit holders, authorized entities and owners of the registered title of signals who are registered VAT payers and are also subject to the tax established by Law No. 26,522, 100% of the amounts effectively paid under the tax established by the new law may be creditable against VAT.&amp;nbsp; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, the Company makes payments for copyrights to several institutions such as AADI-CAPIF, SADAIC, ARGENTORES. Those rights are calculated on similar bases as those indicated in the previous paragraph and the rates range between 0.1% and 1%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Tax Reform and Consensus on - Laws No. 27,429, 27,430, 27,432, 27,467 and amendments &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;1.&lt;font style="display:inline;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Tax Reform&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On December 29, 2017, the PEN issued Law No. 27,430 - ruled through Regulatory Decree No. 1170/2018, which establishes a comprehensive reform of the tax system effective as from 2018. Some of the changes implemented by this law were modified by other regulations during 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Among other things, were introduced modifications to income tax (both corporate and individual matters), Value Added Tax (&amp;#x201C;VAT&amp;#x201D;), excise taxes, employer&amp;#x2019; social security contributions, the tax procedure regime and the criminal tax regime.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The main changes that have an impact on corporate income tax are the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Income tax&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Changes to corporate income tax rate and withholding on distributed dividends&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law No. 27,430 reduced the corporate income tax rate from 35% to 30% for fiscal years beginning on or after January 1, 2018 up to and including December 31, 2019, and to 25% for fiscal years beginning on or after January 1, 2020. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, it was established a withholding tax regime on distributed dividends at a rate of 7% for distributions of profits generated during fiscal years beginning on or after January 1, 2018, and at a rate of 13% for those beginning on or after January 1, 2020. The earnings generated in fiscal years ended on or before December 31, 2017 do not fall within the withholding provision at the time of distribution. The withholding only applies to those shareholders that are individuals residing in Argentina and non-resident individuals.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additionally, the Law repeals the &amp;#x201C;equalization tax&amp;#x201D; (i.e., 35% withholding on dividend distributions exceeding accumulated taxable income) for distributions of profits generated during fiscal years beginning on or after January 1, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Gain/Loss on purchase-sale of shares&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law maintains the 15% capital gains tax rate for Argentine resident individuals or foreign beneficiaries (in the case of foreign beneficiaries, it is calculated on the presumed net gain equal to 90% of the sale price). In the case of local legal entities, the Law establishes a general rate of 30% for fiscal years ended December 31, 2018 and 2019, and 25% for the following years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the case of individuals and undivided estates residing in Argentina, however, the results derived from transfers of shares are exempted from income tax to the extent that the transfer consists in a public placement authorized by the CNV or if the transactions were carried out in markets authorized by that agency under segments that guarantee price/time priority and by crossing of offers (such as the shares of Telecom Argentina) or carried out through a public tender offering and/or exchange authorized by the CNV. Decree No. 1,170/2018 provides that the conversion process whereby individuals or undivided estates residing in Argentina cease to be holders of non-exempted ADRs to become holders of the underlying exempted shares will be deemed a taxable transfer of ADRs at the fair value as of the conversion date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The foregoing exemption will also be applicable to foreign beneficiaries to the extent that such beneficiaries, or, in its case, depositors, do not reside in, and the funds do not come from, non-cooperative jurisdictions. In the case of foreign beneficiaries, the exemption will also be applicable, among other things, to income from depositary receipts or certificates issued abroad when those shares, were issued by entities domiciled in Argentina (ADRs).&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Assets - Tax Revaluation (optional)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law No. 27,430 established the revaluation, on a general basis of the cost of several assets -in case of transfers- and the revaluation of the depreciation of property, plant and equipment, for all the acquisitions or investments made as from January 1, 2018 based on the variation of the IWPI. However, Law No. 27,468, published on December 4, 2018, provides that the adjustment must be made based on the variation of the CPI.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, an optional regime for the revaluation for tax purposes of assets located in Argentina that generate taxable income was established. In the case of the Company, the revaluation option is applicable to assets existing as of December 31, 2017. Pursuant to the Law, the new tax value of the assets will be determined by applying a "revaluation factor," set forth in the Law, according to the calendar year of the asset's acquisition or construction, on the tax value originally assessed, each year or period since the asset's acquisition or construction. In the case of real estate or movable property subject to amortization, the value may be assessed by an appraiser under certain conditions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law imposes a one-time special tax on the amount of the revaluation. Such tax is not deductible from income tax. The applicable rate will vary depending on the type of assets: &lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;Real estate (qualifying as property, plant and equipment) 8%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;Real estate (qualifying as inventories): 15%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;Shares, quotas and other participations owned by resident individuals: 5%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;All other assets: 10%&amp;nbsp;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The option must be exercised on all the taxpayer&amp;#x2019;s assets that integrate the same category of assets. Once the option is exercised, the taxpayer is able to calculate the amortization and cost in the income tax over the revalued assets. Likewise, such revaluation was updated since January 1, 2018 on the base of the variation of the CPI as provided by Law No. 27,468.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The law requires taxpayers that opt for the special asset revaluation regime to waive any judicial or administrative claims for the purpose of requesting the application, for tax purposes, of adjustments of any kind, with respect to the period of the option and those in which depreciation of the revaluation amount is computed. Any taxpayers that have filed such claims with respect to fiscal years closed before the Law becomes effective, required to withdraw such claims and rights invoked. (See Note 15).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company has conducted analyses and calculations in order to assess the convenience of opting for the application of the asset revaluation regime and decided not to join the regime.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Inflation Adjustment&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Notwithstanding the above-mentioned regime, Law No. 27,430 and its amendment and Law No. 27,468 provide that, effective as from fiscal years beginning on or after January 1, 2018, the inflation adjustment procedure set out in Title VI of the income tax law shall be applicable in fiscal years in which the variation of the accumulated CPI in the 36 months immediately preceding the end of the relevant fiscal year, is higher than 100%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the first, second and third year as from its effectiveness, this procedure shall be applicable as long as the accumulated variation of the CPI, calculated from the beginning of the first year to the end of each year, is 55%, &amp;nbsp;35% and 15% higher, respectively. Likewise, it is foreseen that the restatement for positive or negative inflation, depending on the case, corresponding to the first, second and third fiscal year beginning on January 1, 2018 that must be calculated in order to verify the anticipated assumptions, should be recognized one third in that fiscal period and the remaining two thirds, in equal parts, in the next two immediate fiscal periods.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;Internal Taxes and Tax Collection ENARD &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law No. 27,430 also provides for an increase in the effective internal tax rate applicable to mobile telephone services from 4.16% to 5.26% in force for the taxable events ocurred as of March 1, 2018. Likewise, such law repeals collection at source of the charge imposed for the benefit of the ENARD from the aforementioned date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, pursuant to Decree No. 979/2017, as from November 15, 2017, for the year ended December 31, 2018, the effective tax rate (for internal taxes) on the sale of imported mobile phones and other wireless network equipment is reduced from 20.48% to 11.73%. Such rate, pursuant to Law No. 27,430, will decrease gradually until its complete phase out as from January 1, 2024 (for the year 2019 the rate will be 9.89%). In the case of goods manufactured in Tierra del Fuego, the rate is set at 0% as from November 15, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;Tax on deposits to and withdrawals from bank accounts&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Pursuant to Law No. 27,432, the PEN may establish that the percentage of the tax rate on bank credit and debits that, to date may not be creditable against income tax, be gradually reduced up to 20% per year as from January 1, 2018. The PEN may provide that, by 2022, it be fully creditable against income tax. On May 7, 2018, Decree 409/2018 was published. It established that for transactions reached at the general tax rate, it can be computed as an advance payment up to 33% of the tax originated in both the accredited amounts and the debited and for the other taxable events achieved by the tax. In the case of operations taxed at a reduced rate, the computation as credit of the tax will be 20%. &amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These provisions are applicable to advances and balances of income tax corresponding to fiscal periods beginning on or after January 1, 2018, for tax credits originated in taxable events that occurred since that date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;Social Security &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Law No. 27,430 gradually reduces the percentage of employers&amp;#x2019; contributions to be paid by large companies from 21% to reach 19.5% in 2022.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It establishes a non-taxable base for calculating employers&amp;#x2019; contributions of 2,400 Argentine pesos for 2018, which will increase since January 2019 until reaching 12,000 Argentine pesos in 2022, based on the variations of the CPI. Pursuant to the provisions of RESOL-2018-3-APN-SESS#MSYDS the non-taxable base for 2019 will be 7,003.68 Argentine pesos. In addition, employer contributions that result in payment on account of VAT are gradually eliminated.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additionally, the National Budget Law for the year 2019, Law No. 27,467, provides that entities that provide broadcast television or physical link and/or radio electric link subscription television services, audio broadcasting, cable television signals, newspaper, magazine or periodical publishing companies or companies engaged in digital journalism, and the distributors of those publishing companies, may all calculate employer&amp;#x2019;s contributions paid in connection with the personnel engaged in said activities as tax credit on VAT. These contributions must have been accrued in the fiscal period and effectively paid at the moment of submitting the VAT return. As provided above, where the salaries that give rise to the contributions which may be calculated as tax credit on VAT are indistinctly related to other activities outside the scope of this benefit, they will be subject to the apportionment procedure. During 2018, the Company has applied a regime similar to that provided under Law No. 27,467, based on final court decisions allowing its application.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Export duties&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Law No. 27,467, granted to the PEN, until December 31, 2020, the power to apply export duties on the services carried out in Argentina whose utilization or effective exploitation is carried out abroad, with a rate of up to 30% of the value of such services. In this sense, Decree No. 1201/2018 established that such services are subject to an export duty at a rate of 12% with a with a maximum limit of $ 4 for each dollar of taxable value of said operation payable on a monthly basis according to the transactions billed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This duty is applicable on export of services rendered and invoiced since January 1, 2019 until December 31, 2020, including services originated in contracts or transactions initiated before that date.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Tax Consensus&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the other hand, on January 2, 2018, Law No. 27,429 - &amp;#x201C;Tax Consensus&amp;#x201D; was published in the Official Gazette. Said Law approves the Tax Consensus signed between the National Executive Branch and the representatives of the Provinces and the Autonomous City of Buenos Aires. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The tax consensus seeks to harmonize the tax structures of the different jurisdictions to promote employment, investment and economic growth and to promote uniform policies. In this sense, both the National State and the Provinces and the Autonomous City of Buenos Aires agree to comply with certain commitments. Among the commitments undertaken by the Provinces, the most relevant are, with respect to Turnover Tax, the immediate elimination of differential treatments based on the place of business or the location of the taxpayer's establishment or the location where goods are manufactured and the establishment of exemptions and the application of tax rates that shall not exceed those set forth for each activity and period in the Annex to the Consensus (in the case of communications 5% in 2018, which will decrease to 3% by 2022, and in the case of mobile telephony 7% in 2018 decreasing to reach 5% in 2022).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It was also ordered the repeal of all payroll taxes&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As to stamp tax rates, it was agreed for certain activities and contracts, the establishment of a maximum stamp tax rate of 0.75% as from January 1, 2019, with a gradual decrease until its complete phase out as from January 1, 2022. However, this point was postponed for a year through Law No. 27,469 &amp;#x201C;2018 Tax consensus&amp;#x201D; published in the Official Gazette on December 4, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;p)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Provisions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom records provisions when it has a present, legal or constructive obligation, to a third party, as a result of a past event, when it is probable that an outflow of resources will be required to satisfy the obligation and when the amount of the obligation can be estimated reliably.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If the effect of the time value of money is material, and the payment date of the obligations can be reasonably estimated, provisions to be accrued are the present value of the expected cash flows, taking into account the risks associated with the obligation. The increase in the provision due to the passage of time is recognized as finance expenses. For more information, see Note 18.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Provisions also include the expected costs of dismantling assets and restoring the corresponding site if a legal or constructive obligation exists, as mentioned in h) above. The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed annually, at each financial year-end.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;q)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Dividends&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Dividends payable are reported as a change in equity in the&amp;nbsp;year in which they are approved by the Shareholders&amp;#x2019; Meeting.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;r)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Debt Financial Costs and Other Financial Results, net&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Debt Financial costs and other financial results, net, are recorded as incurred and include, among others:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;interest accrued on the related financial assets and liabilities using the effective interest rate method;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;financial discounts on debt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;changes in fair value of derivatives and other financial instruments measured at fair value through profit or loss;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;results from operations with notes and bonds;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;gains and losses on foreign exchange and financial instruments; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;interest on provisions.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;s)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Acquisition of Treasury Shares&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In connection with the Treasury Shares Acquisition Process described in Note 20 d) to these consolidated financial statements, the Company has applied the guidance set forth in IAS 32, which provides, consistently with the CNV Regulations, that any instruments of its own equity acquired by the Company must be recorded at the acquisition cost and must be deducted from Equity under the caption &amp;#x201C;Treasury shares acquisition cost&amp;#x201D;. No profit or loss resulting from holding such instruments of own equity shall be recognized in the income statement. If the treasury shares are sold, the account &amp;#x201C;Treasury shares acquisition cost&amp;#x201D; shall be cancelled and the difference between the net realizable value of the treasury shares sold and its acquisition cost shall be recorded, if positive, within Equity under the &amp;#x201C;Treasury shares negotiation premium&amp;#x201D; caption. If such difference is negative, the resulting amount shall be recorded within Equity under the &amp;#x201C;Treasury shares negotiation discount&amp;#x201D; caption.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;t)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Earnings per Share&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Basic earnings per share are calculated by dividing the net income or loss attributable to owners of the Parent by the weighted average number of ordinary shares outstanding during the year (for more information, see Note 25).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;u)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Adoption of IFRS 15 (Revenue from Contracts with Customers) &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As from January 1, 2018, the Company adopted IFRS 15 (Revenue from Contracts with Customers.) The Company opted for the modified retrospective application of IFRS 15, as provided under such standard. Though the application is retrospective, the accumulated impact of the initial application is recognized as an adjustment to retained earnings initial balance of the year of initial application (only for contracts that are not completed contracts as of the date of initial application).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The allocation of the transaction price among different performance obligations required by IFRS 15 is one of the main issues that telecommunications companies have to assess, mainly because of the great variety of plans they offer to their customers by combining different services and equipment, mainly in mobile telephony contracts. Another relevant issue to the telecommunications industry is the capitalization of incremental costs of obtaining a contract if the entity estimates that they will be recovered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The standard requires assigning the total selling price to each performance obligation proportionally to its standalone selling price, being the main performance obligations of those contracts the handset and the service revenues, considering an estimated service term which varies depending on the contract's enforceability according to the type of customers (currently 24 months for large customers and indeterminate term for individuals).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These amendments introduced by the standard initially generated an early recognition of handset sales revenues with impact on retained earnings of $808, attributable to Telecom due to the partial retroactive application of the standard, against the recognition of an IFRS 15 contractual assets of $1,153 and deferred income tax liability of $345 as of January 1, 2018. Such increase is due to the fact that the discounts given to the customer on handsets is assigned between the sale of handsets and the services. Before the application of this standard, said discount was allocated to the sale of handsets.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additionally, this standard generated a reassignment of revenues, increasing equipment sales revenues $588 and reducing the recognition of services revenues $483, generating a net increase in revenues of $105 and a deferred income tax of $32&amp;nbsp;($73 of net income, Argentine pesos 0.02 per share) for the year ended December 31, 2018. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The contractual asset as of December 31, 2018 amounts to $85, which is disclosed under current and non-current trade receivables will decrease as the revenue from services is recognized until the end of the stipulated contractual term.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the other hand, the capitalization of handset subsidies occasionally granted by Telecom and its subsidiaries to new postpaid subscribers was discontinued in light of the interpretations of the new standard maintaining the capitalization of the commissions paid for the acquisition of postpaid and &amp;#x201C;Abono fijo&amp;#x201D; customers in the mobile telephony and Internet segment as incremental costs of obtaining contracts under IFRS 15, because these costs are necessary to obtain new contracts with customers and only if they continue satisfying the capitalization conditions under the IFRS.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The decrease in the residual value of the capitalized handset subsidies generated an effect on Retained Earnings as of January 1, 2018 in the amount of $90 (corresponds to lower retained earnings of $125 net of income tax of $35), of which $83 is attributable to controlling shareholders (that corresponds to $117, net of income tax for $34) and $7 to non-controlling interest (that corresponds to $8, net of income tax for $1). The non-capitalization of handset subsidies as from the year ended December 31, 2018 generated an increase in the Cost of equipment and handsets of approximately $145 and a decrease in amortization of approximately $143 for year ended December 31, 2018 (impact of a loss of $2, which net of income tax of $1, would amount to $1).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;v)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Adoption of the Amendments to IFRS 9 "Financial Instruments&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As from January 1, 2018, the Company adopted the amendments to IFRS 9, which basically incorporate requirements related to the recognition of expected credit losses of financial assets, as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;In the case of trade receivables, the allowance for doubtful accounts must be measured in an amount equal to the lifetime expected credit losses.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;For the rest of the financial instruments, the expected credit losses for the next 12 months must be recognized (lifetime expected losses over the contractual payments of the financial instrument of which the default is estimated in the next 12 months), except the case of significant increase in the financial instrument&amp;#x2019;s credit risk so the lifetime expected credit losses must be recorded, i.e. The expected credit losses for the full term of the financial instrument.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Expected credit losses related to trade receivables generated an effect on Retained Earnings as of January 1, 2018 in the amount of $489 (an increase in the allowance of $982 - of which $245 correspond to previously existing receivables in Cablevisi&amp;#xF3;n, net of income tax of $260), which at closing currency amounts to $722, of which $701 is attributable to controlling shareholders ($956, net of income tax of $255) and $21 to non-controlling shareholders ($25, net of income tax of $4).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the other hand, the effect of applying that standard for year ended December 31, 2018 generated an increase in bad debts expenses of $496, net of the tax effect of $149, amounted to a net loss of $347 (net loss attributable to controlling company amounted to approximately $348, Argentine pesos 0.16 per share).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;w)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Use of Estimates&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The preparation of consolidated financial statements and related disclosures in conformity with IFRS requires Management to make estimates and assumptions based also on subjective judgments, past experience and hypotheses considered reasonable and realistic in relation to the information known at the time of the estimate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Such estimates have an effect on the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of issuance of these consolidated financial statements as well as the amount of revenues and costs during the year. Actual results could differ, even significantly, from those estimates owing to possible changes in the factors considered in the determination of such estimates. Estimates are reviewed periodically.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The most important accounting estimates which require a high degree of subjective assumptions and judgments are addressed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Item or Account&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Estimates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Revenue recognition is influenced by estimates on:&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;#x2022;&amp;nbsp;&amp;nbsp;the expected duration of the relationship with the customer for deferred IFRS 15 contractual assets and revenues regarding upfront connection fees;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;#x2022;&amp;nbsp;&amp;nbsp;traffic and consumption measures.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Useful lives and residual value of PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E and intangible assets, except for indefinite useful life intangibles, are depreciated or amortized on a straight-line basis over their estimated useful lives. The determination of the depreciable amount of the assets and their useful lives involves significant judgment. The Company periodically reviews, at least at each financial year-end, the estimated useful lives of its PP&amp;amp;E and amortizable intangible assets.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Recoverability of PP&amp;amp;E and intangible assets with finite useful life&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;At least at every annual closing date, an assessment is made regarding whenever events or changes in circumstances indicate that PP&amp;amp;E and amortizing intangible assets may be impaired. &lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The recoverable amount is the higher of the fair value (less costs to sell) and its value in use. The identification of impairment indicators and the estimation of the value in use for assets (or groups of assets or cash generating units) require management to make judgments concerning the validation of impairment indicators, expected cash flows and applicable discount rates. Estimated cash flows are based on Management&amp;#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, capital cost and discount rates, among others. &lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;For the years presented, the Company estimated that there are no indicators of impairment of assets that are subject to amortization, with the exception of those mentioned in the point l) of this note and the adjustment for inflation recognized since 2018. For this reason, the recovery test of the total fixed assets was carried out estimating the value in use of the assets. However, changes in our current expectations and operating assumptions, including changes in our business strategy, technology, competition and changes in market conditions, could significantly impact these judgments and/or assumptions and could require future adjustments to the recorded assets.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Recoverability of Intangible assets with indefinite useful life and goodwill&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Telecom determined that the Company's PCS license, SRCE license and the brands acquired through the business combination described in Note 4.a) meet the definition of indefinite-lived intangible assets for the years presented, therefore they are subject to the evaluation of their recoverability, at least annually. In addition, the Company records goodwill that is not amortized and that should be tested for impairment on an annual basis. The recoverability assessment of an indefinite-lived intangible asset and goodwill requires our Management to make assumptions about the future cash flows expected to be derived from such asset.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Estimated cash flows are based on significant Management&amp;#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, discount rate, among others. The discount rate used to determine the discounted cash flow is an annual real US dollar rate of approximately 9.66%.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Except for the specifically mentioned in point l of this Note, there has been no recognition of impairment of PP&amp;amp;E and Intangible Assets.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Our judgments regarding future cash flows may change due to future market conditions, business strategy, the evolution of technology and other factors. These changes, if any, may require adjustments to the carrying amount of the PCS license, brands, SRCE license and Goodwill.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Income Tax: recoverability assessment of deferred tax assets and other tax receivables&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Deferred income tax measuring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Income taxes (current and deferred) are calculated in Telecom and its subsidiaries according to a reasonable interpretation of the tax laws in effect in each jurisdiction where the companies operate. The recoverability assessment of deferred tax assets sometimes involves complex estimates to determine taxable income and deductible and taxable temporary differences between the carrying amounts and the taxable amounts. In particular, deferred tax assets are recognized to the extent that future taxable income will be available against which they can be utilized. The measurement of the recoverability of deferred tax assets takes into account the estimate of future taxable income based on the Company&amp;#x2019;s projections and on conservative tax planning.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Additionally, by Law No. 27,430, the corporate income tax rate for argentine companies decreases as detailed under Note 3.o). Therefore, for the measuring of deferred tax, the fiscal year of future reversals of temporary differences that originate deferred tax/liability has been estimated, applying the income tax rate of each reversal period. The actual moment of the future income and tax deductions may differ from the estimated, and may produce impact in future income.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The recoverability assessment of the tax receivable related to the actions of recourse filed by the Company&amp;#x2019;s related to income tax inflation adjustment (Note 15) is based on the existing legal arguments on this matter and the behavior of the National Tax Authority in revising the actions of recourse filed by the Company.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Receivables and payables valued at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Receivables and payables valued at amortized cost are initially recorded at their fair value, which is generally determined by using a discounted cash flow valuation method. The fair value under this method is estimated as the present value of all future cash flows discounted using an estimated discount rate, especially for long term receivables and payables. &lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The discount rate used to determine the discounted cash flow of long-term receivables is in a range of 29-40% for the year 2018. Adittionally, to discount long-term receivables in U.S. dollars it was used an approximate annual rate in dollars of 8.32% for the year 2018 and 13% for the year 2017. The discount rates for accounts receivables in Guaran&amp;#xED;es were 9% and 9.8% for the years 2018 and 2017and the discount rates in Guaran&amp;#xED;es for financial debt were 8.32 and 8.83% for the years 2018 and 2017, respectively.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Measurement of the fair value of certain financial instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The fair value of a financial instrument is the amount at which the instrument could be purchased or sold in an orderly transaction between market participants and duly informed, based on mutual independence. If there is a quoted market price available for an instrument in an active market, the fair value is calculated based on that price.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;If there is not a quoted market price available for a financial instrument, its fair value is estimated based on the price established in recent transactions involving the same or similar instruments and, if not, based on valuation techniques regularly used in financial markets. The Company uses its judgment to select a variety of methods and makes assumptions based on market conditions at closing. For more information on the determination of those values, see Note 21.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The Company is subject to proceedings, lawsuits and other claims related to labor, civil, tax, regulatory and other matters. In order to determine the proper level of provisions, Management assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. Internal and external legal counsels are consulted on these matters. A determination of the amount of provisions required, if any, is made after analysis of each individual issue. The determination of the required provisions may change in the future due to new developments in each matter, changes in jurisprudential precedents and tribunal decisions or changes in its method of resolving such matters, such as changes in settlement strategy.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Allowance for Doubtful Accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The recoverability of trade receivables is measured by considering the aging of the accounts receivable balances, the unsubscribe, historical write-offs, public sector and corporate customer creditworthiness and changes in the customer payment terms, as well as the estimates regarding future performance, determining the expected credit loss according to the guidelines of IFRS 9. If the financial condition of the customers were to deteriorate, the actual write-offs could differ than expected.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Business Combinations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;In connection with the accounting treatment of the business combination referred to in Note 4.a), the Company has identified the assets and liabilities of the acquiree and the estimation of their fair value as of the date of the business combination. With regard to those assets that are subject to amortization or depreciation, the Company made an estimation of their useful lives.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Any change in the estimates made by the Company may affect the valuation of the identified assets and liabilities and could generate an impact in results of operations.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the absence of a Standard or an Accounting Interpretation that specifically applies to a particular transaction, Management considers the IFRS general framework and valuation techniques generally applied in the telecommunication industry and uses its judgment to evaluate the accounting methods to adopt with a view to providing financial statements which faithfully represent the financial position, the results of operations and the cash flows of Telecom and its subsidiaries, reflect the economic substance of the transactions, be neutral, be prepared on a prudent basis and be complete in all material respects.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;text-decoration:none;"&gt;x)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;"&gt;New Standards and Interpretations issued by the IASB not in force&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;IFRS 16 (Leases)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In January 2016, IFRS 16 was issued, which replaces IAS 17, IFRIC 14 and SIC 15 and 27. This standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated impact mainly on the lessees accounting.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;IFRS 16 provides that the lessee recognizes a right of use asset and a liability at present value with respect to those contracts that meet the definition of leases under IFRS 16. According to the standard, a lease is a contract that provides the right to control the use of an identified asset for a specified time period. For a company having control of use of an identified asset it: &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;a)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;must have the right to obtain substantially all the economic benefits of the identified assets and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;b)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;must have the right to direct the use of the identified asset.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The standard allows to exclude short-term contracts (less than 12 months) and those in which the underlying asset has low value &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The application of IFRS 16 will increase assets and liabilities and will generate a decrease in operating costs. In addition, there will be an increase in the balance of amortization and financial results generated by the adjustment of lease liabilities. It will also change the presentation of the income statement and the statement of cash flows.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The standard is effective for the years beginning on or after January 1, 2019. The approximate impact of this standard implementation at such date would be an increase in non-current assets by initial recognition of rights of use and current and non-current trade payables for $3.6 billion. Likewise, as a consequence of this initial recognition, there would be an approximate impact on the Statement of income for the year 2019 of: decrease in operating leases of $1.6 billion, increase in amortizations of $1.3 billion and increase in financial expenses of $0.3 billion.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;IFRIC 23 (Uncertainty over Income Tax Treatments)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On October 2017, IASB issued IFRIC 23. In case of uncertainty over tax treatments, this IFRIC provides that: (i) if uncertain tax treatments must be assessed separately; (ii) the assumptions used by the tax authority over the tax treatments (the company will have to assess if it&amp;#x2019;s probable that the tax authority will accept the uncertain tax treatment assuming that the taxation authority is going to assess such uncertain tax treatment); (iii) how a company measures the tax income (loss), the tax bases, taxes and fiscal credits not deducted and tax rates (assessment&amp;nbsp;&amp;nbsp;of the probability of occurrence); and (iv) how the changes in facts and circumstances are considered. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The new standard is effective for fiscal years beginning on or after January 1, 2019. The Company and its subsidiaries do not expect impacts on the application of this interpretation on their consolidated statements of financial position, results of operations or cash flows.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
  <ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tax carryforward&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,866)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (925)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (269)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,062)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (396)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventory&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (153)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Pension and termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (235)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 29,788&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,690&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cash dividends from foreign companies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 418&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile handsets financed sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 169&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other deferred tax liabilities (assets), net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 148&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (105)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total deferred tax liabilities, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 25,282&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 3,916&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Actions for recourse tax receivable&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (818)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total deferred tax liability, net &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 24,464&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 3,916&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Net deferred tax assets &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (78)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (66)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; Net deferred tax liabilities &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 24,542&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 3,982&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory>
  <ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 10pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-weight:bold;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Companies under section 33 - Law No. 19,550 &amp;#x2013; Controlling companies&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;CURRENT LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:21.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Dividends payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;CVH&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,067&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;VLG&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Shareholder&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,090&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fintech Media LLC&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Shareholder&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 864&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,021&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Companies under section 33 - Law No. 19,550 &amp;#x2013; Associates&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;CURRENT ASSETS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Other receivables (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 78&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Teledifusora San Miguel Arc&amp;#xE1;ngel S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 19&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 40&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Ver T.V. S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 47&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 144&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 174&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;CURRENT LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Televisora Privada del Oeste S.A.(2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Financial Debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;text-decoration:underline;"&gt;Related parties&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;CURRENT ASSETS&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 92&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 59&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 92&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 59&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;CURRENT LIABILITIES&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Related party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 565&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 438&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 565&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 438&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Include 65 and 134 as of December 31, 2018 and as of December 31, 2017, respectively corresponding to dividends receivable.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Associate Company throughout PEM.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Companies under section 33 - Law No. 19,550&amp;#x2013; Controlling companies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Transaction&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Grupo Clar&amp;#xED;n S.A. (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other services revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Grupo Clar&amp;#xED;n S.A. (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advisory services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (95)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;CVH&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advisory services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (99)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (99)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (95)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Finance results&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Grupo Clar&amp;#xED;n S.A. (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interests on loans granted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 713&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;CVH&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interests on loans granted&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Controlling company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 713&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;It ceased to be Cablevisi&amp;#xF3;n&amp;#xB4;s controlling company as of May 1, 2017. Note 4.e).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;/font&gt;&lt;font style="display:inline;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Companies under section 33 - Law No. 19,550&amp;#x2013; Associates&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Transaction&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Services revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 11&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 37&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 29&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 41&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 48&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 41&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 53&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Fees for services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (24)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (19)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (24)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (19)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Finance results&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interests on debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Associate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Related Parties (2)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Transaction&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Type&amp;nbsp;of&amp;nbsp;related&amp;nbsp;party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advertising sales&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 36&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Services revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 88&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 59&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; 39&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 124&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 109&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; 42&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Programming costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,611)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,614)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,480)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Editing and distribution of magazines&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (558)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (363)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (407)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advisory services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (235)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (356)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (236)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Advertising purchases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (400)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (166)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (131)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other Related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other purchases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Related Party&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (109)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (23)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (37)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (2,913)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (2,522)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (2,291)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Includes mainly operations with the following related parties through the Grupo Clar&amp;#xED;n S.A.: Arte Radiotelevisivo Argentino S.A., Arte Gr&amp;#xE1;fico Editorial Argentino S.A., Unir S.A., Impripost S.A., Tele Red Imagen S.A., GC Gesti&amp;#xF3;n Compartida S.A. y Compa&amp;#xF1;&amp;#xED;a De Medios Digitales S.A.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory>
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  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_NucleoSLicensesMember" unitRef="Unit12" decimals="-6">-4000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_ifrs-full_CustomerrelatedIntangibleAssetsMember" unitRef="Unit12" decimals="-6">73000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_ifrs-full_OtherIntangibleAssetsMember" unitRef="Unit12" decimals="-6">14000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_IncrementalCostFromAcquisitionOfContractsMember" unitRef="Unit12" decimals="-6">7000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_NucleoSLicensesMember" unitRef="Unit12" decimals="-6">33000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_ComputerEquipmentMember" unitRef="Unit12" decimals="-6">3000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_OtherPropertyPlantAndEquipmentMember" unitRef="Unit12" decimals="-6">5000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">2000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_FixedNetworkAndTransportationMember" unitRef="Unit12" decimals="-6">86000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_IfrsRealEstateMember" unitRef="Unit12" decimals="-6">1000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MachineryDiverseEquipmentAndToolsMember" unitRef="Unit12" decimals="-6">1000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">98000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_ComputerEquipmentMember" unitRef="Unit12" decimals="-6">-4000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_OtherPropertyPlantAndEquipmentMember" unitRef="Unit12" decimals="-6">-6000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">-1000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_FixedNetworkAndTransportationMember" unitRef="Unit12" decimals="-6">-177000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_IfrsRealEstateMember" unitRef="Unit12" decimals="-6">-2000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MachineryDiverseEquipmentAndToolsMember" unitRef="Unit12" decimals="-6">-2000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MaterialsMember" unitRef="Unit12" decimals="-6">-9000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">-201000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_ComputerEquipmentMember" unitRef="Unit12" decimals="-6">-1128000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_OtherPropertyPlantAndEquipmentMember" unitRef="Unit12" decimals="-6">-33000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">-20000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_FixedNetworkAndTransportationMember" unitRef="Unit12" decimals="-6">-657000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_GoodsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">-296000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_IfrsRealEstateMember" unitRef="Unit12" decimals="-6">-178000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MachineryDiverseEquipmentAndToolsMember" unitRef="Unit12" decimals="-6">-15000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember" unitRef="Unit12" decimals="-6">-548000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentAndInstallationsMember" unitRef="Unit12" decimals="-6">-156000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">-3857000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember" unitRef="Unit12" decimals="-6">-681000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember" unitRef="Unit12" decimals="-6">-145000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_ComputerEquipmentMember" unitRef="Unit12" decimals="-6">1249000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_ConstructionInProgressMember" unitRef="Unit12" decimals="-6">95000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_OtherPropertyPlantAndEquipmentMember" unitRef="Unit12" decimals="-6">42000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">21000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_FixedNetworkAndTransportationMember" unitRef="Unit12" decimals="-6">674000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_GoodsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">361000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_IfrsRealEstateMember" unitRef="Unit12" decimals="-6">167000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MachineryDiverseEquipmentAndToolsMember" unitRef="Unit12" decimals="-6">12000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MaterialsMember" unitRef="Unit12" decimals="-6">25000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember" unitRef="Unit12" decimals="-6">836000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentAndInstallationsMember" unitRef="Unit12" decimals="-6">233000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">4786000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember" unitRef="Unit12" decimals="-6">798000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember" unitRef="Unit12" decimals="-6">273000000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember" unitRef="Unit12" decimals="-6">80000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_FixedNetworkAndTransportationMember" unitRef="Unit12" decimals="-6">3258000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_GoodsLentToCustomersAtNoCostMember" unitRef="Unit12" decimals="-6">2790000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_IfrsRealEstateMember" unitRef="Unit12" decimals="-6">1000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedDepreciationAndAmortisationMember_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PropertyPlantAndEquipmentWithoutMaterialsMember" unitRef="Unit12" decimals="-6">6130000000</ifrs-full:IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment>
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  <ifrs-full:InvestmentsInAssociates contextRef="As_Of_12_31_2018_ifrs-full_SignificantInvestmentsInAssociatesAxis_teo_TeledifusoraSanMiguelArcangelS.a.Member" unitRef="Unit12" decimals="-6">226000000</ifrs-full:InvestmentsInAssociates>
  <ifrs-full:InvestmentsInAssociates contextRef="As_Of_12_31_2018_ifrs-full_SignificantInvestmentsInAssociatesAxis_teo_VerT.v.S.a.Member" unitRef="Unit12" decimals="-6">592000000</ifrs-full:InvestmentsInAssociates>
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  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_BankLoansMember" unitRef="Unit12" decimals="-6">287000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_CompaniesUnderSection33AndRelatedPartiesMember" unitRef="Unit12" decimals="-6">6000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_CurrentAndNonCurrentBorrowingsMember" unitRef="Unit12" decimals="-6">16009000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnNotesMember" unitRef="Unit12" decimals="-6">13767000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_PurchaseOfEquipmentMember" unitRef="Unit12" decimals="-6">1943000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_AccruedInterestsAndRelatedExpensesMember" unitRef="Unit12" decimals="-6">8821000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_BankLoansMember" unitRef="Unit12" decimals="-6">47205000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_CurrentAndNonCurrentBorrowingsMember" unitRef="Unit12" decimals="-6">79312000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_IfrsBankOverdraftsMember" unitRef="Unit12" decimals="-6">2276000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_NonDeliverableForwardMember" unitRef="Unit12" decimals="-6">100000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnNotesMember" unitRef="Unit12" decimals="-6">18831000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PurchaseOfEquipmentMember" unitRef="Unit12" decimals="-6">2079000000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
  <ifrs-full:LiabilityAssetOfDefinedBenefitPlans contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">245000000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
  <ifrs-full:LiabilityAssetOfDefinedBenefitPlans contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">245000000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
  <ifrs-full:LoansAndReceivables contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_TypesOfHedgesAxis_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">640000000</ifrs-full:LoansAndReceivables>
  <ifrs-full:LoansAndReceivables contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentEffective2017Member_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">137000000</ifrs-full:LoansAndReceivables>
  <ifrs-full:LoansAndReceivables contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentEffectiveMarch2018Member_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">18000000</ifrs-full:LoansAndReceivables>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">14626000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">14626000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_AccruedInterestsAndRelatedExpensesNonCurrentMember" unitRef="Unit12" decimals="-6">-37000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnBankLoansNonCurrentMember" unitRef="Unit12" decimals="-6">210000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnNotesNonCurrentMember" unitRef="Unit12" decimals="-6">13767000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2017_ifrs-full_BorrowingsByNameAxis_teo_PurchaseOfEquipmentNonCurrentMember" unitRef="Unit12" decimals="-6">686000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">59268000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">59268000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_AccruedInterestsAndRelatedExpensesNonCurrentMember" unitRef="Unit12" decimals="-6">5146000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnBankLoansNonCurrentMember" unitRef="Unit12" decimals="-6">34260000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnNotesNonCurrentMember" unitRef="Unit12" decimals="-6">18831000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PurchaseOfEquipmentNonCurrentMember" unitRef="Unit12" decimals="-6">1031000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnBankLoansMember_srt_ConsolidatedEntitiesAxis_teo_NucleoMember" unitRef="Unit12" decimals="-6">1793000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LongtermBorrowings contextRef="As_Of_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PrincipalNominalValueFourMember_srt_ConsolidatedEntitiesAxis_teo_NucleoMember" unitRef="Unit12" decimals="-6">1793000000</ifrs-full:LongtermBorrowings>
  <ifrs-full:LossesOnLitigationSettlements contextRef="Duration_1_1_2018_To_12_31_2018_srt_LitigationCaseAxis_teo_RadioelectricSpectrumFeesMember" unitRef="Unit12" decimals="-6">717000000</ifrs-full:LossesOnLitigationSettlements>
  <ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
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					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
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					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:09.46%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:09.46%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:09.76%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Salaries&amp;nbsp;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:09.48%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
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				&lt;td valign="bottom" style="width:02.38%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;social&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Trade&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Financial&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;security&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Maturity&amp;nbsp;Date&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Due&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,149&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,149&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;January 2019 thru December 2019&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 20,709&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 21,917&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,953&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 341&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 48,920&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;January 2020 thru December 2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 278&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17,336&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 182&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,803&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;January 2021 thru December 2021&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 170&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34,289&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 116&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 34,575&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;January 2022 and thereafter&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 253&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 18,743&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 92&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 19,088&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 23,559&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 92,285&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,343&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 122,535&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities>
  <ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 87.14%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Principal&amp;nbsp;nominal value&amp;nbsp;(in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Book&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;millions&amp;nbsp;of Guaran&amp;#xED;es)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Maturity&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Amortization term&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Rate (%)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;(in millions of Argentine pesos)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 40,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;December 2019&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Semi-annually&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 8.75&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 253&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 308,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;February 2024&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Semi-annually&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;8.20-9&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 158&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,793&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 348,000&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 411&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,793&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">33353000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_PastDueStatusAxis_ifrs-full_CurrentMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">26066000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">17476000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_teo_IfrsCashAndCashEquivalentsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">6891000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_teo_IfrsInvestmentsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">5998000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_teo_OtherReceivablesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">2988000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_PastDueStatusAxis_teo_PastDueMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">7287000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember_ifrs-full_PastDueStatusAxis_ifrs-full_CurrentMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">10189000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember_ifrs-full_PastDueStatusAxis_teo_PastDueMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">7287000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_teo_IfrsCashAndCashEquivalentsMember_ifrs-full_PastDueStatusAxis_ifrs-full_CurrentMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">6891000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_teo_IfrsInvestmentsMember_ifrs-full_PastDueStatusAxis_ifrs-full_CurrentMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">5998000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MaximumExposureToCreditRisk contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_teo_OtherReceivablesMember_ifrs-full_PastDueStatusAxis_ifrs-full_CurrentMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CreditRiskMember" unitRef="Unit12" decimals="-6">2988000000</ifrs-full:MaximumExposureToCreditRisk>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2016" unitRef="Unit12" decimals="-6">911000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2016_ifrs-full_MaturityAxis_ifrs-full_LaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">26000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2016_ifrs-full_MaturityAxis_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">455000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2016_ifrs-full_MaturityAxis_ifrs-full_NotLaterThanOneYearMember" unitRef="Unit12" decimals="-6">430000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">883000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2017_ifrs-full_MaturityAxis_ifrs-full_LaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">25000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2017_ifrs-full_MaturityAxis_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">391000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2017_ifrs-full_MaturityAxis_ifrs-full_NotLaterThanOneYearMember" unitRef="Unit12" decimals="-6">467000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">4519000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2018_ifrs-full_MaturityAxis_ifrs-full_LaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">479000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2018_ifrs-full_MaturityAxis_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="Unit12" decimals="-6">2286000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="As_Of_12_31_2018_ifrs-full_MaturityAxis_ifrs-full_NotLaterThanOneYearMember" unitRef="Unit12" decimals="-6">1754000000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
  <ifrs-full:NetAssetsLiabilities contextRef="As_Of_12_31_2017_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">-8073000000</ifrs-full:NetAssetsLiabilities>
  <ifrs-full:NetAssetsLiabilities contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">-73106000000</ifrs-full:NetAssetsLiabilities>
  <ifrs-full:NetAssetsLiabilities contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">-73106000000</ifrs-full:NetAssetsLiabilities>
  <ifrs-full:NetAssetsLiabilities contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit13" decimals="-6">-1939000000</ifrs-full:NetAssetsLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">3982000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">3982000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">24542000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetDeferredTaxLiabilities contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">24542000000</ifrs-full:NetDeferredTaxLiabilities>
  <ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember" unitRef="Unit12" decimals="-6">17478000000</ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition>
  <ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_teo_OtherReceivablesMember" unitRef="Unit12" decimals="-6">2097000000</ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition>
  <ifrs-full:NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialLiabilitiesAxis_teo_IfrsOtherLiabilitiesMember" unitRef="Unit12" decimals="-6">348000000</ifrs-full:NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition>
  <ifrs-full:NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialLiabilitiesAxis_teo_TradePayablesMember" unitRef="Unit12" decimals="-6">23414000000</ifrs-full:NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition>
  <ifrs-full:NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate contextRef="As_Of_1_1_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit12" decimals="-6">1958000000</ifrs-full:NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate>
  <ifrs-full:NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate contextRef="As_Of_12_31_2018_ifrs-full_BusinessCombinationsAxis_teo_CablevisionSaMember" unitRef="Unit12" decimals="-6">1958000000</ifrs-full:NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate>
  <ifrs-full:NoncontrollingInterests contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">846000000</ifrs-full:NoncontrollingInterests>
  <ifrs-full:NoncontrollingInterests contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">846000000</ifrs-full:NoncontrollingInterests>
  <ifrs-full:NoncontrollingInterests contextRef="As_Of_4_4_2018_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_CvBerazateguiMember" unitRef="Unit12" decimals="-6">5000000</ifrs-full:NoncontrollingInterests>
  <ifrs-full:NoncontrollingInterests contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">3227000000</ifrs-full:NoncontrollingInterests>
  <ifrs-full:NoncontrollingInterests contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">3227000000</ifrs-full:NoncontrollingInterests>
  <ifrs-full:NoncurrentAssets contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">83444000000</ifrs-full:NoncurrentAssets>
  <ifrs-full:NoncurrentAssets contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">338251000000</ifrs-full:NoncurrentAssets>
  <ifrs-full:NoncurrentAssetsRecognisedAsOfAcquisitionDate contextRef="As_Of_1_1_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit12" decimals="-6">244604000000</ifrs-full:NoncurrentAssetsRecognisedAsOfAcquisitionDate>
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">735000000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">735000000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod contextRef="As_Of_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_InvestmentsInAssociatesMember" unitRef="Unit12" decimals="-6">735000000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">5595000000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">5595000000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_InvestmentsInAssociatesMember" unitRef="Unit12" decimals="-6">967000000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_TelecommunicationsFundMember" unitRef="Unit12" decimals="-6">1000000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
  <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod contextRef="As_Of_12_31_2018_ifrs-full_CategoriesOfFinancialAssetsAxis_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_GovernmentBondsAtAmortizedCostMember" unitRef="Unit12" decimals="-6">4627000000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
  <ifrs-full:NoncurrentLiabilities contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">20421000000</ifrs-full:NoncurrentLiabilities>
  <ifrs-full:NoncurrentLiabilities contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">89380000000</ifrs-full:NoncurrentLiabilities>
  <ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate contextRef="As_Of_1_1_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit12" decimals="-6">41978000000</ifrs-full:NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate>
  <ifrs-full:NoncurrentLoansAndReceivables contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">38000000</ifrs-full:NoncurrentLoansAndReceivables>
  <ifrs-full:NoncurrentLoansAndReceivables contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentEffective2017Member_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">39000000</ifrs-full:NoncurrentLoansAndReceivables>
  <ifrs-full:NoncurrentLoansAndReceivables contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentEffectiveMarch2018Member_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">6000000</ifrs-full:NoncurrentLoansAndReceivables>
  <ifrs-full:NoncurrentPayablesToTradeSuppliers contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">570000000</ifrs-full:NoncurrentPayablesToTradeSuppliers>
  <ifrs-full:NoncurrentPayablesToTradeSuppliers contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">570000000</ifrs-full:NoncurrentPayablesToTradeSuppliers>
  <ifrs-full:NoncurrentPrepayments contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">45000000</ifrs-full:NoncurrentPrepayments>
  <ifrs-full:NoncurrentPrepayments contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">450000000</ifrs-full:NoncurrentPrepayments>
  <ifrs-full:NoncurrentReceivablesFromContractsWithCustomers contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">23000000</ifrs-full:NoncurrentReceivablesFromContractsWithCustomers>
  <ifrs-full:NoncurrentTradeReceivables contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">61000000</ifrs-full:NoncurrentTradeReceivables>
  <ifrs-full:NoncurrentTradeReceivables contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">61000000</ifrs-full:NoncurrentTradeReceivables>
  <ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_LiquidityRiskMember" unitRef="Unit12" decimals="-6">122535000000</ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows>
  <ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows contextRef="As_Of_12_31_2018_ifrs-full_MaturityAxis_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_LiquidityRiskMember" unitRef="Unit12" decimals="-6">17803000000</ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows>
  <ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows contextRef="As_Of_12_31_2018_ifrs-full_MaturityAxis_ifrs-full_LaterThanThreeYearsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_LiquidityRiskMember" unitRef="Unit12" decimals="-6">19088000000</ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows>
  <ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows contextRef="As_Of_12_31_2018_ifrs-full_MaturityAxis_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_LiquidityRiskMember" unitRef="Unit12" decimals="-6">34575000000</ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows>
  <ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows contextRef="As_Of_12_31_2018_ifrs-full_MaturityAxis_ifrs-full_NotLaterThanOneYearMember_ifrs-full_TypesOfRisksAxis_ifrs-full_LiquidityRiskMember" unitRef="Unit12" decimals="-6">48920000000</ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows>
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  <teo:DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">236000000</teo:DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions>
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  <teo:DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">315000000</teo:DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions>
  <teo:DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfProvisionsAxis_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" unitRef="Unit12" decimals="-6">315000000</teo:DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions>
  <teo:DecreaseInProvisionsDueToOtherChangesOtherProvisions contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">236000000</teo:DecreaseInProvisionsDueToOtherChangesOtherProvisions>
  <teo:DecreaseInProvisionsDueToOtherChangesOtherProvisions contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">2317000000</teo:DecreaseInProvisionsDueToOtherChangesOtherProvisions>
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  <teo:DeferredRevenuesOfConstructionContracts contextRef="As_Of_12_31_2018_ifrs-full_ProductsAndServicesAxis_teo_FixedTelephonyAndDataServicesMember" unitRef="Unit12" decimals="-6">322000000</teo:DeferredRevenuesOfConstructionContracts>
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  <teo:DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">254000000</teo:DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent>
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  <teo:DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">710000000</teo:DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent>
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  <teo:DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable contextRef="As_Of_12_31_2017_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_ifrs-full_OtherTemporaryDifferencesMember" unitRef="Unit12" decimals="-6">-105000000</teo:DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable>
  <teo:DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable contextRef="As_Of_12_31_2017_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_ifrs-full_UnusedTaxCreditsMember" unitRef="Unit12" decimals="-6">-4000000</teo:DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable>
  <teo:DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable contextRef="As_Of_12_31_2017_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember" unitRef="Unit12" decimals="-6">4690000000</teo:DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable>
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  <teo:DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable contextRef="As_Of_12_31_2018_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_ifrs-full_NetDefinedBenefitLiabilityAssetMember" unitRef="Unit12" decimals="-6">-235000000</teo:DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable>
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  <teo:DepositPayableForLicenseAcquisition contextRef="As_Of_12_31_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember" unitRef="Unit13" decimals="-6">15000000</teo:DepositPayableForLicenseAcquisition>
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  <teo:DescriptionOfAccountingPolicyForAdoptionOfAmendmentsToIfrs9FinancialInstrumentsPolicyTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;v)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Adoption of the Amendments to IFRS 9 "Financial Instruments&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As from January 1, 2018, the Company adopted the amendments to IFRS 9, which basically incorporate requirements related to the recognition of expected credit losses of financial assets, as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;In the case of trade receivables, the allowance for doubtful accounts must be measured in an amount equal to the lifetime expected credit losses.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;For the rest of the financial instruments, the expected credit losses for the next 12 months must be recognized (lifetime expected losses over the contractual payments of the financial instrument of which the default is estimated in the next 12 months), except the case of significant increase in the financial instrument&amp;#x2019;s credit risk so the lifetime expected credit losses must be recorded, i.e. The expected credit losses for the full term of the financial instrument.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Expected credit losses related to trade receivables generated an effect on Retained Earnings as of January 1, 2018 in the amount of $489 (an increase in the allowance of $982 - of which $245 correspond to previously existing receivables in Cablevisi&amp;#xF3;n, net of income tax of $260), which at closing currency amounts to $722, of which $701 is attributable to controlling shareholders ($956, net of income tax of $255) and $21 to non-controlling shareholders ($25, net of income tax of $4).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the other hand, the effect of applying that standard for year ended December 31, 2018 generated an increase in bad debts expenses of $496, net of the tax effect of $149, amounted to a net loss of $347 (net loss attributable to controlling company amounted to approximately $348, Argentine pesos 0.16 per share).&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForAdoptionOfAmendmentsToIfrs9FinancialInstrumentsPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForAdoptionOfIfrs15RevenueFromContractsWithCustomersPolicyTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;u)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Adoption of IFRS 15 (Revenue from Contracts with Customers) &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As from January 1, 2018, the Company adopted IFRS 15 (Revenue from Contracts with Customers.) The Company opted for the modified retrospective application of IFRS 15, as provided under such standard. Though the application is retrospective, the accumulated impact of the initial application is recognized as an adjustment to retained earnings initial balance of the year of initial application (only for contracts that are not completed contracts as of the date of initial application).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The allocation of the transaction price among different performance obligations required by IFRS 15 is one of the main issues that telecommunications companies have to assess, mainly because of the great variety of plans they offer to their customers by combining different services and equipment, mainly in mobile telephony contracts. Another relevant issue to the telecommunications industry is the capitalization of incremental costs of obtaining a contract if the entity estimates that they will be recovered.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The standard requires assigning the total selling price to each performance obligation proportionally to its standalone selling price, being the main performance obligations of those contracts the handset and the service revenues, considering an estimated service term which varies depending on the contract's enforceability according to the type of customers (currently 24 months for large customers and indeterminate term for individuals).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These amendments introduced by the standard initially generated an early recognition of handset sales revenues with impact on retained earnings of $808, attributable to Telecom due to the partial retroactive application of the standard, against the recognition of an IFRS 15 contractual assets of $1,153 and deferred income tax liability of $345 as of January 1, 2018. Such increase is due to the fact that the discounts given to the customer on handsets is assigned between the sale of handsets and the services. Before the application of this standard, said discount was allocated to the sale of handsets.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additionally, this standard generated a reassignment of revenues, increasing equipment sales revenues $588 and reducing the recognition of services revenues $483, generating a net increase in revenues of $105 and a deferred income tax of $32&amp;nbsp;($73 of net income, Argentine pesos 0.02 per share) for the year ended December 31, 2018. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The contractual asset as of December 31, 2018 amounts to $85, which is disclosed under current and non-current trade receivables will decrease as the revenue from services is recognized until the end of the stipulated contractual term.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the other hand, the capitalization of handset subsidies occasionally granted by Telecom and its subsidiaries to new postpaid subscribers was discontinued in light of the interpretations of the new standard maintaining the capitalization of the commissions paid for the acquisition of postpaid and &amp;#x201C;Abono fijo&amp;#x201D; customers in the mobile telephony and Internet segment as incremental costs of obtaining contracts under IFRS 15, because these costs are necessary to obtain new contracts with customers and only if they continue satisfying the capitalization conditions under the IFRS.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The decrease in the residual value of the capitalized handset subsidies generated an effect on Retained Earnings as of January 1, 2018 in the amount of $90 (corresponds to lower retained earnings of $125 net of income tax of $35), of which $83 is attributable to controlling shareholders (that corresponds to $117, net of income tax for $34) and $7 to non-controlling interest (that corresponds to $8, net of income tax for $1). The non-capitalization of handset subsidies as from the year ended December 31, 2018 generated an increase in the Cost of equipment and handsets of approximately $145 and a decrease in amortization of approximately $143 for year ended December 31, 2018 (impact of a loss of $2, which net of income tax of $1, would amount to $1).&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForAdoptionOfIfrs15RevenueFromContractsWithCustomersPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;d)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Consolidation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These consolidated financial statements include the consolidation of the assets, liabilities, results and cash flows of Telecom Argentina and its subsidiaries, as well as the consolidation in its financial statements of the assets, liabilities and results under joint control, according to the percentage of interest in the arrangements of the companies and joint ventures (&amp;#x201C;Interests in joint operations,&amp;#x201D; point d.2) jointly controlled by it; and, the interest owned by the Company in associates is recognized in one item (companies in which it exercises significant influence, see d.3) Investments in Associates.) Finally, structured entities with the specifications mentioned in point d.4) are included in these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.1) Control&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Control exists when the investor has substantive power over the investee; exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power to affect the amount of returns. Subsidiaries are fully consolidated from the date on which control is transferred to the controlling company. They should be deconsolidated from the date that control ceases.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the preparation of these consolidated financial statements, assets, liabilities, revenues and expenses of the consolidated subsidiaries are consolidated on a line-by-line basis. Non-controlling interests in the equity and in the profit (loss) for the period are disclosed separately under appropriate captions, respectively, in the consolidated statement of financial position, in the consolidated income statement and in the consolidated statement of comprehensive income.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;All intercompany accounts and transactions between Telecom and its subsidiaries have been eliminated in the preparation of these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Financial statements of controlled companies are for the same period and has the same closing date of the parent&amp;#x2019;s financial statements and are made using the same accounting policies of the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Note 1.a) details the consolidated subsidiaries, together with the interest percentages held directly or indirectly in each subsidiary&amp;#x2019;s capital stock and votes as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company considers transactions with non-controlling companies that do not result in a loss of control as transactions among shareholders. A change in the equity interests held by the Company is considered as an adjustment in the book value of controlling interests and non-controlling interests to reflect the changes in its relative interests. The differences between the amount for which non-controlling interests is adjusted and the fair value of the consideration paid or received and attributed to the shareholders of the controlling company will be directly recognized in equity under a specific reserve in the equity attributed to the parent company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.2) Interests in Joint Operations&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;A joint operation is a contractual arrangement whereby two or more companies undertake an economic activity that is subject to joint control, i.e., when the financial strategy and the operating decisions related to the company&amp;#x2019;s activities require the unanimous consent of the parties sharing control.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the cases of joint business arrangements executed through &lt;/font&gt;&lt;font style="display:inline;font-style:italic;"&gt;Uniones Transitorias de Empresas&lt;/font&gt;&lt;font style="display:inline;"&gt; ("UTE"), considered joint operations under IFRS 11, the Company recognizes in its financial statements on a line-by-line basis the assets, liabilities and net income subject to joint control in proportion to its share in such arrangements. Telecom, upon absorbing the operations of Cablevisi&amp;#xF3;n, holds a 50% share in the UTE Ertach &amp;#x2013; Cablevisi&amp;#xF3;n.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The UTE Ertach &amp;#x2013; Cablevisi&amp;#xF3;n is engaged in the provision of data transmission services and the order channels required to integrate the public administration agencies of the Province of Buenos Aires and its municipal agencies in a single data communication provincial network.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The UTE was created in April 2005 by the Board of Directors of Prima (absorbed by Cablevisi&amp;#xF3;n in 2016) and currently has an agreement, with the Ministry of the Chief of the Cabinet of Ministers of the Province of Buenos Aires which was approved under Decree No. 2017-166-E-GDEBA-GPBA, that provides for the data transmission services for the Single Provincial Data Communication Network implemented under the original Bid for a term of 24 months since May 1, 2017. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.3) Investments in Associates&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;An associate is an entity over which the Company has significant influence, without exercising control, generally accompanied by equity holdings of between 20% and 50% of voting rights.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The associates&amp;#x2019; assets, liabilities and net income are disclosed in the financial statements using the equity method. Under the equity method, the investment in an associate is initially recorded at cost and the book value will be increased or decreased to recognize the investor&amp;#x2019;s share in the statement of income for the year or in other comprehensive income obtained by the associate, after the acquisition date. The dividends distributions received from the associate will reduce the book value of the investment. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company's investment in associates includes the goodwill identified at the time of the acquisition, net of any impairment losses. Goodwill is the excess of the acquisition cost over the Company&amp;#x2019;s share in the net fair value of the associate&amp;#x2019;s identifiable assets and liabilities (including contingent ones) measured at the acquisition date. Goodwill is included in the book value of the investment and tested for impairment as part of the investment.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Unrealized gains or losses on transactions between the Company (and its subsidiaries) and the associates are eliminated considering the Company&amp;#x2019;s interest held in the associates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If necessary, adjustments are made, to the associates&amp;#x2019; financial statements so that their accounting policies are in line with those used by the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.4) Consolidation of structured entities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company, through one of its subsidiaries, has executed certain agreements with other companies for the purpose of rendering on behalf of and by order of such companies certain installation services, collections, administration of subscribers, marketing and technical assistance, financial and general business advising, with respect to cable television services in Uruguay. In accordance with IFRS 10 &amp;#x201C;Consolidated Financial Statements&amp;#x201D;, these consolidated financial statements include the assets, liabilities and results of these companies. Since the Company does not hold an equity interest in these companies, the offsetting entry of the net effect of the consolidation of the assets, liabilities and results of these companies is disclosed under the line items "Equity attributable to non-controlling interests" and "Net Income attributable to non-controlling interests".&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;text-decoration:underline;"&gt;Call Option Agreement of Adesol&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On December 22, 2016, Adesol S.A. entered into a call option agreement (the &amp;#x201C;Call Option Agreement&amp;#x201D;) with the majority shareholder of the special purpose entities, whereby, Adesol has the right to exercise, until December 31, 2021, the irrevocable call option on the shares of those companies (the &amp;#x201C;Call Option&amp;#x201D;). If it exercises the Call Option, the purchase price has been preliminarily established in the amount of $128, subject to an eventual adjustment in case certain circumstances provided under the Call Option Agreement occur.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition to the execution of the Call Option Agreement, Adesol S.A. paid to the grantor of the call option an option premium the amount of $45 (the amount restated to current currency of December 31, 2018 amounts to $83 ). If Adesol S.A. does not exercise the Call Option, the seller shall irrevocably retain the amount paid by Adesol S.A., and the agreement will be terminated.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;If it exercises the Call Option, the assignment, sale and transfer of the shares to Adesol shall be subject, as condition precedent, to the approval by the Communication Services Regulatory Agency of the Republic of Uruguay.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, on December 28, 2017, the parties executed an amendment to the Option Agreement and the Seller sent a notice to Adesol, whereby: (i) the Call Option Period was extended for two additional years, thus the expiration date is December 31, 2023; (ii) the Purchase Price of the Shares was set precisely and definitively US$ 5,011,747 and $45; (iii) Adesol undertook to pay, within ten business days as from December 30, 2017, a Supplement to the Option Premium in the amount of US$ 4,500,000; and (iv) in the event that Adesol S.A. has paid the Seller the Supplement to the Option Premium and Adesol S.A. does not exercise the Call Option within the Call Option Period, the Seller undertakes to return to Adesol S.A., within ten business days as from the expiration of the Call Option Period, the amount of US$ 2,500,000 received as partial payment of the Supplement to the Call Option Premium. In view of the above, on January 16, 2018, Adesol S.A. paid to the Seller the Supplement to the Call Option Premium. Such amount was allocated under &amp;#x201C;Other deferred&amp;#x201D; in the statement of changes in equity and amounts to $91 at the exchange rate prevailing at the time of its payment (the amount restated to current currency of December 31, 2018 amounts to $132).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.5) Business Combinations&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company applies the acquisition method of accounting for business combinations. The consideration for each acquisition is measured at fair value (on the date of exchange) of the assets given, the liabilities incurred or assumed, and the equity instruments issued by the Company in exchange for the control of the acquired company. The costs related to the acquisition are expensed as incurred.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The consideration for the acquisition, if any, includes any asset or liability arising from a contingent consideration arrangement, measured at fair value at the acquisition date. Subsequent changes to such fair value, identified during the measurement period, are adjusted against the acquisition cost. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The identifiable assets, liabilities and contingent liabilities of the acquired company that meet the conditions for recognition under IFRS 3 are recognized at fair value at the acquisition date, except for certain particular cases provided by such standard.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Any excess of the acquisition cost over the Company&amp;#x2019;s share in the net fair value of the acquired&amp;#x2019;s identifiable assets, liabilities and contingent liabilities measured at the acquisition date is recognized as goodwill. Any excess of the Company&amp;#x2019;s share in the net fair value of the identifiable assets, liabilities and contingent liabilities over the acquisition cost, after its measurement at fair value, is immediately recognized in the income statement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;d.6) Accounting treatment for the acquisition of the remaining shareholding (30%) of the subsidiary CV Berazategui&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On April 4, 2018, the Company acquired shares representing 30% of the capital stock and votes of CV Berazategui for a total amount of US$ 8,968,000, equivalent to $181 at the date of the transaction.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The remaining 70% of the capital stock and votes of CV Berazategui are owned by Pem, a company controlled by Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This operation represents a transaction between the controlling and non-controlling shareholders in the consolidated financial statements. For this reason, the non-controlling interest of $5, which represents 30% of the equity value of CV Berazategui, was adjusted and the difference between the purchase price of $181 and the non-controlling interest was recorded in "Other deferred" within Net Equity attributable to controlling shareholders as of December 31, 2018, in accordance with IFRS 10 (the amount restated to current currency of December 31, 2018 amounts to $237).&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;a)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Going Concern&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The consolidated financial statements as of December 31, 2018 and 2017 have been prepared on a going concern basis as there is a reasonable expectation that Telecom Argentina and its subsidiaries will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months from the end of the reporting period).&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;text-decoration:none;"&gt;x)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;"&gt;New Standards and Interpretations issued by the IASB not in force&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;IFRS 16 (Leases)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In January 2016, IFRS 16 was issued, which replaces IAS 17, IFRIC 14 and SIC 15 and 27. This standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated impact mainly on the lessees accounting.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;IFRS 16 provides that the lessee recognizes a right of use asset and a liability at present value with respect to those contracts that meet the definition of leases under IFRS 16. According to the standard, a lease is a contract that provides the right to control the use of an identified asset for a specified time period. For a company having control of use of an identified asset it: &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;a)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;must have the right to obtain substantially all the economic benefits of the identified assets and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;b)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"&gt;&lt;/font&gt;must have the right to direct the use of the identified asset.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The standard allows to exclude short-term contracts (less than 12 months) and those in which the underlying asset has low value &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The application of IFRS 16 will increase assets and liabilities and will generate a decrease in operating costs. In addition, there will be an increase in the balance of amortization and financial results generated by the adjustment of lease liabilities. It will also change the presentation of the income statement and the statement of cash flows.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The standard is effective for the years beginning on or after January 1, 2019. The approximate impact of this standard implementation at such date would be an increase in non-current assets by initial recognition of rights of use and current and non-current trade payables for $3.6 billion. Likewise, as a consequence of this initial recognition, there would be an approximate impact on the Statement of income for the year 2019 of: decrease in operating leases of $1.6 billion, increase in amortizations of $1.3 billion and increase in financial expenses of $0.3 billion.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;IFRIC 23 (Uncertainty over Income Tax Treatments)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On October 2017, IASB issued IFRIC 23. In case of uncertainty over tax treatments, this IFRIC provides that: (i) if uncertain tax treatments must be assessed separately; (ii) the assumptions used by the tax authority over the tax treatments (the company will have to assess if it&amp;#x2019;s probable that the tax authority will accept the uncertain tax treatment assuming that the taxation authority is going to assess such uncertain tax treatment); (iii) how a company measures the tax income (loss), the tax bases, taxes and fiscal credits not deducted and tax rates (assessment&amp;nbsp;&amp;nbsp;of the probability of occurrence); and (iv) how the changes in facts and circumstances are considered. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The new standard is effective for fiscal years beginning on or after January 1, 2019. The Company and its subsidiaries do not expect impacts on the application of this interpretation on their consolidated statements of financial position, results of operations or cash flows.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;m)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Other Liabilities&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Pension Benefits&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Pension benefits shown under Other liabilities represent accrued benefits under collective bargaining agreements for employees who retire upon reaching normal retirement age, or earlier due to disability in Telecom Argentina. Benefits consist of the payment of a single lump sum equal to the salary of one month for each five years of service at the time of retirement due to retirement age or disability. The collective bargaining agreements do not provide for other post-retirement benefits such as life insurance, health care, and other welfare benefits. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The net periodic pension costs are recognized in the income statement, segregating the financial component, as employees render the services necessary to earn pension benefits. However, actuarial gains and losses should be presented in the statements of comprehensive income. Actuarial assumptions and demographic data, as applicable, were used to measure the benefit obligation as required by IAS 19 revised. The Company does not make plan contributions or maintain separate assets to fund the benefits at retirement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The actuarial assumptions used are based on market interest rates, past experience and Management&amp;#x2019;s best estimate of future economic conditions. Changes in these assumptions may impact future benefit costs and obligations. The main assumptions used in determining expense and benefit obligations are the:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;2018&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;2017&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Discount Rate (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;6.4 % - 15.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;4.6 % - 9.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Projected&amp;nbsp;increase&amp;nbsp;rate&amp;nbsp;in&amp;nbsp;compensation&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;10.0 % - 31.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;8.0 % -16.3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;(1)&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.8pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;font-size:8pt;"&gt;Represents estimates of real interest rate rather than nominal rate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additional information on pension benefits is provided in Note&amp;nbsp;17.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Deferred revenues on prepaid calling cards&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Revenues from unused traffic and data packs for unexpired calling cards are deferred and recognized as revenue when the minutes and the data are used by customers or when the card expires, whichever happens first. For more information, see Note 3.e) Revenues &amp;#x2013; Mobile services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Deferred revenues on connection fees&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Non-refundable up-front connection or installation fees for fixed telephony, data, cable and Internet services are deferred over the term of the contract, or in the case of indefinite period contracts, over the average period of customer relationship. For more information, see Note 3.e) Revenues &amp;#x2013; Fixed Telephony and Data services, Internet services and Cable television services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Deferred Revenues related to Customer Loyalty Programs&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The fair value of the award credits regarding the Company and N&amp;#xFA;cleo&amp;#x2019;s customer loyalty program is accounted for as deferred revenue and recognized as revenue until the award credits are redeemed or expire, whichever occurs first.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Deferred Revenues on International Capacity Leases&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Under certain network capacity purchase agreements, the Company sells excess purchased capacity to other carriers. Revenues are deferred and recognized as services are provided.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:underline;"&gt;Government grants for the acquisition of PP&amp;amp;E&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Government grants for the acquisition of PP&amp;amp;E must be recognized on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. In accordance with IAS 20 the government grants related to assets can be presented either as deferred income or as a reduction of the carrying amount of related asset. The Company, in relation to subsidies received by its subsidiaries, elected the first alternative provided by the standard considering that recognition as deferred income adequately reflects the business purpose of the transaction. Therefore, the related assets are recognized at the cost incurred in the construction of the engaged infrastructure and the government grant was accounted for as deferred income in Other liabilities - Other and recognized in profit or loss starting at the time the infrastructure becomes operative and throughout its useful life.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;n)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Salaries and Social Security Payables&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Include unpaid salaries, vacation and bonuses and its related social security contributions, as well as termination benefits. See Note f.2) for a description of the accounting policies regarding the measurement of financial liabilities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Termination benefits represent severance indemnities that are payable when employment is terminated in accordance with labor regulations and current practices, or whenever an employee accepts voluntary redundancy in exchange for these benefits. In the case of severance compensations resulting from agreements with employees leaving the Company upon acceptance of voluntary redundancy, the compensation is usually comprised of a special cash bonus paid upon signing the severance agreement, and in certain cases may include a deferred compensation, which is payable in monthly installments calculated as a percentage of the prevailing wage at the date of each payment (&amp;#x201C;prejubilaciones&amp;#x201D;). The employee&amp;#x2019;s right to receive the monthly installments mentioned above starts on the date they leave the Company and ends either when they reach the legal mandatory retirement age or upon the decease of the beneficiary, whichever occurs first.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock>
  <teo:DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;w)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;text-decoration:underline;"&gt;Use of Estimates&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The preparation of consolidated financial statements and related disclosures in conformity with IFRS requires Management to make estimates and assumptions based also on subjective judgments, past experience and hypotheses considered reasonable and realistic in relation to the information known at the time of the estimate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Such estimates have an effect on the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of issuance of these consolidated financial statements as well as the amount of revenues and costs during the year. Actual results could differ, even significantly, from those estimates owing to possible changes in the factors considered in the determination of such estimates. Estimates are reviewed periodically.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The most important accounting estimates which require a high degree of subjective assumptions and judgments are addressed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Item or Account&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;"&gt;Estimates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Revenue recognition is influenced by estimates on:&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;#x2022;&amp;nbsp;&amp;nbsp;the expected duration of the relationship with the customer for deferred IFRS 15 contractual assets and revenues regarding upfront connection fees;&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;#x2022;&amp;nbsp;&amp;nbsp;traffic and consumption measures.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Useful lives and residual value of PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;PP&amp;amp;E and intangible assets, except for indefinite useful life intangibles, are depreciated or amortized on a straight-line basis over their estimated useful lives. The determination of the depreciable amount of the assets and their useful lives involves significant judgment. The Company periodically reviews, at least at each financial year-end, the estimated useful lives of its PP&amp;amp;E and amortizable intangible assets.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Recoverability of PP&amp;amp;E and intangible assets with finite useful life&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;At least at every annual closing date, an assessment is made regarding whenever events or changes in circumstances indicate that PP&amp;amp;E and amortizing intangible assets may be impaired. &lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The recoverable amount is the higher of the fair value (less costs to sell) and its value in use. The identification of impairment indicators and the estimation of the value in use for assets (or groups of assets or cash generating units) require management to make judgments concerning the validation of impairment indicators, expected cash flows and applicable discount rates. Estimated cash flows are based on Management&amp;#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, capital cost and discount rates, among others. &lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;For the years presented, the Company estimated that there are no indicators of impairment of assets that are subject to amortization, with the exception of those mentioned in the point l) of this note and the adjustment for inflation recognized since 2018. For this reason, the recovery test of the total fixed assets was carried out estimating the value in use of the assets. However, changes in our current expectations and operating assumptions, including changes in our business strategy, technology, competition and changes in market conditions, could significantly impact these judgments and/or assumptions and could require future adjustments to the recorded assets.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Recoverability of Intangible assets with indefinite useful life and goodwill&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Telecom determined that the Company's PCS license, SRCE license and the brands acquired through the business combination described in Note 4.a) meet the definition of indefinite-lived intangible assets for the years presented, therefore they are subject to the evaluation of their recoverability, at least annually. In addition, the Company records goodwill that is not amortized and that should be tested for impairment on an annual basis. The recoverability assessment of an indefinite-lived intangible asset and goodwill requires our Management to make assumptions about the future cash flows expected to be derived from such asset.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Estimated cash flows are based on significant Management&amp;#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, discount rate, among others. The discount rate used to determine the discounted cash flow is an annual real US dollar rate of approximately 9.66%.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Except for the specifically mentioned in point l of this Note, there has been no recognition of impairment of PP&amp;amp;E and Intangible Assets.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Our judgments regarding future cash flows may change due to future market conditions, business strategy, the evolution of technology and other factors. These changes, if any, may require adjustments to the carrying amount of the PCS license, brands, SRCE license and Goodwill.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Income Tax: recoverability assessment of deferred tax assets and other tax receivables&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Deferred income tax measuring&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Income taxes (current and deferred) are calculated in Telecom and its subsidiaries according to a reasonable interpretation of the tax laws in effect in each jurisdiction where the companies operate. The recoverability assessment of deferred tax assets sometimes involves complex estimates to determine taxable income and deductible and taxable temporary differences between the carrying amounts and the taxable amounts. In particular, deferred tax assets are recognized to the extent that future taxable income will be available against which they can be utilized. The measurement of the recoverability of deferred tax assets takes into account the estimate of future taxable income based on the Company&amp;#x2019;s projections and on conservative tax planning.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Additionally, by Law No. 27,430, the corporate income tax rate for argentine companies decreases as detailed under Note 3.o). Therefore, for the measuring of deferred tax, the fiscal year of future reversals of temporary differences that originate deferred tax/liability has been estimated, applying the income tax rate of each reversal period. The actual moment of the future income and tax deductions may differ from the estimated, and may produce impact in future income.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The recoverability assessment of the tax receivable related to the actions of recourse filed by the Company&amp;#x2019;s related to income tax inflation adjustment (Note 15) is based on the existing legal arguments on this matter and the behavior of the National Tax Authority in revising the actions of recourse filed by the Company.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Receivables and payables valued at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Receivables and payables valued at amortized cost are initially recorded at their fair value, which is generally determined by using a discounted cash flow valuation method. The fair value under this method is estimated as the present value of all future cash flows discounted using an estimated discount rate, especially for long term receivables and payables. &lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The discount rate used to determine the discounted cash flow of long-term receivables is in a range of 29-40% for the year 2018. Adittionally, to discount long-term receivables in U.S. dollars it was used an approximate annual rate in dollars of 8.32% for the year 2018 and 13% for the year 2017. The discount rates for accounts receivables in Guaran&amp;#xED;es were 9% and 9.8% for the years 2018 and 2017and the discount rates in Guaran&amp;#xED;es for financial debt were 8.32 and 8.83% for the years 2018 and 2017, respectively.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Measurement of the fair value of certain financial instruments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The fair value of a financial instrument is the amount at which the instrument could be purchased or sold in an orderly transaction between market participants and duly informed, based on mutual independence. If there is a quoted market price available for an instrument in an active market, the fair value is calculated based on that price.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;If there is not a quoted market price available for a financial instrument, its fair value is estimated based on the price established in recent transactions involving the same or similar instruments and, if not, based on valuation techniques regularly used in financial markets. The Company uses its judgment to select a variety of methods and makes assumptions based on market conditions at closing. For more information on the determination of those values, see Note 21.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The Company is subject to proceedings, lawsuits and other claims related to labor, civil, tax, regulatory and other matters. In order to determine the proper level of provisions, Management assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. Internal and external legal counsels are consulted on these matters. A determination of the amount of provisions required, if any, is made after analysis of each individual issue. The determination of the required provisions may change in the future due to new developments in each matter, changes in jurisprudential precedents and tribunal decisions or changes in its method of resolving such matters, such as changes in settlement strategy.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Allowance for Doubtful Accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;The recoverability of trade receivables is measured by considering the aging of the accounts receivable balances, the unsubscribe, historical write-offs, public sector and corporate customer creditworthiness and changes in the customer payment terms, as well as the estimates regarding future performance, determining the expected credit loss according to the guidelines of IFRS 9. If the financial condition of the customers were to deteriorate, the actual write-offs could differ than expected.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="middle" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Business Combinations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;"&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;In connection with the accounting treatment of the business combination referred to in Note 4.a), the Company has identified the assets and liabilities of the acquiree and the estimation of their fair value as of the date of the business combination. With regard to those assets that are subject to amortization or depreciation, the Company made an estimation of their useful lives.&lt;/font&gt;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
					&lt;p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;"&gt;Any change in the estimates made by the Company may affect the valuation of the identified assets and liabilities and could generate an impact in results of operations.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the absence of a Standard or an Accounting Interpretation that specifically applies to a particular transaction, Management considers the IFRS general framework and valuation techniques generally applied in the telecommunication industry and uses its judgment to evaluate the accounting methods to adopt with a view to providing financial statements which faithfully represent the financial position, the results of operations and the cash flows of Telecom and its subsidiaries, reflect the economic substance of the transactions, be neutral, be prepared on a prudent basis and be complete in all material respects.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock>
  <teo:DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">47000000</teo:DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent>
  <teo:DirectorsAndSupervisoryCommitteesFees contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">22000000</teo:DirectorsAndSupervisoryCommitteesFees>
  <teo:DirectorsAndSupervisoryCommitteesFees contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">24000000</teo:DirectorsAndSupervisoryCommitteesFees>
  <teo:DirectorsAndSupervisoryCommitteesFees contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">99000000</teo:DirectorsAndSupervisoryCommitteesFees>
  <teo:DisclosureOfCapitalStockAfterBusinessCombinationExplanatoryTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Consequently, the capital stock of Telecom Argentina as of December 31, 2018 is now composed as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Class of Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Outstanding Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Treasury Stock&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total Capital Stock&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Class&amp;nbsp;&amp;#x201C;A&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 683,856,600&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 683,856,600&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Class&amp;nbsp;&amp;#x201C;B&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 627,953,887&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 15,221,373&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 643,175,260&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Class&amp;nbsp;&amp;#x201C;C&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 210,866&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 210,866&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Class&amp;nbsp;&amp;#x201C;D&amp;#x201D;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 841,666,658&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 841,666,658&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,153,688,011&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 15,221,373&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,168,909,384&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfCapitalStockAfterBusinessCombinationExplanatoryTableTextBlock>
  <teo:DisclosureOfCashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;NOTE 5 &amp;#x2013; CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;a)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Cash and cash equivalents and Investments&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cash and cash equivalents and investments consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cash and Banks&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,878&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,121&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Time deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,953&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 32&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mutual funds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 60&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,354&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other investments at fair value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,891&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,517&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Government bonds at fair value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 727&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Government bonds at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 519&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mutual funds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 109&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other investments at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 123&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total current investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,371&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 162&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non- current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Government bonds at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,627&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Investments in associates (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 967&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 735&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2003 Telecommunications Fund&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total non-current investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,595&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 735&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*) Information on Investments in associates is detailed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Financial position information:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Percentage&amp;nbsp;of&amp;nbsp;capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;stock&amp;nbsp;owned&amp;nbsp;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Valuation&amp;nbsp;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Valuation&amp;nbsp;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Companies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:16.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Main&amp;nbsp;activity&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Country&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;voting&amp;nbsp;rights&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;12.31.2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;12.31.2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Ver T.V. S.A. (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Cable televisi&amp;#xF3;n station&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 49.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 592&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 428&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Teledifusora San Miguel Arc&amp;#xE1;ngel S.A. (1) (2) (3)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Cable televisi&amp;#xF3;n station&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 50.10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 226&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 161&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;La Capital Cable S.A. (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Closed-circuit television&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 50.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 143&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 137&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other minor investments in associates at equity method&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;9&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 967&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 735&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (1)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Data about the issuer arise from extra-accounting information.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (2)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Direct and indirect interest.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (3)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Despite owning a percentage higher than a 50% of interest, the Company does not have the control in accordance with the requirements of IFRS.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Earnings information:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:27.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Ver T.V. S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 142&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 247&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 120&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Teledifusora San Miguel Arc&amp;#xE1;ngel S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 72&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 68&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 55&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 22&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 38&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 46&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 236&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 221&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;b)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Additional information on the consolidated statements of cash flows&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company applies the indirect method to reconcile the net income for the year with the cash flows generated by its operations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For purposes of the statements of cash flows, cash and cash equivalents comprise cash, bank current accounts and short-term highly liquid investments (with a maturity of three months or less from the date of acquisition). Bank overdrafts are disclosed in the statement of financial position as financial debts and its flows in the cash flow statements as proceed and payment of financial debt, because they are part of the short-term financial structure of Telecom and its subsidiaries.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Changes in assets/liabilities components:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Net decrease (increase) in assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,092)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (406)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (164)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (894)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (737)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 346&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (11)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 15&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (4,997)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,113)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 197&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Net increase (decrease) in liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 885&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 363&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 598&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 283&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 362&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (98)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Taxes payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,030)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,425)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,606)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other liabilities and Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,329)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (735)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (248)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (3,191)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,435)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,354)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;Main non-cash operating transactions&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Offsetting of dividends receivable with financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;Main Financing activities components&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The following table presents the main financing activities components:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,176&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 25,593&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,229&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 15,305&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By purchase of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 35&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total financial debt proceeds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 27,769&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,264&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 15,305&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Notes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (3,905)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (335)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,622)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (12,679)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By purchase of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (272)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total payment of debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (4,512)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (12,679)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (94)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Notes - Interests and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,509)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans - Interests and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,388)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,264)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,890)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By NDF, purchase of equipment and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 267&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (27)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 56&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total payment of interest and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (3,724)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,292)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,834)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cash dividends from the Company&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 31, 2018, the Board of Directors of Telecom Argentina approved:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; 1.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;the reversal of 9,729,418,019 Argentine pesos, as of the date of the transaction,of the &amp;#x201C;Reserve for future cash dividends&amp;#x201D; of Telecom Argentina as of December 31, 2017, and its distribution as cash dividends in two installments: i) 2,863,000,000 Argentine pesos on February 15, 2018 and ii) 6,866,418,019 Argentine pesos on April 30, 2018, being the Board empowered to make such payment on an earlier date if it deemed it convenient; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; 2.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;the distribution of 5,640,728,444 Argentine pesos, as of the date of the transaction, as advance cash dividends under the provisions of Section 224, 2nd paragraph of the General Corporations Law, corresponding to the net profit (liquid and realized) of the period ranging from January 1, 2017 to September 30, 2017 as it arises from the special-purpose unconsolidated financial statements of Telecom Argentina as of September 30, 2017, which were settled on February 15, 2018; and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; 3.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;the distribution of 4,502,777,155 Argentine pesos, as of the date of the transaction, as distribution of interim cash dividends under the provisions of Section 224, 2nd paragraph of the General Corporations Law, corresponding to the net profit (liquid and realized) of the period ranging from January 1, 2017 to September 30, 2017 as it arises from the special-purpose unconsolidated financial statements of Cablevisi&amp;#xF3;n S.A.-absorbed by Telecom Argentina- as of September 30, 2017, which were settled on February 15, 2018.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Dividends mentioned in items 2 and 3 above, were subsequently ratified by the Ordinary General Shareholers Meeting of April 25, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In conclusion, the dividends distribution aforementioned in items 1, 2 and 3, for a total of $19,873, as of the date of the transaction, (approximately $28,822 in current currency of December 31, 2018) was paid on February 15, 2018 for $13,007 and on March 21, 2018 $6,866 (approximately $27,927 in current currency of December 31, 2018).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Payment by Telecom of the dividends declared by Cablevisi&amp;#xF3;n S.A.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Fiscal Year 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 8, 2018, Telecom Argentina, as surviving company of Cablevisi&amp;#xF3;n S.A. paid the dividends declared by Cablevisi&amp;#xF3;n S.A. on December 18, 2017 for 4,077,790,056 Argentine pesos, as of the date of the transaction, (approximately $6,021 in current currency of December 31, 2018).&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Fiscal Year 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On March 30, 2017, the Ordinary and Extraordinary Annual General Shareholders Meeting of Cablevisi&amp;#xF3;n decided to allocate the sum of 1,600,000,000 Argentine pesos, as of the date of the transaction (approximately $2,603 in current currency of December 31, 2018), to the distribution of cash dividends payable in pesos or US dollars in two installments of 800,000,000&amp;nbsp;Argentine pesos. As of December 31, 2017, all distributed cash dividends were cancelled.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Cash dividends from associates&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Fiscal Year 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Dividends paid by N&amp;#xFA;cleo&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In May 2018, N&amp;#xFA;cleo paid dividends to the non-controlling shareholders for a total of $161, as of the date of the transaction, (approximately $182 in current currency of December 31, 2018). These dividends were approved at the Ordinary General Shareholders Meeting of N&amp;#xFA;cleo at its meeting held on April 24, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Dividends collected from Ver T.V.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During the first half of 2018, dividends were collected from Ver T.V. for $19, as of the date of the transaction. These dividends were declared during year 2017, and as of December 31, 2017, they were pending collection.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Dividends collected from Teledifusora San Miguel Arc&amp;#xE1;ngel&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During the first half of 2018, dividends were collected from Teledifusora San Miguel Arc&amp;#xE1;ngel for $8, as of the date of the transaction. These dividends were declared during year 2017, and as of December 31, 2017, they were pending collection. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Dividends collected from La Capital Cable&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In June 2018, dividends were collected from La Capital Cable for $15, as of the date of the transaction, of which $5 were offset with financial debt with the company. These dividends were approved at the Ordinary Annual General Shareholders Meeting of June 14, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In conclusion, during 2018 a total of $41 of dividends (approximately $56 in current currency of December 31, 2018) were collected from associates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Fiscal year 2017&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Dividends paid by CV Berazategui&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During the first half of 2017, CV Berazategui paid dividends to non-controlling interests for a total of $6, &amp;nbsp;as of the date of the transaction. These dividends were approved by the Ordinary General Shareholders Meeting at its meeting held on April 25, 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Dividends collected from Ver T.V.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In February 2017, Ver T.V. approved dividends for $77, as of the date of the transaction, of which $38 corresponded to Cablevisi&amp;#xF3;n according to its interests. Such dividends were collected during the first quarter of 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;During fiscal year ended December 31, 2017, Ver T.V. approved dividends for $198, as of the date of the transaction, of which $97 correspond to the Company according to its interests. As of December 31, 2017, $32 of such dividends were collected.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Dividends collected from La Capital Cable&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In May 2017, La Capital Cable voted dividends for $21, as of the date of the transaction, of which $10 corresponded to Cablevisi&amp;#xF3;n according to its shareholdings. Such dividends were collected during the second quarter of 2017, of which $8 were offset with financial debt with said company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Dividends collected from Teledifusora San Miguel Arc&amp;#xE1;ngel&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In June 2017, Teledifusora San Miguel Arc&amp;#xE1;ngel approved dividends for $24, as of the date of the transaction, of which $12 corresponded to Cablevisi&amp;#xF3;n according to its interests. As of December 31, 2017, such dividends were collected.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In August 2017, Teledifusora San Miguel Arc&amp;#xE1;ngel approved dividends for $69, as of the date of the transaction, of which $34 corresponded to the Company according to its interests. As of December 31, 2017, $7 of such dividends were collected.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In conclusion, during 2017 a total of $99 of dividends (approximately $149 in current currency of December 31,2018) were collected from associates.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;Additional information required by IAS 7&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Exchange&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;differences&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;and currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Balances&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Incorporation by&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;merger&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Cash&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;adjustments and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;(Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Flows (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Accrued&lt;/font&gt;&lt;font style="display:inline;font-family:Calibri;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;interests&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Others (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 199&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,176&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (99)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,276&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans - principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 287&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 12,097&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 25,258&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 9,563&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 47,205&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Notes - principal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 13,767&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,186&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (3,905)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,783&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 18,831&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 25&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (44)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 119&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By purchase of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,943&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (256)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 35&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 357&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,079&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (6)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Accrued interests and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,597&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,100)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,395&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,923&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 8,821&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total current and non-current financial debt (Note 13)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 16,009&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 18,104&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 19,129&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,549&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 21,521&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 79,312&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Correspond to $27,769 of debt proceeds, $4,512 of principal payments, $3,724 of interest and related expenses payments and (404) that were reclassified to Other receivables.&amp;nbsp; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Includes (5) that were offset with dividends receivable.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfCashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsTextBlock>
  <teo:DisclosureOfCashCashEquivalentsAndInvestmentsTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cash and Banks&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,878&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,121&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Time deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,953&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 32&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mutual funds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 60&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,354&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other investments at fair value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,891&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,517&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Government bonds at fair value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 727&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Government bonds at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 519&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mutual funds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 109&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other investments at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 123&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total current investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,371&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 162&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non- current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Government bonds at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,627&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Investments in associates (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 967&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 735&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2003 Telecommunications Fund&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total non-current investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,595&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 735&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*) Information on Investments in associates is detailed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfCashCashEquivalentsAndInvestmentsTableTextBlock>
  <teo:DisclosureOfChangesInAllowancesOfIntangibleAssetsTabletextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets consist as of December 31, 2018 of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&amp;nbsp;value as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&amp;nbsp;value as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:16.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Incorporation by merger&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:16.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;(Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 17,713&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 21,348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 10,538&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 10,538&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;N&amp;#xFA;cleo&amp;#xB4;s licenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 844&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 33&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 877&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;SRCE license&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 879&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 879&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 15,771&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 73&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (609)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 15,235&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Brands&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 249&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 13,030&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 13,279&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Incremental Cost from the adquisition of contracts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,348&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,355&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 890&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 2,277&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 714&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 14&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,895&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,653&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;(*) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 59,329&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,906&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 127&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (609)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 67,406&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*) Includes $(125) Retained earnings adjustment. Note 3.u).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Net&amp;nbsp;carrying&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,196)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,196)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 20,152&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;PCS license (Argentina)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 10,538&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;N&amp;#xFA;cleo&amp;#xB4;s licenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (70)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (74)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 803&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;SRCE license&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (72)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (72)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 807&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,574)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;8&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 494&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,072)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 12,163&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Brands&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (89)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (5)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (94)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 13,185&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Incremental Cost from the adquisition of contracts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (378)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (15)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (393)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 962&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (857)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (155)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,012)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,883&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,018)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (5,378)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (11)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 494&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (5,913)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 61,493&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Intangible assets consist as of December 31, 2017 of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.44%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&amp;nbsp;value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Net carrying&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;amortization as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;amortization as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;3G/4G licenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;SRCE license&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 72&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 807&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 879&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (57)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (15)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (72)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 807&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Brands&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 249&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 249&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (83)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (6)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (89)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 160&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 890&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 890&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (772)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (85)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (857)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 33&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,846&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 807&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,653&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (912)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (106)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,018)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,635&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfChangesInAllowancesOfIntangibleAssetsTabletextBlock>
  <teo:DisclosureOfChangesInAllowancesTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Increases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (18)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (15)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the Allowance for non-current other receivables are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Increases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfChangesInAllowancesTableTextBlock>
  <teo:DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Net decrease (increase) in assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,092)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (406)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (164)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (894)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (737)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 346&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (11)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 15&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (4,997)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,113)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 197&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Net increase (decrease) in liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 885&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 363&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 598&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 283&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 362&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (98)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Taxes payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,030)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,425)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,606)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other liabilities and Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,329)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (735)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (248)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (3,191)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,435)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,354)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock>
  <teo:DisclosureOfCompanySEquityTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:22.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Equity attributable to Controlling Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 225,686&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 54,182&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Equity attributable to non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,227&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 846&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total equity (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 228,913&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 55,028&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*)&lt;font style="display:inline;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.8pt 0pt 0pt;"&gt;&lt;/font&gt;Additional information is given in the consolidated statements of changes in equity.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfCompanySEquityTableTextBlock>
  <teo:DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 1 -- DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;a)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;The Company and its Operations&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom Argentina was created through the privatization of ENTel, the state-owned company that provided telecommunication services in Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom Argentina&amp;#x2019;s license, as originally granted, was exclusive to provide telephone services in the northern region of Argentina since November&amp;nbsp;8, 1990 through October&amp;nbsp;10, 1999. As from such date, the Company also began providing telephone services in the southern region of Argentina and competing in the previously exclusive northern region.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company provides mainly fixed-line public and mobile telecommunication services, international long-distance service, data transmission and Internet services in Argentina and through its subsidiaries, mobile telecommunications services in Paraguay and international wholesale services in the United States of America.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As a consequence of the merger between the Company and Cablevisi&amp;#xF3;n (Note 4.a), Telecom Argentina, as surviving entity, develops, as from January 1, 2018, the operations of Cablevisi&amp;#xF3;n.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The core business of Cablevisi&amp;#xF3;n and some of its subsidiaries was the operation of the cable television networks installed in different regions of Argentina and Uruguay and the provision of telecommunication services and data transmission.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cablevisi&amp;#xF3;n exploited cable television services through licenses original granted by the Federal Broadcasting Committee (COMFER) and telecommunication services through licenses granted by the SC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Information on Telecom&amp;#x2019;s licenses and on the regulatory framework is described under Note 2.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of December 31, 2018, the following are the subsidiaries included in the consolidation process and the respective equity interest owned by Telecom Argentina:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Telecom&amp;nbsp;Argentina's&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;direct/indirect&amp;nbsp;interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;in&amp;nbsp;capital&amp;nbsp;stock&amp;nbsp;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Main&amp;nbsp;Activity&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Country&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;votes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile telecommunications Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 67.50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Personal Env&amp;#xED;os&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile financial services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 67.50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tuves Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Telecommunications services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 67.50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Microsistemas&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Services related to the use of electronic payment media&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Pem&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Investment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;CV Berazategui (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Closed-circuit television&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cable Imagen (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Closed-circuit television&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Televisi&amp;#xF3;n Dirigida&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cable television services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Adesol (c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Holding&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Uruguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;#xDA;ltima Milla&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Services for telecommunication &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;AVC Continente Audiovisual&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Broadcasting services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 60.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inter Radios&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Broadcasting services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Telecom USA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Telecommunication services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;USA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;The Company owned 70% indirectly through Pem until April 4, 2018 when the remaining 30% was acquired directly (See Note 3.d.6).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;The data about the issuer arise from non-accounting information.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (c)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Includes the interest in the following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel S.A. and Visi&amp;#xF3;n Satelital S.A. See Note 3 d.4).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The information presented on a comparative basis of the fiscal years ended December 31, 2017 and 2016 corresponds to the consolidated information of Cablevisi&amp;#xF3;n, due to the treatment of the &amp;#x201C;reverse acquisition&amp;#x201D; described under Note 1.c), therefore:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="right" style="width: 21.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt;i.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;NEXTEL Communications Argentina S.R.L. (&amp;#x201C;Nextel&amp;#x201D;) is included in the consolidation until it was merged into Cablevisi&amp;#xF3;n, effective as of October 1, 2017 (See Note 4.d), and&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="right" style="width: 21.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt;ii.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom USA, N&amp;#xFA;cleo, Personal Env&amp;#xED;os, Tuves Paraguay and Microsistemas (subsidiaries of Telecom before its merger with Cablevisi&amp;#xF3;n) are not included in the consolidation of the comparative amounts.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 39.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;b)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Segment information&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;An operating segment is defined as a component of an entity or a Group that engages in business activities from which it may earn revenues and incur expenses, and whose financial information is available, held separately, and evaluated regularly by the chief operating decision maker. In the case of the Company, the Executive Committee and the Chief Executive Officer (&amp;#x201C;CEO&amp;#x201D;) are responsible for controlling recourses and for the economic and financial performance of Telecom.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Executive Committee and the CEO have a strategic and operational vision of Telecom as a single business unit in Argentina, according to the current regulatory context of the converged ICT services industry (adding to the same segment both the activities related to the mobile services, internet services, cable television and fixed telephony services, services governed by the same regulatory framework of ICT services). To exercise its functions, both the Executive Committee and the CEO receive periodically the economic-financial information of Telecom and its subsidiaries (in historical values), that is prepared as a single segment and evaluate the evolution of business as a unit of generation of results, administrating the resources in a unique way to achieve the objectives. Regarding to costs, they are not specifically appropriate to a type of service, considering that the Company has a single payroll and operating expenses that affect all services in general (non-specific). On the other hand, decisions on CAPEX affect all the types of services provided by Telecom in Argentina and not specifically to one of them. Based on what was previously described and under the current accounting principles (IFRS as issued by the IASB), it is defined that the Company has a single segment of operations in Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the other hand, Telecom carries out its activities abroad (Paraguay, United States of America and Uruguay). These operations are not analyzed as a separate segment by the Executive Committee and the CEO, who analyze the consolidated information of companies in Argentina and abroad (in historical values), taking into account that the activities of foreign companies are not significant for Telecom. The operations that Telecom carries out abroad do not meet the aggregation criteria established by the standard to be grouped within the "Services rendered in Argentina" segment, and considering that they do not exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments, they are grouped within the category "Other abroad segments".&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Presented below is the Segment financial information for the years ended December 31, 2018, 2017 and 2016. The following tables include segment results presented to the chief operating decision maker in millions of nominal Argentine pesos, together with a reconciliation to such amounts on a price level adjusted basis restated in accordance with the provisions of IAS 29:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;&amp;#x2610;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Consolidated Income Statement as of December 31, 2018&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&amp;nbsp;rendered&amp;nbsp;in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&amp;nbsp;abroad&amp;nbsp;segments&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Revenues &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 129,836&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 29,165&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 159,001&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 7,894&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 1,855&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 9,749&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; (704)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 168,046&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Operating costs without depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (85,942)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (19,753)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (105,695)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (5,414)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (1,273)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (6,687)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 704&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (111,678)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (20,416)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (12,478)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (32,894)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (1,753)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (464)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (2,217)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (35,111)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 23,478&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; (3,066)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 20,412&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 727&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 118&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 845&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 21,257&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Earnings from associates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 236&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Debt financial expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (33,972)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Other financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 15,177&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 2,698&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 2,838&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 5,536&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Attributable to:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Controlling Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 5,294&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 242&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 5,536&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;&amp;#x2610;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Consolidated Income Statement as of December 31, 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&amp;nbsp;rendered&amp;nbsp;in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&amp;nbsp;abroad&amp;nbsp;segments&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Revenues &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 39,870&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 25,596&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 65,466&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 1,074&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 117&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 1,191&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; (8)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 66,649&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Operating costs without depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (25,082)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (16,673)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (41,755)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (711)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (78)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (789)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; &amp;nbsp;8&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (42,536)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (3,880)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (5,806)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (9,686)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (106)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (118)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (9,804)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 10,908&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 3,117&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 14,025&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 257&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 27&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 284&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 14,309&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Earnings from associates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Debt financial expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (217)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Other financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 930&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 15,375&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; (5,516)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 9,859&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Attributable to:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Controlling Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 9,731&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;Non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"&gt; 128&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 9,859&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;&amp;#x2610;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;"&gt;Consolidated Income Statement as of December 31, 2016&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&amp;nbsp;rendered&amp;nbsp;in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Eliminations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Total&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;rendered in&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Other&amp;nbsp;abroad&amp;nbsp;segments&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;abroad&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;segments &amp;#x2013;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restated for&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;inflation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;restatement&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Revenues &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 29,726&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 29,804&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 59,530&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 819&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 62&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 881&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; (6)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 60,405&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Operating costs without depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (19,106)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (20,483)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (39,589)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (579)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (44)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (40,206)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (2,519)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (5,285)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (7,804)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (73)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (6)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (79)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (7,883)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Operating income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 8,101&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 4,036&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 12,137&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 167&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 179&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 12,316&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Earnings from associates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; 221&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Debt financial expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (595)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Other financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; 4,619&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Income before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 16,561&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; (6,015)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Net income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 10,546&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;Attributable to:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Controlling Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; 10,457&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;Non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"&gt; 89&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-size:6pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"&gt; 10,546&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additional information per geographical area required under IFRS 8 (Operating Segments) is disclosed below:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;i)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;Sales revenues from customers located in Argentina amounted to $158,221, &amp;nbsp;$64,891 and $58,783 during the years ended December 31, 2018, 2017 and 2016, respectively; while sales revenues from foreign customers amounted to $9,825, &amp;nbsp;$1,758 and $1,622 for the years ended December 31, 2018, 2017 and 2016, respectively;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;ii)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"&gt;&lt;/font&gt;PP&amp;amp;E, Goodwill and Intangible assets corresponding to the segment &amp;#x201C;Services rendered in Argentina&amp;#x201D; amounted to $319,014 and $80,817 as of December 31, 2018 and 2017, respectively; while PP&amp;amp;E, Goodwill and Intangible Assets corresponding to the segment &amp;#x201C;Other abroad segments&amp;#x201D; amounted to $11,781 and $1,475 as of December 31, 2018 and 2017, respectively.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;c)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Basis of Presentation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As required by the CNV, the Company&amp;#x2019;s consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB, and in accordance with RT 26 (as amended by RT 29 and RT 43) of FACPCE as adopted by the CPCECABA. IFRS also includes the International Accounting Standards or &amp;#x201C;IAS&amp;#x201D;; the International Financial Reporting Interpretations Committee or &amp;#x201C;IFRIC&amp;#x201D;, the Standard Interpretations Committee or &amp;#x201C;SIC&amp;#x201D; and the conceptual framework modified in March 2018. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The preparation of these consolidated financial statements in conformity with IFRS requires that the Company's Management make estimates that affect the figures disclosed in the financial statements or its supplementary information. Actual results may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where estimates are significant are disclosed under Note 3.w).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These consolidated financial statements (except for the statement of cash flows) are prepared on an accrual basis of accounting. Under this basis, the effects of transactions are recognized when they occur. Therefore, income and expenses are recognized at fair value on an accrual basis regardless of when they are received or paid. When significant, the difference between the fair value and the nominal amount of income and expenses is recognized as finance income or expense using the effective interest method.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These consolidated financial statements as of December 31, 2018, were approved by resolution of the Board of Directors&amp;#x2019; meeting held on March 19, 2019.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;text-decoration:underline;"&gt;Effect of the Merger between Telecom and Cablevisi&amp;#xF3;n under IFRS 3 (Business Combinations) on the Basis of Presentation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;According to the provisions of the final merger agreement executed between Telecom and Cablevisi&amp;#xF3;n in October 31, 2017 and effective as of January 1, 2018 (Note 4.a) and the shareholder agreement executed between Fintech and CVH in July 7, 2017 (Note 27.a), Telecom Argentina (surviving company for legal purposes) is deemed the acquiree for accounting purposes and Cablevisi&amp;#xF3;n (the absorbed company for legal purposes) is deemed the acquirer for accounting purposes, which qualifies as a &amp;#x201C;reverse acquisition&amp;#x201D; pursuant to IFRS 3.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The grounds used to determine that Cablevisi&amp;#xF3;n is to be considered the acquirer for accounting purposes under IFRS 3 in this merger were the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;1)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;Relative voting rights in the surviving company (55% for the former shareholders of Cablevisi&amp;#xF3;n S.A. and 45% for the former shareholders of Telecom Argentina S.A.),&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;2)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;the composition of the Board of Directors of the surviving company and other committees (Audit Committee, Supervisory Committee and Executive Committee),&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;3)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;The relative fair value allocated to Telecom Argentina and Cablevisi&amp;#xF3;n and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;4)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;The composition of the key senior management of the surviving company. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Consequently, for the purposes of preparing these consolidated financial statements: i) the figures disclosed on a comparative basis as of December 31, 2017 and 2016 arise from the consolidated financial statements of Cablevisi&amp;#xF3;n as of the respective dates restated for inflation as indicated in Note 1.e); and ii) the consolidated information as of and for the year ended December 31, 2018 incorporates, based on the consolidated figures corresponding to Cablevisi&amp;#xF3;n, the effect of applying the acquisition method concerning Telecom Argentina to its fair value in accordance with IFRS 3 and the consolidated operations of Telecom Argentina as from January 1, 2018. Note 4.a) describes specific matters related to the accounting treatment of this merger.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Consistently, certain comparative information that arises from the consolidated financial statements of Cablevisi&amp;#xF3;n corresponding to the fiscal years ended December 31, 2017 and 2016 restated for inflation as indicated in Note 1.e), was adequated to ensure the uniform reporting criteria with those used for 2018 for help the comprehension of the users of these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;d)&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Consolidated Financial Statement Formats&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The financial statement formats adopted are consistent with IAS 1. In particular:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;color:#000000;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;text-decoration:underline;"&gt;the consolidated statements of financial position&lt;/font&gt;&lt;font style="display:inline;color:#000000;"&gt; have been prepared by classifying assets and liabilities according to the &amp;#x201C;current and non-current&amp;#x201D; criterion. Current assets and liabilities are those that are expected to be realized/settled within twelve months after the year-end;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;color:#000000;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;text-decoration:underline;"&gt;the consolidated income statements&lt;/font&gt;&lt;font style="display:inline;color:#000000;"&gt; have been prepared by classifying operating expenses by nature of expense as this form of presentation represents the way that the business is monitored by the Executive Committee and the CEO and, additionally, are in line with the usual presentation of expenses in the ICT services industry;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;color:#000000;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;text-decoration:underline;"&gt;the consolidated statements of comprehensive income&lt;/font&gt;&lt;font style="display:inline;color:#000000;"&gt; include the profit (or loss) for the year as shown in the consolidated income statement and all components of other comprehensive income;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;color:#000000;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;color:#000000;text-decoration:underline;"&gt;the consolidated statements of changes in equity&lt;/font&gt;&lt;font style="display:inline;color:#000000;"&gt; have been prepared showing separately (i) income (loss) for the year, (ii) other comprehensive income (loss) for the year, and (iii) transactions with shareholders (owners and non-controlling interest);&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;color:#000000;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;color:#000000;text-decoration:underline;"&gt;the consolidated statements of cash flows&lt;/font&gt;&lt;font style="display:inline;color:#000000;"&gt; have been prepared by presenting cash flows from operating activities according to the &amp;#x201C;indirect method&amp;#x201D;, as permitted by IAS 7.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;These consolidated financial statements contain all material disclosures required under IFRS as issued by the IASB and in accordance with the accounting framework established by the CNV. Some additional disclosures required by the LGS and/or by the CNV have been also included, among them, complementary information required in the last paragraph of Section 1 Chapter III Title IV of the CNV General Resolution No. 622/13. Such information is disclosed in Notes 5, 6, 7, 8, 10, 11, 18, 23 and 26 to these consolidated financial statements, as admitted by IFRS.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;e)&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Measuring Unit - IAS 29 (Financial reporting in hyperinflationary economies)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;IAS 29 establishes the conditions under which an entity shall restate its financial statements if it is located in an economic environment considered hyperinflationary. This Standard requires that the financial statements of an entity that reports in the currency of a highly inflationary economy shall be stated in terms of the measuring unit current at the closing date of the latest reporting period, regardless of whether they are based on a historical cost approach or a current cost approach. To this end, in general terms, the inflation rate must be computed in the non-monetary items as from the acquisition date or the revaluation date, as applicable. These requirements also comprise the comparative information of the financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;To determine the existence of a highly inflationary economy under the terms of IAS 29, the standard details a series of factors to consider, including a cumulative inflation rate over three years that is close to or exceeds 100%.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It is important to highlight that the three-year accumulated inflation rate as of December 31, 2018 reached 147.8%. On the other hand, the macroeconomic events that have taken place in the country during the year show that the country is complying with the qualitative factors provided for in IAS 29 to consider Argentina as a highly inflationary economy for accounting purposes. All this, consequently, originates the need to apply the restatement for inflation of the financial statements in the terms of IAS 29 for the year ended December 31, 2018. The FACPCE issued Resolution No. 539/18 dated September 29, 2018 which defines the need to restate the financial statements of Argentine companies for reporting periods ended after July 1, 2018, establishing specific issues in relation to the restatement for inflation such as, for example, the indexes to be used. This Resolution was approved, on October 10, 2018, by the CPCECABA through Resolution No. 107/2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018) amended Section 10 of Law No. 23,928, as amended, providing that the repeal of all the laws and regulations that establish or authorize price indexation, currency restatement, cost variance and any other form of restatement of debts, taxes, prices or fees related to property, works or services does not apply to financial statements, which remain subject to Section 62 of the General Associations Law, as amended. In addition, it repealed Decree No. 1,269/2002, as amended, and delegated on the PEN, through its oversight agencies, the power to set the date as from which those regulations will come into effect in relation to the financial statements that are presented to them.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Therefore, through Resolution No. 777/18 (published in the Official Gazette on December 28, 2018), the CNV, the local regulatory agency, established the method to restate financial statements in current currency to be applied by issuers subject to its oversight, in accordance with IAS 29 for years/periods ended as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In relation to the inflation index to be used, according to Resolution No. 539/18, it will be determined according to the Internal Wholesale Price Index (IWPI) until the year 2016, considering for the months of November and December 2015 the average variation of the Consumer Price Index (CPI) of the City of Buenos Aires, due to the fact that during those two months there were no IWPI measurements at national level. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The index as of December 31, 2018 amounts to 2,443.16. The tables below show the evolution of these indexes in the last three years and as of December 31, 2018 according to official statistics (INDEC) following the guidelines described in Resolution No. 539/18:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;31,&amp;nbsp;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;31,&amp;nbsp;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Variation in Prices&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Annual &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34.6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 24.7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 47.6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Accumulated 3 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 72.5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 102.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 96.6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 147.8&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As a consequence of the aforementioned, these Financial Statements as of December 31, 2018 were restated in accordance with the provisions of IAS 29.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company restated all the non-monetary items in order to reflect the impact of the inflation restatement reporting in terms of the measuring unit current as of December 31, 2018. Consequently, the main items restated were Property, Plant and Equipment, Intangible assets, Goodwill, Inventories, certain Investments in associates and the Equity items. Each item must be restated since the date of the initial recognition in the Company's Equity or since the last revaluation. Monetary items have not been restated because they are stated in terms of the measuring unit current as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Comparative figures must also be presented in the current currency of December 31, 2018 and are restated using the general price index of the current year. Therefore, comparative figures for the previous reporting periods have been restated by applying a general price index, so that the resulting comparative financial statements are presented in terms of the current unit of measurement as of the closing date of the reporting period.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As far as results are concerned, there was an increase in Amortization and depreciation arising from the restatement of non-monetary assets, and an improvement in financial income and expense due to the positive result of the exposure to inflation from the excess of monetary liabilities over monetary assets, with the consequent impact on income tax.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;text-decoration:underline;"&gt;Restatement of the Income Statement and the Statement of Cash Flows&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In the Income Statement, items shall be restated from the dates when the items of income and expense were originally recorded. To this end, the Company shall apply the variations in a general price index. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The effect of inflation on the monetary position is included in the Income Statement under Other financial results, net.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The items of the Statement of Cash Flows must also be restated in terms of the measuring unit current at the closing date of the Statement of Financial Position. IAS 29 para 33 states that all items in the statement of cash flows are expressed in terms of the measuring unit current at the end of the reporting period. The gain arising from the restatement has an impact on the Income Statement and must be eliminated from the Statement of Cash Flows because it is not considered cash or cash equivalent.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;text-decoration:underline;"&gt;Restatement of the Statement of Changes in Equity&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;All components of the Statement of Changes in Equity, except reserves and retained earnings, must be restated from the dates on which the items were contributed or otherwise arose. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;text-decoration:underline;"&gt;Investments in Foreign Companies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The subsidiaries, associates and companies under common control that use functional currencies other than the Argentine peso (mainly foreign companies with economies that are not considered to be hyperinflationary), must not restate for inflation their financial statements, in accordance with IAS 29.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Notwithstanding, and only for reporting and consolidation purposes, the comparative figures presented in Argentine pesos in the Income Statement corresponding to the current year and the previous year must be stated using the exchange rates at the transaction date. In addition, the initial items of the Statement of Changes in Equity must be reported at the closing rate without modifying the total figure due to the fact that it is translated into the closing exchange rate, which implies that a translation adjustment is recognized against Retained Earnings and Other Comprehensive Results.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTextBlock>
  <teo:DisclosureOfDetailedInformationAboutDepreciationAndEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Estimated&amp;nbsp;Useful&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Life&amp;nbsp;(in&amp;nbsp;years)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Real Estate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fixed Network and Transportation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5 &amp;#x2013; 10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile Network Access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;3 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tower and Pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;10 &amp;#x2013; 20&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Switching Equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5 &amp;#x2013; 7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Computer Equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;3 &amp;#x2013; 5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Goods lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2 &amp;#x2013; 4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Power Equipment and Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2 &amp;#x2013; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Machinery, diverse equipment and tools&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;5 &amp;#x2013; 10&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfDetailedInformationAboutDepreciationAndEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock>
  <teo:DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;In equivalent millions of Argentine pesos&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17,111&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,058&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (90,217)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (11,131)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Assets (Liabilities) Net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (73,106)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (8,073)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock>
  <teo:DisclosureOfFinancialResultsTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:29.70%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:29.70%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Interests on debts (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,542)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,138)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,736)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Foreign currency exchange losses on debts (**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (29,620)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 780&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,086&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other financial expenses on debts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 190&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 141&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 55&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total Debt financial expenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (33,972)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (217)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (595)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Interests and gains on investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,898&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 409&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Taxes and bank expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,646)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (745)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (733)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other Foreign currency exchange gains (losses) (***)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,402&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (476)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (665)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial discounts on assets, debts and other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 16&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 55&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Gains (losses) on operations with notes and bonds &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 780&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (43)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (11)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Interests on provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (604)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (78)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (77)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial expenses on pension benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (72)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;RECPAM&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 13,403&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,907&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,547&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;9&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 94&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total other financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 15,177&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 930&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,619&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (18,795)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 713&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,024&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*)&amp;nbsp;&amp;nbsp;&amp;nbsp;Includes 7 corresponding to net income generated by NDF in the year ended December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(**)&amp;nbsp;&amp;nbsp;Includes 1,116 corresponding to net income generated by NDF in the year ended December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(***)&amp;nbsp;Includes (130) corresponding to net losses generated by NDF in the year ended December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfFinancialResultsTableTextBlock>
  <teo:DisclosureOfFinancingActivitiesComponentsTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,176&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 25,593&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,229&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 15,305&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By purchase of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 35&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total financial debt proceeds&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 27,769&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,264&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 15,305&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Notes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (3,905)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (335)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,622)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (12,679)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By purchase of equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (272)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total payment of debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (4,512)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (12,679)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank overdrafts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (94)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Notes - Interests and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,509)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Bank loans - Interests and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,388)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,264)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,890)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;By NDF, purchase of equipment and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 267&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (27)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 56&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total payment of interest and related expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (3,724)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,292)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,834)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfFinancingActivitiesComponentsTableTextBlock>
  <teo:DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Gains and losses by category&amp;nbsp;&amp;#x2013;&amp;nbsp;Year 2018&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Net&amp;nbsp;gain/(loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Of&amp;nbsp;which&amp;nbsp;interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial assets at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 7,544&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,863&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial liabilities at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (41,540)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (6,307)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial assets at fair value through profit or loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,237&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,019&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial liabilities at fair value through profit or loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (229)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (31,988)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (3,425)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Gains and losses by category&amp;nbsp;&amp;#x2013;&amp;nbsp;Year 2017&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Net&amp;nbsp;gain/(loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Of&amp;nbsp;which&amp;nbsp;interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial assets at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (285)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 201&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial liabilities at amortized cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,229)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,185)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial assets at fair value through profit or loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 265&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,249)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,984)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock>
  <teo:DisclosureOfMainComponentsOfOperatingExpenseTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Employee benefit expenses and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Salaries, Social security expenses and benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (27,026)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (10,817)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (10,007)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Severance indemnities and termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,273)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (362)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (186)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other employee expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (749)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (486)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (410)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (30,048)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (11,665)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (10,603)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Fees for services, maintenance, materials and supplies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Maintenance and materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (8,533)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,300)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (5,271)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fees for services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (7,629)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,930)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,619)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Directors and Supervisory Committee's fees&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (99)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (24)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (22)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (16,261)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (7,254)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (7,912)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Turnover tax&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (7,361)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,157)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,218)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Municipal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,811)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,026)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (838)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other taxes and fees&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,437)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,676)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,285)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (13,609)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (4,859)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (4,341)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Cost of equipment and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventory balance at the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (189)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (515)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (9)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Plus:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Incorporation by merger (Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,739)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (232)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (47)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Purchases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (9,608)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (285)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,341)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (20)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 350&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Less:&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventory balance at the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,889&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 189&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 515&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (9,667)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (493)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (882)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Other operating income and expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,254)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (359)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (348)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Rentals and internet capacity&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (3,321)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,121)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (862)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (5,100)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,766)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,915)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (9,675)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (3,246)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (3,125)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Depreciation of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (27,643)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (9,698)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (7,719)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Amortization of intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (5,378)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (106)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (164)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Impairment of PP&amp;amp;E&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (467)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Impairment of Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (35,111)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (9,804)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (7,883)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfMainComponentsOfOperatingExpenseTextBlock>
  <teo:DisclosureOfMainNonCashOperatingTransactionsTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Offsetting of dividends receivable with financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfMainNonCashOperatingTransactionsTableTextBlock>
  <teo:DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the fiscal&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (713)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (512)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;IFRS 9 retained earnings adjustment (Note 3.v)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (245)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Additions - Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (3,527)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (901)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Uses and Currency translation adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,836&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 700&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (2,649)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (713)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock>
  <teo:DisclosureOfMovementsInImpairmentOfIntangibleAssetsTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (1,623)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfMovementsInImpairmentOfIntangibleAssetsTableTextBlock>
  <teo:DisclosureOfOperatingExpensesByFunctionTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Operating&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Commercializa-tion&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Administration&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Concept&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;12.31.2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;12.31.2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;12.31.2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Employee benefit expenses and severance payments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (16,724)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (4,241)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,083)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (30,048)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (11,665)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (10,603)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Interconnection costs and other telecommunication charges&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (5,478)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (11)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (36)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (5,525)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,311)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,360)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Fees for services, maintenance, materials and supplies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (8,548)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (2,796)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (4,917)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (16,261)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (7,254)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (7,912)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Taxes and fees with the Regulatory Authority&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (13,420)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (23)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (166)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (13,609)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (4,859)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (4,341)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Commissions and advertising&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (229)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,451)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,530)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (11,210)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,691)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,464)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Cost of equipment and handsets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,667)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,667)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (493)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (882)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Programming and content costs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (12,149)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (7)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (12,156)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,116)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (7,778)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,525)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,527)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (901)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (741)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Other operating income and expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (6,668)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,141)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (1,866)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,675)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,246)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (3,125)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (27,306)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (2,545)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (5,260)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (35,111)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (9,804)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt; (7,883)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total as of 12.31.2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (100,191)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (12,208)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (34,390)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (146,789)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total as of 12.31.2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (34,316)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (7,953)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (10,071)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (52,340)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Total as of 12.31.2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (31,584)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (8,089)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (8,416)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt; (48,089)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfOperatingExpensesByFunctionTableTextBlock>
  <teo:DisclosureOfOtherLiabilitiesTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Deferred revenues on prepaid calling cards&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 710&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 30&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Deferred revenues on connection fees and international capacity leases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 76&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 117&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Deferred revenues on construction projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 322&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile customer loyalty programs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 173&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Compensation for directors and members of the Supervisory Committee&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 47&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 209&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,537&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 152&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Deferred revenues on connection fees and international capacity leases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 254&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 198&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Pension benefits (Note&amp;nbsp;3.m)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 245&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile customer loyalty programs&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 280&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 380&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,159&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 198&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total other liabilities&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,696&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 350&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*) Includes deferred revenue from subsidiaries for government subsidies for the acquisition of PP&amp;amp;E.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfOtherLiabilitiesTableTextBlock>
  <teo:DisclosureOfOtherReceivablesTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Prepaid expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,437&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 603&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tax credits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,363&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 127&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Advances to suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 103&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 41&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Settlement Pendings accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 217&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Guarantee deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 24&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 112&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Expenditure reimbursement&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 109&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial NDF (Note 21) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 750&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Restricted funds (Note 18)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 63&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 27&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties (Note 27.c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 144&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 174&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Receivables from sale of customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 72&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 806&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 139&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,088&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,223&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Allowance for current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (15)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,073&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,223&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Prepaid expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 450&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 45&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Advances to suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 71&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 244&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tax credits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 703&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 61&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Restricted funds (Note 18)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 92&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial NDF (Note 21) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 45&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Regulatory Credits (N&amp;#xFA;cleo)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 156&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Guarantee deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 46&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Credit of indemnity for Tuves Paraguay acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 55&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Receivables from sale of customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 113&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,734&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Allowance for non-current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,722&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,795&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,576&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfOtherReceivablesTableTextBlock>
  <teo:DisclosureOfOtherReceivablesTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 7 &amp;#x2013; OTHER RECEIVABLES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Other receivables consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Prepaid expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,437&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 603&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tax credits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,363&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 127&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Advances to suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 103&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 41&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Settlement Pendings accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 217&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Guarantee deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 24&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 112&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Expenditure reimbursement&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 109&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial NDF (Note 21) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 750&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Restricted funds (Note 18)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 63&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 27&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties (Note 27.c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 144&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 174&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Receivables from sale of customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 72&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 806&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 139&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,088&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,223&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Allowance for current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (15)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,073&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,223&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Prepaid expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 450&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 45&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Advances to suppliers&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 71&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 244&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tax credits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 703&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 61&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Restricted funds (Note 18)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 92&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial NDF (Note 21) &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 45&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Regulatory Credits (N&amp;#xFA;cleo)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 156&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Guarantee deposits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 46&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Credit of indemnity for Tuves Paraguay acquisition&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 55&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Receivables from sale of customer relationship&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 113&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,734&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Allowance for non-current other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total other receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,722&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,795&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 1,576&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the Allowance for current other receivables are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Increases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (18)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (15)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the Allowance for non-current other receivables are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Increases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfOtherReceivablesTextBlock>
  <teo:DisclosureOfPurchasePriceAllocationImpactInConsolidatedIncomeStatementExplanatoryTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Year &amp;nbsp;ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Impact of the purchase price allocation recognized in the consolidated results&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;December&amp;nbsp;31,&amp;nbsp;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (30)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Operating costs without depreciation and amortization&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (187)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Depreciation, amortization and impairment of PP&amp;amp;E and Intangible assets&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (11,414)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Operating loss&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (11,631)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 35&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Loss before income tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (11,596)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Income tax &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,479&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Net loss for the year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (8,117)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Attribuibled to controlling Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (8,044)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Non-controlling interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (73)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfPurchasePriceAllocationImpactInConsolidatedIncomeStatementExplanatoryTableTextBlock>
  <teo:DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the impairment of PP&amp;amp;E are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (333)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (333)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock>
  <teo:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Details on the nature and movements as of December 31, 2018 are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Incorporation by merger&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Transfers&amp;nbsp;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;(Note 4.a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Real estate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,990&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 19,387&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 167&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 219&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (9)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 22,760&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,700&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 223&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 798&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 384&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,103&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Fixed network and transportation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 35,676&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 30,493&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 5,408&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 674&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 15,187&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,840)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 83,598&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 11,317&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 836&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,825&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (312)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 16,682&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 207&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,494&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 43&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 273&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 384&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,398&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Power equipment and Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 5,472&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 233&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 705&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,410&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Computer equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,767&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 6,264&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,158&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,249&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 2,211&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 15,645&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Goods lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,282&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 223&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 5,010&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 361&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,396)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 7,484&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,477&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,187&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 376&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 21&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (74)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,987&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Machinery, diverse equipment and tools&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,946&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 226&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 194&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 98&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 259&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 473&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 42&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 83&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 863&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 10,377&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 5,818&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 24,138&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 95&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (23,144)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (38)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 17,246&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,982&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,582&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,001&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 25&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (956)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (41)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 12,593&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 71,967&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 92,636&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 39,574&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,786&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (7,718)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 201,245&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Net&amp;nbsp;carrying&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Real estate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,087)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (966)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (178)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (2,228)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 20,532&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Switching equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,032)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (681)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,713)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,390&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Fixed network and transportation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (15,959)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (12,450)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (657)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (25,048)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 58,550&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2,763)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (548)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 48&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,263)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 13,419&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (18)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (832)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (145)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (992)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,406&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Power equipment and Installations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,062)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (156)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,218)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,192&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Computer equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (2,830)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,809)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,128)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (7,764)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 7,881&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Goods lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,234)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,886)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (296)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,397&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (2,019)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,465&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,085)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (428)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (20)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 33&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,500)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,487&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Machinery, diverse equipment and tools&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,656)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (266)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (15)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,937)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 539&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (213)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (149)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (33)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (395)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 468&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 17,246&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 12,593&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (26,082)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (27,643)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,857)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 7,505&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (50,077)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 151,168&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Details on the nature and movements as of December 31, 2017 are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Gross&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Transfers&amp;nbsp;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;CAPEX&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;reclassifications&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Real estate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,864&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 227&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 22&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (121)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 2,990&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Fixed network and transportation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 30,317&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,027&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (177)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 4,793&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (3,284)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 35,676&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 208&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 207&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Computer equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,577&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 574&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 616&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,767&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Goods lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,035&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 845&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,192&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2,790)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 5,282&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,384&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 195&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (103)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,477&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Machinery, diverse equipment and tools&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,805&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 22&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 120&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 3,946&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 260&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (6)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 259&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,879&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 2,169&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 1,329&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 10,377&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 7,532&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 11,052&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (9)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (10,075)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (1,518)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,982&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 60,864&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 19,116&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (201)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (7,812)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 71,967&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Accumulated&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Net&amp;nbsp;carrying&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Currency&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;as of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;value&amp;nbsp;as&amp;nbsp;of&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;translation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;December 31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Depreciation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;reclassification&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Real estate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,067)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (22)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,087)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,903&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Fixed network and transportation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (13,786)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (5,517)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 86&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 3,258&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (15,959)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 19,717&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Mobile network access&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Tower and pole&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (19)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (18)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 189&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Computer equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (2,002)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (831)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (2,830)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 1,937&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Goods lent to customers at no cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,045)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (2,979)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;-&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 2,790&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,234)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 4,048&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Vehicles&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,033)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (134)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; 80&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (1,085)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 392&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Machinery, diverse equipment and tools&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,473)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (184)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (3,656)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 290&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (206)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; (12)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (213)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 46&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Construction in progress&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 10,377&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;Materials&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,982&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (22,612)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (9,698)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 98&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 6,130&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; (26,082)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"&gt; 45,885&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock>
  <teo:DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;"&gt;
			&lt;font style="display:inline;font-size:9pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (184)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (153)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Additions&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (175)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (31)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (359)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (184)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock>
  <teo:DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Salaries, annual complementary salaries, vacation&amp;nbsp;&amp;nbsp;and bonuses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,371&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,677&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,280&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 907&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 296&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,947&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,585&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Termination benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 347&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 347&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total salaries and social security payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 6,294&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,585&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock>
  <teo:DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="7" valign="bottom" style="width:29.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:09.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 57,776&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,274&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 7,736&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Internet Services &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 37,742&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 19,354&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 13,789&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cable Television Services &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 36,067&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 39,914&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 36,929&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fixed and Data Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 23,149&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,897&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 996&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other services revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 478&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 835&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 712&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Subtotal Services revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 155,212&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 66,274&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 60,162&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Equipment revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 12,834&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 375&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 243&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total Revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 168,046&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 66,649&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 60,405&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock>
  <teo:DisclosureOfTaxesPayableTextblock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 16 &amp;#x2013;TAXES PAYABLES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Taxes payables consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:19.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Income tax (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,122&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other national taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 676&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 475&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Provincial taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,451&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Municipal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 180&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 112&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,319&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,743&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other national taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Provincial taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 26&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 26&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total taxes payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,345&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,747&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*) Include 2 corresponding to Tax Regularization Regime - Law No. 26,476 as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Information on the composition of Income tax benefit (expense) included in the consolidated financial statements is disclosed Note 15.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfTaxesPayableTextblock>
  <teo:DisclosureOfTradePayablesTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Suppliers and commercial accruals&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 22,286&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,299&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 568&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 438&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 22,854&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Suppliers and commercial accruals&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 570&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 570&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 21pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 23,424&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfTradePayablesTableTextBlock>
  <teo:DisclosureOfTradePayablesTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 12 &amp;#x2013; TRADE PAYABLES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Trade payables consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;purchase of materials and supplies;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;purchase of handsets and equipment;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;agent and retails commissions;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;procurement of services; and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Symbol;"&gt;&amp;#xF0B7;&lt;font style="display:inline;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="display:inline;"&gt;purchase of goods included in PP&amp;amp;E.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Suppliers and commercial accruals&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 22,286&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,299&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 568&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 438&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 22,854&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Suppliers and commercial accruals&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 570&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 570&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 21pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total trade payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 23,424&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfTradePayablesTextBlock>
  <teo:DisclosureOfTradeReceivablesTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Current Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Ordinary receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 19,910&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,242&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Contractual asset IFRS 15 (Note 3.u)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 62&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties (Note 27.c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 92&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 59&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,649)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (713)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,415&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,588&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Non-current trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Ordinary receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt; 38&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Contractual asset IFRS 15 (Note 3.u)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 23&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 61&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total trade receivables, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,588&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfTradeReceivablesTableTextBlock>
  <teo:DisclosureOfTradeReceivablesTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 6 &amp;#x2013; TRADE RECEIVABLES&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Trade receivables consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Current Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Ordinary receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 19,910&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,242&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Contractual asset IFRS 15 (Note 3.u)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 62&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Companies under section 33 - Law No. 19,550 and related parties (Note 27.c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 92&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 59&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (2,649)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (713)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,415&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,588&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Non-current trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Ordinary receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt; 38&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Contractual asset IFRS 15 (Note 3.u)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 23&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 61&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total trade receivables, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 17,476&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,588&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the allowance for current doubtful accounts are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the fiscal&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (713)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (512)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;IFRS 9 retained earnings adjustment (Note 3.v)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (245)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Additions - Bad debt expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (3,527)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (901)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Uses and Currency translation adjustments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,836&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 700&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (2,649)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (713)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;"&gt;
			&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfTradeReceivablesTextBlock>
  <teo:DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Variation&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Trade receivables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17,415&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,588&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 14,827&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other receivables (not considering financial NDF)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 4,323&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,223&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,100&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 136&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,601&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Current liabilities (not considering financial debt)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (33,401)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (17,238)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (16,163)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Operative working capital&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (8,926)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (13,291)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,365&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt;Over revenues&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt; 5.3&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt; 19.9&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,891&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 6,517&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 374&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial NDF&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 750&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 750&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,371&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 162&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,209&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Current financial debt&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (20,044)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,383)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (18,661)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Net Current financial (liabilitiy) asset &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (11,032)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 5,296&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (16,328)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Negative operating working capital (current assets - current liabilities)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (19,958)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (7,995)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (11,963)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Liquidity rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 0.63&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 0.57&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 0.06&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock>
  <teo:DisclosureOnRegulatoryFrameworkTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE&lt;/font&gt;&lt;font style="display:inline;text-transform:uppercase;"&gt;&amp;nbsp;2&amp;nbsp;&amp;#x2013; Regulatory framework&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;a)&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;"&gt;Regulatory Authority&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The activities of the Company that provides Information and Communication Technologies Services (&amp;#x201C;ICT&amp;#x201D;) are regulated by a set of rules and regulations that comprise the regulatory framework of the telecommunication sector. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Until the issuance of the LAD, which was published in the Official Gazette on December 19, 2014 and has been in force since its publication, the telecommunication services provided by Telecom Argentina and its domestic subsidiaries were regulated by the CNC, a decentralized agency within the scope of the SC, which was also under the scope of the Ministry of Federal Planning, Public Investment and Services. Subsequently, through the LAD it was created the Federal Authority of Information and Communication Technologies (&amp;#x201C;AFTIC&amp;#x201D;), as a decentralized and autonomous agency within the scope of the PEN, which would act as the regulatory authority of the LAD and would replace, for all purposes, of the SC and the CNC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The LAD conferred the AFTIC the regulation, control, supervision and verification functions concerning ICT in general, and in particular of the telecommunications, postal service and all those matters integrated to its field in accordance with the provisions of the LAD.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In relation to the exploitation of subscription broadcasting services by physical and/or radioelectric link that were originally awarded under the regime established by Law No. 22,285, the COMFER was the enforcement authority established by that law. Under Law No. 22,285, subscription broadcasting companies in Argentina required a non-exclusive license from the COMFER in order to operate. Other approvals were also required, including, for some services, authorization by municipal agencies.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Audiovisual communication services Law (Law No. 26,522, &amp;#x201C;LSCA&amp;#x201D;) was passed and enacted on October 10, 2009. Law No. 26,522 provided for the replacement of the COMFER with the Audiovisual Communication Services Law Federal Enforcement Authority (&amp;#x201C;AFSCA&amp;#x201D;) as a decentralized and autonomous agency within the scope of the National Executive Branch, and vests the new agency with authority to enforce the law.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;By the end of December 2015, the PEN issued the Decree of Need and Urgency (&amp;#x201C;&lt;/font&gt;&lt;font style="display:inline;font-style:italic;"&gt;Decreto de Necesidad y Urgencia&lt;/font&gt;&lt;font style="display:inline;"&gt;&amp;#x201D; or hereinafter the &amp;#x201C;DNU&amp;#x201D;) No. 267/15 (&amp;#x201C;DNU No. 267/15&amp;#x201D; published in the Official Gazette on January 4, 2016). The DNU substantially amends Laws LSCA and LAD and also creates the ENACOM as a new regulatory authority of those laws. The ENACOM replaces the AFTIC and AFSCA. This new Authority acts as an autonomous agency within the scope of the Ministry of Communications.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Subsequently, and from Decree No. 632 of August 11, 2017 the ENACOM was within the scope of the Ministry of Modernization. On September 5, 2018, the PEN issued Decrees No. 801 and 802 through which the Law on Ministries was modified again and the organizational structure of the Public Administration, and it is established that the Ministry of the Chief of the Cabinet replaces of the Ministry of Modernization and the ENACOM continues within the scope. In addition, the Government created the office of Secretary of Modernization, who will act as Deputy Chief of Cabinet to assist the Chief of the Cabinet of Ministers in the establishment of cross-cutting modernization policies for the administration of the National Government.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the other hand, the subsidiary N&amp;#xFA;cleo, with operations in the Republic of Paraguay, is supervised by the CONATEL and N&amp;#xFA;cleo&amp;#xB4;s subsidiary Personal Env&amp;#xED;os is supervised by the Banco Central de la Rep&amp;#xFA;blica del Paraguay. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom USA, Telecom Argentina&amp;#x2019;s subsidiary in the United States, is supervised by the Federal Communications Commission (the &amp;#x201C;FCC&amp;#x201D;). &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Adesol is a subsidiary of the Company organized in the Oriental Republic of Uruguay, which is a related party of Bersabel S.A. and Satelital Visi&amp;#xF3;n S.A., two licensees that provide subscription broadcasting services in such country and are subject to the control of the Communication Services Regulatory Unit (&amp;#x201C;URSEC&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;b) Licenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="background-color: #FFFFFF;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Wingdings;background-color:#FFFFFF;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="background-color: #FFFFFF;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;The Company&lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;, under the unique Argentina Digital license, currently provides the following services:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Local fixed telephony,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Public telephony,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Domestic and international long-distance telephony,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Domestic and international point-to-point link services,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;VAS, data transmission, videoconferencing, transportation of audio and video signals and Internet access,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;STM, SRMC, PCS and SCMA. These services are also denominated Mobile Advanced Communications Services (&amp;#x201C;SCM&amp;#x201D;),&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;SRS,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;SRCE.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Licenses for the provision of SCM services were originally granted to Personal and were transferred to Telecom since the Reorganization according to the terms of the ENACOM Resolution No. 4,545-E/2017. Such licenses have been granted to provide STM in the Northern Region of Argentina, SRMC in the AMBA area, the PCS service and the SCMA, throughout the national scope.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;SRCE licenses and authorizations were transferred to the Company, within the framework of the merger with Cablevisi&amp;#xF3;n, pursuant to the terms of Resolution ENACOM No. 5,644-E/2017 (see point f) of this Note).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Registry for the provision of Physical and/or Radioelectric Link Subscription Broadcasting and their respective area authorizations were transferred to the Company within the framework of the merger with Cablevisi&amp;#xF3;n pursuant to the terms of Resolution ENACOM No. 5,644-E/2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;Licenses to Telecom Argentina&amp;#x2019;s subsidiaries&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;font style="display:inline;"&gt; has been granted a license to provide mobile telecommunication services (STM and PCS) throughout Paraguay. In addition, N&amp;#xFA;cleo has been granted a license for the installation and provision of Internet and Data services throughout Paraguay. All these licenses have been granted for renewable five-year periods. See additional information in Note 2.e), regarding the adjudication of the auction for 700 MHz band spectrum in Paraguay.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Personal Env&amp;#xED;os&lt;/font&gt;&lt;font style="display:inline;"&gt;, a company controlled by N&amp;#xFA;cleo, is authorized by the Central Bank of the Republic of Paraguay to operate as an Electronic Payment Company (&amp;#x201C;EMPE&amp;#x201D;) through Resolution No. 6 issued on March 30, 2015, and its corporate purpose is restricted to such service.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Tuves Paraguay&lt;/font&gt;&lt;font style="display:inline;"&gt;, a company controlled by N&amp;#xFA;cleo, has a license for the provision of services of distribution of digital audio and television signals to homes (&amp;#x201C;DATDH&amp;#x201D;), for the term of five years. The license was granted in March 2010 and renewed in March 2015 for a term of five years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;c)&amp;nbsp;&lt;/font&gt;&lt;font style="display:inline;"&gt;Regulatory framework of the services provides by the Company&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Among the main rules that govern the services of the Company, it is worth mentioning:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;The LAD, as amended by Decree of Need and Urgency No. 267/15 and Decree No. 1,340/16.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;Law No. 19,798 remains in force only to the extent that it does not conflict with the provisions set out under the LAD.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;The Privatization Regulations that regulates the process.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;The Transfer Agreement.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;The Licenses for providing telecommunication services granted to the Company and the List of Conditions and their respective regulations.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Law No. 22,285 and the different Bidding Terms and Conditions for the provision of Subscription Broadcasting Services during the term thereof.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On the other hand, the exploitation of physical and/or radioelectric link subscription broadcasting services licenses held by the Company, granted in due time under the regime of Law No. 22,285, are currently governed by the LAD, as from the issue of DNU No. 267/15.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The only service that could be considered under the purview of the LSCA is the registration of the signal METRO, as this signal is marketed to be broadcasted through other services that acquire it for such purpose, and therefore it has a registration number issued by ENACOM that must be renewed on an annual basis.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Likewise, the Company annually renews with the ENACOM its Certificate to operate as Advertising Agency, Direct Advertiser and Advertising Producer.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;Law No. 27,078 &amp;#x2013; Argentine Digital Law &lt;/font&gt;&lt;font style="display:inline;"&gt;(LAD)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;Enacted in December 2014, the LAD maintained the single country-wide license scheme and individual registration of the services to be provided, but replaced the term telecommunications services for ICT Services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The LAD incorporated several modifications to the regulatory framework in force until December 19, 2014, as regards telecommunications, among those that stand out:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;the rule on prices and rates establishing that the licensees of ICT Services shall set their prices which shall have to be fair and reasonable, cover the exploitation costs and tend to the efficient supply and reasonable operation margin.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;the amendments as regards Universal Service.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;the declaration of public interest the development of ICT and its associated resources in order to establish and ensure complete neutrality of networks and to guarantee every user the right to access, use, send, receive or offer any content, application, service or protocol through Internet without any restrictions, discrimination, distinction, blocking, interference, obstruction or degradation. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;the possibility that the licensees of the ICT Services can supply audiovisual communication services (including the licensees included in the restrictions of the LSCA, among which was Telecom), with the exception of those provided through satellite link, in which case, the corresponding license must be requested from the proper authority. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On the other hand, Law No. 19,798 Telecommunications Act (passed in 1972), and its amendments, will continue in effect only with respect to those provisions that do not contradict the provisions of the new LAD (including, for example, Section 39 of Law No. 19,798 referred to exemption from all taxes on the use of soil, subsoil and airspace for telecommunications services).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The LAD also revoked Decree No. 764/00, and its amendments, but provisions of the Decree that do not contradict the LAD will remain in effect during the time it takes to the regulatory authority to issue new licensing, interconnection services, universal service and spectrum regulations (see New Regulations in Note 2.f).&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;"&gt;
				&lt;font style="margin:0pt 0pt 6pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;"&gt;
			&lt;font style="display:inline;color:#000000;"&gt;Decree No. 267/15 &amp;#x2013; Amendments to the LAD&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 4, 2016, Decree No. 267/15 was published in the Official Gazette, amending Law No. 26,522 (Audiovisual Communication Services) and Law No. 27,078 (LAD). As mentioned above, ENACOM was created as the regulatory authority applicable of these laws. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The main amendments to the LAD consist of:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;The incorporation of Broadcasting Services provided by subscription (physical or radioelectric link, such as Cable TV) as an ICT service within the scope of the LAD, and excluding it from Law No. 26,522. Satellite Television Services will remain within the scope of Law No. 26,522. Furthermore, Decree No. 267/15 states that the ownership of a satellite television license provided by subscription is incompatible with having any other kind of ICT Services license. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Broadcasting supplied by subscription licenses (such as Cable TV) issued before the application of Decree No. 267/15 will be considered for all purposes as in compliance with LAD upon the respective registration for such service provision. Furthermore, also states a 10 years extension from January 1, 2016, for the use of frequency spectrum to radioelectric link provided by subscription license holders.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;Decree No.267/15 replaced the LAD&amp;#x2019;s Section No. 94, and states that SBT suppliers, fixed telephony license holders within the scope of Decree No.264/98, and mobile telecommunication license holders within the scope of Decree No.1,461/93 are prohibited from providing Broadcasting under subscription services (defined as any form of communication, primarily one-way, for the transmission of signals to be received by a determinable public, either by physical or by radio connection, for example, video cable and IPTV services) until January 1, 2018 (this term can be extended by 1 additional year). Also, replaces Section 95 of the LAD and provides several obligations for fixed telephony licensees granted by Decree No.264/98 and mobile services providers with licenses granted by Decree No.1,461/93, which choose to provide broadcasting under subscription services. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, shareholders of a 10% or more interest in companies that provide public services may not be holders of a subscription radio record. However, this will not apply in the following cases: (i) non-profit companies to whom the national, provincial or municipal State has granted the license, concession or permission to provide a public service (such as telecommunications cooperatives); (ii) those mentioned in section 94 (including the Company) who will be only able to provide the service after the expiration of the period specified therein.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Section 28 of Decree No. 267/15 created, in the field of the Ministry of Communications, the Commission for the Elaboration of the Draft Law for the Reform, Updating and Unification of Laws LSCA and LAD. The Commission is responsible for the study of the reform of both laws under the principles set out herein.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through Resolution No. 1,098-E/16 published on October 31, 2016, the Ministry of Communications extended for 180 days the deadline for the preparation of the draft reform of Laws LSCA and LAD.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Subsequently, through MIDMOD Resolution No. 490/2018, published in the Official Gazette on August 13, 2018, the deadline for the analysis and publication of the ICT Project Law was extended for 90 days.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Finally, the Secretariat of Modernization, which reports to the Chief of the Cabinet of Ministers, issued Resolution RESOL-2018-131-APN-SGM#JGM, whereby it provided for a 1-year extension, counted as from the date of publication, or 90 business days subsequent to the final enactment of the Bill for the Promotion of Deployment of Infrastructure and Competition of Information Technology and Communication Services (ITCS), whichever occurs first, for the review process conducted for the creation and publication of the final bill for the amendment, updating and unification of Laws Nos. 26,522 and 27,078, to be submitted to the National Executive Branch.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Furthermore, the Decree provides that the transfers of licenses and equity interests involving the loss of company control must be approved by the ENACOM, stating a new procedure provided by section 8 of Decree No. 267/15. Those transfers of licenses and equity interests or shares in licensees will be considered ad referendum of ENACOM approval. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Decree No. 267/15 repealed Section 15 and Section 48 (second paragraph) of the LAD thus revoking: (i) the essential and strategic nature of public ICT services to be provided on a competitive basis regarding the use and access to telecommunications networks for and between ICT Services licensees; and (ii) the Regulatory Authority&amp;#x2019;s power to regulate tariffs based on reasons of public interest.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On April 8, 2016, the Chamber of Representatives voted in favor of the validity of DNU No. 267/15. According to this, it acquired the status of Law.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It should be noted that pursuant to Section 21 of Decree No. 267/15 and until the enactment of a law that will unify the fee regime provided under Laws LSCA and LAD, the physical link and radio-electric link subscription broadcasting services will continue to be subject only to the fee regime provided under LSCA. Therefore, they shall not be subject to the investment contribution or the payment of the Control, Oversight and Verification Fee provided under Sections 22 and 49 of LAD.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 6pt;"&gt;
				&lt;font style="margin:0pt 0pt 6pt;font-family:Wingdings;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 6pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Decree No. 1,340/16 - Amendments to DNU No. 267/15&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;Decree No. 1,340/16 issued by PEN and published in the Official Gazette on January 2, 2017 provides the rules for achieving a greater convergence of networks and services under competitive conditions, promoting the deployment of next generation networks and the penetration of Broadband Internet access throughout the national territory, in accordance with the provisions of Laws LSCA and LAD. This Decree complements to DNU No. 267/15, which has the status of Law.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;Among the most relevant provisions, it establishes:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;Fixing the 15-year-term, as from the publication of the Decree, as differential condition in the terms provided by section 45 of LAD, for the protection of last-mile fixed of new generation networks deployed by ICT licensees for Broadband regarding the regulations of open access to Broadband and infrastructure to be stated, notwithstanding the provisions of section 56 of LAD.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;That the Ministry of Communications or ENACOM, as appropriate, shall establish the rules for the administration, management, and control of the radio spectrum.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;That Operators included in section 94 of the LAD (among them, Telecom Argentina), may register the Broadcasting Service by subscription, by physical or radio connection as of the enforcement of this Decree, setting January 1, 2018 as initial date for the provision of such service in the AMBA (and extended AMBA), and in the cities of Rosario (Santa Fe Province) and C&amp;#xF3;rdoba (C&amp;#xF3;rdoba Province). The Decree provides that, for the rest of the country, the initial date for the provision of the services of these operators shall be determined by the ENACOM (see ENACOM Resolution No. E 5,641 E/ 2017 in Note 2.f)).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;That ICT&amp;#x2019;s licensees and Satellite Link Subscription Broadcasting licensees, who as of December 29, 2016 simultaneously provided both services, may retain ownership of both types of licenses.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;That for the purposes of the provisions of section 92 of LAD and section 2, paragraph g) of Decree No. 798 issued on June 21, 2016, Ministry of Communications shall ensure the following principles on interconnection matters:&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;a)&amp;nbsp;&amp;nbsp;&amp;nbsp;until the interconnection prices determination systems provided by the National Interconnection Regulation are implemented, averages of regional Latin America prices shall be considered for similar functions and facilities, corrected by parameters which comply with the conditions of the sector, as determined by the authority of application; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;b)&amp;nbsp;&amp;nbsp;&amp;nbsp;in accordance with section 46 of LAD, the National Interconnection Regulation shall provide asymmetric interconnection rates for mobile services for a 3 years period from the effective service implementation, extendable for a maximum of 18 months;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;c)&amp;nbsp;&amp;nbsp;&amp;nbsp;the National Interconnection Regulation shall provide rules concerning the automatic national roaming service, forcing mobile services providers, for a maximum period of 3 years, to make such service available to other providers in areas where they do not have their own network coverage.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;The temporary limitation provided in the previous paragraph shall not be enforceable in those cases in which mobile services are provided by cooperatives and small and medium-sized companies with exclusively regional coverage.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;Mobile service providers shall freely enter into agreements to secure, among other issues, technical, economic, operational and legal conditions. Such agreements may not be discriminatory or may not establish technical conditions that prevent, delay or obstruct interconnection services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;"&gt;The National Interconnection Regulation will enable ENACOM to define reference prices for a maximum period of 3 years, taking into consideration the costs of the assets involved subject to exploitation and a reasonable return rate to ensure speed, neutrality, non-discrimination and balanced competition between mobile service providers. Likewise, they shall not contain technical, interconnection, operational or other conditions that delay, obstruct or create barriers for the remaining mobile services providers to access the market.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;d)&amp;nbsp;Universal Service Regulation &lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;Decree No. 764/00&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;With respect to Universal Service Regulation, Annex III of Decree No. 764/00 required entities that receive revenues from telecommunications services to contribute 1% of these accrued revenues (net of taxes) to the Universal Service Fiduciary Fund (the &amp;#x201C;SU Fund&amp;#x201D;). The regulation also adopted a &amp;#x201C;pay or play&amp;#x201D; mechanism for compliance with the mandatory contribution to the SU Fund. The regulation also established the exemption to contribute to the FSU in the following events: (i) for local services provided in areas with teledensity lower than 15%, and ii) when certain conditions exists in connection with a formula which combines the foregone revenues and the market share of other operators than Telecom Argentina and Telef&amp;#xF3;nica who provide local telephony. Likewise, the regulation created a committee responsible for the administration of the SU Fund and the development of specific SU programs. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The SC issued Resolution No. 80/07 which stipulated that until the SU Fund was effectively implemented, telecommunication service providers must open an account at Banco de la Naci&amp;#xF3;n Argentina to deposit monthly the corresponding amounts. In August 2007, Resolution No. 2,713 of the former CNC was published, which provided details regarding the concepts that have been achieved and those that are deductible for the purpose of calculating the contribution obligation to the FFSU.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-weight:bold;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-style:italic;text-decoration:none;"&gt;Decree No.&amp;nbsp;558/08&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Decree No. 558/08, published on April 4, 2008, introduced certain changes to the SU Fund regime, replacing the Annex III of the Decree No. 764/00. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Decree No. 558/08 established that the SC would assess the value of service providers&amp;#x2019; direct program contributions in compliance with obligations promulgated by Decree No. 764/00. It would also determine the level of funding required in the SU Fund for programs pending implementation. In the same manner, in order to guarantee the continuity of certain projects, the SC was given the choice to consider as SU contributions certain other undertakings made by telecommunication services providers and compensate providers for these undertakings.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It also established that the SC would review SU programs which were established under the previous regulation, guaranteeing the continuity of those already being administered and implementing those that had been under review. The financing of SU ongoing programs which were recognized as such were determined by the SC, whereas telecommunications providers appointed to participate in future SU Programs were selected by competitive auction.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Decree required telecommunications service providers to contribute 1% of their total revenues (from telecommunication services, net of taxes) to the SU Fund and kept the &amp;#x201C;pay or play&amp;#x201D; mechanism for compliance with the mandatory monthly contribution to the SU Fund or, to claim the corresponding receivable, as the case may be.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On November 11, 2010, the SC issued Resolution No. 154/10 adopted the methodology for the deposit of the SU contributions to the trustee&amp;#x2019;s escrow account. The Resolution included several provisions related to the determination of the contributions that correspond to the periods before and after Decree No. 558/08 was issued. It also provided that until the SC determined the existence of programs, the amounts that would correspond to their implementation would be discounted by the telecommunication providers when determining their contribution to the SU Fund. If completed the verification from the SC there were unrecognized amounts, they should be contributed into the SU Fund or for the development of new works of the SU, with the approval of the SC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-weight:bold;font-style:italic;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;text-decoration:none;"&gt;Amendments of the LAD to the SU Regulation&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The LAD introduced substantial modifications to the regulations of the SU issued by Decree No. 558/08. Among its provisions, the LAD provides for the creation of a new FFSU and that the investment contributions corresponding to the SU programs are managed through such fund, whose patrimony is the National State.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The licensees of ICT Services are obliged to make investment contributions to the SU Fund equivalent to one per cent (1%) of the total accrued revenues for the provision of the ICT Services included in the scope of application of the law, net of imposed taxes and charges. The investment contribution shall not be transferred to the users whatsoever. In turn, the regulatory authority may dispose, once the SU objectives are reached, the total or partial, permanent or temporary exemption, of the obligation to perform said investment contributions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This law also establishes that by virtue of that set forth by Sections 11.1 and 11.2 of the Management Trust Agreement of the SU Fund of Decree No. 558/08, the resources therein foreseen in section 8 of Annex III of Decree No. 764/00 and its amendments shall be integrated to the SU Fund created by the LAD in the conditions determined by the regulatory authority.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The SU Funds shall be applied by means of specific programs defined by the regulatory authority who may entrust the execution of these plans directly to the entities included in Section 8, paragraph b), of Law No. 24,156, or, complying with the selection mechanisms that may correspond, respecting publication and competition principles, to other entities.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On September 10, 2015 Telecom Argentina and Personal filed before the AFTIC their respective SU contribution affidavits corresponding to the revenues recorded in July 2015, clarifying that these presentations were made with the understanding that the operational rules related to the SU Fund contribution, regulated by Decree No. 558/08 and related provisions, are in force. Additionally, Personal proceeded to deposit the corresponding contribution in the new SU Fund account reported through the Official Notice published by the AFTIC.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In its filings, Telecom Argentina and Personal had stated that the filing of the affidavits and, in the case of Personal, the deposit did not imply explicit or implicit consent of the regulations issued by the LAD and expressly reserved their rights in relation to the unconstitutionality of the provisions set forth in Sections 21, 22, 91 and related provisions of said law, as well as the claim of any rights arising from the acknowledgement of this argument.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of the date of&amp;nbsp;issuance of these consolidated financial statements, the Company has not received any response to its filings.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;ENACOM Resolution No. 2,642/16 approved the new SU Regulation, which was published on May 31, 2016, in the context of the new disposals established by the LAD. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The new regulation retains the obligation of contributing 1% of total income related to the provision of ICT services net of taxes and fees, anticipating the possibility of granting exemptions, in which case the subjects liable for payment, must comply with the obligations established by the Regulatory Authority.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In accordance with ENACOM Resolution No. 6,981-E/16 issued on October 19, 2016, the FFSU and the FFSU Investment Contribution Settlement and Interest Report forms were approved and are in force since January 1, 2017, being operationally implemented since March 2017.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On May 4, 2017, ENACOM Resolution No. 2,884/17 was published in the Official Gazette. This Resolution amends the Form of the FFSU contributions, adding, within the possible deductions, the &amp;#x201C;Discount Annex. SC Resolution No. 154/10 Section 1, Sub-section B) i), second paragraph&amp;#x201D;. Such Resolution allows deducting, until the regulatory authority expresses its opinion, any amounts that eventually may correspond to SU Initial Programs or other than those provided for in Annex III of Decree No. 764/00, in accordance with the provisions of Section 2 of Decree No. 558/08 and Section 6 of Annex III of Decree No. 764/00, replaced by Decree No. 558/08.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;background-color:#FFFFFF;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;SU Fund in Telecom Argentina in relation to its original license for the provision of the SBT&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Several years after the market&amp;#x2019;s liberalization and the effectiveness of the SU regulations subsequently replaced by Decree No. 558/08 and by the LAD, incumbent operators have not received any set-offs for providing services as required by the SU regime.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of the date of issuance of these consolidated financial statements and in compliance with SC Resolution No. 80/07 and No. 154/10 and CNC Resolution No. 2,713/07, the Company has filed its monthly calculations since July 2007 which estimated a receivable of $3,998 (unaudited) being both the programs and the valuation methodology that originates this receivable, pending approval by the Regulatory Authority. This receivable has not yet been recorded in these consolidated financial statements as of December 31, 2018 since it is subject to the approval of the SU programs, the review of the Regulatory Authority and the availability of funds in the SU Trust as to compensate the incumbent operators.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On April 8, 2011, the SC issued Resolution No. 43/11 notifying Telecom Argentina that investments associated with &amp;#x201C;High-Cost Areas&amp;#x201D; &amp;#x2013; amounting to approximately $3,849 since July 2007 to date and which are included in the abovementioned receivable - did not qualify as an Initial Indicative Program. Telecom Argentina filed a claim on this resolution. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom Argentina was notified of SC Resolutions No. 53, 54, 59, 60, 61, 62, 69 and 70/12, pursuant to which the &amp;#x201C;Special Service of Information 110&amp;#x201D;, the &amp;#x201C;Discounts for Retired People, Pensioners and Low Consumption Households&amp;#x201D;, the services of &amp;#x201C;Social Public Telephony and Loss-Making Public Telephony&amp;#x201D;, the &amp;#x201C;Services and Discounts relating to the Information Society Program argentin@internet.todos&amp;#x201D;, the &amp;#x201C;Services for Deaf-Mute People&amp;#x201D;, the &amp;#x201C;Free Access to Special Emergency Services and Special Community Services&amp;#x201D;, the &amp;#x201C;Value Added Service 0611 and 0612&amp;#x201D; and the &amp;#x201C;Long Distance Semipublic Service &amp;#x201D;, respectively, did not qualify as an Initial Indicative Program, pursuant to the terms of Section 26 of Annex III of Decree No. 764/00, and that, they did not constitute different services involving a SU provision, and therefore they cannot be financed with SU Funds, pursuant to the terms of Section 2 of Decree No. 558/08.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom Argentina&amp;#x2019;s Management, with the advice of its legal counsel, has filed appeals against SC Resolutions aforementioned presenting the legal arguments based on which such resolutions should be revoked. The deductions that were objected by the SC Resolutions amount to approximately $1,194 and are included in the credit balance mentioned in the second paragraph. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of the date of issuance of these consolidated financial statements the resolution of this appeal is still pending.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On September 13, 2012, the CNC required Telecom Argentina to deposit approximately $208. Telecom Argentina has filed a recourse refusing the CNC&amp;#x2019;s request on the grounds that appeals against the SC Resolutions are still pending of resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Although it cannot be assured that these issues will be favorably resolved at the administrative stage, Telecom Argentina&amp;#x2019;s Management, with the assistance of its legal advisors, considers that it has strong legal and de facto arguments to support the position of Telecom Argentina.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;background-color:#FFFFFF;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;SU Fund in Telecom Argentina in relation to the SCM originated in Personal&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Since January 2001, Personal has recorded a liability related to its obligation to make contributions to the SU Fund. In addition, since July 2007 and in compliance with SC Resolution No. 80/07 and No. 154/10 and CNC Resolution No. 2,713/07, Personal has filed its calculations and deposited the correspondent contributions of approximately $112 into an account held under their name at the Banco de la Naci&amp;#xF3;n Argentina in January 2011.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 26, 2011, the SC issued Resolution No. 9/11 establishing the &amp;#x201C;Infrastructure and Facilities Program.&amp;#x201D; The Resolution provided that telecommunication service providers could contribute to investment projects under this program, exclusively the amounts corresponding to their pending obligations of investment contributions born under Annex III of Decree No. 764/00, before the effective date of Decree No. 558/08.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On July 5, 2012, the SC issued Resolution No. 50/12 pursuant to which it notified that the services referred to by the SCM Providers, which were filed as High Cost Areas or services provided in non-profitable areas, services provided to clients with physical limitations (deaf-mute and blind people), rural schools, and the request relating to the installation of radio-bases and/or investment in the infrastructure development in various localities, did not constitute items that may be discounted from the amount of contributions to the SU pursuant to the last part of Section 3, of Resolution No. 80/07, or Section 2 of Decree No. 558/08. It also provided that certain amounts already deducted would be used for investment projects within the framework of the Program of SC Resolution No. 9/11, or deposited in the SU Fund, as applicable.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Personal has filed an administrative action against SC Resolution No. 50/12 requesting its nullity. As of the date of issuance of these consolidated financial statements, this matter is still pending.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On October 1, 2012, responding to an SC&amp;#x2019;s requirement, Personal deposited under protest approximately $23 in the SU Fund, corresponding to the assessment of the SU services provided by Personal since the issuance of Decree No. 558/08, reserving its right to take all actions it may deem appropriate to claim its reimbursement, as informed to the SC and the CNC on October 15, 2012. Since August 2012, Personal is paying under protest of those concepts in their monthly affidavits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom Argentina&amp;#x2019;s Management cannot assure that this issue would be favorably resolved in the administrative stage.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;background-color:#FFFFFF;font-size:11pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;"&gt;FFSU &amp;#x2013; &lt;/font&gt;&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;"&gt;SU Fund in Telecom Argentina in relation to the services originated in Cablevisi&amp;#xF3;n&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Cablevisi&amp;#xF3;n was not able to meet its contribution obligations during the period in which its license was revoked, but made the corresponding payment as soon as the revocation was declared null and void, for which no amount is owed by it on such account. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Regulatory Authority has yet to decide on the approval of the Project submitted by Cablevisi&amp;#xF3;n on June 21, 2011, within the framework of SC Resolution No. 9/11, in order to meet the contribution obligation to the SU for the amounts accrued between January 2001 and the effective date of Decree No. 558/08.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;e)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;Spectrum&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;SC Resolution No.&amp;nbsp;38/14&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On October 31, 2014, the Public auction process approved by SC Resolution No. 38/14 for the awarding of the remaining frequencies of the Personal Communication Services (PCS), of the SRMC, as well as those of the new spectrum for the SCMA were carried out. Personal presented its economic bids and was awarded Lots 2, 5, 6 and 8 by Resolution SC N&amp;#xB0; 79/14 (SCMA) and Resolutions SC N &amp;#xB0;80/14, 81/14, 82/14 and 83/14 (PCS and SRMC).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through SC Resolution No. 25/15, issued on June 11, 2015, Personal was assigned the rest of Frequency Bands which composed Lot No. 8. Personal stated that such Lot formed a unique and comprehensive block for purposes of complying with the obligations undertaken in connection with the deployment of the SCMA, also expressing that the Federal Government has the obligation to cause the awarded bands to be free from occupants and interferences.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Auction Terms and Conditions also established demanding coverage and network deployment obligations, demanding significant investments by the Company.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Auction Terms and Conditions provided authorizations for the use of the auctioned frequency bands for a period of fifteen (15) years from the notification of the award. After this deadline the Regulatory Authority could extend the terms of use upon formal request of the awarded operator (which price and conditions would be set forth by the Regulatory Authority). Subsequently, in Decree No. 1,340/16, it was established that the term of authorizations for the use of frequencies of the SCMA, as well as the corresponding deployment obligations, will be computed from the actual migration of the services currently operating in such bands in the area of Area II (AMBA). On August 30, 2018, the Resolution No. 528/18 was issued, in which it was stated that on February 27, 2018, the effective migration of such services has been verified. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Regulations of Refarming with Financial Compensation and Shared Use of Frequencies&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On January 31, 2017, Resolution of the Ministry of Communications 171-E 2017 was issued, approving the &amp;#x201C;Regulations of Refarming with Financial Compensation and Shared Use of Frequencies&amp;#x201D; (Reglamento de Refarming con Compensaci&amp;#xF3;n Econ&amp;#xF3;mica y Uso Compartido de Frecuencias) and modifies the spectrum cap, setting it in 140 MHz per provider for each area and/or operating location. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On the other hand, ENACOM Resolution No. 1,033-E/17, issued on February 20, 2017 provided to allocate the frequency bands between 905-915 MHz, and 950-960 MHz to the Mobile Service with primary status, for the provision of SCMA, and throughout ENACOM Resolution No. 1,034-E/17, also issued on February 20, 2017, allocated the frequency band between 2,500-2,690 MHz to the Mobile Service with primary status, for the provision of SCMA in addition to current services when their coexistence is possible.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;On March 7, 2017 ENACOM Resolution No. 1,299-E/17 was published in the Official Gazette. This Resolution approved the Refarming Project with Financial Compensation and Shared Use of Frequencies to Nextel Communications Argentina SRL (&amp;#x201C;Nextel&amp;#x201D;), currently Telecom since the merger with Cablevisi&amp;#xF3;n S.A. &amp;#x2013;See Note 32 to our Consolidated Financial Statements, to provide the Advanced Mobile Communications Service, granting this company the registration for the provision of such service, and authorizing it to:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 100%;text-indent:18pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;font style="display:inline;"&gt;Use frequencies between 905-915 MHz and 950-960 MHz in accordance with the provisions of ENACOM Resolution No. 1,033-E/17 and channels 7 to 10, and 7&amp;#x2019; to 10&amp;#x2019; in FDD mode, provided in the Annex of Resolution No. 1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project approved by the Resolution.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 100%;text-indent:18pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;font style="display:inline;"&gt;Use frequencies between 2,550-2,560 MHz, and between 2,670-2,680 MHz exclusively for migrating users from pre-existing services, for a 2-year period, term in which it should additionally resolve the final destination of those users. Once the migration is completed, or the 2-year term expires, whichever occurs last, Nextel may use channels 11 and 12, and the corresponding 11&amp;#x2019; and 12&amp;#x2019; in FDD mode, provided in the Annex to Resolution No. 1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project hereby approved.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;The implementation of the Project is subject to the issuance of the agreement specifying the terms, conditions, goals, obligations and other issues inherent to the provision of Advanced Mobile Communications Service&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;ENACOM Resolution No. 3,687-E/17 call for the on-demand frequency allocation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;ENACOM Resolution No. 3,687-E/17, published in the Official Gazette on May 12, 2017, provided the call for the on-demand frequency allocation of the 2,500 to 2,690 MHz radio spectrum, stating the procedure, obligations and compensations to be fulfilled by the Mobile Communications Service providers who qualify to participate, in accordance with the provisions of Section 4 of Decree No. 1,340/17. According to the characteristics of the 2,500 to 2,690 MHz band, the authorization of use of the frequency channels that compose each Lot must be issued by each locality.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On May 24, 2017, Personal filed to ENACOM the Envelope with its On-demand Allocation Request, according to the provisions of Resolution No. 3,687-E/17.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On July 5, 2017, ENACOM notified Personal of its Resolution No. 5,478-E/17 through which the frequencies included in Lot A were assigned to Telef&amp;#xF3;nica M&amp;#xF3;viles Argentina S.A., the frequencies included in Lot B were assigned to Am&amp;#xE9;rica M&amp;#xF3;vil S.A. and the frequencies included in Lot C were assigned to Personal (all of them stated in Annex I of ENACOM Resolution No. 3,687 E/17), in the locations detailed in the respective Annexes (attached to Resolution No. 5,478-E/17) as requested by each provider. The Resolution provides that the enforcement of its provisions will be operative, within the Departments of San Rafael, General Alvear and Malarg&amp;#xFC;e, of the Province of Mendoza, once the judicial decision ordered by the Federal Court of San Rafael in the legal process entitled "CABLE TELEVISORA COLOR S.A. c/ PEN AND OTHER S/ AMPARO Ley 19,986-File No. 5,472/17&amp;#x201D; had been revoked.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The spectrum allocation will last 15 years since CABA plus other 13 areas are free of interference over a total of 18 provincial capitals plus Rosario, Mar del Plata and Bahia Blanca and will demand payment of up to approximately US$55.9 million. The conditions for the spectrum allocation include certain obligations regarding the service launch by localities, penalty clauses for non-compliance with the deadlines established by localities (which would involve the frequency return plus a fine equivalent to 15% of the spectrum value of the locality involved) and certain guarantees required, among them, the deployment.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;Spectrum in 700 MHz Band licenses (Paraguay)&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On September 2017 the public consultation process was started for the auction of 700 MHZ band spectrum. The list of conditions was issued on October 30, 2017 and in December of the same year the prequalification of offerers was done being N&amp;#xFA;cleo one of the prequalified and having to pay a deposit of US$15 million in December 2017. The process finished on January 4, 2018 with the simultaneous auction of 7 sub-bands of 5 + 5 MHz each one, N&amp;#xFA;cleo was awarded with two of them for an amount of US$12 million for each sub-band subject to the compliance with certain conditions provided by CONATEL&amp;#x2019;s resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On February 27, 2018 the auction&amp;#x2019;s price was cancelled for the remaining US$9 million in compliance with CONATEL&amp;#x2019;s resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On March 6, 2018, by Resolution No. 375/2018, CONATEL decided to grant the license for the provision of "Cellular Mobile Telephony and Internet Access and Data Transmission Services" in the 700 MHz frequency band, with coverage national, for a period of 5 years, renewable for an equal period.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; f)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;font-style:italic;"&gt;OTHER RELEVANT REGULATORY MATTERS&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;"&gt;
				&lt;font style="margin:0pt 0pt 6pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;"&gt;
			&lt;font style="display:inline;text-transform:uppercase;"&gt;ENACOM Resolution No. 5,641-E/17&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through this Resolution, published on December 22, 2017, the ENACOM decided:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;To extend until January 1, 2019 the term for the Licensees referred to in Section 94 of Law No. 27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section 5 of Decree No. 1,340/16, which have less than 80,000 inhabitants. To extend until January 1, 2019 the term for the Licensees referred to in Section 94 of LAD to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section 5 of Decree No. 1,340/16, which have more than 80,000 inhabitants and where those services are rendered only by Cooperatives and Small-and-Medium Sized Companies. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;To provide that in all those locations in Argentina that do not fall within the scope of the second paragraph of Section 5 of Decree No. 1,340/16, whatever the size of their population, where the Subscription Broadcasting Service by means of physical or radio-electric link is rendered by, at least, a licensee that has more than 700,000 subscribers nationwide, the Licensees mentioned in Section 94 of LAD may start providing services as from January 1, 2018. &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;The Licensees mentioned in Section 94 of LAD (among them, Telecom) that are authorized to provide Subscription Broadcasting Service by means of physical or radio-electric link may not make an integrated offering to provide said service with the rest of the services that they are currently providing in those locations until January 1, 2019.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:36pt;"&gt;&lt;p style="width:36pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;To provide that in those locations in Argentina where subscription broadcasting services by means of physical or radio-electric link are not provided, the Licensees mentioned in Section 94 of LAD may, as from January 1, 2018, request authorization to provide services in the respective coverage areas, subject to an evaluation by the ENACOM.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;"&gt;
				&lt;font style="margin:0pt 0pt 6pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;"&gt;
			&lt;font style="display:inline;text-transform:uppercase;"&gt;GriD OF SIGNALS OF physical and/or radioelectric link BROADCASTING SERVICEs&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The General Rules approved by Resolution ENACOM No. 1,394/16 order providers of both types of services (physical and radio-electric link) to guarantee their compliance with a programming grid in each Coverage Area. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Later, by means of Resolution No. 5,160/2017, the ENACOM provided that the inclusion of broadcast television signals within the coverage area by the holders of a physical or radioelectric link subscription television registry will be subject to the conditions agreed upon with the holder of the broadcast television service and its retransmission will be mandatory only if they are delivered by its holders free of charge. In addition, the Resolution sets forth that the retransmission of cable news signals will only be mandatory for 24-hour news signals provided that they broadcast live programming during 12 of those 24 hours.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:7pt;"&gt;&lt;p style="width:7pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;font-family:Wingdings;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-transform:uppercase;"&gt;Regulatory matters in Uruguay&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Migration of services&amp;nbsp; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Adesol S.A. is a subsidiary of the Company organized in the Oriental Republic of Uruguay, which is contractually related to Bersabel S.A. and Satelital Visi&amp;#xF3;n S.A., two licensees that provide subscription television services in such country and are subject to the control of the Communication Services Regulatory Unit (&amp;#x201C;URSEC&amp;#x201D;).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 11, 2018, Decree No. 387/017 dated December 28, 2017 was published in the Official Gazette. The Decree provides that all the subscription television services provided through the Codified UHF system shall be migrated to the TDH Satellite system without it entailing any changes to the original authorizations to operate or in the rest of the conditions established in the respective licenses. Such authorizations shall not undergo any changes in the authorized service areas for 18 months.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On February 9, 2018, Bersabel S.A. and Visi&amp;#xF3;n Satelital S.A., two of the licensees contractually linked to Adesol who use UHF systems coded for the provision of their services, submitted to the URSEC the migration plan relating to their subscribers. In view of the foregoing, as well as the contractual relationship that binds Adesol to the provision of said services, the Company&amp;#x2019;s subsidiary is, at the date of issuance of these consolidated financial statements, executing the technical plan for migration presented.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Audiovisual Communications Law of Uruguay &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 14, 2015, Law No. 19,307 was published in the Official Gazette of the Republic of Uruguay, which regulates the provision of radio, television, and other audiovisual communication services (hereinafter, the &amp;#x201C;Audiovisual Communications Law&amp;#x201D;). Section 202 of such law provides that the Executive Branch shall issue the implementing regulations for this law within a 120-day term as from the day following the publication of this law in the Official Gazette. As of the date of issuance of these consolidated financial statements, only Decree No. 45/015 has been issued, and the implementing regulations for most of the sections of this law are still pending. Such Decree provides that the concession for the use and allocation of the radio-electric spectrum for non-satellite audiovisual communication services shall be granted for a term of 15 years.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Section 54 of the Audiovisual Communications Law sets forth that an individual or legal entity cannot be allocated the full or partial ownership of more than six authorizations or licenses to provide television services to subscribers in the national territory of the Oriental Republic of Uruguay, which limit is reduced to three if one of the authorizations or licenses includes the district of Montevideo. Section 189 of this law sets forth that should such limits be exceeded as of the coming into force of the Law, the owners of those audiovisual communication services shall have to transfer the necessary authorizations or licenses so as not to exceed such limits within a term of 4 years as from the coming into effect of the Audiovisual Communications Law.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The subsidiary Adesol is analyzing the possible impact on its business that could be derived from the change in the regulatory framework and the eventual legal actions it may bring to safeguard its rights and those of its shareholders. That company is also monitoring the different unconstitutionality claims filed by other companies against certain sections of the above-mentioned law to consider if the decisions to be issued by the Supreme Court of Uruguay in those proceedings may be favorable to the position of Adesol in the future. As of April 7, 2016, 28 unconstitutionality claims had been brought against the above-mentioned law. As of the date of issuance of these consolidated financial statements, the Supreme Court of Uruguay has issued 28 decisions, whereby it declared the unconstitutionality of Section 39 subsection 3, Section 55, Section 56 subsection 1, Section 60 paragraph C, Section 98 subsection 2, Section 117 subsection 2, Section 143 and Section 149 subsection 2 of Law No. 19,307. It should be noted that in some of these judgments the Supreme Court dismissed the unconstitutionality claim filed by the claimant with respect to Section 54 of that Law.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:7pt;"&gt;&lt;p style="width:7pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-transform:uppercase;"&gt;NEW GENERAL RULES&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 0pt 21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-decoration:underline;"&gt;New General Rules Governing ICT Services Licenses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 2, 2018, the Ministry of Modernization issued Resolution No. 697/2017, whereby it approved the new General Rules Governing ICT services Licenses. This Resolution repealed the General Rules approved through Annex I of Decree No. 764/2000, as from the date it became effective (February 1, 2018), and it also repealed ENACOM Resolutions No. 2,483/2016 and No. 1,394/2016 (except for Section 12 of its Annex I, which will remain in effect). The Company has made presentations appealing to some aspects of this Resolution, appeal which, to date, is still pending resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 6pt 18pt;text-align:justify;text-justify:inter-ideograph;line-height:200%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;New General Rules Governing ICT Services Customers&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 4, 2018, the Ministry of Modernization issued Resolution No. 733/2017, whereby it approved the new General Rules Governing ICT Services Customers. This Resolution became effective on March 5, 2018, repealing SC Resolutions No.490/1997, and Annexes I and III of SC Resolution No. 10,059/1999 and its supplementing regulations. Annex II of SC Resolution No. 10,059/1999 shall remain in effect, as applicable, until the enactment of the penalty regime provided under Section 63 of LAD. Such New General Rules repealed the general rules governing mobile and basic telephony services customers, thus becoming the only general rules that govern ICT services customers, including Internet access services and subscription broadcasting services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company has made a presentation to the Ministry of Modernization in relation to some disposals that affect their rights in the marketing of services under their responsibility (such as the 180-day period during which prepaid credit can be used, Section 56, which provides for compensation in favor of the customer, and Section 79, which establishes the obligation to replace any channels eliminated from the programming grid with other channels of similar quality).&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;MINMOD Resolution No. 363/2018, published in the Official Gazette on June 27, 2018, provided for amendments to the General Rules. Some of those amendments were related to the provisions challenged by Telecom in its filing. As of the date of issuance of these consolidated financial statements, the appeal filed by the Company is pending resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 6pt 18pt;text-align:justify;text-justify:inter-ideograph;line-height:200%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Number Portability Regulation&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On April 4, 2018, the Ministry of Modernization issued Resolution No. 203/2018, whereby it approved the new General Rules Governing Number Portability, including fix telephony services, and approves the schedule of implementation of such services. This Resolution repeals Resolutions N&amp;#xB0; SC 98/2010, SC 67/2011 y SC 21/2013 and the Ministry of Communications Resolution E-170/2017, and its supplementing regulations. Through Resolution No. 401/2018, published on July 11, 2018, the Ministry of Modernization decided to extend for ninety&amp;nbsp;(90) business days the term for the implementation of &amp;#x201C;Stage 1&amp;#x201D; provided under the implementation schedule for fixed telephony service number portability. Said Resolution also provided that the ENACOM shall determine the way in which the Committee on Number Portability will be constituted and implemented.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through Resolution No. 4,950/18 of August 14, 2018, the Board of the ENACOM decided to delegate to the owner of the first operational level of the National Directorate of Planning and Convergence of that Agency, the powers to: (i) approve the Processes and Technical and Operational Specifications of the Number Portability, (ii) approve the specification model for the selection of the Administrator of the Contract Database to be held between the Portable Service Providers and the Database Administrator and propose the modifications pertinent to the Committee on Number Portability, (iii) intervene with binding character in the procedure of contracting the Administrator of the Database.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This Resolution also provided that the Committee on Number Portability shall be composed of two representatives, a holder and an alternate, and approved the work schedule in order to carry out the correct implementation of the Number Portability.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 6pt 18pt;text-align:justify;text-justify:inter-ideograph;line-height:200%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;"&gt;Regulations Regarding New Interconnections and Accesses&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On May 18, 2018, the Resolution No. 286/18 of the Ministry of Modernization was published in the Official Gazette, approving the new interconnection and access regulations, effective as of July 3, 2018, repealing the one approved by Decree 764/00.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;According to the new Regulation, the terms, conditions and prices of interconnection and access may be freely set by the parties. These agreements cannot be discriminatory or set technical conditions that prevent, delay or hinder interconnection. Notwithstanding the foregoing, within 60 working days from the effective date, ENACOM will set provisional interconnection charges, in accordance with the provisions of Decree 1,340/16.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, ICT service providers will be obliged to provide interconnection at the request of another ICT service provider, under technical and economic conditions no less favorable than those granted to themselves or to third parties. Also, the same quality of services as the one provided must be guaranteed.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Transparency in compensation must be guaranteed and ICT Providers of Services must not pay for functions or services that they do not need for the provision of their services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Finally, the following are considered Essential Facilities: a) Origination or Local Termination; b) Co-location; c) Local Transit Service; d) Port; e) Signaling Function; f) Loop and Local Customer Sub-loop; g) the Transportation Service (LD), when there is no substitute offer for contracting; and h) any other function or network element that the authority determines as such, ex officio or at the request of a party. These facilities must be provided separately and respecting the charges that the authority establishes. For this purpose, ENACOM will establish reference values, which will function as maximum values, and lower values, which may be agreed between the parties.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;From the entry into force of the regulation, on July 4, 2018, Telecom had a period of 90 business days to present the Reference Offer to ENACOM, presentation that was duly made.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On August 14, 2018, ENACOM issued Resolution No. 4,952/18, establishing a provisional charge equivalent to US$0.0108 per minute of communication, without considering the different taxes and charges that may be applicable for the origination services or local termination in the mobile communications service networks. Likewise, it is established that for the purposes of applying the fixed charge, the unit of measurement will be the second. Through ENACOM Resolution No. 1,161/2018 dated November 27, 2018, the ENACOM set the same charge for SRCE network termination.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On this same date, ENACOM Resolution No. 1,160/2018 was published in the Official Gazette, whereby the ENACOM set: (i) a provisional charge equivalent to forty-five ten-thousandths US dollars (US$ 0.0045) for local origination or termination services over fixed telephony service networks per minute of communication (ii) a provisional charge equivalent to ten ten-thousandths US dollars (US$ 0.0010) for local transit service per minute of communication (iii) a provisional charge equivalent to twenty-seven ten-thousandths US dollars (US$ 0.0027) for long distance transport service per minute of communication (iv) the second as the measuring unit for the purposes of applying the charges set under this Resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom filed an appeal with the ENACOM challenging those charges with the respective legal grounds to request the review of the above-mentioned Resolution by that agency. As of the date of issuance of these financial statements such appeal is still pending resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;Quality Rules for ICT Services.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through Resolution No. 580/18, published in the Official Gazette on September 6, 2018, the Ministry of Modernization approved the Quality Rules for ICT Services which came into force on January 4, 2019. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This Resolution repeals Resolution No. 5/2013 issued by the former SC and Resolution No. 3,797/2013 issued by the former CNC. In addition, the ENACOM is instructed to issue the implementing regulations within a term of 90 calendar days, which as of the date of issuance of these consolidated financial statements are still pending of resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Likewise, the Company is still analyzing the impact of the new rules issued on its operations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;line-height:100%;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;"&gt;National Rules for Contingencies.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through Resolution No. 51/18, published in the Official Gazette on November 6, 2018, the Secretariat of Modernization approved the National Rules for Contingencies and ordered the ENACOM to issue the implementing procedures or Contingency Plan within a term of 90 calendar days as from its publication in the Official Gazette.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Although the term has expired, as of the date of issuance of these consolidated financial statements, such procedure has not been issued.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Single Desk System.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through Decree No. 997/2018, published on November 6, 2018, the Secretariat of Modernization established a single desk system for the installation of antenna support structures of any kind for rendering SCMA services in order to expedite the granting of authorizations and permits for the construction and installation of structures for the deployment of mobile services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Implementation of the Online Proceedings (&amp;#x201C;IOP&amp;#x201D;) Platform for notices issued by the ENACOM&lt;/font&gt;&lt;font style="display:inline;"&gt;.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through Resolution No. 4,703/18, published on July 24, 2018, the ENACOM provided for the use of the IOP Platform for requests and notices. In view of the legal and operating implications of this implementation, on August 8, 2018, Telecom filed with the ENACOM an appeal against said resolution, which, to date, is still pending resolution.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 17.00pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:1pt;"&gt;&lt;p style="width:1pt;width:1pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Implementation of the Rules for the Registration of SCM Customers.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On December 2, 2016, the ENACOM published Resolution No. 8,507 - E/2016, whereby it approved the Rules for the Registration and Validation of the Identity of the Account Holder Users of Mobile Communication Services. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through Resolution No. 466/2018, published in the Official Gazette on October 19, 2018, the ENACOM extended until October 31, 2018 the term for the registration and validation of all the preexisting prepaid customers.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company has conducted all the necessary actions and implementations required to fulfill the guidelines for the registration of its customers, as ordered by said regulations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;CONSULTATION DOCUMENT UNDER THE PROCEDURE FOR THE &amp;#x201C;GENERAL RULES GOVERNING PUBLIC HEARINGS AND CONSULTATION DOCUMENTS FOR COMMUNICATIONS&amp;#x201D; AND THE &amp;#x201C;GENERAL RULES FOR THE PARTICIPATORY DEVELOPMENT OF RULES&amp;#x201D;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 100%;text-indent:0pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Procedure for the Public Consultation on Allocation of Shared-Use Frequency Bands &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through Resolution No. 2/18, the SETIC ordered the beginning of the procedure provided under Article 44 et seq of the General Rules Governing Public Hearings and Consultation Documents for Communications, with respect to the document &amp;#x201C;Public Consultation on Allocation of Shared-Use Frequency Bands.&amp;#x201D; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Telecom submitted its opinions and observations about the Document under consultation on January 10, 2019.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 100%;text-indent:0pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Public consultation procedure on Infrastructure Sharing&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through Resolution of the SETIC No. 18/18, it was declared the opening of the procedure provided for in Article 44 and following of the General Rules of Public Hearings and Consultation Documents for Communications, regarding the document "Public Consultation on Infrastructure Sharing".&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On October 8, 2018, Telecom presented its opinions and observations on the document in consultation.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 29, 2019, Resolution-2019-3-APN-STIYC # JGM is published in the Official Gazette, which establishes the opening of the procedure settled in Article No. 44 et seq of the General Rules Governing Public Hearings and Consultation Documents for Communications, "The Regulation of Infrastructure Sharing". As of the date of issuance of these consolidated financial statements, the Company is analyzing the document in order to present pertinent opinions and observations.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 100%;text-indent:0pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Procedure for the Public Consultation on Update of the Main Signaling Plan.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through Resolution No. 2/18, the SETIC ordered the beginning of the procedure provided under Article 44 et seq of the General Rules Governing Public Hearings and Consultation Documents for Communications, with respect to the document &amp;#x201C;Public Consultation on Update of the Main Signaling Plan.&amp;#x201D; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On January 10, 2019, Telecom submitted its opinions and observations about the Document under consultation.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 100%;text-indent:0pt;"&gt;
			&lt;p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"&gt; &amp;#xB7;&lt;/font&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;Procedure for Public Consultation on the Most Beneficial Conditions for Network Access and Use&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Through Resolution No. 4/18, published in the Official Gazette on December 18, 2018, the Secretariat of Modernization ordered the beginning of the procedure provided under Article 44 et seq of the General Rules Governing Public Hearings and Consultation Documents for Communications, with respect to the document &amp;#x201C;Public Consultation on the Most Beneficial Conditions for Network Access and Use.&amp;#x201D; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Company submitted its opinions and observations about the Document under consultation.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:7pt;"&gt;&lt;p style="width:7pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:bold;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-transform:uppercase;"&gt;Decree No. 1,060/2017 - Development of mobile communication services networks&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;This Decree, published in the Official Gazette on December 21, 2017, provides for the facilitation of the development of mobile communication services networks, establishing, among other provisions, that the jurisdictions and agencies comprised in subsections a) and b) of Section 8 of Law No. 24,156 shall ensure TIC services and independent operators of passive infrastructure multiple or shared access, for consideration, to passive infrastructures for the deployment of networks under neutral, unbiased, transparent, fair and non-discriminatory conditions, without the possibility of granting any exclusiveness or preference whatsoever, in fact or in law, provided that such access does not compromise the continuity and security of the services provided by its holder.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The Decree also provides, among other issues, that:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;1)&amp;nbsp;&amp;nbsp;&amp;nbsp;The Ministry of Modernization:&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; a.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;shall issue comprehensive general rules with supplementary regulations for infrastructure sharing; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; b.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;shall develop, within a term of 180 days, a multi-year spectrum plan in order to maximize and&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;increase the radioelectric resources for the deployment of next-generation mobile networks and SCM in order to support traffic growth and improve service quality;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; c.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;"&gt;
			&lt;font style="display:inline;"&gt;shall issue supplementary or clarifying regulations relating to Section 29 of LAD, establishing efficient procedures and avoiding distortions in competition; &lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;p style="width:18pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 18.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"&gt; d.&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;"&gt;shall identify radioelectric spectrum frequency bands for the development of new services and wireless applications and issue regulations allowing for their shared and unauthorized use.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;2)&amp;nbsp;The frequencies that are allocated and authorized to SRCE may only be used to provide those services. The ENACOM may allocate frequencies to provide SCM and demand the return of the frequencies and migration of services pursuant to Section 28 and 30 of LAD, and its regulations, or, at the request of the interested party, apply Section 4, subsection b) of Decree No. 1,340 dated December 30, 2016, and its regulations, establishing an economic compensation in favor of the National Government.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;3)&amp;nbsp;SBT licensees may provide this service through the use of radioelectric spectrum frequencies using those allocated for the provision of 4G mobile services, notwithstanding the provision of fixed telephone service pursuant to Section 2, subsection a) of the PCS General Rules approved as an annex to Section 1 of Decree No. 266 dated March 10, 1998, through the execution of agreements with the licensees of those frequencies, which shall be reported to the ENACOM.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;4)&amp;nbsp;Delegate on the Ministry of Modernization the power to issue the penalty rules provided under Section 63 of LAD, which shall repeal the current rules approved under Decree No. 1,185 dated June 22, 1990, as amended and supplemented.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:7pt;"&gt;&lt;p style="width:7pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:bold;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-transform:uppercase;"&gt;Registrations and authorizations to use the spectrum that are now held by the Company as a result of corporate reorganizations OF TELECOM AND MERGER BY ABSORTION OF CABLEVISION (NOTES 4.&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;"&gt;f&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-transform:uppercase;"&gt;) and 4.&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;"&gt;a&lt;/font&gt;&lt;font style="display:inline;font-weight:bold;text-transform:uppercase;"&gt;) respectively):&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt 37.45pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;1)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;Personal:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On November 24, 2017, Telecom Argentina and Personal were served with ENACOM Resolution No. 4,545-E/2017, whereby that agency decided:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(i)&amp;nbsp;to authorize Telecom Personal to transfer in favor of Telecom Argentina the registrations of Mobile Telephone Services, Cellular Mobile Radiocommunications Services; Personal Communications Services Area I, II, III, and Mobile Advanced Communications Services, as well as the resources, permits and frequencies granted in its name;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(ii)&amp;nbsp;to revoke the licenses granted to Personal to render Data Transmission, Value Added and National and International Long-Distance Telephone Services;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(iii)&amp;nbsp;to authorize the transaction reported by Telecom whereby the controlling companies Sofora Telecomunicaciones S.A. and Nortel Inversora S.A. are dissolved without liquidation pursuant to the Bidding Terms and Conditions approved under Decree No. 62/1990.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 37.45pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;2)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;Cablevisi&amp;#xF3;n:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On December 22, 2017, the Company and Cablevisi&amp;#xF3;n S.A. were served with ENACOM Resolution No. 5,644-E/2017, whereby that agency decided, among other things, to authorize Cablevisi&amp;#xF3;n S.A. to transfer in favor of Telecom Argentina:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 37.45pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(i)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"&gt;&lt;/font&gt;The Registration of physical and/or radioelectric link broadcasting services, including the permits/frequencies required to provide radioelectric link broadcasting services, as well as the area authorizations to provide those services (via physical and radioelectric link), which may operate in Area II, defined as provided under Decree No. 1,461/93, as amended, and the city of Rosario, Province of Santa Fe, and the city of C&amp;#xF3;rdoba, Province of C&amp;#xF3;rdoba, as from January 1, 2018, as provided under Section 5 of National Decree No. 1,340/2016, and in the rest of the areas authorized on the dates and in the modalities provided by ENACOM Resolution No. 5641/2017 dated December 20, 2017; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 37.45pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(ii)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 6pt 0pt 0pt;"&gt;&lt;/font&gt;The Radioelectric Service of Concentration of Links (&amp;#x201C;SRCE&amp;#x201D;); and; &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 37.45pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(iii)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 3pt 0pt 0pt;"&gt;&lt;/font&gt;The authorizations and permits to use frequencies and allocations of numbering and sign-posting resources to provide the above-mentioned services held by Cablevisi&amp;#xF3;n S.A., pursuant to effective regulations, and the agreement executed by Nextel Communications Argentina S.R.L., on April 12, 2017 (IF-2017-08818737-APN-ENACOM#MCO), whereby Telecom Argentina, in its capacity as absorbing company of Cablevisi&amp;#xF3;n S.A., shall, within a term of two years as from the date on which the merger is approved by the CNDC and the ENACOM or any agency that may substitute them in the future, return the radioelectric spectrum that exceeds the limit set under Section 5 of Resolution No. 171-E/17 issued by the Ministry of Communications and/or any regulation that may repeal it in the future. To those effects, the Company shall file with the ENACOM, no later than one year in advance upon the expiration of the two-year term, a proposal to conform to that limit. The ENACOM may accept the proposal, reject it and/or request a new filing with any changes it may deem appropriate.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, through that Resolution, the ENACOM authorized the change of corporate control, pursuant to Section 33 of the LGS, in Telecom Argentina once the merger became effective and the shareholders agreement dated July 7, 2017 became effective, as a result of which CVH became the legal controlling company of Telecom Argentina as surviving company of Cablevisi&amp;#xF3;n.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Such Resolution also approved:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 55.45pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(i)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"&gt;&lt;/font&gt;The relinquishment of the services registrations that are currently non-operative that had been requested by Cablevisi&amp;#xF3;n S.A. People Notice service (&amp;#x201C;SAP&amp;#x201D;), Community Repeater (&amp;#x201C;SRC&amp;#x201D;), Public Telephony (&amp;#x201C;STP&amp;#x201D;), Location of Vehicles (&amp;#x201C;SLV&amp;#x201D;) and Alarm by radioelectric link (&amp;#x201C;SAVR&amp;#x201D;) and by Telecom (SRC); and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 55.45pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(ii)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 24pt 0pt 0pt;"&gt;&lt;/font&gt;The revocation of the licenses and registrations granted to Cablevisi&amp;#xF3;n S.A., now held by&amp;nbsp;&amp;nbsp;&amp;nbsp;Telecom.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In addition, the Resolution provides that: &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 55.45pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(i)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"&gt;&lt;/font&gt;Telecom shall comply with Section 95 of Law No. 27,078, which provides for the conditions under which it may operate the physical and/or radioelectric link subscription television service, transcribed below: &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;a.&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;The Company shall create a business unit to provide the audiovisual communication service and manage it separately from the public utility business unit;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;b.&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;It shall keep separate accounting records and bill the licensed services separately;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;c.&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;It shall not conduct anti-competitive practices such as tie-in practices and cross subsidies with funds from public utilities to licensed services;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;d.&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;It shall provide - when requested- to the competitors in licensed services access to its own support infrastructure, especially, posts, masts and ducts under market conditions. In the absence of agreement between the parties, the ENACOM shall intervene;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;e.&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;It shall not conduct anti-competitive practices concerning the rights to broadcast contents over its networks and facilitate a growing percentage to be established by the ENACOM to the distribution of contents from independent third parties; and&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;f.&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;It shall respect the professional competences and job classifications of the workers in the different activities it is engaged in.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 55.45pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;(ii)&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 24pt 0pt 0pt;"&gt;&lt;/font&gt;Telecom is declared to be an operator with a significant position in the retail market of Fixed Internet Access market in the locations detailed in the Report prepared by the National Directorate for the Development of Competition in Networks and Services of the ENACOM. As a result, it decided that:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;a.&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;Telecom shall, within 60 days as from the date the Resolution was issued, offer the Fixed Internet Access service in those locations at a price that may not be higher than the lowest price offered by the company in Area II for that service. If a similar service is not provided in that Area, it shall apply the lowest price offered at national level by the licensee for a similar service.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;b.&lt;font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"&gt;&lt;/font&gt;Telecom shall, within 60 days as from the date the Resolution was issued, report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service. Telecom shall ensure to other providers, under transparent, non-discriminatory and cost-oriented conditions, access to its own support infrastructure, especially, posts, masts and ducts.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of the date of issuance of these consolidated financial statements, the Company has complied with such provisions.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;All the provisions mentioned above shall be in effect for a term of 2 years as from the notice of the authorization granted by ENACOM, or until it has been verified that there is effective competition in all or in some of the locations involved. The ENACOM may extend or revoke that term.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;With regard to the provision of Quadruple Play services, Section 7 of Decree No. 1,340 shall apply:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-style:italic;"&gt;SECTION 7 - The providers of Information Technology and Communications Services that make joint service offerings shall detail the price of each of those services, including the breakdown of those prices and discounts or benefits applied to each service or product for the above-mentioned offerings. Pursuant to Section 2, subsection i) of Law No. 25,156 and to Section 1,099 of the Civil and Commercial Code of Argentina, those providers may not subject, in any way and under any condition, the purchase of any service to the purchase of another service, thus preventing the customer from purchasing any service separately or individually.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On June 29, 2018, the Secretary of Commerce issued Resolution No. 374/18, whereby it authorized the merger transaction in the terms of paragraph a) of Article 13 of Law No. 25,156. (For more information, see Note 4.a).&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:7pt;"&gt;&lt;p style="width:7pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:bold;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;text-transform:uppercase;"&gt;&amp;#x201C;ENACOM Resolutions No. 840/18, No. 1,196/18 and No. 4,353/18 &amp;#x2013; New regime for Radioelectric Spectrum Fees&amp;#x201D;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;On February 27, 2018, Resolutions Nos. 840/18 and No. 1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;In accordance with the provisions of Resolution No. 4,353/18, published in the Official Gazette on May 24, 2018, the new Regime for Radio-electric Rights and Tariffs will not have an impact until August 31, 2018. This Resolution suspends the effects of Resolutions No. 840/18 and No. 1,196/18, from its publication until August 31, 2018. During this period, the Radioelectric Rights corresponding to the Mobile Communications Services (SRMC, STM, PCS and SCMA) that are accrued will be paid in accordance with the regime prior to the one established by Resolutions No. 840/18 and No. 1,196/18. The affidavits corresponding to the Mobile Communications Services (SRMC, STM, PCS and SCMA), which expire in the months of April and May 2018, that had not been prepared in accordance with the provisions of Resolution ENACOM No. 840/2018, must be submitted rectified and pay the resulting differences on October 10, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;As of the date of issuance of these consolidated financial statements Telecom has submitted the rectifying affidavits corresponding to the months of March and April 2018 (due in April and May), and has paid (under protest) the respective amounts. It also started to comply with, as from September 2018, the filing and payment (under protest) of the corresponding affidavits.&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:7pt;"&gt;&lt;p style="width:7pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 14.00pt;"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-size:10pt;;"&gt; &amp;#xFC;&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-weight:bold;"&gt;BUY ARGENTINE ACT&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;According to the provisions of Article 1 of Law No. 27,437, which is regulated by Decree No.800/2018 and Resolution No. 91/2018 of the Secretariat of Industry, Telecom Argentina - as a public fixed telephone service licensee - and their respective direct subcontractors, in the procurement of provisions and public works and services shall give preference to the purchase or lease domestic goods and services.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Article 2 of the mentioned law provides that the preference established in Article 1 to domestic goods or services will apply when, for identical or similar goods or services, under cash payment terms, the price is equal to or lower than the price of imported goods or services, increased by 15% when the offering of the good or services is carried out by companies qualified as Micro and SME, and 8% when the offering of the good or services is carried out by other companies. For comparison purposes, the price of imported goods shall include current import duties and taxes and all expenses required for its nationalization.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Article 5 of the mentioned law establishes that a good is of national origin when it has been produced or extracted in Argentina, provided that the cost of imported raw materials, inputs or imported materials does not exceed 40% of its gross value of production.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Relating to services acquisitions, Law No. 18,875 applies, which provides the obligation to hire only companies, consultants and domestic professionals, as defined in the mentioned Law. Any exceptions must be approved by the competent Ministry.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Additionally, Resolution No. 2,350/04 of the former CNC, approves the &amp;#x201C;Procedure for the accomplishment of the Buy Argentine Act&amp;#x201D;, which includes the obligation to submit semiannual affidavits related to the compliance with the Act. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;The regulatory body establishes economic, administrative and criminal sanctions for the alleged breach of the obligations of Buy Argentine Act.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;It is worth mentioning that this Act provides to Telecom Argentina less operational flexibility related to, among other matters, authorizations management prior to acquisitions, investment of time in the assembly of the required presentations with respect to the obligation to inform the semiannual affidavits of compliance of the Buy Argentine Act and associated administrative expenses.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:DisclosureOnRegulatoryFrameworkTextBlock>
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  <teo:DividendReceivableRelatedPartyTransactions contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">65000000</teo:DividendReceivableRelatedPartyTransactions>
  <teo:DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities contextRef="Duration_1_1_2017_To_12_31_2017_srt_ConsolidatedEntitiesAxis_srt_ParentCompanyMember" unitRef="Unit12" decimals="0">9729418019</teo:DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities>
  <teo:DividendsPaidInAdvanceToEquityHolders contextRef="Duration_1_1_2017_To_9_30_2017_srt_ConsolidatedEntitiesAxis_srt_ParentCompanyMember" unitRef="Unit12" decimals="0">5640728444</teo:DividendsPaidInAdvanceToEquityHolders>
  <teo:DividendsPaidInterimToEquityHoldersOfParent contextRef="Duration_1_1_2017_To_9_30_2017_srt_ConsolidatedEntitiesAxis_srt_ParentCompanyMember" unitRef="Unit12" decimals="0">4502777155</teo:DividendsPaidInterimToEquityHoldersOfParent>
  <teo:DividendsPayablePerEachInstallment contextRef="As_Of_3_30_2017_dei_LegalEntityAxis_teo_CablevisionSaMember_srt_ConsolidatedEntitiesAxis_srt_ParentCompanyMember" unitRef="Unit12" decimals="0">800000000</teo:DividendsPayablePerEachInstallment>
  <teo:DividendsPayableRelatedPartyTransaction contextRef="As_Of_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_CablevisionHoldingMember" unitRef="Unit12" decimals="-6">2067000000</teo:DividendsPayableRelatedPartyTransaction>
  <teo:DividendsPayableRelatedPartyTransaction contextRef="As_Of_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_ControllingCompanyMember" unitRef="Unit12" decimals="-6">6021000000</teo:DividendsPayableRelatedPartyTransaction>
  <teo:DividendsPayableRelatedPartyTransaction contextRef="As_Of_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_FintechTelecomLLCMember" unitRef="Unit12" decimals="-6">864000000</teo:DividendsPayableRelatedPartyTransaction>
  <teo:DividendsPayableRelatedPartyTransaction contextRef="As_Of_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_VlgArgentinaLlcMember" unitRef="Unit12" decimals="-6">3090000000</teo:DividendsPayableRelatedPartyTransaction>
  <teo:DividendsReceivableOffsetWithFinancialDebt contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">12000000</teo:DividendsReceivableOffsetWithFinancialDebt>
  <teo:DividendsReceivableOffsetWithFinancialDebt contextRef="Duration_4_1_2017_To_6_30_2017_dei_LegalEntityAxis_teo_CablevisionSaMember_ifrs-full_SignificantInvestmentsInAssociatesAxis_teo_LaCapitalCableS.a.Member" unitRef="Unit12" decimals="-6">8000000</teo:DividendsReceivableOffsetWithFinancialDebt>
  <teo:DividendsReceivableOffsetWithFinancialDebt contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">5000000</teo:DividendsReceivableOffsetWithFinancialDebt>
  <teo:DividendsReceivableOffsetWithFinancialDebt contextRef="Duration_6_1_2018_To_6_30_2018_ifrs-full_SignificantInvestmentsInAssociatesAxis_teo_LaCapitalCableS.a.Member" unitRef="Unit12" decimals="-6">5000000</teo:DividendsReceivableOffsetWithFinancialDebt>
  <teo:EffectiveInternalTaxRateMobileTelephoneServices contextRef="Duration_2_28_2018_To_2_28_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="4">0.0416</teo:EffectiveInternalTaxRateMobileTelephoneServices>
  <teo:EffectiveInternalTaxRateMobileTelephoneServices contextRef="Duration_3_1_2018_To_3_1_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="4">0.0526</teo:EffectiveInternalTaxRateMobileTelephoneServices>
  <teo:EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego contextRef="Duration_11_15_2017_To_11_15_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="4">0.0000</teo:EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego>
  <teo:EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks contextRef="Duration_11_14_2017_To_11_14_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="4">0.2048</teo:EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks>
  <teo:EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks contextRef="Duration_11_15_2017_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="4">0.1173</teo:EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks>
  <teo:EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks contextRef="Duration_1_1_2019_To_12_31_2019_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="4">0.0989</teo:EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks>
  <teo:EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.35</teo:EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage>
  <teo:EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate contextRef="As_Of_1_1_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit12" decimals="-6">196393000000</teo:EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate>
  <teo:EquityAttributableToParentRecognizedAsOfAcquisitionDate contextRef="As_Of_1_1_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit12" decimals="-6">194435000000</teo:EquityAttributableToParentRecognizedAsOfAcquisitionDate>
  <teo:EstimatedVariationInConsolidatedFinancialPosition contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">1939000000</teo:EstimatedVariationInConsolidatedFinancialPosition>
  <teo:EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">1773000000</teo:EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets>
  <teo:EstimatedVariationInExchangeRate contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit110" decimals="2">1.00</teo:EstimatedVariationInExchangeRate>
  <teo:EstimatedVariationInExchangeRate contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit110" decimals="2">1.00</teo:EstimatedVariationInExchangeRate>
  <teo:ExportDutyPercentageOnServicesExportedToAbroad contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.12</teo:ExportDutyPercentageOnServicesExportedToAbroad>
  <teo:ExtensionPeriodForAnalysisAndPublicationOfItcBill contextRef="Duration_8_13_2018_To_8_13_2018_teo_IfrsTypeOfArrangementAxis_teo_AmendmentsToLadMember">P90D</teo:ExtensionPeriodForAnalysisAndPublicationOfItcBill>
  <teo:ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws contextRef="Duration_1_4_2016_To_1_4_2016_teo_IfrsTypeOfArrangementAxis_teo_AmendmentsToLadMember">P180D</teo:ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws>
  <teo:ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices contextRef="Duration_1_4_2016_To_1_4_2016_teo_IfrsTypeOfArrangementAxis_teo_AmendmentsToLadMember">P1Y</teo:ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices>
  <teo:ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices contextRef="Duration_8_13_2018_To_8_13_2018_teo_IfrsTypeOfArrangementAxis_teo_AmendmentsToLadMember">P1Y</teo:ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices>
  <teo:ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink contextRef="Duration_1_4_2016_To_1_4_2016_teo_IfrsTypeOfArrangementAxis_teo_AmendmentsToLadMember">P10Y</teo:ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink>
  <teo:ExtensionPeriodOfCallOption contextRef="Duration_12_28_2017_To_12_28_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_AdesolMember_teo_IfrsTypeOfArrangementAxis_teo_CallOptionAgreementOfAdesolMember">P2Y</teo:ExtensionPeriodOfCallOption>
  <teo:FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BusinessCombinationsAxis_teo_CablevisionSaMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_ifrs-full_BrandNamesMember" unitRef="Unit12" decimals="-6">13029000000</teo:FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets>
  <teo:FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BusinessCombinationsAxis_teo_CablevisionSaMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_ifrs-full_CustomerrelatedIntangibleAssetsMember" unitRef="Unit12" decimals="-6">13701000000</teo:FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets>
  <teo:FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BusinessCombinationsAxis_teo_CablevisionSaMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_ifrs-full_LicencesMember" unitRef="Unit12" decimals="-6">22046000000</teo:FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets>
  <teo:FairValueAdjustmentAllocatedToPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BusinessCombinationsAxis_teo_CablevisionSaMember_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_BuildingAndAutomobileMember" unitRef="Unit12" decimals="-6">50504000000</teo:FairValueAdjustmentAllocatedToPropertyPlantAndEquipment>
  <teo:FederalIncomeTaxRateAsPerTcja2017 contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_US" unitRef="Unit14" decimals="INF">0.21</teo:FederalIncomeTaxRateAsPerTcja2017>
  <teo:FeesForServices contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">2619000000</teo:FeesForServices>
  <teo:FeesForServices contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">2930000000</teo:FeesForServices>
  <teo:FeesForServices contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">7629000000</teo:FeesForServices>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">7912000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">7912000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">7912000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">7254000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">7254000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">7254000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">16261000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">16261000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">16261000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2018_To_12_31_2018_teo_IfrsIncomeStatementLocationAxis_teo_AdministrationCostsMember" unitRef="Unit12" decimals="-6">4917000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2018_To_12_31_2018_teo_IfrsIncomeStatementLocationAxis_teo_CommercializationCostMember" unitRef="Unit12" decimals="-6">2796000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense contextRef="Duration_1_1_2018_To_12_31_2018_teo_IfrsIncomeStatementLocationAxis_teo_OperatingCostsMember" unitRef="Unit12" decimals="-6">8548000000</teo:FeesForServicesMaintenanceMaterialsAndSuppliesExpense>
  <teo:FinanceResultsRelatedPartyTransaction contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_AssociatesMember" unitRef="Unit12" decimals="-6">-2000000</teo:FinanceResultsRelatedPartyTransaction>
  <teo:FinanceResultsRelatedPartyTransaction contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_ControllingCompanyMember" unitRef="Unit12" decimals="-6">713000000</teo:FinanceResultsRelatedPartyTransaction>
  <teo:FinanceResultsRelatedPartyTransaction contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_GrupoClarnS.a.Member_teo_IfrsRelatedPartyTransactionAxis_teo_InterestsOnDebtMember" unitRef="Unit12" decimals="-6">713000000</teo:FinanceResultsRelatedPartyTransaction>
  <teo:FinanceResultsRelatedPartyTransaction contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_LaCapitalCableS.aMember_teo_IfrsRelatedPartyTransactionAxis_teo_InterestsOnDebtMember" unitRef="Unit12" decimals="-6">-2000000</teo:FinanceResultsRelatedPartyTransaction>
  <teo:FinanceResultsRelatedPartyTransaction contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_AssociatesMember" unitRef="Unit12" decimals="-6">-1000000</teo:FinanceResultsRelatedPartyTransaction>
  <teo:FinanceResultsRelatedPartyTransaction contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_ControllingCompanyMember" unitRef="Unit12" decimals="-6">20000000</teo:FinanceResultsRelatedPartyTransaction>
  <teo:FinanceResultsRelatedPartyTransaction contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_CablevisionHoldingMember_teo_IfrsRelatedPartyTransactionAxis_teo_InterestsOnDebtMember" unitRef="Unit12" decimals="-6">20000000</teo:FinanceResultsRelatedPartyTransaction>
  <teo:FinanceResultsRelatedPartyTransaction contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_LaCapitalCableS.aMember_teo_IfrsRelatedPartyTransactionAxis_teo_InterestsOnDebtMember" unitRef="Unit12" decimals="-6">-1000000</teo:FinanceResultsRelatedPartyTransaction>
  <teo:FinancialAssetsLiabilitiesNetCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">5296000000</teo:FinancialAssetsLiabilitiesNetCurrent>
  <teo:FinancialAssetsLiabilitiesNetCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">-11032000000</teo:FinancialAssetsLiabilitiesNetCurrent>
  <teo:FinancialDebtConversionOfVariableRateIntoFixedRate contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_InterestRateRiskMember" unitRef="Unit13" decimals="-6">440000000</teo:FinancialDebtConversionOfVariableRateIntoFixedRate>
  <teo:FinancialDebtNotHedged contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_InterestRateRiskMember" unitRef="Unit12" decimals="-6">36179000000</teo:FinancialDebtNotHedged>
  <teo:FinancialDebtRelatedPartyTransactions contextRef="As_Of_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_AssociatesMember" unitRef="Unit12" decimals="-6">6000000</teo:FinancialDebtRelatedPartyTransactions>
  <teo:FinancialDebtRelatedPartyTransactions contextRef="As_Of_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_LaCapitalCableS.aMember" unitRef="Unit12" decimals="-6">6000000</teo:FinancialDebtRelatedPartyTransactions>
  <teo:FinancialDiscountsOnAssetsDebtsAndOther contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">55000000</teo:FinancialDiscountsOnAssetsDebtsAndOther>
  <teo:FinancialDiscountsOnAssetsDebtsAndOther contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">16000000</teo:FinancialDiscountsOnAssetsDebtsAndOther>
  <teo:FinancialDiscountsOnAssetsDebtsAndOther contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">7000000</teo:FinancialDiscountsOnAssetsDebtsAndOther>
  <teo:FinancialExpensesOnPensionBenefits contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">72000000</teo:FinancialExpensesOnPensionBenefits>
  <teo:FinancialResultsNet contextRef="Duration_1_1_2018_To_12_31_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member_teo_BusinessCombinationAdjustmentAxis_teo_ImpactOfPurchasePriceAllocationInIncomeStatementMember" unitRef="Unit12" decimals="-6">35000000</teo:FinancialResultsNet>
  <teo:FinancialResultsNetExplanatoryTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE 24 &amp;#x2013; FINANCIAL RESULTS, NET&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:29.70%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:29.70%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Interests on debts (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,542)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,138)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,736)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Foreign currency exchange losses on debts (**)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (29,620)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 780&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,086&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other financial expenses on debts&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 190&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 141&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 55&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total Debt financial expenses &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (33,972)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (217)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (595)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Interests and gains on investments&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,898&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 409&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Taxes and bank expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,646)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (745)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (733)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other Foreign currency exchange gains (losses) (***)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,402&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (476)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (665)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial discounts on assets, debts and other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 16&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 55&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Gains (losses) on operations with notes and bonds &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 780&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (43)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (11)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Interests on provisions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (604)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (78)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (77)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Financial expenses on pension benefits&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (72)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;RECPAM&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 13,403&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,907&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 5,547&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;9&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 94&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total other financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 15,177&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 930&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,619&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total financial results, net&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (18,795)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 713&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 4,024&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*)&amp;nbsp;&amp;nbsp;&amp;nbsp;Includes 7 corresponding to net income generated by NDF in the year ended December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(**)&amp;nbsp;&amp;nbsp;Includes 1,116 corresponding to net income generated by NDF in the year ended December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(***)&amp;nbsp;Includes (130) corresponding to net losses generated by NDF in the year ended December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:FinancialResultsNetExplanatoryTextBlock>
  <teo:ForeignExchangeGainOnDebts contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1086000000</teo:ForeignExchangeGainOnDebts>
  <teo:ForeignExchangeGainOnDebts contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">780000000</teo:ForeignExchangeGainOnDebts>
  <teo:ForeignExchangeGainOnDebts contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">-29620000000</teo:ForeignExchangeGainOnDebts>
  <teo:ForeignExchangeGainOnDebts contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember" unitRef="Unit12" decimals="-6">1116000000</teo:ForeignExchangeGainOnDebts>
  <teo:FrequencyBandAwardedOne contextRef="Duration_2_20_2017_To_2_20_2017_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1033e17Member" unitRef="Unit18" decimals="0">905</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_2_20_2017_To_2_20_2017_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1034e17Member" unitRef="Unit18" decimals="0">2500</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_2_20_2017_To_2_20_2017_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1033e17Member" unitRef="Unit18" decimals="0">915</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_2_20_2017_To_2_20_2017_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1034e17Member" unitRef="Unit18" decimals="0">2690</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_3_7_2017_To_3_7_2017_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1299e17Member" unitRef="Unit18" decimals="0">2550</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_3_7_2017_To_3_7_2017_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1299e17Member" unitRef="Unit18" decimals="0">2560</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_5_12_2017_To_5_12_2017_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber3687e17Member" unitRef="Unit18" decimals="0">2500</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedOne contextRef="Duration_5_12_2017_To_5_12_2017_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber3687e17Member" unitRef="Unit18" decimals="0">2690</teo:FrequencyBandAwardedOne>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_2_20_2017_To_2_20_2017_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1033e17Member" unitRef="Unit18" decimals="0">950</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_2_20_2017_To_2_20_2017_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1033e17Member" unitRef="Unit18" decimals="0">960</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_3_7_2017_To_3_7_2017_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1299e17Member" unitRef="Unit18" decimals="0">-2670</teo:FrequencyBandAwardedTwo>
  <teo:FrequencyBandAwardedTwo contextRef="Duration_3_7_2017_To_3_7_2017_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1299e17Member" unitRef="Unit18" decimals="0">2680</teo:FrequencyBandAwardedTwo>
  <teo:GainLossOnFinancialInstruments contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member_ifrs-full_TypesOfHedgesAxis_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">22000000</teo:GainLossOnFinancialInstruments>
  <teo:GainLossOnFinancialInstruments contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_TypesOfHedgesAxis_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">1039000000</teo:GainLossOnFinancialInstruments>
  <teo:GainLossOnFinancialInstruments contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_ComponentsOfEquityAxis_teo_ForeignCurrencyExchangeRateGainsMember_ifrs-full_TypesOfHedgesAxis_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">152000000</teo:GainLossOnFinancialInstruments>
  <teo:GainsLossesOnOperationsWithNotesAndBonds contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">-11000000</teo:GainsLossesOnOperationsWithNotesAndBonds>
  <teo:GainsLossesOnOperationsWithNotesAndBonds contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-43000000</teo:GainsLossesOnOperationsWithNotesAndBonds>
  <teo:GainsLossesOnOperationsWithNotesAndBonds contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">780000000</teo:GainsLossesOnOperationsWithNotesAndBonds>
  <teo:GuaranteeFundToCoverPotentialLiabilities contextRef="As_Of_10_7_2015_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_NextelAndSubsidiaryTelevisionDirigidaS.a.Member" unitRef="Unit13" decimals="-6">6000000</teo:GuaranteeFundToCoverPotentialLiabilities>
  <teo:IfrsAllowanceForDoubtfulAccountsReceivableCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedImpairmentMember" unitRef="Unit12" decimals="-6">15000000</teo:IfrsAllowanceForDoubtfulAccountsReceivableCurrent>
  <teo:IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedImpairmentMember" unitRef="Unit12" decimals="-6">12000000</teo:IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent>
  <teo:IfrsConversionOfStockSharesAuthorized contextRef="As_Of_3_31_2000_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">52505360</teo:IfrsConversionOfStockSharesAuthorized>
  <teo:IfrsConversionOfStockSharesAuthorized contextRef="As_Of_4_27_2006_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">41339464</teo:IfrsConversionOfStockSharesAuthorized>
  <teo:IfrsConversionOfStockSharesAuthorized contextRef="As_Of_12_15_2011_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">4593274</teo:IfrsConversionOfStockSharesAuthorized>
  <teo:IfrsConversionOfStockSharesAuthorized contextRef="As_Of_12_31_2011_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">4593274</teo:IfrsConversionOfStockSharesAuthorized>
  <teo:IfrsConversionOfStockSharesConverted1 contextRef="Duration_12_1_2011_To_12_31_2011_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">41339464</teo:IfrsConversionOfStockSharesConverted1>
  <teo:IfrsConversionOfStockSharesConverted1 contextRef="Duration_12_15_2011_To_12_15_2011_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">4382408</teo:IfrsConversionOfStockSharesConverted1>
  <teo:IfrsDebtInstrumentPeriodicPayment contextRef="Duration_10_5_2016_To_10_5_2016_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnIfcBankLoanNonCurrentMember_srt_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit111" decimals="INF">8</teo:IfrsDebtInstrumentPeriodicPayment>
  <teo:IfrsDebtInstrumentPeriodicPayment contextRef="Duration_4_1_2017_To_4_30_2017_ifrs-full_BorrowingsByNameAxis_teo_InterAmericanInvestmentCorporationLoanMember_srt_ConsolidatedEntitiesAxis_teo_PersonalMember" unitRef="Unit111" decimals="INF">8</teo:IfrsDebtInstrumentPeriodicPayment>
  <teo:IfrsDebtInstrumentPeriodicPayment contextRef="Duration_11_8_2018_To_11_8_2018_ifrs-full_BorrowingsByNameAxis_teo_DeutscheBankLoanMember" unitRef="Unit111" decimals="INF">6</teo:IfrsDebtInstrumentPeriodicPayment>
  <teo:IfrsDebtInstrumentPeriodicPayment contextRef="Duration_3_4_2019_To_3_4_2019_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnIfcBankLoanNonCurrentMember_teo_InterestRateOnLoanPayablePeriodAxis_teo_TrancheB1Member" unitRef="Unit111" decimals="INF">6</teo:IfrsDebtInstrumentPeriodicPayment>
  <teo:IfrsDebtInstrumentPeriodicPayment contextRef="Duration_3_4_2019_To_3_4_2019_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnIfcBankLoanNonCurrentMember_teo_InterestRateOnLoanPayablePeriodAxis_teo_TrancheB2Member" unitRef="Unit111" decimals="INF">8</teo:IfrsDebtInstrumentPeriodicPayment>
  <teo:IfrsDebtInstrumentPeriodicPayment contextRef="Duration_3_4_2019_To_3_4_2019_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnIfcBankLoanNonCurrentMember_teo_InterestRateOnLoanPayablePeriodAxis_teo_TrancheB3Member" unitRef="Unit111" decimals="INF">6</teo:IfrsDebtInstrumentPeriodicPayment>
  <teo:IfrsDebtInstrumentPeriodicPayment contextRef="Duration_3_4_2019_To_3_4_2019_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnIfcBankLoanNonCurrentMember_teo_InterestRateOnLoanPayablePeriodAxis_teo_TrancheB4Member" unitRef="Unit111" decimals="INF">8</teo:IfrsDebtInstrumentPeriodicPayment>
  <teo:IfrsDebtInstrumentPeriodicPayment contextRef="Duration_3_4_2019_To_3_4_2019_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnIfcBankLoanNonCurrentMember_teo_InterestRateOnLoanPayablePeriodAxis_teo_TrancheMember" unitRef="Unit111" decimals="INF">8</teo:IfrsDebtInstrumentPeriodicPayment>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_12_2_2010_To_12_2_2010_ifrs-full_BorrowingsByNameAxis_teo_NotesMember_srt_ConsolidatedEntitiesAxis_teo_PersonalMember">P5Y</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_10_5_2016_To_10_5_2016_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnIfcBankLoanNonCurrentMember_srt_ConsolidatedEntitiesAxis_teo_PersonalMember">P6Y</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PrincipalNominalValueFourMember_srt_ConsolidatedEntitiesAxis_teo_NucleoMember">P6M</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PrincipalNominalValueTwoMember_srt_ConsolidatedEntitiesAxis_teo_NucleoMember">P6M</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_10_8_2018_To_10_8_2018_ifrs-full_BorrowingsByNameAxis_teo_SyndicatedLoanMember">P48M</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_11_8_2018_To_11_8_2018_ifrs-full_BorrowingsByNameAxis_teo_DeutscheBankLoanMember">P42M</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_12_31_2018_To_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PurchaseOfEquipmentMember_ifrs-full_CounterpartiesAxis_teo_CiscoSystemsMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P36M</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsDebtInstrumentTerm contextRef="Duration_12_31_2018_To_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PurchaseOfEquipmentMember_ifrs-full_CounterpartiesAxis_teo_CiscoSystemsMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P49M</teo:IfrsDebtInstrumentTerm>
  <teo:IfrsIncreaseDecreaseInCashAndCashEquivalents contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">374000000</teo:IfrsIncreaseDecreaseInCashAndCashEquivalents>
  <teo:IfrsIncreaseDecreaseInCurrentFinancialDebt contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">18661000000</teo:IfrsIncreaseDecreaseInCurrentFinancialDebt>
  <teo:IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">-16328000000</teo:IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent>
  <teo:IfrsIncreaseDecreaseInInventories contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">2601000000</teo:IfrsIncreaseDecreaseInInventories>
  <teo:IfrsIncreaseDecreaseInInvestments contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">1209000000</teo:IfrsIncreaseDecreaseInInvestments>
  <teo:IfrsIncreaseDecreaseInOperatingCapital contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">4365000000</teo:IfrsIncreaseDecreaseInOperatingCapital>
  <teo:IfrsIncreaseDecreaseInOtherReceivables contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">3100000000</teo:IfrsIncreaseDecreaseInOtherReceivables>
  <teo:IfrsIncreaseDecreaseInWorkingCapital contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">-11963000000</teo:IfrsIncreaseDecreaseInWorkingCapital>
  <teo:IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Income tax benefit (expense) consists of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.02%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:28.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit&amp;nbsp;(loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Current tax expense&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,819)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (4,405)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Deferred tax benefit &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,838&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (697)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (1,610)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Income tax benefit (expense)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,838&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (5,516)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (6,015)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
  <teo:IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:27.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:27.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Profit (loss)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Pre-tax income&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,698&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 15,375&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 16,561&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Non-taxable items - Earnings from associates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (236)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (353)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (221)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Non-taxable items - Other&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 29&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (114)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (57)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,491&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 14,908&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 16,283&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Weighted statutory income tax rate (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Income tax expense at weighted statutory tax rate&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (747)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (5,218)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (5,699)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tax carryforward prescription&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 33&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 31&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Changes in tax rates&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (272)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (45)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Actions for recourse&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 44&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Income tax on cash dividends of foreign companies&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (64)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inflation effect&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 3,605&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (59)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (302)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Income tax benefit (expense)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,838&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (5,516)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (6,015)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*)&amp;nbsp;&amp;nbsp;&amp;nbsp;Effective income tax rate based on weighted statutory income tax rate in the different countries where the Company has operations. The statutory tax rate in Argentina was 35% for 2017, is 30% for the years 2018-2019 and will be 25% for the year 2020 and onwards (see Note 3.o). In Paraguay is 10% plus an additional rate of 5% in case of payment of dividends for all the years presented and in the USA the effective tax rate was 39.5% for 2017 and 2016 and 26.5% for 2018 onwards.&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
  <teo:IfrsScheduleOfInventoryCurrentTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Inventories consist of the following:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:23.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile handsets and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,254&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Radio equipment and others&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 64&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 189&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Fixed telephones and equipment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 15&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inventories for construction projects&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 537&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Subtotal&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,870&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 189&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Allowance for obsolescence of inventories&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (133)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (53)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,737&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 136&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Movements in the allowance for obsolescence of inventories are as follows:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the beginning of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (53)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Additions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (82)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; (70)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Decreases&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;At the end of the&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (133)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; (53)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:IfrsScheduleOfInventoryCurrentTableTextBlock>
  <teo:IfrsTaxesPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2743000000</teo:IfrsTaxesPayableCurrent>
  <teo:IfrsTaxesPayableCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">2319000000</teo:IfrsTaxesPayableCurrent>
  <teo:IfrsTreasuryStockShares contextRef="As_Of_1_1_2018" unitRef="Unit1" decimals="INF">15221373</teo:IfrsTreasuryStockShares>
  <teo:IfrsTreasuryStockShares contextRef="As_Of_1_1_2018_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassBSharesMember" unitRef="Unit1" decimals="INF">15221373</teo:IfrsTreasuryStockShares>
  <teo:IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_NewIFRSsAxis_ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" unitRef="Unit12" decimals="-6">2000000</teo:IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets>
  <teo:IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_NewIFRSsAxis_ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" unitRef="Unit12" decimals="-6">1000000</teo:IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets>
  <teo:IncomeTaxPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2122000000</teo:IncomeTaxPayableCurrent>
  <teo:IncomeTaxPayableCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">12000000</teo:IncomeTaxPayableCurrent>
  <teo:IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">16163000000</teo:IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt>
  <teo:IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_InterestRateRiskMember" unitRef="Unit12" decimals="-6">36000000</teo:IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent>
  <teo:IncreaseDecreaseInLiquidityRate contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit14" decimals="2">0.06</teo:IncreaseDecreaseInLiquidityRate>
  <teo:IncreaseDecreaseInNonDeliverableForwardCurrent contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">750000000</teo:IncreaseDecreaseInNonDeliverableForwardCurrent>
  <teo:IncreaseDecreaseInTradeReceivables contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">14827000000</teo:IncreaseDecreaseInTradeReceivables>
  <teo:IncreaseDecreaseThroughFacultativeReserveConstitutionEquity id="Item-0082" contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ComponentsOfEquityAxis_ifrs-full_RetainedEarningsMember" unitRef="Unit12" decimals="-6">-3588000000</teo:IncreaseDecreaseThroughFacultativeReserveConstitutionEquity>
  <teo:IncreaseDecreaseThroughFacultativeReserveConstitutionEquity id="Item-0041" contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_ComponentsOfEquityAxis_teo_FacultativeReserveMember" unitRef="Unit12" decimals="-6">3588000000</teo:IncreaseDecreaseThroughFacultativeReserveConstitutionEquity>
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  <teo:MunicipalTaxes contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">838000000</teo:MunicipalTaxes>
  <teo:MunicipalTaxes contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1026000000</teo:MunicipalTaxes>
  <teo:MunicipalTaxes contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">1811000000</teo:MunicipalTaxes>
  <teo:MunicipalTaxesPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">112000000</teo:MunicipalTaxesPayableCurrent>
  <teo:MunicipalTaxesPayableCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">180000000</teo:MunicipalTaxesPayableCurrent>
  <teo:NetGainsLossesOnFinancialInstruments contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-1249000000</teo:NetGainsLossesOnFinancialInstruments>
  <teo:NetGainsLossesOnFinancialInstruments contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">-31988000000</teo:NetGainsLossesOnFinancialInstruments>
  <teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-6">66848000000</teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs>
  <teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs contextRef="As_Of_12_31_2018_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit13" decimals="-6">1773000000</teo:NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs>
  <teo:NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts contextRef="As_Of_12_31_2018" unitRef="Unit13" decimals="-6">1773000000</teo:NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts>
  <teo:NonCurrentPayablesForSuppliersAndCommercialAccruals contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">570000000</teo:NonCurrentPayablesForSuppliersAndCommercialAccruals>
  <teo:NonCurrentPayablesOnSalariesAndSocialSecurity contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">347000000</teo:NonCurrentPayablesOnSalariesAndSocialSecurity>
  <teo:NondeliverableForward contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">45000000</teo:NondeliverableForward>
  <teo:NonDeliverableForwardContractsAmount contextRef="As_Of_12_31_2018" unitRef="Unit13" decimals="-6">166000000</teo:NonDeliverableForwardContractsAmount>
  <teo:NonDeliverableForwardCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">750000000</teo:NonDeliverableForwardCurrent>
  <teo:NonTaxableIncomeExpenseEarningsFromAssociates contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">-221000000</teo:NonTaxableIncomeExpenseEarningsFromAssociates>
  <teo:NonTaxableIncomeExpenseEarningsFromAssociates contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-353000000</teo:NonTaxableIncomeExpenseEarningsFromAssociates>
  <teo:NonTaxableIncomeExpenseEarningsFromAssociates contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">-236000000</teo:NonTaxableIncomeExpenseEarningsFromAssociates>
  <teo:NonTaxableIncomeExpenseOther contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">-57000000</teo:NonTaxableIncomeExpenseOther>
  <teo:NonTaxableIncomeExpenseOther contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-114000000</teo:NonTaxableIncomeExpenseOther>
  <teo:NonTaxableIncomeExpenseOther contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">29000000</teo:NonTaxableIncomeExpenseOther>
  <teo:NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation contextRef="As_Of_7_5_2017" unitRef="Unit113" decimals="INF">13</teo:NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation>
  <teo:NumberOfBusinessDays contextRef="Duration_7_4_2018_To_7_4_2018">P90D</teo:NumberOfBusinessDays>
  <teo:NumberOfCalendarDaysToImplementProcedures contextRef="Duration_9_6_2018_To_9_6_2018_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber58018Member">P90D</teo:NumberOfCalendarDaysToImplementProcedures>
  <teo:NumberOfCalendarDaysToImplementProcedures contextRef="Duration_11_6_2018_To_11_6_2018_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber5118Member">P90D</teo:NumberOfCalendarDaysToImplementProcedures>
  <teo:NumberOfCashDividendDistributionInstallments contextRef="Duration_1_1_2017_To_12_31_2017_srt_ConsolidatedEntitiesAxis_srt_ParentCompanyMember" unitRef="Unit111" decimals="INF">2</teo:NumberOfCashDividendDistributionInstallments>
  <teo:NumberOfCashDividendDistributionInstallments contextRef="Duration_3_30_2017_To_3_30_2017_dei_LegalEntityAxis_teo_CablevisionSaMember" unitRef="Unit111" decimals="INF">2</teo:NumberOfCashDividendDistributionInstallments>
  <teo:NumberOfChambersCivilAndCommercialFederalProceedingsCourt contextRef="Duration_12_1_2013_To_12_31_2013_ifrs-full_ClassesOfContingentLiabilitiesAxis_teo_LaborProceedingsContingentLiabilityMember" unitRef="Unit18" decimals="INF">2</teo:NumberOfChambersCivilAndCommercialFederalProceedingsCourt>
  <teo:NumberOfCompaniesThatInitiatedClaim contextRef="Duration_1_1_2017_To_2_28_2017_ifrs-full_ClassesOfContingentLiabilitiesAxis_ifrs-full_LegalProceedingsContingentLiabilityMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_srt_LitigationCaseAxis_teo_ContentProvidersClaimMember" unitRef="Unit114" decimals="INF">4</teo:NumberOfCompaniesThatInitiatedClaim>
  <teo:NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders contextRef="As_Of_5_23_2017_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassBSharesMember_srt_ConsolidatedEntitiesAxis_srt_ParentCompanyMember" unitRef="Unit1" decimals="INF">161039477</teo:NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders>
  <teo:NumberOfDaysToExtendBusiness contextRef="Duration_7_11_2018_To_7_11_2018_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber4012018Member">P90D</teo:NumberOfDaysToExtendBusiness>
  <teo:NumberOfInhabitants contextRef="As_Of_12_31_2018_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember" unitRef="Unit18" decimals="0">500</teo:NumberOfInhabitants>
  <teo:NumberOfInterestServiceResidentialSubscribers contextRef="As_Of_6_29_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit18" decimals="INF">143464</teo:NumberOfInterestServiceResidentialSubscribers>
  <teo:NumberOfLegalActionsFiledByTradeUnions contextRef="Duration_1_1_2018_To_12_31_2018_srt_LitigationCaseAxis_teo_TradeUnionsForUnionContributionsAndPaymentsMember" unitRef="Unit115" decimals="INF">7</teo:NumberOfLegalActionsFiledByTradeUnions>
  <teo:NumberOfLegalActionsWithinFederalCivilAndCommercialCourt contextRef="Duration_11_1_2011_To_11_30_2011_ifrs-full_ClassesOfContingentLiabilitiesAxis_ifrs-full_LegalProceedingsContingentLiabilityMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_srt_LitigationCaseAxis_teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember" unitRef="Unit115" decimals="INF">3</teo:NumberOfLegalActionsWithinFederalCivilAndCommercialCourt>
  <teo:NumberOfLicenseesProvidingSubscriptionBroadcastingServices contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_AdesolMember" unitRef="Unit18" decimals="INF">2</teo:NumberOfLicenseesProvidingSubscriptionBroadcastingServices>
  <teo:NumberOfLicenseesProvidingSubscriptionTelevisionServices contextRef="As_Of_12_31_2018" unitRef="Unit18" decimals="INF">2</teo:NumberOfLicenseesProvidingSubscriptionTelevisionServices>
  <teo:NumberOfProvincialCapitalsCoveredInSpectrumAllocation contextRef="As_Of_7_5_2017" unitRef="Unit18" decimals="INF">18</teo:NumberOfProvincialCapitalsCoveredInSpectrumAllocation>
  <teo:NumberOfRepresentatives contextRef="Duration_8_14_2018_To_8_14_2018_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber495018Member" unitRef="Unit18" decimals="INF">2</teo:NumberOfRepresentatives>
  <teo:NumberOfSharesEachAmericanDepositarySharesRepresents contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassBOrdinarySharesMember" unitRef="Unit1" decimals="INF">5</teo:NumberOfSharesEachAmericanDepositarySharesRepresents>
  <teo:NumberOfSharesForConversion contextRef="As_Of_5_23_2017_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassaSharesMember_srt_ConsolidatedEntitiesAxis_srt_ParentCompanyMember" unitRef="Unit1" decimals="INF">161039447</teo:NumberOfSharesForConversion>
  <teo:NumberOfSharesHeldForConversion contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit1" decimals="INF">210866</teo:NumberOfSharesHeldForConversion>
  <teo:NumberOfSharesHeldInInvestmentCompany contextRef="As_Of_12_31_2018_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_FintechTelecomLLCMember_ifrs-full_ClassesOfShareCapitalAxis_teo_ClassBPreferredSharesMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_SoforaTelecomunicacionesS.a.Member" unitRef="Unit1" decimals="INF">186999612</teo:NumberOfSharesHeldInInvestmentCompany>
  <teo:NumberOfStockOptionPlans contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit116" decimals="INF">0</teo:NumberOfStockOptionPlans>
  <teo:NumberOfSubBandsAwarded contextRef="Duration_1_4_2018_To_1_4_2018_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember" unitRef="Unit18" decimals="INF">2</teo:NumberOfSubBandsAwarded>
  <teo:NumberOfTranches contextRef="As_Of_12_15_2011_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCOrdinarySharesMember" unitRef="Unit117" decimals="INF">11</teo:NumberOfTranches>
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  <teo:NumberOfTranches contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentEffectiveMarch2018Member_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit117" decimals="INF">2</teo:NumberOfTranches>
  <teo:NumberOfTranchesForIssuanceOfDividendCertificate contextRef="Duration_3_1_2017_To_3_31_2017_dei_LegalEntityAxis_teo_WDeArgentinaInversionesS.a.Member_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_SoforaTelecomunicacionesS.a.Member" unitRef="Unit117" decimals="INF">2</teo:NumberOfTranchesForIssuanceOfDividendCertificate>
  <teo:NumberOfTranchesForRedemptionOfShares contextRef="Duration_3_1_2017_To_3_31_2017_dei_LegalEntityAxis_teo_WDeArgentinaInversionesS.a.Member_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_SoforaTelecomunicacionesS.a.Member" unitRef="Unit117" decimals="INF">2</teo:NumberOfTranchesForRedemptionOfShares>
  <teo:NumberOfVotesPerMembershipInterestAcquired contextRef="As_Of_6_30_2016_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_NextelMember" unitRef="Unit19" decimals="INF">1</teo:NumberOfVotesPerMembershipInterestAcquired>
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  <teo:NumberOfVotesPerMembershipInterestAcquired contextRef="As_Of_12_28_2016_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_NextelMember" unitRef="Unit19" decimals="INF">1</teo:NumberOfVotesPerMembershipInterestAcquired>
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  <teo:NumberOfVotesPerMembershipInterestAcquired contextRef="As_Of_5_23_2017_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassaSharesMember_srt_ConsolidatedEntitiesAxis_srt_ParentCompanyMember" unitRef="Unit19" decimals="INF">1</teo:NumberOfVotesPerMembershipInterestAcquired>
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  <teo:NumberOfWorkingDaysToSetProvisionalInterconnectionCharges contextRef="Duration_5_18_2018_To_5_18_2018_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber28618Member">P60D</teo:NumberOfWorkingDaysToSetProvisionalInterconnectionCharges>
  <teo:NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR">P10Y</teo:NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability>
  <teo:NumberOfYearsOfAccumulatedPriceIndex contextRef="Duration_1_1_2018_To_12_31_2018">P3Y</teo:NumberOfYearsOfAccumulatedPriceIndex>
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  <teo:OperatingCostsRelatedPartyTransaction contextRef="Duration_1_1_2016_To_12_31_2016_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_LaCapitalCableS.aMember_teo_IfrsRelatedPartyTransactionAxis_teo_FeesForServicesMember" unitRef="Unit12" decimals="-6">12000000</teo:OperatingCostsRelatedPartyTransaction>
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  <teo:PaymentOfOptionPremiumToGrantor contextRef="As_Of_12_31_2018_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_AdesolMember_teo_IfrsTypeOfArrangementAxis_teo_CallOptionAgreementOfAdesolMember" unitRef="Unit12" decimals="-6">83000000</teo:PaymentOfOptionPremiumToGrantor>
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  <teo:PenaltyImposedForNotComplyingWithInformationRegime contextRef="Duration_6_1_2010_To_6_1_2010_srt_LitigationCaseAxis_teo_SecretariatOfDomesticTradeOfNationMember" unitRef="Unit12" decimals="-6">5000000</teo:PenaltyImposedForNotComplyingWithInformationRegime>
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  <teo:PercentageOfAcquisitionCostAllocation contextRef="Duration_1_1_2016_To_12_31_2016_dei_LegalEntityAxis_teo_CablevisionAndNextelMember_ifrs-full_BusinessCombinationsAxis_teo_FibercommS.a.AndGridleyInvestmentsS.a.Member" unitRef="Unit14" decimals="2">1.00</teo:PercentageOfAcquisitionCostAllocation>
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  <teo:PercentageOfCapitalStockPostMerger contextRef="As_Of_10_5_2017_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit14" decimals="2">0.06</teo:PercentageOfCapitalStockPostMerger>
  <teo:PercentageOfConsumerPriceIndex contextRef="As_Of_12_31_2015" unitRef="Unit14" decimals="3">0.172</teo:PercentageOfConsumerPriceIndex>
  <teo:PercentageOfConsumerPriceIndex contextRef="As_Of_12_31_2016" unitRef="Unit14" decimals="3">0.346</teo:PercentageOfConsumerPriceIndex>
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  <teo:PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount contextRef="Duration_11_8_2018_To_11_8_2018_ifrs-full_BorrowingsByNameAxis_teo_DeutscheBankLoanMember" unitRef="Unit14" decimals="3">0.125</teo:PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount>
  <teo:PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing contextRef="Duration_11_8_2018_To_11_8_2018_ifrs-full_BorrowingsByNameAxis_teo_DeutscheBankLoanMember" unitRef="Unit14" decimals="2">0.25</teo:PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing>
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  <teo:PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting contextRef="Duration_12_11_2017_To_12_11_2017_ifrs-full_BorrowingsByNameAxis_teo_ClassNotesMember_srt_ConsolidatedEntitiesAxis_teo_CablevisionMember" unitRef="Unit14" decimals="9">0.818621626</teo:PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting>
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  <teo:PercentageOfSharesOwnedOfTotalCapitalStock contextRef="As_Of_5_22_2017_dei_LegalEntityAxis_teo_WDeArgentinaInversionesS.a.Member_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_SoforaTelecomunicacionesS.a.Member_srt_ConsolidatedEntitiesAxis_srt_ParentCompanyMember" unitRef="Unit14" decimals="INF">0.15</teo:PercentageOfSharesOwnedOfTotalCapitalStock>
  <teo:PercentageOfTaxAmountsPaidEligibleForVatCredit contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">1</teo:PercentageOfTaxAmountsPaidEligibleForVatCredit>
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  <teo:PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquiree contextRef="Duration_1_1_2018_To_1_1_2018_ifrs-full_BusinessCombinationsAxis_teo_CablevisionSaMember" unitRef="Unit14" decimals="2">0.55</teo:PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquiree>
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  <teo:PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders contextRef="Duration_1_2_2017_To_1_2_2017_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember_teo_IfrsTypeOfArrangementAxis_teo_AmendmentsToDnuMember">P3Y</teo:PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders>
  <teo:PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration contextRef="Duration_12_28_2017_To_12_28_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_AdesolMember_teo_IfrsTypeOfArrangementAxis_teo_CallOptionAgreementOfAdesolMember">P10D</teo:PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration>
  <teo:PeriodAvailableForPaymentOfSupplementToOptionPremium contextRef="Duration_12_30_2017_To_12_30_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_AdesolMember_teo_IfrsTypeOfArrangementAxis_teo_CallOptionAgreementOfAdesolMember">P10D</teo:PeriodAvailableForPaymentOfSupplementToOptionPremium>
  <teo:PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer contextRef="Duration_6_1_2012_To_6_30_2012_ifrs-full_ClassesOfContingentLiabilitiesAxis_ifrs-full_LegalProceedingsContingentLiabilityMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_srt_LitigationCaseAxis_teo_ChangesInServicePricesCaseMember">P2M</teo:PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer>
  <teo:PeriodDuringWhichAmountsCollectedForInternetAndCableServices contextRef="Duration_11_29_2018_To_11_29_2018_srt_LitigationCaseAxis_teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember">P5Y</teo:PeriodDuringWhichAmountsCollectedForInternetAndCableServices>
  <teo:PeriodForAsymmetricInterconnectionRatesForMobileServices contextRef="Duration_1_2_2017_To_1_2_2017_teo_IfrsTypeOfArrangementAxis_teo_AmendmentsToDnuMember">P3Y</teo:PeriodForAsymmetricInterconnectionRatesForMobileServices>
  <teo:PeriodForMigrationOfUsersFromPreExistingServices contextRef="Duration_3_7_2017_To_3_7_2017_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber1299e17Member">P2Y</teo:PeriodForMigrationOfUsersFromPreExistingServices>
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  <teo:PeriodInAdvanceWithinWhichProposalShouldBeFiled contextRef="Duration_1_1_2018_To_12_31_2018">P1Y</teo:PeriodInAdvanceWithinWhichProposalShouldBeFiled>
  <teo:PeriodOfDefaultForUnionContributionsAndPayments contextRef="Duration_1_1_2018_To_12_31_2018_srt_LitigationCaseAxis_teo_TradeUnionsForUnionContributionsAndPaymentsMember">P5Y</teo:PeriodOfDefaultForUnionContributionsAndPayments>
  <teo:PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices contextRef="Duration_3_6_2018_To_3_6_2018">P5Y</teo:PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices>
  <teo:PeriodToFileInterConnectionContracts contextRef="Duration_2_24_2017_To_2_24_2017_ifrs-full_ClassesOfContingentLiabilitiesAxis_ifrs-full_LegalProceedingsContingentLiabilityMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember_srt_LitigationCaseAxis_teo_ContentProvidersClaimMember">P30D</teo:PeriodToFileInterConnectionContracts>
  <teo:PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService contextRef="Duration_1_1_2018_To_12_31_2018">P60D</teo:PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService>
  <teo:PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered contextRef="Duration_1_1_2018_To_12_31_2018">P60D</teo:PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered>
  <teo:PeriodWithinWhichSpectrumShouldBeReturned contextRef="Duration_1_1_2018_To_12_31_2018">P2Y</teo:PeriodWithinWhichSpectrumShouldBeReturned>
  <teo:PrecariousExtensionsRenewedLicense contextRef="As_Of_3_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Nucleos700MhzBandSpectrumLicenseMember" unitRef="Unit13" decimals="-6">24000000</teo:PrecariousExtensionsRenewedLicense>
  <teo:PrecariousExtensionsRenewedLicense contextRef="As_Of_6_30_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_NucleosPcsLicenseMember" unitRef="Unit12" decimals="-6">64000000</teo:PrecariousExtensionsRenewedLicense>
  <teo:PrejudicialMediationProcedureClaims contextRef="As_Of_12_19_2018_teo_ProjectAxis_teo_AfaPlusProjectMember" unitRef="Unit12" decimals="0">353477495</teo:PrejudicialMediationProcedureClaims>
  <teo:PrepaymentOfBorrowings contextRef="Duration_11_1_2018_To_11_30_2018_ifrs-full_BorrowingsByNameAxis_teo_SyndicatedLoanMember" unitRef="Unit13" decimals="-6">300000000</teo:PrepaymentOfBorrowings>
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  <teo:PricePerShareOfferedUnderPublicTenderOffer contextRef="As_Of_6_21_2018" unitRef="Unit16" decimals="2">110.85</teo:PricePerShareOfferedUnderPublicTenderOffer>
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  <teo:ProceedsFromBankLoans contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">25593000000</teo:ProceedsFromBankLoans>
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  <teo:PropertyPlantAndEquipmentGoodwillAndIntangibleAssets contextRef="As_Of_12_31_2017_ifrs-full_SegmentsAxis_teo_OtherAbroadSegmentsMember" unitRef="Unit12" decimals="-6">1475000000</teo:PropertyPlantAndEquipmentGoodwillAndIntangibleAssets>
  <teo:PropertyPlantAndEquipmentGoodwillAndIntangibleAssets contextRef="As_Of_12_31_2017_ifrs-full_SegmentsAxis_teo_ServicesRenderedInArgentinaSegmentMember" unitRef="Unit12" decimals="-6">80817000000</teo:PropertyPlantAndEquipmentGoodwillAndIntangibleAssets>
  <teo:PropertyPlantAndEquipmentGoodwillAndIntangibleAssets contextRef="As_Of_12_31_2018_ifrs-full_SegmentsAxis_teo_OtherAbroadSegmentsMember" unitRef="Unit12" decimals="-6">11781000000</teo:PropertyPlantAndEquipmentGoodwillAndIntangibleAssets>
  <teo:PropertyPlantAndEquipmentGoodwillAndIntangibleAssets contextRef="As_Of_12_31_2018_ifrs-full_SegmentsAxis_teo_ServicesRenderedInArgentinaSegmentMember" unitRef="Unit12" decimals="-6">319014000000</teo:PropertyPlantAndEquipmentGoodwillAndIntangibleAssets>
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  <teo:ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition contextRef="Duration_11_30_2017_To_11_30_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_NortelInversoraS.a.Member_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit14" decimals="4">0.5560</teo:ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition>
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  <teo:ProvincialTaxesPayableNonCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">26000000</teo:ProvincialTaxesPayableNonCurrent>
  <teo:ProvisionalChargeForCommunicationServicesPerMinute contextRef="Duration_8_14_2018_To_8_14_2018_teo_ScResolutionNumbersAxis_teo_ScResolutionNumber495218Member" unitRef="Unit118" decimals="4">0.0108</teo:ProvisionalChargeForCommunicationServicesPerMinute>
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  <teo:PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">24000000</teo:PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities>
  <teo:PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">807000000</teo:PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities>
  <teo:PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">2906000000</teo:PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities>
  <teo:PurchasePriceOfCallOption contextRef="Duration_12_22_2016_To_12_22_2016_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_AdesolMember_teo_IfrsTypeOfArrangementAxis_teo_CallOptionAgreementOfAdesolMember" unitRef="Unit12" decimals="-6">128000000</teo:PurchasePriceOfCallOption>
  <teo:PurchasePriceOfCallOption contextRef="Duration_12_28_2017_To_12_28_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_AdesolMember_teo_IfrsTypeOfArrangementAxis_teo_CallOptionAgreementOfAdesolMember" unitRef="Unit12" decimals="-6">45000000</teo:PurchasePriceOfCallOption>
  <teo:PurchasePriceOfCallOption contextRef="Duration_12_28_2017_To_12_28_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_AdesolMember_teo_IfrsTypeOfArrangementAxis_teo_CallOptionAgreementOfAdesolMember" unitRef="Unit13" decimals="0">5011747</teo:PurchasePriceOfCallOption>
  <teo:ReceivablesFromCompaniesUnderSection33AndRelatedParties contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">174000000</teo:ReceivablesFromCompaniesUnderSection33AndRelatedParties>
  <teo:ReceivablesFromCompaniesUnderSection33AndRelatedParties contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">144000000</teo:ReceivablesFromCompaniesUnderSection33AndRelatedParties>
  <teo:ReceivablesFromGuaranteeDepositsCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">112000000</teo:ReceivablesFromGuaranteeDepositsCurrent>
  <teo:ReceivablesFromGuaranteeDepositsCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">24000000</teo:ReceivablesFromGuaranteeDepositsCurrent>
  <teo:ReceivablesFromGuaranteeDepositsNonCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">46000000</teo:ReceivablesFromGuaranteeDepositsNonCurrent>
  <teo:ReceivablesFromRegulatoryNonCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">156000000</teo:ReceivablesFromRegulatoryNonCurrent>
  <teo:ReceivablesFromReimbursementOfExpenditureCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">109000000</teo:ReceivablesFromReimbursementOfExpenditureCurrent>
  <teo:ReceivablesFromRestrictedFundsCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">27000000</teo:ReceivablesFromRestrictedFundsCurrent>
  <teo:ReceivablesFromRestrictedFundsCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">63000000</teo:ReceivablesFromRestrictedFundsCurrent>
  <teo:ReceivablesFromRestrictedFundsNonCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">92000000</teo:ReceivablesFromRestrictedFundsNonCurrent>
  <teo:ReceivablesFromSaleOfCustomerRelationshipCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">72000000</teo:ReceivablesFromSaleOfCustomerRelationshipCurrent>
  <teo:ReceivablesFromSaleOfCustomerRelationshipNonCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">113000000</teo:ReceivablesFromSaleOfCustomerRelationshipNonCurrent>
  <teo:ReceivablesFromSettlementPendingsAccountsCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">217000000</teo:ReceivablesFromSettlementPendingsAccountsCurrent>
  <teo:ReceivablesFromTaxCreditsCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">127000000</teo:ReceivablesFromTaxCreditsCurrent>
  <teo:ReceivablesFromTaxCreditsCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">1363000000</teo:ReceivablesFromTaxCreditsCurrent>
  <teo:ReceivablesFromTaxCreditsNonCurrent contextRef="As_Of_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">61000000</teo:ReceivablesFromTaxCreditsNonCurrent>
  <teo:ReceivablesFromTaxCreditsNonCurrent contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">703000000</teo:ReceivablesFromTaxCreditsNonCurrent>
  <teo:ReceivablesRecognizedAsOfAcquisitionDate contextRef="As_Of_1_1_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit12" decimals="-6">12013000000</teo:ReceivablesRecognizedAsOfAcquisitionDate>
  <teo:RedemptionOfShares contextRef="As_Of_3_31_2017_dei_LegalEntityAxis_teo_WDeArgentinaInversionesS.a.Member_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_SoforaTelecomunicacionesS.a.Member" unitRef="Unit1" decimals="INF">140704640</teo:RedemptionOfShares>
  <teo:ReducedPenaltyForNotComplyingWithInformationRegime contextRef="Duration_6_1_2010_To_6_1_2010_srt_LitigationCaseAxis_teo_SecretariatOfDomesticTradeOfNationMember" unitRef="Unit12" decimals="-5">300000</teo:ReducedPenaltyForNotComplyingWithInformationRegime>
  <teo:ReductionOfCapitalDueToRevocationOfInjunction contextRef="As_Of_12_12_2001_srt_LitigationCaseAxis_teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember" unitRef="Unit12" decimals="0">12000</teo:ReductionOfCapitalDueToRevocationOfInjunction>
  <teo:ReferringPriceRate contextRef="Duration_7_20_2012_To_7_20_2012_teo_ProjectAxis_teo_AfaPlusProjectMember" unitRef="Unit14" decimals="2">0.20</teo:ReferringPriceRate>
  <teo:RemainingUsefulLifeOfFrequencies contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_PersonalMember">P15Y</teo:RemainingUsefulLifeOfFrequencies>
  <teo:RenewableTermOfLicenseAgreement contextRef="Duration_3_1_2015_To_3_31_2015_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_TuvesParaguayMember">P5Y</teo:RenewableTermOfLicenseAgreement>
  <teo:RenewableTermOfLicenseAgreement contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_NucleoMember_teo_IfrsTypeOfArrangementAxis_teo_MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember">P5Y</teo:RenewableTermOfLicenseAgreement>
  <teo:RentalAndInternetCapacityExpenses contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">862000000</teo:RentalAndInternetCapacityExpenses>
  <teo:RentalAndInternetCapacityExpenses contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1121000000</teo:RentalAndInternetCapacityExpenses>
  <teo:RentalAndInternetCapacityExpenses contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">3321000000</teo:RentalAndInternetCapacityExpenses>
  <teo:RepaymentsOfBankLoans contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">12679000000</teo:RepaymentsOfBankLoans>
  <teo:RepaymentsOfBankLoans contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">1622000000</teo:RepaymentsOfBankLoans>
  <teo:RepaymentsOfBankLoans contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">335000000</teo:RepaymentsOfBankLoans>
  <teo:RepaymentsOfNonCurrentNotes contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">3905000000</teo:RepaymentsOfNonCurrentNotes>
  <teo:RepurchaseOfDebtNotesIssued contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_NotesMember_srt_ConsolidatedEntitiesAxis_teo_CablevisionMember" unitRef="Unit13" decimals="-5">500000</teo:RepurchaseOfDebtNotesIssued>
  <teo:ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate contextRef="As_Of_1_1_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit12" decimals="-6">22414000000</teo:ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate>
  <teo:RestrictionsOnDistributionOfProfitsAndDividends contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;"&gt;NOTE 28 &amp;#x2013; RESTRICTIONS ON DISTRIBUTION OF PROFITS&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Under the LGS, the by-laws of the Company and rules and regulations of the CNV, a minimum of 5% of net income for the year in accordance with the statutory books, plus/less previous years adjustments and accumulated losses, if any, 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).&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:RestrictionsOnDistributionOfProfitsAndDividends>
  <teo:RetainedEarningsAdjustmentIncludedInIntangibleAssets contextRef="As_Of_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_GrossCarryingAmountMember" unitRef="Unit12" decimals="-6">-125000000</teo:RetainedEarningsAdjustmentIncludedInIntangibleAssets>
  <teo:RetainedEarningsBeforeIncomeTax contextRef="As_Of_1_1_2018_ifrs-full_NewIFRSsAxis_ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" unitRef="Unit12" decimals="-6">125000000</teo:RetainedEarningsBeforeIncomeTax>
  <teo:RetainedEarningsBeforeIncomeTax contextRef="As_Of_1_1_2018_ifrs-full_ComponentsOfEquityAxis_ifrs-full_EquityAttributableToOwnersOfParentMember_ifrs-full_NewIFRSsAxis_ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" unitRef="Unit12" decimals="-6">117000000</teo:RetainedEarningsBeforeIncomeTax>
  <teo:RetainedEarningsBeforeIncomeTax contextRef="As_Of_1_1_2018_ifrs-full_ComponentsOfEquityAxis_ifrs-full_NoncontrollingInterestsMember_ifrs-full_NewIFRSsAxis_ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" unitRef="Unit12" decimals="-6">8000000</teo:RetainedEarningsBeforeIncomeTax>
  <teo:RetainedEarningsRecognizedAsOfAcquisitionDate contextRef="As_Of_1_1_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit12" decimals="-6">-195000000</teo:RetainedEarningsRecognizedAsOfAcquisitionDate>
  <teo:RevaluationTaxInvestmentsInArgentineCompaniesResidents contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.05</teo:RevaluationTaxInvestmentsInArgentineCompaniesResidents>
  <teo:RevaluationTaxOtherAssetsPercent contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.1</teo:RevaluationTaxOtherAssetsPercent>
  <teo:RevaluationTaxRealEstateCapitalAssets contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.08</teo:RevaluationTaxRealEstateCapitalAssets>
  <teo:RevaluationTaxRealEstateInventories contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.15</teo:RevaluationTaxRealEstateInventories>
  <teo:RevenueFromRenderingOfCableTelevisionServices contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">36929000000</teo:RevenueFromRenderingOfCableTelevisionServices>
  <teo:RevenueFromRenderingOfCableTelevisionServices contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">39914000000</teo:RevenueFromRenderingOfCableTelevisionServices>
  <teo:RevenueFromRenderingOfCableTelevisionServices contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">36067000000</teo:RevenueFromRenderingOfCableTelevisionServices>
  <teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">60405000000</teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices>
  <teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">66649000000</teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices>
  <teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">168046000000</teo:RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices>
  <teo:RightToAcquireUnderPublicTenderOfferNumberOfShares contextRef="As_Of_6_21_2018_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_CablevisionSaMember_ifrs-full_ClassesOfShareCapitalAxis_teo_ClassBOrdinarySharesMember" unitRef="Unit1" decimals="INF">43073760</teo:RightToAcquireUnderPublicTenderOfferNumberOfShares>
  <teo:SalariesAndSocialSecurityPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2585000000</teo:SalariesAndSocialSecurityPayableCurrent>
  <teo:SalariesAndSocialSecurityPayableCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">5947000000</teo:SalariesAndSocialSecurityPayableCurrent>
  <teo:SalariesAndSocialSecurityPayableNonCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">347000000</teo:SalariesAndSocialSecurityPayableNonCurrent>
  <teo:SalariesAndSocialSecurityPayables contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2585000000</teo:SalariesAndSocialSecurityPayables>
  <teo:SalariesAndSocialSecurityPayables contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">6294000000</teo:SalariesAndSocialSecurityPayables>
  <teo:SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">1677000000</teo:SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent>
  <teo:SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">4371000000</teo:SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent>
  <teo:SalariesSocialSecurityContribution contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">10007000000</teo:SalariesSocialSecurityContribution>
  <teo:SalariesSocialSecurityContribution contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">10817000000</teo:SalariesSocialSecurityContribution>
  <teo:SalariesSocialSecurityContribution contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">27026000000</teo:SalariesSocialSecurityContribution>
  <teo:ScheduleOfEarningInformationInAssociatesTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="5" valign="bottom" style="width:27.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Years&amp;nbsp;ended&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Ver T.V. S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 142&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 247&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 120&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Teledifusora San Miguel Arc&amp;#xE1;ngel S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 72&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 68&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 55&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;La Capital Cable S.A.&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 22&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 38&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 46&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 236&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 353&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 221&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:ScheduleOfEarningInformationInAssociatesTableTextBlock>
  <teo:ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Telecom&amp;nbsp;Argentina's&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;direct/indirect&amp;nbsp;interest&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;in&amp;nbsp;capital&amp;nbsp;stock&amp;nbsp;and&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Main&amp;nbsp;Activity&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Country&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;votes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;N&amp;#xFA;cleo&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile telecommunications Services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 67.50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Personal Env&amp;#xED;os&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Mobile financial services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 67.50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Tuves Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Telecommunications services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 67.50&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Microsistemas&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Services related to the use of electronic payment media&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Pem&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Investment&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;CV Berazategui (a)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Closed-circuit television&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cable Imagen (b)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Closed-circuit television&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Televisi&amp;#xF3;n Dirigida&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Cable television services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Paraguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Adesol (c)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Holding&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Uruguay&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;#xDA;ltima Milla&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Services for telecommunication &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;AVC Continente Audiovisual&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Broadcasting services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 60.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inter Radios&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Broadcasting services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Telecom USA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Telecommunication services&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;USA&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 100.00&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (a)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;The Company owned 70% indirectly through Pem until April 4, 2018 when the remaining 30% was acquired directly (See Note 3.d.6).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
				&lt;font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (b)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;The data about the issuer arise from non-accounting information.&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;
		&lt;div style="width:100%"&gt;&lt;table style="width:100%;" cellpadding="0" cellspacing="0"&gt;&lt;tr&gt;&lt;td style="width:0pt;"&gt;&lt;p style="width:0pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td valign="top" align="left" style="width: 16.00pt;"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
				&lt;font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"&gt; (c)&lt;/font&gt;
			&lt;/p&gt;
		&lt;/td&gt;&lt;td style="width:2pt;"&gt;&lt;p style="width:2pt;width:2pt;font-size:0pt;"&gt;&lt;/p&gt;&lt;/td&gt;&lt;td align="left" valign="top"&gt;
			&lt;p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;Includes the interest in the following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel S.A. and Visi&amp;#xF3;n Satelital S.A. See Note 3 d.4).&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:ScheduleOfEntitiesIncludedInConsolidationProcessAndRespectiveEquityInterestOwnedByCompanyTableTextBlock>
  <teo:ScheduleOfMaturitiesOfEstimatedTaxCarryforwardTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Tax&amp;nbsp;carryforward&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Tax&amp;nbsp;carryforward&amp;nbsp;amount&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Tax&amp;nbsp;carryforward&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;Company&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;generation&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;as&amp;nbsp;of&amp;nbsp;12.31.2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;expiration&amp;nbsp;year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inter Radios&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;8&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2020&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Pem&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2021&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inter Radios &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;1&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2022&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Telecom Argentina&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 9,540&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2023&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Inter Radios&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;2023&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 9,554&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:ScheduleOfMaturitiesOfEstimatedTaxCarryforwardTableTextBlock>
  <teo:ScheduleOfNationalConsumerPriceIndexAccordingToOfficialStatisticsTableTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;31,&amp;nbsp;2015&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2016&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;31,&amp;nbsp;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Variation in Prices&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Annual &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 17.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34.6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 24.7&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 47.6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Accumulated 3 years&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 72.5&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 102.2&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 96.6&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 147.8&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;%&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:ScheduleOfNationalConsumerPriceIndexAccordingToOfficialStatisticsTableTextBlock>
  <teo:ScheduleOfTaxesPayableTabletextblock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%;"&gt;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&lt;font style="display:inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="3" valign="bottom" style="width:19.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;As&amp;nbsp;of&amp;nbsp;December&amp;nbsp;31,&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-size:8pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2018&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"&gt;2017&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Current&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Income tax (*)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 12&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 2,122&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other national taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 676&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 475&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Provincial taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 1,451&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 34&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Municipal taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 180&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 112&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,319&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,743&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;"&gt;Non-current &lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Other national taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt;Provincial taxes&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; 26&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"&gt; &amp;nbsp;&amp;#x2014;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 26&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; &amp;nbsp;4&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt;Total taxes payables&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,345&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"&gt;
					&lt;p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
						&lt;font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"&gt; 2,747&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;"&gt;
			&lt;font style="display:inline;font-size:8pt;"&gt;(*) Include 2 corresponding to Tax Regularization Regime - Law No. 26,476 as of December 31, 2018.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</teo:ScheduleOfTaxesPayableTabletextblock>
  <teo:SeveranceIndemnitiesAndTerminationBenefitsExpense contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">186000000</teo:SeveranceIndemnitiesAndTerminationBenefitsExpense>
  <teo:SeveranceIndemnitiesAndTerminationBenefitsExpense contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">362000000</teo:SeveranceIndemnitiesAndTerminationBenefitsExpense>
  <teo:SeveranceIndemnitiesAndTerminationBenefitsExpense contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">2273000000</teo:SeveranceIndemnitiesAndTerminationBenefitsExpense>
  <teo:ShareExchangeRatioInBusinessCombination contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_BusinessCombinationsAxis_teo_CablevisionHoldingMember" unitRef="Unit14" decimals="INF">9871.07005</teo:ShareExchangeRatioInBusinessCombination>
  <teo:ShareExchangeRatioInBusinessCombination contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BusinessCombinationsAxis_teo_CablevisionHoldingMember" unitRef="Unit14" decimals="INF">9871.07005</teo:ShareExchangeRatioInBusinessCombination>
  <teo:SharePricePerAdr contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BusinessCombinationsAxis_teo_CablevisionSaMember" unitRef="Unit119" decimals="2">36.63</teo:SharePricePerAdr>
  <teo:SocialSecurityEmployersContributionBase contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit12" decimals="0">2400</teo:SocialSecurityEmployersContributionBase>
  <teo:SocialSecurityEmployersContributionBase contextRef="Duration_1_1_2019_To_12_31_2019_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit12" decimals="2">7003.68</teo:SocialSecurityEmployersContributionBase>
  <teo:SocialSecurityEmployersContributionBase contextRef="Duration_1_1_2022_To_12_31_2022_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit12" decimals="0">12000</teo:SocialSecurityEmployersContributionBase>
  <teo:SocialSecurityPayablesCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">907000000</teo:SocialSecurityPayablesCurrent>
  <teo:SocialSecurityPayablesCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">1280000000</teo:SocialSecurityPayablesCurrent>
  <teo:SocialSecurityTaxEmployerContributionsPercentage contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.21</teo:SocialSecurityTaxEmployerContributionsPercentage>
  <teo:SocialSecurityTaxEmployerContributionsPercentage contextRef="Duration_1_1_2022_To_12_31_2022_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.195</teo:SocialSecurityTaxEmployerContributionsPercentage>
  <teo:SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate contextRef="As_Of_1_1_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit12" decimals="-6">869000000</teo:SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate>
  <teo:StampTaxRatePercentage contextRef="Duration_1_1_2019_To_1_1_2019_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.0075</teo:StampTaxRatePercentage>
  <teo:StatuteOfLimitationsPerArgentineSupremeCourtOfJustice contextRef="Duration_12_1_2013_To_12_31_2013_ifrs-full_ClassesOfContingentLiabilitiesAxis_teo_LaborProceedingsContingentLiabilityMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P5Y</teo:StatuteOfLimitationsPerArgentineSupremeCourtOfJustice>
  <teo:StatuteOfLimitationsPerChamberIii contextRef="Duration_12_1_2013_To_12_31_2013_ifrs-full_ClassesOfContingentLiabilitiesAxis_teo_LaborProceedingsContingentLiabilityMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P10Y</teo:StatuteOfLimitationsPerChamberIii>
  <teo:SupplementalOptionPremiumPaid contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_AdesolMember_teo_IfrsTypeOfArrangementAxis_teo_CallOptionAgreementOfAdesolMember_us-gaap_StatementEquityComponentsAxis_teo_OtherDeferredReserveMember" unitRef="Unit12" decimals="-6">132000000</teo:SupplementalOptionPremiumPaid>
  <teo:SupplementalOptionPremiumPaid contextRef="Duration_1_16_2018_To_1_16_2018_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_AdesolMember_teo_IfrsTypeOfArrangementAxis_teo_CallOptionAgreementOfAdesolMember_us-gaap_StatementEquityComponentsAxis_teo_OtherDeferredReserveMember" unitRef="Unit12" decimals="-6">91000000</teo:SupplementalOptionPremiumPaid>
  <teo:SupplementOptionPremiumReceivableAfterExpirationOfCallOption contextRef="As_Of_12_28_2017_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_AdesolMember_teo_IfrsTypeOfArrangementAxis_teo_CallOptionAgreementOfAdesolMember" unitRef="Unit13" decimals="0">2500000</teo:SupplementOptionPremiumReceivableAfterExpirationOfCallOption>
  <teo:TaxCreditPercentageForOperationsTaxedAtReducedRate contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.2</teo:TaxCreditPercentageForOperationsTaxedAtReducedRate>
  <teo:TaxEffectFromInflation contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">302000000</teo:TaxEffectFromInflation>
  <teo:TaxEffectFromInflation contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">59000000</teo:TaxEffectFromInflation>
  <teo:TaxEffectFromInflation contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">-3605000000</teo:TaxEffectFromInflation>
  <teo:TaxEffectFromTaxCarryforwardPrescriptionAmount contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">31000000</teo:TaxEffectFromTaxCarryforwardPrescriptionAmount>
  <teo:TaxEffectFromTaxCarryforwardPrescriptionAmount contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">33000000</teo:TaxEffectFromTaxCarryforwardPrescriptionAmount>
  <teo:TaxEffectOfCashDividendsFromForeignCompanies contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">64000000</teo:TaxEffectOfCashDividendsFromForeignCompanies>
  <teo:TaxesAndBankExpenses contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">733000000</teo:TaxesAndBankExpenses>
  <teo:TaxesAndBankExpenses contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">745000000</teo:TaxesAndBankExpenses>
  <teo:TaxesAndBankExpenses contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">1646000000</teo:TaxesAndBankExpenses>
  <teo:TaxesPayable contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">2747000000</teo:TaxesPayable>
  <teo:TaxesPayable contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">2345000000</teo:TaxesPayable>
  <teo:TaxesPayableNonCurrent contextRef="As_Of_12_31_2017" unitRef="Unit12" decimals="-6">4000000</teo:TaxesPayableNonCurrent>
  <teo:TaxesPayableNonCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">26000000</teo:TaxesPayableNonCurrent>
  <teo:TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_NewIFRSsAxis_ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" unitRef="Unit12" decimals="-6">-1000000</teo:TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets>
  <teo:TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember" unitRef="Unit14" decimals="INF">0.33</teo:TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated>
  <teo:TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember" unitRef="Unit14" decimals="INF">-0.2</teo:TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction>
  <teo:TaxRateEffectFromChangesInTaxRate contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">-45000000</teo:TaxRateEffectFromChangesInTaxRate>
  <teo:TaxRateEffectFromChangesInTaxRate contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">-272000000</teo:TaxRateEffectFromChangesInTaxRate>
  <teo:TaxRateForUniversalServiceFiduciaryFund contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.01</teo:TaxRateForUniversalServiceFiduciaryFund>
  <teo:TaxRateOfSuForCableOperators contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember" unitRef="Unit14" decimals="INF">0.02</teo:TaxRateOfSuForCableOperators>
  <teo:TaxRateOfSuForCableOperators contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember" unitRef="Unit14" decimals="INF">0.05</teo:TaxRateOfSuForCableOperators>
  <teo:TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember" unitRef="Unit14" decimals="INF">0.001</teo:TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions>
  <teo:TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember" unitRef="Unit14" decimals="INF">0.01</teo:TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions>
  <teo:TaxRateOnMinimumPresumedIncome contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.01</teo:TaxRateOnMinimumPresumedIncome>
  <teo:TermForExerciseOfOption contextRef="Duration_7_7_2017_To_7_7_2017_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member_ifrs-full_CounterpartiesAxis_teo_FintechAdvisoryIncMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P1Y</teo:TermForExerciseOfOption>
  <teo:TermForPaymentOfOptionPremium contextRef="Duration_7_7_2017_To_7_7_2017_ifrs-full_BusinessCombinationsAxis_teo_CablevisionHoldingMember_ifrs-full_CounterpartiesAxis_teo_FintechAdvisoryIncMember">P30D</teo:TermForPaymentOfOptionPremium>
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  <teo:TerminationBenefitsPayableCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">296000000</teo:TerminationBenefitsPayableCurrent>
  <teo:TerminationBenefitsPayableNonCurrent contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">347000000</teo:TerminationBenefitsPayableNonCurrent>
  <teo:TermOfLicenseAgreement contextRef="Duration_3_1_2010_To_3_31_2010_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_TuvesParaguayMember">P5Y</teo:TermOfLicenseAgreement>
  <teo:TermOfNonPesoDenominatedDebtSecurities contextRef="Duration_2_2_2018_To_2_2_2018_ifrs-full_BorrowingsByNameAxis_teo_SyndicatedLoanMember">P3Y</teo:TermOfNonPesoDenominatedDebtSecurities>
  <teo:TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum contextRef="Duration_1_14_2015_To_1_14_2015">P15Y</teo:TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum>
  <teo:TermOfRedemptionFromDateOfIssuanceOfBond contextRef="Duration_3_1_2017_To_3_31_2017_dei_LegalEntityAxis_teo_WDeArgentinaInversionesS.a.Member_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_SoforaTelecomunicacionesS.a.Member">P36M</teo:TermOfRedemptionFromDateOfIssuanceOfBond>
  <teo:ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing contextRef="Duration_2_2_2018_To_2_2_2018_ifrs-full_BorrowingsByNameAxis_teo_SyndicatedLoanMember" unitRef="Unit13" decimals="-6">500000000</teo:ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing>
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  <teo:ThresholdPeriodForSaleOfTreasuryShares contextRef="Duration_4_29_2016_To_4_29_2016_ifrs-full_ComponentsOfEquityAxis_teo_TreasurySharesCapitalNominalValueMember">P3Y</teo:ThresholdPeriodForSaleOfTreasuryShares>
  <teo:TotalAmountOfCapitalStockAndVotesOfSubsidiaries contextRef="As_Of_4_4_2018_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_CvBerazateguiMember" unitRef="Unit12" decimals="-6">181000000</teo:TotalAmountOfCapitalStockAndVotesOfSubsidiaries>
  <teo:TotalAmountOfCapitalStockAndVotesOfSubsidiaries contextRef="As_Of_4_4_2018_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_CvBerazateguiMember" unitRef="Unit13" decimals="-6">8968000000000</teo:TotalAmountOfCapitalStockAndVotesOfSubsidiaries>
  <teo:TotalAmountOfCapitalStockAndVotesOfSubsidiaries contextRef="As_Of_4_4_2018_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_teo_CvBerazateguiMember_us-gaap_StatementEquityComponentsAxis_teo_OtherDeferredReserveMember" unitRef="Unit12" decimals="-6">181000000</teo:TotalAmountOfCapitalStockAndVotesOfSubsidiaries>
  <teo:TotalHedgedAmount contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_HedgingInstrumentsAxis_teo_DerivativeInstrumentEffectiveMarch2018Member_ifrs-full_TypesOfHedgesAxis_ifrs-full_FairValueHedgesMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit12" decimals="-5">100000000</teo:TotalHedgedAmount>
  <teo:TotalNdfAgreementAmount contextRef="As_Of_12_31_2018_ifrs-full_ClassesOfFinancialInstrumentsAxis_teo_NonDeliverableForwardContractsMember_ifrs-full_TypesOfHedgesAxis_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_ifrs-full_TypesOfRisksAxis_ifrs-full_CurrencyRiskMember" unitRef="Unit13" decimals="-6">166000000</teo:TotalNdfAgreementAmount>
  <teo:TradePayablesRelatedPartyTransactions contextRef="As_Of_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_OtherRelatedPartiesMember" unitRef="Unit12" decimals="-6">438000000</teo:TradePayablesRelatedPartyTransactions>
  <teo:TradePayablesRelatedPartyTransactions contextRef="As_Of_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_RelatedPartiesMember" unitRef="Unit12" decimals="-6">438000000</teo:TradePayablesRelatedPartyTransactions>
  <teo:TradePayablesRelatedPartyTransactions contextRef="As_Of_12_31_2018_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_AssociatesMember" unitRef="Unit12" decimals="-6">3000000</teo:TradePayablesRelatedPartyTransactions>
  <teo:TradePayablesRelatedPartyTransactions contextRef="As_Of_12_31_2018_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_OtherRelatedPartiesMember" unitRef="Unit12" decimals="-6">565000000</teo:TradePayablesRelatedPartyTransactions>
  <teo:TradePayablesRelatedPartyTransactions contextRef="As_Of_12_31_2018_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_RelatedPartiesMember" unitRef="Unit12" decimals="-6">565000000</teo:TradePayablesRelatedPartyTransactions>
  <teo:TradePayablesRelatedPartyTransactions contextRef="As_Of_12_31_2018_ifrs-full_CategoriesOfRelatedPartiesAxis_teo_TelevisoraPrivadaDelOesteS.a.Member" unitRef="Unit12" decimals="-6">3000000</teo:TradePayablesRelatedPartyTransactions>
  <teo:TradeReceivablesRelatedPartyTransactions contextRef="As_Of_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_OtherRelatedPartiesMember" unitRef="Unit12" decimals="-6">59000000</teo:TradeReceivablesRelatedPartyTransactions>
  <teo:TradeReceivablesRelatedPartyTransactions contextRef="As_Of_12_31_2017_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_RelatedPartiesMember" unitRef="Unit12" decimals="-6">59000000</teo:TradeReceivablesRelatedPartyTransactions>
  <teo:TradeReceivablesRelatedPartyTransactions contextRef="As_Of_12_31_2018_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_OtherRelatedPartiesMember" unitRef="Unit12" decimals="-6">92000000</teo:TradeReceivablesRelatedPartyTransactions>
  <teo:TradeReceivablesRelatedPartyTransactions contextRef="As_Of_12_31_2018_ifrs-full_CategoriesOfRelatedPartiesAxis_ifrs-full_RelatedPartiesMember" unitRef="Unit12" decimals="-6">92000000</teo:TradeReceivablesRelatedPartyTransactions>
  <teo:TransfersInOutOfBorrowings contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_AccruedInterestsAndRelatedExpensesMember" unitRef="Unit12" decimals="-6">2597000000</teo:TransfersInOutOfBorrowings>
  <teo:TransfersInOutOfBorrowings contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_BankLoansMember" unitRef="Unit12" decimals="-6">12097000000</teo:TransfersInOutOfBorrowings>
  <teo:TransfersInOutOfBorrowings contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_CurrentAndNonCurrentBorrowingsMember" unitRef="Unit12" decimals="-6">18104000000</teo:TransfersInOutOfBorrowings>
  <teo:TransfersInOutOfBorrowings contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_IfrsBankOverdraftsMember" unitRef="Unit12" decimals="-6">199000000</teo:TransfersInOutOfBorrowings>
  <teo:TransfersInOutOfBorrowings contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_NonDeliverableForwardMember" unitRef="Unit12" decimals="-6">25000000</teo:TransfersInOutOfBorrowings>
  <teo:TransfersInOutOfBorrowings contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_BorrowingsByNameAxis_teo_PrincipalDueOnNotesMember" unitRef="Unit12" decimals="-6">3186000000</teo:TransfersInOutOfBorrowings>
  <teo:TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate contextRef="As_Of_1_1_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit12" decimals="-6">1795000000</teo:TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate>
  <teo:TurnoverTax contextRef="Duration_1_1_2016_To_12_31_2016" unitRef="Unit12" decimals="-6">1218000000</teo:TurnoverTax>
  <teo:TurnoverTax contextRef="Duration_1_1_2017_To_12_31_2017" unitRef="Unit12" decimals="-6">2157000000</teo:TurnoverTax>
  <teo:TurnoverTax contextRef="Duration_1_1_2018_To_12_31_2018" unitRef="Unit12" decimals="-6">7361000000</teo:TurnoverTax>
  <teo:TurnoverTaxRateCommunications contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.05</teo:TurnoverTaxRateCommunications>
  <teo:TurnoverTaxRateCommunications contextRef="Duration_1_1_2022_To_12_31_2022_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.03</teo:TurnoverTaxRateCommunications>
  <teo:TurnoverTaxRateMobileTelephonePercentage contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.07</teo:TurnoverTaxRateMobileTelephonePercentage>
  <teo:TurnoverTaxRateMobileTelephonePercentage contextRef="Duration_1_1_2022_To_12_31_2022_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.05</teo:TurnoverTaxRateMobileTelephonePercentage>
  <teo:UnrecordedAccountsReceivable contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-6">3998000000</teo:UnrecordedAccountsReceivable>
  <teo:UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable contextRef="As_Of_12_31_2018" unitRef="Unit12" decimals="-5">400000</teo:UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable>
  <teo:UsefulLivesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_InternetAndDataTransmissionLicenseMember">P60M</teo:UsefulLivesIntangibleAssetsOtherThanGoodwill>
  <teo:UsefulLivesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_IncrementalCostsFromAcquisitionOfContractsMember">P2Y</teo:UsefulLivesIntangibleAssetsOtherThanGoodwill>
  <teo:UsefulLivesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Licenses3g4gMember">P180M</teo:UsefulLivesIntangibleAssetsOtherThanGoodwill>
  <teo:UsefulLivesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_OtherExclusivityRightsRightsOfUseMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P5Y</teo:UsefulLivesIntangibleAssetsOtherThanGoodwill>
  <teo:UsefulLivesIntangibleAssetsOtherThanGoodwill contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_OtherExclusivityRightsRightsOfUseMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P28Y</teo:UsefulLivesIntangibleAssetsOtherThanGoodwill>
  <teo:UsefulLivesIntangibleAssetsOverAmortizedPeriod contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_ifrs-full_CustomerrelatedIntangibleAssetsMember">P10Y</teo:UsefulLivesIntangibleAssetsOverAmortizedPeriod>
  <teo:UsefulLivesIntangibleAssetsOverAmortizedPeriod contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_BrandCablevisionMember">P50Y</teo:UsefulLivesIntangibleAssetsOverAmortizedPeriod>
  <teo:UsefulLivesIntangibleAssetsOverAmortizedPeriod contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_BrandFlowMember">P3Y</teo:UsefulLivesIntangibleAssetsOverAmortizedPeriod>
  <teo:UsefulLivesIntangibleAssetsOverAmortizedPeriod contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_ifrs-full_CustomerrelatedIntangibleAssetsMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_country_AR">P6Y</teo:UsefulLivesIntangibleAssetsOverAmortizedPeriod>
  <teo:UsefulLivesIntangibleAssetsOverAmortizedPeriod contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_ifrs-full_CustomerrelatedIntangibleAssetsMember_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_country_PY">P5Y</teo:UsefulLivesIntangibleAssetsOverAmortizedPeriod>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_IfrsRealEstateMember">P50Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full_VehiclesMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P5Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ComputerEquipmentAndSoftwareMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P3Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_ComputerEquipmentAndSoftwareMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P5Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_FixedNetworkAndTransportationMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P5Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_FixedNetworkAndTransportationMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P10Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_GoodsLentToCustomersAtNoCostMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P2Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_GoodsLentToCustomersAtNoCostMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P4Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MachineryDiverseEquipmentAndToolsMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P5Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MachineryDiverseEquipmentAndToolsMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P10Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P3Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_MobileNetworkAccessMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P7Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentAndInstallationsMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P2Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_PowerEquipmentAndInstallationsMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P12Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P5Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_SwitchingEquipmentMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P7Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember_ifrs-full_RangeAxis_ifrs-full_BottomOfRangeMember">P10Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UsefulLivesPropertyPlantAndEquipment contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_teo_TowerAndPoleMember_ifrs-full_RangeAxis_ifrs-full_TopOfRangeMember">P20Y</teo:UsefulLivesPropertyPlantAndEquipment>
  <teo:UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember" unitRef="Unit12" decimals="-6">700000000</teo:UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets>
  <teo:UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_ClassesOfFinancialAssetsAxis_ifrs-full_TradeReceivablesMember" unitRef="Unit12" decimals="-6">1836000000</teo:UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets>
  <teo:UtilisationOfAllowanceForObsolescenceOfInventory contextRef="Duration_1_1_2017_To_12_31_2017_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedImpairmentMember" unitRef="Unit12" decimals="-6">17000000</teo:UtilisationOfAllowanceForObsolescenceOfInventory>
  <teo:UtilisationOfAllowanceForObsolescenceOfInventory contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ifrs-full_AccumulatedImpairmentMember" unitRef="Unit12" decimals="-6">2000000</teo:UtilisationOfAllowanceForObsolescenceOfInventory>
  <teo:ValidityOfTemporaryExtensionPeriod contextRef="Duration_1_1_2018_To_3_31_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_Nucleos700MhzBandSpectrumLicenseMember">P10Y</teo:ValidityOfTemporaryExtensionPeriod>
  <teo:ValidityOfTemporaryExtensionPeriod contextRef="Duration_4_1_2018_To_6_30_2018_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_teo_NucleosPcsLicenseMember">P60M</teo:ValidityOfTemporaryExtensionPeriod>
  <teo:VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate contextRef="As_Of_1_1_2018_dei_LegalEntityAxis_teo_CablevisionHoldingMember_ifrs-full_BusinessCombinationsAxis_teo_TelecomArgentinaS.a.Member" unitRef="Unit12" decimals="-6">3300000000</teo:VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate>
  <teo:WaitingPeriodToReceiveProposedCompensation contextRef="Duration_2_1_2015_To_2_28_2015_teo_ProjectAxis_teo_AfaPlusProjectMember">P1Y</teo:WaitingPeriodToReceiveProposedCompensation>
  <teo:WithholdingTaxRateOnDividendsDistributedToNonResidents contextRef="Duration_1_1_2018_To_12_31_2018_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.07</teo:WithholdingTaxRateOnDividendsDistributedToNonResidents>
  <teo:WithholdingTaxRateOnDividendsDistributedToNonResidents contextRef="Duration_1_1_2019_To_12_31_2019_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.07</teo:WithholdingTaxRateOnDividendsDistributedToNonResidents>
  <teo:WithholdingTaxRateOnDividendsDistributedToNonResidents contextRef="Duration_1_1_2020_To_12_31_2020_ifrs-full_GeographicalAreasAxis_country_AR" unitRef="Unit14" decimals="INF">0.13</teo:WithholdingTaxRateOnDividendsDistributedToNonResidents>
  <us-gaap:CommonStockSharesOutstanding contextRef="As_Of_12_31_2016_ifrs-full_BusinessCombinationsAxis_teo_CablevisionHoldingMember" unitRef="Unit1" decimals="INF">120000</us-gaap:CommonStockSharesOutstanding>
  <us-gaap:CommonStockSharesOutstanding contextRef="As_Of_12_31_2017_ifrs-full_BusinessCombinationsAxis_teo_CablevisionHoldingMember" unitRef="Unit1" decimals="INF">120000</us-gaap:CommonStockSharesOutstanding>
  <us-gaap:EarningsPerShareTextBlock contextRef="Duration_1_1_2018_To_12_31_2018">&lt;div&gt; &lt;div&gt;
		&lt;p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;NOTE&amp;nbsp;25&amp;nbsp;&amp;#x2013; EARNINGS PER SHARE&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;Basic earnings per share are calculated by dividing the net income (loss) attributable to owners of the Parent by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing the net income (loss) for the year by the weighted average number of common shares issued and dilutive potential common shares at the closing of the year. Since the Company has no dilutive potential common stock outstanding, there are no dilutive earnings per share amounts.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For the year ended December 31, 2018 the weighted average number of shares outstanding amounted to 2,153,688,011 due to the changes caused by the Treasury Shares Acquisition Process that began in May 2013, as described in Note 20.d) to these consolidated financial statements.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"&gt;
			&lt;font style="display:inline;"&gt;For the years ended December 31, 2017 and 2016, the Company has divided the net income attributable to the shareholders of the Controlling Company of each period based on 1,184,528,406 ordinary shares, which arise as a result of multiply 120,000 ordinary shares of Cablevisi&amp;#xF3;n outstanding for such years (see Note 1.c)) by the exchange ratio established in the pre-merger commitment (1 ordinary share of Cablevisi&amp;#xF3;n for each 9,871.07005 new shares of Telecom Argentina).&lt;/font&gt;
		&lt;/p&gt;&lt;div /&gt;&lt;/div&gt; &lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:SharesOutstanding contextRef="As_Of_1_1_2018" unitRef="Unit1" decimals="INF">2153688011</us-gaap:SharesOutstanding>
  <us-gaap:SharesOutstanding contextRef="As_Of_1_1_2018_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassaSharesMember" unitRef="Unit1" decimals="INF">683856600</us-gaap:SharesOutstanding>
  <us-gaap:SharesOutstanding contextRef="As_Of_1_1_2018_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassBSharesMember" unitRef="Unit1" decimals="INF">627953887</us-gaap:SharesOutstanding>
  <us-gaap:SharesOutstanding contextRef="As_Of_1_1_2018_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassCSharesMember" unitRef="Unit1" decimals="INF">210866</us-gaap:SharesOutstanding>
  <us-gaap:SharesOutstanding contextRef="As_Of_1_1_2018_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassDSharesMember" unitRef="Unit1" decimals="INF">841666658</us-gaap:SharesOutstanding>
  <us-gaap:StockIssuedDuringPeriodSharesAcquisitions contextRef="Duration_12_29_2017_To_12_29_2017_ifrs-full_BusinessCombinationsAxis_teo_CablevisionHoldingMember_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassDSharesMember" unitRef="Unit1" decimals="INF">406757183</us-gaap:StockIssuedDuringPeriodSharesAcquisitions>
  <us-gaap:StockIssuedDuringPeriodSharesAcquisitions contextRef="Duration_12_29_2017_To_12_29_2017_ifrs-full_BusinessCombinationsAxis_teo_FintechTelecomLLCMember_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassaSharesMember" unitRef="Unit1" decimals="INF">342861748</us-gaap:StockIssuedDuringPeriodSharesAcquisitions>
  <us-gaap:StockIssuedDuringPeriodSharesAcquisitions contextRef="Duration_12_29_2017_To_12_29_2017_ifrs-full_BusinessCombinationsAxis_teo_VlgS.a.uMember_ifrs-full_ClassesOfOrdinarySharesAxis_teo_ClassDSharesMember" unitRef="Unit1" decimals="INF">434909475</us-gaap:StockIssuedDuringPeriodSharesAcquisitions>
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    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-04" xml:lang="en-US">As approved by the General Ordinary and Extraordinary Shareholders&#x2019; Meeting of Cablevisi&#xF3;n held on April 20, 2016.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-07" xml:lang="en-US">As approved by the Ordinary and Extraordinary Shareholders&#x2019; Meeting of Cablevisi&#xF3;n held on March 30, 2017.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-13" xml:lang="en-US">As approved by the Company&#x2019;s Board of Directors on January 31, 2018. Includes 14,711 of advanced dividends which were subsequently ratified by the General Ordinary Shareholders&#x2019; Meeting held on April 25, 2018.</link:footnote>
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    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-09" xml:lang="en-US">As of December 31, 2018 total shares (2,168,909,384), of $1 argentine peso of nominal value each, were issued and fully paid. As of December 31,2018, 15,221,373 were treasury shares.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-10" xml:lang="en-US">Corresponds to 15,221,373 shares of $1 argentine peso of nominal value each, equivalent to 0.70% of total capital. The treasury shares acquisition costs amounted to 1,795. See Note&#xA0;20&#xA0; to these consolidated financial statements.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-03" xml:lang="en-US">As approved by the General Extraordinary Shareholders&#x2019; Meeting of Cablevisi&#xF3;n held on January 12, 2016.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-12" xml:lang="en-US">Call option reserve of non-controlling interest (See Note 3 d.4 to the consolidated financial statements).</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-06" xml:lang="en-US">For future dividends payments approved by the General Extraordinary Shareholders&#x2019; Meeting of Cablevisi&#xF3;n held on June 30, 2016.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-08" xml:lang="en-US">For future dividends payments approved by the General Extraordinary Shareholders&#x2019; Meeting of Cablevisi&#xF3;n held on December 18, 2017.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-14" xml:lang="en-US">As approved by the General Ordinary Shareholders&#x2019; Meeting held on April 25, 2018.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-05" xml:lang="en-US">Capitalization of Capital Surplus and Contributed Surplus and Facultative reserve partial reversal for its capitalization as approved by the General Extraordinary Shareholders&#x2019; Meeting of Cablevisi&#xF3;n held on June 30, 2016.</link:footnote>
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  <element id="teo_Licenses3g4gMember" name="Licenses3g4gMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PersonalCommunicationsServiceLicenseArgentinaMember" name="PersonalCommunicationsServiceLicenseArgentinaMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScheduleOfInventoryDisclosureTable" name="ScheduleOfInventoryDisclosureTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTextBlock" name="DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScheduleOfInventoryDisclosureLineItems" name="ScheduleOfInventoryDisclosureLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradePayablesTextBlock" name="DisclosureOfTradePayablesTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradePayablesTableTextBlock" name="DisclosureOfTradePayablesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ChangesInCostOfEquipmentAndHandsetsAbstract" name="ChangesInCostOfEquipmentAndHandsetsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock" name="DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesAndSocialSecurityExpensesCurrentAbstract" name="SalariesAndSocialSecurityExpensesCurrentAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SocialSecurityPayablesCurrent" name="SocialSecurityPayablesCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TerminationBenefitsPayableCurrent" name="TerminationBenefitsPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesAndSocialSecurityPayableCurrent" name="SalariesAndSocialSecurityPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract" name="SalariesAndSocialSecurityExpensesNonCurrentAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TerminationBenefitsPayableNonCurrent" name="TerminationBenefitsPayableNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesAndSocialSecurityPayableNonCurrent" name="SalariesAndSocialSecurityPayableNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesAndSocialSecurityPayables" name="SalariesAndSocialSecurityPayables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense" name="SeveranceIndemnitiesAndTerminationBenefitsExpense" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MunicipalTaxesPayableCurrent" name="MunicipalTaxesPayableCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsOtherLiabilitiesAbstract" name="IfrsOtherLiabilitiesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOtherLiabilitiesTableTextBlock" name="DisclosureOfOtherLiabilitiesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsOtherLiabilitiesCurrentAbstract" name="IfrsOtherLiabilitiesCurrentAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent" name="DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherCurrentLiabilitiesOther" name="OtherCurrentLiabilitiesOther" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsOtherLiabilitiesNoncurrentAbstract" name="IfrsOtherLiabilitiesNoncurrentAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherNonCurrentLiabilitiesOther" name="OtherNonCurrentLiabilitiesOther" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SummaryOfSignificantAccountingPoliciesAbstract" name="SummaryOfSignificantAccountingPoliciesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" name="DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock" name="DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock" name="DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock" name="DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock" name="DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock" name="DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfDetailedInformationAboutDepreciationAndEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock" name="DisclosureOfDetailedInformationAboutDepreciationAndEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TowerAndPoleMember" name="TowerAndPoleMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SwitchingEquipmentMember" name="SwitchingEquipmentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ComputerEquipmentAndSoftwareMember" name="ComputerEquipmentAndSoftwareMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromTaxCreditsNonCurrent" name="ReceivablesFromTaxCreditsNonCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesFromTaxCreditsCurrent" name="ReceivablesFromTaxCreditsCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsScheduleOfInventoryCurrentTableTextBlock" name="IfrsScheduleOfInventoryCurrentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract" name="CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfCashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsTextBlock" name="DisclosureOfCashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TradeReceivablesAbstract" name="TradeReceivablesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradeReceivablesTextBlock" name="DisclosureOfTradeReceivablesTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradeReceivablesTableTextBlock" name="DisclosureOfTradeReceivablesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock" name="DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradeReceivablesTable" name="DisclosureOfTradeReceivablesTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfTradeReceivablesLineItems" name="DisclosureOfTradeReceivablesLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AllowanceForDoubtfulAccountsTradeReceivables" name="AllowanceForDoubtfulAccountsTradeReceivables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfCashCashEquivalentsAndInvestmentsTable" name="DisclosureOfCashCashEquivalentsAndInvestmentsTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashCashEquivalentsAndInvestmentsLineItems" name="CashCashEquivalentsAndInvestmentsLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock" name="DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock" name="DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock" name="DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract" name="ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileNetworkAccessMember" name="MobileNetworkAccessMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfCashCashEquivalentsAndInvestmentsTableTextBlock" name="DisclosureOfCashCashEquivalentsAndInvestmentsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock" name="DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock" name="DisclosureOfMainNonCashOperatingTransactionsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock" name="DisclosureOfFinancingActivitiesComponentsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract" name="RestrictionsOnDistributionOfProfitsAndDividendsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RestrictionsOnDistributionOfProfitsAndDividends" name="RestrictionsOnDistributionOfProfitsAndDividends" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOperatingExpensesAbstract" name="DisclosureOfOperatingExpensesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DirectorsAndSupervisoryCommitteesFees" name="DirectorsAndSupervisoryCommitteesFees" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TurnoverTax" name="TurnoverTax" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MunicipalTaxes" name="MunicipalTaxes" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherShortTermInvestmentsMember" name="OtherShortTermInvestmentsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TelecommunicationsFundMember" name="TelecommunicationsFundMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ChangesInAssetsLiabilitiesComponentsAbstract" name="ChangesInAssetsLiabilitiesComponentsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract" name="AdjustmentsForDecreaseIncreaseInAssetsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForDecreaseIncreaseInAssets" name="AdjustmentsForDecreaseIncreaseInAssets" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract" name="AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForIncreaseDecreaseInLiabilities" name="AdjustmentsForIncreaseDecreaseInLiabilities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashFlowNoncashOperatingActivitiesAbstract" name="CashFlowNoncashOperatingActivitiesAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProceedsFromBankOverdrafts" name="ProceedsFromBankOverdrafts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProceedsFromBankLoans" name="ProceedsFromBankLoans" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RepaymentsOfBankLoans" name="RepaymentsOfBankLoans" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts" name="PaymentOfInterestAndRelatedExpensesOnBankOverdrafts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentOfInterestOnNotesAndRelatedExpenses" name="PaymentOfInterestOnNotesAndRelatedExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScheduleOfDividendsPayableAndPaidTable" name="ScheduleOfDividendsPayableAndPaidTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfDividendsLineItems" name="DisclosureOfDividendsLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashDividendsAbstract" name="CashDividendsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfCashDividendDistributionInstallments" name="NumberOfCashDividendDistributionInstallments" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BankLoansCurrentMember" name="BankLoansCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NonDeliverableForwardCurrentMember" name="NonDeliverableForwardCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrincipalDueOnNotesNonCurrentMember" name="PrincipalDueOnNotesNonCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrincipalDueOnIfcBankLoanNonCurrentMember" name="PrincipalDueOnIfcBankLoanNonCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrincipalDueOnBankLoansNonCurrentMember" name="PrincipalDueOnBankLoansNonCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_InterestAccruedOnBorrowings" name="InterestAccruedOnBorrowings" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfCompanySEquityTableTextBlock" name="DisclosureOfCompanySEquityTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassOrdinarySharesMember" name="ClassOrdinarySharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassBOrdinarySharesMember" name="ClassBOrdinarySharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassCOrdinarySharesMember" name="ClassCOrdinarySharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CommonStockVotingRightsNumber" name="CommonStockVotingRightsNumber" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfSharesEachAmericanDepositarySharesRepresents" name="NumberOfSharesEachAmericanDepositarySharesRepresents" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ShareOwnershipPlanAbstract" name="ShareOwnershipPlanAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage" name="CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares" name="CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfTranches" name="NumberOfTranches" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfSharesHeldForConversion" name="NumberOfSharesHeldForConversion" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ThresholdPeriodForSaleOfTreasuryShares" name="ThresholdPeriodForSaleOfTreasuryShares" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NortelInversoraS.a.Member" name="NortelInversoraS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SoforaTelecomunicacionesS.a.Member" name="SoforaTelecomunicacionesS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FintechTelecomLLCMember" name="FintechTelecomLLCMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TelecomArgentinaS.a.Member" name="TelecomArgentinaS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_ClassBPreferredSharesMember" name="ClassBPreferredSharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProportionOfEquityInterestInPreferredShares" name="ProportionOfEquityInterestInPreferredShares" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition" name="ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfVotesPerShare" name="NumberOfVotesPerShare" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfSharesHeldInInvestmentCompany" name="NumberOfSharesHeldInInvestmentCompany" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CurrentAssetsRelatedPartyTransactionsAbstract" name="CurrentAssetsRelatedPartyTransactionsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TradeReceivablesRelatedPartyTransactions" name="TradeReceivablesRelatedPartyTransactions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract" name="CurrentLiabilitiesRelatedPartyTransactionsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_FinancialDebtRelatedPartyTransactions" name="FinancialDebtRelatedPartyTransactions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_KeyManagementPersonnelCompensationSocialSecurityContributions" name="KeyManagementPersonnelCompensationSocialSecurityContributions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_TaxEffectOfCashDividendsFromForeignCompanies" name="TaxEffectOfCashDividendsFromForeignCompanies" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract" name="ActionsForRecourseFiledWithTaxAuthorityAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses" name="PaymentOfInterestOnBankLoansAndRelatedExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_NumberOfInhabitants" name="NumberOfInhabitants" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_StatementOfFinanceIncomeAndExpensesLineItems" name="StatementOfFinanceIncomeAndExpensesLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_GovernmentBondsMember" name="GovernmentBondsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock" name="DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions" name="IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions" name="AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions" name="AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions" name="IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments" name="AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_RegulatoryProceedingsContingentLiabilityMember" name="RegulatoryProceedingsContingentLiabilityMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished" name="ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember" name="ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_ContentProvidersClaimMember" name="ContentProvidersClaimMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards" name="NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt" name="NumberOfLegalActionsWithinFederalCivilAndCommercialCourt" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer" name="PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfCompaniesThatInitiatedClaim" name="NumberOfCompaniesThatInitiatedClaim" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive" name="MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PeriodToFileInterConnectionContracts" name="PeriodToFileInterConnectionContracts" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReferringPriceRate" name="ReferringPriceRate" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CompensationReceivedForServicesProvidedAndWorkPerformed" name="CompensationReceivedForServicesProvidedAndWorkPerformed" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock" name="DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_TradePayablesMember" name="TradePayablesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsLoansPayableMember" name="IfrsLoansPayableMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesAndSocialSecurityPayablesMember" name="SalariesAndSocialSecurityPayablesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsOtherLiabilitiesMember" name="IfrsOtherLiabilitiesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_InterestIncomeExpenseOnFinancialInstruments" name="InterestIncomeExpenseOnFinancialInstruments" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NonDeliverableForwardContractsMember" name="NonDeliverableForwardContractsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_DisclosureOfOtherReceivablesLineItems" name="DisclosureOfOtherReceivablesLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherCurrentReceivablesMember" name="OtherCurrentReceivablesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock" name="DisclosureOfOperatingExpensesByFunctionTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CostOfEquipmentAndHandsetPurchases" name="CostOfEquipmentAndHandsetPurchases" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrincipalNominalValueTwoMember" name="PrincipalNominalValueTwoMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NotesMember" name="NotesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsDebtInstrumentTerm" name="IfrsDebtInstrumentTerm" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsDebtInstrumentPeriodicPayment" name="IfrsDebtInstrumentPeriodicPayment" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_UtilisationOfAllowanceForObsolescenceOfInventory" name="UtilisationOfAllowanceForObsolescenceOfInventory" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOnRegulatoryFrameworkAbstract" name="DisclosureOnRegulatoryFrameworkAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOnRegulatoryFrameworkTextBlock" name="DisclosureOnRegulatoryFrameworkTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOnRegulatoryFrameworkTable" name="DisclosureOnRegulatoryFrameworkTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOnRegulatoryFrameworkLineItems" name="DisclosureOnRegulatoryFrameworkLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TermOfLicenseAgreement" name="TermOfLicenseAgreement" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_UnrecordedAccountsReceivable" name="UnrecordedAccountsReceivable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InvestmentsIncludedInUnrecordedAccountsReceivable" name="InvestmentsIncludedInUnrecordedAccountsReceivable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DeductionsIncludedInUnrecordedAccountsReceivable" name="DeductionsIncludedInUnrecordedAccountsReceivable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission" name="DepositLiabilityRequiredByArgentineNationalCommunicationsCommission" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DepositsWithBanks" name="DepositsWithBanks" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest" name="DepositsWithArgentineNationalCommunicationsCommissionUnderProtest" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FrequencyBandAwardedOne" name="FrequencyBandAwardedOne" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FrequencyBandAwardedTwo" name="FrequencyBandAwardedTwo" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AuctionedFrequencyBandsUsagePeriod" name="AuctionedFrequencyBandsUsagePeriod" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TemporaryDifferencesInventoryMember" name="TemporaryDifferencesInventoryMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember" name="TemporaryDifferencesCashDividendsFromForeignCompaniesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TemporaryDifferencesFinancedSalesMember" name="TemporaryDifferencesFinancedSalesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock" name="DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock" name="DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NonDeliverableForwardContractsAmount" name="NonDeliverableForwardContractsAmount" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts" name="NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsBankOverdraftsMember" name="IfrsBankOverdraftsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EstimatedVariationInExchangeRate" name="EstimatedVariationInExchangeRate" nillable="true" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EstimatedVariationInConsolidatedFinancialPosition" name="EstimatedVariationInConsolidatedFinancialPosition" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets" name="EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption" name="PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent" name="IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts" name="OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt" name="CurrentLiabilitiesExcludingCurrentFinancialDebt" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OperativeWorkingCapital" name="OperativeWorkingCapital" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract" name="IfrsIncreaseDecreaseInOperatingCapitalAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt" name="IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInOperatingCapital" name="IfrsIncreaseDecreaseInOperatingCapital" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NetCurrentFinancialAssetDebtAbstract" name="NetCurrentFinancialAssetDebtAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FinancialAssetsLiabilitiesNetCurrent" name="FinancialAssetsLiabilitiesNetCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_VariationsInNetCurrentFinancialAssetDebt" name="VariationsInNetCurrentFinancialAssetDebt" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents" name="IfrsIncreaseDecreaseInCashAndCashEquivalents" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInInvestments" name="IfrsIncreaseDecreaseInInvestments" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt" name="IfrsIncreaseDecreaseInCurrentFinancialDebt" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent" name="IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInWorkingCapital" name="IfrsIncreaseDecreaseInWorkingCapital" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LiquidityRate" name="LiquidityRate" nillable="true" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable" name="DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems" name="DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfOperativeWorkingCapital" name="PercentageOfOperativeWorkingCapital" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncreaseDecreaseInLiquidityRate" name="IncreaseDecreaseInLiquidityRate" nillable="true" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncreaseDecreaseInTradeReceivables" name="IncreaseDecreaseInTradeReceivables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInOtherReceivables" name="IfrsIncreaseDecreaseInOtherReceivables" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsIncreaseDecreaseInInventories" name="IfrsIncreaseDecreaseInInventories" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" name="IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" name="IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsConversionOfStockSharesAuthorized" name="IfrsConversionOfStockSharesAuthorized" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsConversionOfStockSharesConverted1" name="IfrsConversionOfStockSharesConverted1" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CurrentPayablesOnSalariesAndSocialSecurity" name="CurrentPayablesOnSalariesAndSocialSecurity" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NonCurrentPayablesOnSalariesAndSocialSecurity" name="NonCurrentPayablesOnSalariesAndSocialSecurity" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense" name="FeesForServicesMaintenanceMaterialsAndSuppliesExpense" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OutstandingSharesCapitalNominalValueMember" name="OutstandingSharesCapitalNominalValueMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TreasurySharesCapitalNominalValueMember" name="TreasurySharesCapitalNominalValueMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities" name="AdjustmentsForNetIncreaseDecreaseInLiabilities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_GainLossOnFinancialInstruments" name="GainLossOnFinancialInstruments" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BoardOfDirectorsCompensationEstimatedCompensation" name="BoardOfDirectorsCompensationEstimatedCompensation" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsTypeOfArrangementAxis" name="IfrsTypeOfArrangementAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsArrangementsAndNonarrangementTransactionsDomain" name="IfrsArrangementsAndNonarrangementTransactionsDomain" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScResolutionNumbersAxis" name="ScResolutionNumbersAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ScResolutionNumbersDomain" name="ScResolutionNumbersDomain" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ProjectAxis" name="ProjectAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TypeOfInventoriesAxis" name="TypeOfInventoriesAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TypeOfInventoriesDomain" name="TypeOfInventoriesDomain" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileHandsetsAndOthersMember" name="MobileHandsetsAndOthersMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FixedTelephonesAndEquipmentMember" name="FixedTelephonesAndEquipmentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileInternetServicesGuaranteedPerformanceRate" name="MobileInternetServicesGuaranteedPerformanceRate" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ContractTerm" name="ContractTerm" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrincipalDueOnBankLoansMember" name="PrincipalDueOnBankLoansMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InvestmentsMadeAndExpensesIncurred" name="InvestmentsMadeAndExpensesIncurred" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment" name="InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AmountDueFromCounterParty" name="AmountDueFromCounterParty" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities" name="PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities" name="DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_TaxEffectFromInflation" name="TaxEffectFromInflation" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxEffectFromTaxCarryforwardPrescriptionAmount" name="TaxEffectFromTaxCarryforwardPrescriptionAmount" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsTaxPeriodAxis" name="IfrsTaxPeriodAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsTaxPeriodDomain" name="IfrsTaxPeriodDomain" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsTaxYear2015Member" name="IfrsTaxYear2015Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsTaxYear2016Member" name="IfrsTaxYear2016Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsTaxYear2017Member" name="IfrsTaxYear2017Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable" name="UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MergerBetweenTelecomAndCablevisionCablevisionTuvesParaguayMember" name="MergerBetweenTelecomAndCablevisionCablevisionTuvesParaguayMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MergerBetweenTelecomAndCablevisionMember" name="MergerBetweenTelecomAndCablevisionMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CablevisionMember" name="CablevisionMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ActionsForRecourseTaxReceivable" name="ActionsForRecourseTaxReceivable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable" name="DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16" name="PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FinancialDebtMember" name="FinancialDebtMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IfrsOtherInvestmentsMember" name="IfrsOtherInvestmentsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RestatedForCompareMember" name="RestatedForCompareMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_StatementOfFinancialResultsNetTable" name="StatementOfFinancialResultsNetTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InterestsOnDebts" name="InterestsOnDebts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ForeignExchangeGainOnDebts" name="ForeignExchangeGainOnDebts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_InterestsAndGainsOnInvestments" name="InterestsAndGainsOnInvestments" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxesAndBankExpenses" name="TaxesAndBankExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherNetForeignExchangeGain" name="OtherNetForeignExchangeGain" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FinancialDiscountsOnAssetsDebtsAndOther" name="FinancialDiscountsOnAssetsDebtsAndOther" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_GainsLossesOnOperationsWithNotesAndBonds" name="GainsLossesOnOperationsWithNotesAndBonds" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InterestsOnProvisions" name="InterestsOnProvisions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FinancialExpensesOnPensionBenefits" name="FinancialExpensesOnPensionBenefits" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherFinancialCostRelatedToRecpam" name="OtherFinancialCostRelatedToRecpam" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FinancialResultsNetExplanatoryTextBlock" name="FinancialResultsNetExplanatoryTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfFinancialResultsTableTextBlock" name="DisclosureOfFinancialResultsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RevenueFromRenderingOfCableTelevisionServices" name="RevenueFromRenderingOfCableTelevisionServices" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FinancialDebtConversionOfVariableRateIntoFixedRate" name="FinancialDebtConversionOfVariableRateIntoFixedRate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_DescriptionOfAccountingPolicyForAdoptionOfAmendmentsToIfrs9FinancialInstrumentsPolicyTextBlock" name="DescriptionOfAccountingPolicyForAdoptionOfAmendmentsToIfrs9FinancialInstrumentsPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_ScheduleOfEarningInformationInAssociatesTableTextBlock" name="ScheduleOfEarningInformationInAssociatesTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_GovernmentBondsAtAmortizedCostMember" name="GovernmentBondsAtAmortizedCostMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MutualFundsMember" name="MutualFundsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherInvestmentsAtAmortizedCostMember" name="OtherInvestmentsAtAmortizedCostMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InvestmentsInAssociatesMember" name="InvestmentsInAssociatesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherInvestmentsAtFairValue" name="OtherInvestmentsAtFairValue" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_TeledifusoraSanMiguelArcangelS.a.Member" name="TeledifusoraSanMiguelArcangelS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LaCapitalCableS.a.Member" name="LaCapitalCableS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherMinorInvestmentsInAssociatesAtEquityMethodMember" name="OtherMinorInvestmentsInAssociatesAtEquityMethodMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForIncreaseDecreaseInTaxesPayable" name="AdjustmentsForIncreaseDecreaseInTaxesPayable" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesAndProvisions" name="AdjustmentsForIncreaseDecreaseInOtherLiabilitiesAndProvisions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DividendsReceivableOffsetWithFinancialDebt" name="DividendsReceivableOffsetWithFinancialDebt" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashInflowsFromCompaniesUnderSection33AndRelatedParties" name="CashInflowsFromCompaniesUnderSection33AndRelatedParties" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashOutflowsFromPurchaseOfEquipment" name="CashOutflowsFromPurchaseOfEquipment" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CashOutflowsFromCompaniesUnderSection33AndRelatedParties" name="CashOutflowsFromCompaniesUnderSection33AndRelatedParties" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentToCompaniesUnderSection33AndRelatedParties" name="PaymentToCompaniesUnderSection33AndRelatedParties" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DividendsPaidInAdvanceToEquityHolders" name="DividendsPaidInAdvanceToEquityHolders" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DividendsPaidInterimToEquityHoldersOfParent" name="DividendsPaidInterimToEquityHoldersOfParent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PurchaseOfEquipmentCurrentMember" name="PurchaseOfEquipmentCurrentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CompaniesUnderSection33AndRelatedPartiesMember" name="CompaniesUnderSection33AndRelatedPartiesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_InterestRateOnLoanPayablePeriodAxis" name="InterestRateOnLoanPayablePeriodAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InterestRateOnLoanPayablePeriodDomain" name="InterestRateOnLoanPayablePeriodDomain" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TrancheMember" name="TrancheMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TrancheB1Member" name="TrancheB1Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TrancheB2Member" name="TrancheB2Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TrancheB3Member" name="TrancheB3Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TrancheB4Member" name="TrancheB4Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SyndicatedLoanMember" name="SyndicatedLoanMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FirstFourMonthsMember" name="FirstFourMonthsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NextTwoMonthsMember" name="NextTwoMonthsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FollowingThreeMonthsMember" name="FollowingThreeMonthsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LastThreeMonthsMember" name="LastThreeMonthsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LaterThanTwoYearsMember" name="LaterThanTwoYearsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing" name="ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TermOfNonPesoDenominatedDebtSecurities" name="TermOfNonPesoDenominatedDebtSecurities" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdditionalPaymentOfOriginalLoan" name="AdditionalPaymentOfOriginalLoan" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrepaymentOfBorrowings" name="PrepaymentOfBorrowings" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CancellationOfBorrowingsOutstanding" name="CancellationOfBorrowingsOutstanding" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DeutscheBankLoanMember" name="DeutscheBankLoanMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IcbcBankLoanMember" name="IcbcBankLoanMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ItauBankLoanMember" name="ItauBankLoanMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MarcoBankLoanMember" name="MarcoBankLoanMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount" name="PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing" name="PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrincipalNominalValueFourMember" name="PrincipalNominalValueFourMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassNotesMember" name="ClassNotesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InvestmentsInFixedAssetsAndOtherCapitalExpenditure" name="InvestmentsInFixedAssetsAndOtherCapitalExpenditure" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting" name="PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_PurchaseOfEquipmentMember" name="PurchaseOfEquipmentMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_CurrentAndNonCurrentBorrowingsMember" name="CurrentAndNonCurrentBorrowingsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_PrincipalDueOnNotesMember" name="PrincipalDueOnNotesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_NumberOfLicenseesProvidingSubscriptionBroadcastingServices" name="NumberOfLicenseesProvidingSubscriptionBroadcastingServices" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RenewableTermOfLicenseAgreement" name="RenewableTermOfLicenseAgreement" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AuctionedFrequencyBandSpectrum" name="AuctionedFrequencyBandSpectrum" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_RightToAcquireUnderPublicTenderOfferNumberOfShares" name="RightToAcquireUnderPublicTenderOfferNumberOfShares" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PricePerShareOfferedUnderPublicTenderOffer" name="PricePerShareOfferedUnderPublicTenderOffer" nillable="true" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_LaCapitalCableS.aMember" name="LaCapitalCableS.aMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_IfrsRelatedPartyTransactionMember" name="IfrsRelatedPartyTransactionMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ServicesRevenuesMember" name="ServicesRevenuesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_InterestsOnDebtMember" name="InterestsOnDebtMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_ProgrammingCostsMember" name="ProgrammingCostsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EditingAndDistributionOfMagazinesMember" name="EditingAndDistributionOfMagazinesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws" name="ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ExtensionPeriodForAnalysisAndPublicationOfItcBill" name="ExtensionPeriodForAnalysisAndPublicationOfItcBill" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks" name="PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PeriodForAsymmetricInterconnectionRatesForMobileServices" name="PeriodForAsymmetricInterconnectionRatesForMobileServices" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders" name="PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund" name="PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember" name="MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_ShareExchangeRatioInBusinessCombination" name="ShareExchangeRatioInBusinessCombination" nillable="true" type="xbrli:pureItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SalariesSocialSecurityContribution" name="SalariesSocialSecurityContribution" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_UteErtachCablevisionMember" name="UteErtachCablevisionMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_UnionesTransitoriasDeEmpresasMember" name="UnionesTransitoriasDeEmpresasMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork" name="BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CallOptionAgreementOfAdesolMember" name="CallOptionAgreementOfAdesolMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PurchasePriceOfCallOption" name="PurchasePriceOfCallOption" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_MergerContributionSurplus" name="MergerContributionSurplus" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FairValueAdjustmentAllocatedToPropertyPlantAndEquipment" name="FairValueAdjustmentAllocatedToPropertyPlantAndEquipment" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_OtherTaxesAndFees" name="OtherTaxesAndFees" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CostOfEquipmentAndHandsetIncorporationInMerger" name="CostOfEquipmentAndHandsetIncorporationInMerger" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_RentalAndInternetCapacityExpenses" name="RentalAndInternetCapacityExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_PeriodAvailableForPaymentOfSupplementToOptionPremium" name="PeriodAvailableForPaymentOfSupplementToOptionPremium" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_CommercializationCostMember" name="CommercializationCostMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdministrationCostsMember" name="AdministrationCostsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_ProvisionsMember" name="ProvisionsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses" name="AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DecreaseInOtherProvisionsRelatingToRecpam" name="DecreaseInOtherProvisionsRelatingToRecpam" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions" name="AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions" name="AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_TradeUnionsForUnionContributionsAndPaymentsMember" name="TradeUnionsForUnionContributionsAndPaymentsMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfLegalActionsFiledByTradeUnions" name="NumberOfLegalActionsFiledByTradeUnions" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PeriodOfDefaultForUnionContributionsAndPayments" name="PeriodOfDefaultForUnionContributionsAndPayments" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SecretariatOfDomesticTradeOfNationMember" name="SecretariatOfDomesticTradeOfNationMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PenaltyImposedForNotComplyingWithInformationRegime" name="PenaltyImposedForNotComplyingWithInformationRegime" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReducedPenaltyForNotComplyingWithInformationRegime" name="ReducedPenaltyForNotComplyingWithInformationRegime" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdjustedSubscriptionPrice" name="AdjustedSubscriptionPrice" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfMainComponentsOfOperatingExpenseTextBlock" name="DisclosureOfMainComponentsOfOperatingExpenseTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries" name="TotalAmountOfCapitalStockAndVotesOfSubsidiaries" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DeferredRevenuesOfConstructionContracts" name="DeferredRevenuesOfConstructionContracts" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FixedTelephonyAndDataServicesMember" name="FixedTelephonyAndDataServicesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PrecariousExtensionsRenewedLicense" name="PrecariousExtensionsRenewedLicense" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod" name="UsefulLivesIntangibleAssetsOverAmortizedPeriod" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfPurchasePriceAllocationImpactInConsolidatedIncomeStatementExplanatoryTableTextBlock" name="DisclosureOfPurchasePriceAllocationImpactInConsolidatedIncomeStatementExplanatoryTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_VlgS.a.uMember" name="VlgS.a.uMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassaSharesMember" name="ClassaSharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassBSharesMember" name="ClassBSharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassCSharesMember" name="ClassCSharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClassDSharesMember" name="ClassDSharesMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfCapitalStockPostMerger" name="PercentageOfCapitalStockPostMerger" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TermForExerciseOfOption" name="TermForExerciseOfOption" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TermForPaymentOfOptionPremium" name="TermForPaymentOfOptionPremium" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OptionPremium" name="OptionPremium" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CapitalStockOutstandingTotal" name="CapitalStockOutstandingTotal" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfInterestServiceResidentialSubscribers" name="NumberOfInterestServiceResidentialSubscribers" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BusinessCombinationAdjustmentAxis" name="BusinessCombinationAdjustmentAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BusinessCombinationAdjustmentDomain" name="BusinessCombinationAdjustmentDomain" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ImpactOfPurchasePriceAllocationInIncomeStatementMember" name="ImpactOfPurchasePriceAllocationInIncomeStatementMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AssetsRecognizedAsOfAcquisitionDateAbstract" name="AssetsRecognizedAsOfAcquisitionDateAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReceivablesRecognizedAsOfAcquisitionDate" name="ReceivablesRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherCurrentAssetsRecognizedAsOfAcquisitionDate" name="OtherCurrentAssetsRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_InvestmentsRecognizedAsOfAcquisitionDate" name="InvestmentsRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate" name="OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AssetsRecognizedAsOfAcquisitionDate" name="AssetsRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate" name="OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LiabilitiesRecognizedAsOfAcquisitionDate" name="LiabilitiesRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate" name="CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate" name="CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate" name="TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ContributedSurplusRecognizedAsOfAcquisitionDate" name="ContributedSurplusRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate" name="SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate" name="VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate" name="ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RetainedEarningsRecognizedAsOfAcquisitionDate" name="RetainedEarningsRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EquityAttributableToParentRecognizedAsOfAcquisitionDate" name="EquityAttributableToParentRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate" name="EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LiabilitiesAndEquityRecognizedAsOfAcquisitionDate" name="LiabilitiesAndEquityRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract" name="ImpactOfPurchasePriceAllocationInIncomeStatementAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OperatingExpenseExcludingDepreciationAndAmortization" name="OperatingExpenseExcludingDepreciationAndAmortization" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FinancialResultsNet" name="FinancialResultsNet" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NextelMember" name="NextelMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NextelAndSubsidiaryTelevisionDirigidaS.a.Member" name="NextelAndSubsidiaryTelevisionDirigidaS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TelevisionDirigidaS.a.Member" name="TelevisionDirigidaS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AdditionalConsiderationUponFulfillmentOfCertainCondition" name="AdditionalConsiderationUponFulfillmentOfCertainCondition" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfVotesPerMembershipInterestAcquired" name="NumberOfVotesPerMembershipInterestAcquired" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfMembershipInterestOfTotalCapitalStock" name="PercentageOfMembershipInterestOfTotalCapitalStock" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CablevisionAndNextelMember" name="CablevisionAndNextelMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FibercommS.a.AndGridleyInvestmentsS.a.Member" name="FibercommS.a.AndGridleyInvestmentsS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_WxTelecommunicationsLlcAndGreenmaxTelecommunicationsLlcMember" name="WxTelecommunicationsLlcAndGreenmaxTelecommunicationsLlcMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TrixcoS.a.Member" name="TrixcoS.a.Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfTranchesForRedemptionOfShares" name="NumberOfTranchesForRedemptionOfShares" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_RedemptionOfShares" name="RedemptionOfShares" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PaymentForRedemptionOfShares" name="PaymentForRedemptionOfShares" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfTranchesForIssuanceOfDividendCertificate" name="NumberOfTranchesForIssuanceOfDividendCertificate" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DividendForDividendCertificatesIssuedInLieuOfShareRedemption" name="DividendForDividendCertificatesIssuedInLieuOfShareRedemption" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfIncreaseInAmountOfDividendPerAnnum" name="PercentageOfIncreaseInAmountOfDividendPerAnnum" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TermOfRedemptionFromDateOfIssuanceOfBond" name="TermOfRedemptionFromDateOfIssuanceOfBond" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfPaymentOfBondValueAtTimeOfIssuance" name="PercentageOfPaymentOfBondValueAtTimeOfIssuance" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfSharesForConversion" name="NumberOfSharesForConversion" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders" name="NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfSharesOwnedOfTotalCapitalStock" name="PercentageOfSharesOwnedOfTotalCapitalStock" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BrandCablevisionMember" name="BrandCablevisionMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BrandFlowMember" name="BrandFlowMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_OtherExclusivityRightsRightsOfUseMember" name="OtherExclusivityRightsRightsOfUseMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ConversionOfOrdinarySharesClassification" name="ConversionOfOrdinarySharesClassification" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaskSolutionsContactCenterMember" name="TaskSolutionsContactCenterMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ContingentLiabilityForDamagesAndLossesDuringContractualRelationship" name="ContingentLiabilityForDamagesAndLossesDuringContractualRelationship" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember" name="ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BrandArnetMember" name="BrandArnetMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_ReductionOfCapitalDueToRevocationOfInjunction" name="ReductionOfCapitalDueToRevocationOfInjunction" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_IncreaseInCapitalDueToRevocationOfInjunction" name="IncreaseInCapitalDueToRevocationOfInjunction" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember" name="AsociacionPorLaDefensaDeUsuariosYConsumidoresMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PeriodDuringWhichAmountsCollectedForInternetAndCableServices" name="PeriodDuringWhichAmountsCollectedForInternetAndCableServices" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_FederalIncomeTaxRateAsPerTcja2017" name="FederalIncomeTaxRateAsPerTcja2017" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxRateOnMinimumPresumedIncome" name="TaxRateOnMinimumPresumedIncome" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability" name="NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxRateOfSuForCableOperators" name="TaxRateOfSuForCableOperators" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfTaxAmountsPaidEligibleForVatCredit" name="PercentageOfTaxAmountsPaidEligibleForVatCredit" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions" name="TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries" name="CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CapitalGainTaxRateForLocalLegalEntities" name="CapitalGainTaxRateForLocalLegalEntities" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax" name="PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate" name="InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_LegalReserveRecognizedAsOfAcquisitionDate" name="LegalReserveRecognizedAsOfAcquisitionDate" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_PercentageOfAcquisitionCostAllocation" name="PercentageOfAcquisitionCostAllocation" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_DisclosureOfMovementsInImpairmentOfIntangibleAssetsTableTextBlock" name="DisclosureOfMovementsInImpairmentOfIntangibleAssetsTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DisclosureOfChangesInAllowancesOfIntangibleAssetsTabletextBlock" name="DisclosureOfChangesInAllowancesOfIntangibleAssetsTabletextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CreditOfIndemnityForTuvesParaguayAcquisition" name="CreditOfIndemnityForTuvesParaguayAcquisition" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_CarryingAmountAfterAccumulatedAmortisationMember" name="CarryingAmountAfterAccumulatedAmortisationMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_DerivativeInstrumentEffectiveMarch2017Member" name="DerivativeInstrumentEffectiveMarch2017Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DerivativeInstrumentEffectiveSeptember2017Member" name="DerivativeInstrumentEffectiveSeptember2017Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_DerivativeInstrumentEffectiveMarch2018Member" name="DerivativeInstrumentEffectiveMarch2018Member" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
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  <element id="teo_ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices" name="ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_BuildingAndAutomobileMember" name="BuildingAndAutomobileMember" nillable="true" type="nonnum:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="teo_AmountOfNationalConsumerPriceIndex" name="AmountOfNationalConsumerPriceIndex" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>16
<FILENAME>teo-20181231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- Created by Merrill Corporation -->
<!--XBRL document created with Merrill Bridge  9.0.0.120 -->
<!--Based on XBRL 2.1-->
<!--Created on: 3/26/2019 5:01:52 AM-->
<!--Modified on: 3/26/2019 5:01:52 AM-->
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  <roleRef xlink:type="simple" xlink:href="teo-20181231.xsd#StatementConsolidatedIncomeStatements" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedIncomeStatements" />
  <roleRef xlink:type="simple" xlink:href="teo-20181231.xsd#StatementConsolidatedIncomeStatementsCalc2" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedIncomeStatementsCalc2" />
  <roleRef xlink:type="simple" xlink:href="teo-20181231.xsd#StatementConsolidatedStatementsOfComprehensiveIncome" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedStatementsOfComprehensiveIncome" />
  <roleRef xlink:type="simple" xlink:href="teo-20181231.xsd#StatementConsolidatedStatementsOfComprehensiveIncomeCalc2" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedStatementsOfComprehensiveIncomeCalc2" />
  <roleRef xlink:type="simple" xlink:href="teo-20181231.xsd#StatementConsolidatedStatementsOfCashFlows" roleURI="http://www.telecom.com.ar/role/StatementConsolidatedStatementsOfCashFlows" />
  <roleRef xlink:type="simple" xlink:href="teo-20181231.xsd#DisclosureDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsSegmentFinancialInformationOfConsolidatedIncomeStatementDetails" roleURI="http://www.telecom.com.ar/role/DisclosureDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsSegmentFinancialInformationOfConsolidatedIncomeStatementDetails" />
  <roleRef xlink:type="simple" xlink:href="teo-20181231.xsd#DisclosureAcquisitionOfCompaniesAndCorporateReorganizationProcessesMergerOfCablevisionAssetsAcquiredAndLiabilitiesAssumedAndPurchasePriceAllocationImpactDetails" roleURI="http://www.telecom.com.ar/role/DisclosureAcquisitionOfCompaniesAndCorporateReorganizationProcessesMergerOfCablevisionAssetsAcquiredAndLiabilitiesAssumedAndPurchasePriceAllocationImpactDetails" />
  <roleRef xlink:type="simple" xlink:href="teo-20181231.xsd#DisclosureCashAndCashEquivalentsAndInvestmentsAdditionalInformationOnConsolidatedStatementsOfCashFlowsCashAndCashEquivalentsAndInvestmentsDetails" roleURI="http://www.telecom.com.ar/role/DisclosureCashAndCashEquivalentsAndInvestmentsAdditionalInformationOnConsolidatedStatementsOfCashFlowsCashAndCashEquivalentsAndInvestmentsDetails" />
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    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Document Fiscal Year Focus</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Document Fiscal Period Focus</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AssetsAbstract" xlink:label="ifrs-full_AssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ifrs-full_AssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ASSETS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="ifrs-full_CurrentAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentInvestments" xlink:label="ifrs-full_CurrentInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="ifrs-full_CurrentTradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTradeReceivables" xlink:to="ifrs-full_CurrentTradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherCurrentReceivables" xlink:label="ifrs-full_OtherCurrentReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherCurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Current other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">inventories on construction contracts recognized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the beginning of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentAssets" xlink:label="ifrs-full_CurrentAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="ifrs-full_NoncurrentAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-Current Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentTradeReceivables" xlink:label="ifrs-full_NoncurrentTradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentTradeReceivables" xlink:to="ifrs-full_NoncurrentTradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherNoncurrentReceivables" xlink:label="ifrs-full_OtherNoncurrentReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentReceivables" xlink:to="ifrs-full_OtherNoncurrentReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other non-current receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherNoncurrentReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Non-current other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxAssets" xlink:label="ifrs-full_DeferredTaxAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred tax assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net deferred tax assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income tax assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current investments other than investments accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Goodwill" xlink:label="ifrs-full_Goodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Goodwill" xlink:to="ifrs-full_Goodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Goodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Goodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment at end of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment at beginning of year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Value, at the end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Value, at the beginning of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentAssets" xlink:label="ifrs-full_NoncurrentAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL ASSETS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LiabilitiesAbstract" xlink:label="ifrs-full_LiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="ifrs-full_LiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current trade payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Current trade payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current borrowings and current portion of non-current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CurrentPayablesOnSalariesAndSocialSecurity" xlink:label="teo_CurrentPayablesOnSalariesAndSocialSecurity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentPayablesOnSalariesAndSocialSecurity" xlink:to="teo_CurrentPayablesOnSalariesAndSocialSecurity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current payables on salaries and social security.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Payables on Salaries and Social Security</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:to="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current tax liabilities, current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DividendPayableCurrent" xlink:label="teo_DividendPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendPayableCurrent" xlink:to="teo_DividendPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current dividend payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherCurrentLiabilities" xlink:label="ifrs-full_OtherCurrentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentLiabilities" xlink:to="ifrs-full_OtherCurrentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherShorttermProvisions" xlink:label="ifrs-full_OtherShorttermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherShorttermProvisions" xlink:to="ifrs-full_OtherShorttermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_OtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at the end</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_OtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance in the beginning</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-Current Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentPayablesToTradeSuppliers" xlink:label="ifrs-full_NoncurrentPayablesToTradeSuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPayablesToTradeSuppliers" xlink:to="ifrs-full_NoncurrentPayablesToTradeSuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current trade payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Non-current trade payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LongtermBorrowings" xlink:label="ifrs-full_LongtermBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current portion of non-current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NonCurrentPayablesOnSalariesAndSocialSecurity" xlink:label="teo_NonCurrentPayablesOnSalariesAndSocialSecurity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonCurrentPayablesOnSalariesAndSocialSecurity" xlink:to="teo_NonCurrentPayablesOnSalariesAndSocialSecurity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonCurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non-current payables on salaries and social security.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonCurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current Payables on Salaries and Social Security</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonCurrentPayablesOnSalariesAndSocialSecurity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetDeferredTaxLiabilities" xlink:label="ifrs-full_NetDeferredTaxLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDeferredTaxLiabilities" xlink:to="ifrs-full_NetDeferredTaxLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net deferred tax liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NetDeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net deferred tax liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NetDeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income tax liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTaxLiabilitiesNoncurrent" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilitiesNoncurrent" xlink:to="ifrs-full_CurrentTaxLiabilitiesNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current tax liabilities, non-current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherNoncurrentLiabilities" xlink:label="ifrs-full_OtherNoncurrentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other non-current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherLongtermProvisions" xlink:label="ifrs-full_OtherLongtermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherLongtermProvisions" xlink:to="ifrs-full_OtherLongtermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other non-current provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_OtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at the end</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_OtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance in the beginning</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="ifrs-full_NoncurrentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Liabilities" xlink:label="ifrs-full_Liabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityAttributableToOwnersOfParent" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to owners of parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to Controlling Company</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncontrollingInterests" xlink:label="ifrs-full_NoncontrollingInterests" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterests" xlink:to="ifrs-full_NoncontrollingInterests_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-controlling interests</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to non-controlling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to non-controlling interest (Note 1.a)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at the end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at the beginning of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL EQUITY (See Consolidated Statements of Changes in Equity)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity and liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL LIABILITIES AND EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="ifrs-full_IncomeStatementAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_IncomeStatementAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONSOLIDATED INCOME STATEMENTS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueFromContractsWithCustomers" xlink:label="ifrs-full_RevenueFromContractsWithCustomers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromContractsWithCustomers" xlink:to="ifrs-full_RevenueFromContractsWithCustomers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromContractsWithCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from contracts with customers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromContractsWithCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RevenueFromContractsWithCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sales revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="ifrs-full_EmployeeBenefitsExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EmployeeBenefitsExpense" xlink:to="ifrs-full_EmployeeBenefitsExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EmployeeBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employee benefits expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_EmployeeBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employee benefit expenses and severance payments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_EmployeeBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employee benefit expenses and severance payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CommunicationExpense" xlink:label="ifrs-full_CommunicationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CommunicationExpense" xlink:to="ifrs-full_CommunicationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CommunicationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Communication expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CommunicationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interconnection and transmission costs</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense" xlink:label="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense" xlink:to="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expenses for fees for services, maintenance, materials and supplies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fees for Services, Maintenance, Materials and Supplies Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fees for services, maintenance, materials and supplies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total fees for services, maintenance, materials and supplies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:to="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax expense other than income tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes and fees with the Regulatory Authority</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total taxes and fees with the regulatory authority</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CommissionsAndAdvertisingExpenses" xlink:label="teo_CommissionsAndAdvertisingExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommissionsAndAdvertisingExpenses" xlink:to="teo_CommissionsAndAdvertisingExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommissionsAndAdvertisingExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expenses relating to commissions and advertising.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommissionsAndAdvertisingExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commissions and Advertising Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CommissionsAndAdvertisingExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commissions and advertising</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CostOfMerchandiseSold" xlink:label="ifrs-full_CostOfMerchandiseSold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfMerchandiseSold" xlink:to="ifrs-full_CostOfMerchandiseSold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CostOfMerchandiseSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of merchandise sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CostOfMerchandiseSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of equipment and handsets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProgrammingAndContentCosts" xlink:label="teo_ProgrammingAndContentCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProgrammingAndContentCosts" xlink:to="teo_ProgrammingAndContentCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProgrammingAndContentCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expenses relating to programming and content telecasting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProgrammingAndContentCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Programming and Content Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_ProgrammingAndContentCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Programming and content costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment loss recognised in profit or loss, trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bad debt expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bad debt expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="ifrs-full_OtherOperatingIncomeExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherOperatingIncomeExpense" xlink:to="ifrs-full_OtherOperatingIncomeExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherOperatingIncomeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other operating income (expense)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherOperatingIncomeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other operating income and expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherOperatingIncomeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other operating income and expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="ifrs-full_ProfitLossFromOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromOperatingActivities" xlink:to="ifrs-full_ProfitLossFromOperatingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Profit (loss) from operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share of profit (loss) of associates accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings from associates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinanceCosts" xlink:label="ifrs-full_FinanceCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finance costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt financial expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Debt financial expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherFinanceIncomeCostNet" xlink:label="teo_OtherFinanceIncomeCostNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherFinanceIncomeCostNet" xlink:to="teo_OtherFinanceIncomeCostNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherFinanceIncomeCostNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of finance income (cost), net that the entity does not separately disclose in the same statement or note.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherFinanceIncomeCostNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Finance Income (Cost), Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherFinanceIncomeCostNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other financial results, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_OtherFinanceIncomeCostNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total other financial results, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ifrs-full_ProfitLossBeforeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Profit (loss) before tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income before income tax benefit (expense)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax expense (income), continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax benefit (expense)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax benefit (expense)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Profit (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income for the year</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:label="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:to="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax relating to exchange differences on translation of other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency translation adjustments, tax effect</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityAbstract" xlink:to="ifrs-full_StatementOfChangesInEquityAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_StatementOfChangesInEquityTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statement of changes in equity [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statement of changes in equity [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ReductionOfIssuedCapital" xlink:label="ifrs-full_ReductionOfIssuedCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReductionOfIssuedCapital" xlink:to="ifrs-full_ReductionOfIssuedCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReductionOfIssuedCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reduction of issued capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ReductionOfIssuedCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital reduction</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseThroughFacultativeReserveConstitutionEquity" xlink:label="teo_IncreaseDecreaseThroughFacultativeReserveConstitutionEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughFacultativeReserveConstitutionEquity" xlink:to="teo_IncreaseDecreaseThroughFacultativeReserveConstitutionEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughFacultativeReserveConstitutionEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in equity through facultative reserve constitution.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughFacultativeReserveConstitutionEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Facultative Reserve Constitution, Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughFacultativeReserveConstitutionEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Facultative reserve constitution</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseThroughLegalAndFacultativeReservesEquity" xlink:label="teo_IncreaseDecreaseThroughLegalAndFacultativeReservesEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughLegalAndFacultativeReservesEquity" xlink:to="teo_IncreaseDecreaseThroughLegalAndFacultativeReservesEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughLegalAndFacultativeReservesEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in equity through Legal and Facultative reserves.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughLegalAndFacultativeReservesEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Legal and Facultative Reserves, Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughLegalAndFacultativeReservesEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal and facultative reserve</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseThroughIncorporationOfNetEquityOfAcquireeEquity" xlink:label="teo_IncreaseDecreaseThroughIncorporationOfNetEquityOfAcquireeEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughIncorporationOfNetEquityOfAcquireeEquity" xlink:to="teo_IncreaseDecreaseThroughIncorporationOfNetEquityOfAcquireeEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughIncorporationOfNetEquityOfAcquireeEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in equity through incorporation of net equity of acquiree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughIncorporationOfNetEquityOfAcquireeEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Incorporation of Net Equity of Acquiree, Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughIncorporationOfNetEquityOfAcquireeEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incorporation of the Net Equity of the acquiree (Note 1.a)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples" xlink:label="teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples" xlink:to="teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The adjustments to equity through effect of adoption of new IFRS accounting principles.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustment Relating to Effect of Adoption of New IFRS Accounting Principles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings adjustment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings adjustment (Note 3.u and 3.v.)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseThroughMergerEffectEquity" xlink:label="teo_IncreaseDecreaseThroughMergerEffectEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughMergerEffectEquity" xlink:to="teo_IncreaseDecreaseThroughMergerEffectEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughMergerEffectEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in equity through Legal and Facultative reserves.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughMergerEffectEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Merger Effect, Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughMergerEffectEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger effect (Note 1.a)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DecreaseThroughCallOptionReserveOfNonControllingInterestEquity" xlink:label="teo_DecreaseThroughCallOptionReserveOfNonControllingInterestEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DecreaseThroughCallOptionReserveOfNonControllingInterestEquity" xlink:to="teo_DecreaseThroughCallOptionReserveOfNonControllingInterestEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DecreaseThroughCallOptionReserveOfNonControllingInterestEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The decrease in equity through call option reserve of non-controlling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DecreaseThroughCallOptionReserveOfNonControllingInterestEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease Through Call Option Reserve of Non-Controlling Interest, Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_DecreaseThroughCallOptionReserveOfNonControllingInterestEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Call option reserve</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent" xlink:to="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends recognised as distributions to owners of parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends declared</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseThroughSurplusCapitalizationEquity" xlink:label="teo_IncreaseDecreaseThroughSurplusCapitalizationEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughSurplusCapitalizationEquity" xlink:to="teo_IncreaseDecreaseThroughSurplusCapitalizationEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughSurplusCapitalizationEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in equity through surplus capitalization.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughSurplusCapitalizationEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Surplus Capitalization, Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughSurplusCapitalizationEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Surplus capitalization</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseThroughFacultativeReservePartialReversalForCapitalizationEquity" xlink:label="teo_IncreaseDecreaseThroughFacultativeReservePartialReversalForCapitalizationEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughFacultativeReservePartialReversalForCapitalizationEquity" xlink:to="teo_IncreaseDecreaseThroughFacultativeReservePartialReversalForCapitalizationEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughFacultativeReservePartialReversalForCapitalizationEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in equity through facultative reserve partial reversal for capitalization.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughFacultativeReservePartialReversalForCapitalizationEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Facultative Reserve Partial Reversal for Capitalization, Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughFacultativeReservePartialReversalForCapitalizationEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Facultative reserve partial reversal</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DecreaseThroughFacultativeReservePartialReversalForFutureDividendsPaymentEquity" xlink:label="teo_DecreaseThroughFacultativeReservePartialReversalForFutureDividendsPaymentEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DecreaseThroughFacultativeReservePartialReversalForFutureDividendsPaymentEquity" xlink:to="teo_DecreaseThroughFacultativeReservePartialReversalForFutureDividendsPaymentEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DecreaseThroughFacultativeReservePartialReversalForFutureDividendsPaymentEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The decrease in equity through facultative reserve partial reversal for future dividends payment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DecreaseThroughFacultativeReservePartialReversalForFutureDividendsPaymentEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease Through Facultative Reserve Partial Reversal for Future Dividends Payment, Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_DecreaseThroughFacultativeReservePartialReversalForFutureDividendsPaymentEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Facultative reserve partial reversal</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseThroughShareOnReserveOfControlledCompaniesEquity" xlink:label="teo_IncreaseDecreaseThroughShareOnReserveOfControlledCompaniesEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughShareOnReserveOfControlledCompaniesEquity" xlink:to="teo_IncreaseDecreaseThroughShareOnReserveOfControlledCompaniesEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughShareOnReserveOfControlledCompaniesEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in equity through share on reserve of controlled companies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughShareOnReserveOfControlledCompaniesEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Share on Reserve of Controlled Companies, Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughShareOnReserveOfControlledCompaniesEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share on reserve of Controlled companies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:label="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:to="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through acquisition of subsidiary, equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in CV Berazategui shareholding (Note 3.d.6)</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComprehensiveIncomeAbstract" xlink:label="ifrs-full_ComprehensiveIncomeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Comprehensive income [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComprehensiveIncomeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Comprehensive income:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares issued and fully paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares issued and fully paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NumberOfSharesIssuedAndFullyPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total capital stock (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ParValuePerShare" xlink:label="ifrs-full_ParValuePerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ParValuePerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Par value per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ParValuePerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nominal value (in pesos per share)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ParValuePerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Par value (in argentine peso per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xlink:label="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xlink:to="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares in entity held by entity or by its subsidiaries or associates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TreasuryShares" xlink:label="ifrs-full_TreasuryShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasuryShares" xlink:to="ifrs-full_TreasuryShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasuryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TreasuryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares acquisition cost</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfTreasurySharesHeld" xlink:label="teo_PercentageOfTreasurySharesHeld" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfTreasurySharesHeld" xlink:to="teo_PercentageOfTreasurySharesHeld_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfTreasurySharesHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of treasury shares to total capital.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfTreasurySharesHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Treasury Shares Held</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfTreasurySharesHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of treasury shares to total capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_PercentageOfTreasurySharesHeld_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of treasury shares held</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONSOLIDATED STATEMENTS OF CASH FLOWS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) operating activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to reconcile profit (loss) [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to reconcile net income to net cash flows provided by operating activities</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustmentsForAllowancesDeductedFromAssetsAndProvisions" xlink:label="teo_AdjustmentsForAllowancesDeductedFromAssetsAndProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForAllowancesDeductedFromAssetsAndProvisions" xlink:to="teo_AdjustmentsForAllowancesDeductedFromAssetsAndProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForAllowancesDeductedFromAssetsAndProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for allowances deducted from assets and provisions to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForAllowancesDeductedFromAssetsAndProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for Allowances Deducted from Assets and Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForAllowancesDeductedFromAssetsAndProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowances deducted from assets and provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForDepreciationExpense" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for depreciation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation of property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForAmortisationExpense" xlink:label="ifrs-full_AdjustmentsForAmortisationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForAmortisationExpense" xlink:to="ifrs-full_AdjustmentsForAmortisationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForAmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for amortisation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForAmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates" xlink:label="ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates" xlink:to="ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for undistributed profits of associates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings from associates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of PP&amp;E and Intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:label="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for losses (gains) on disposal of non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposals of PP&amp;E and consumption of materials</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustmentsForFinancialResultsAndOthers" xlink:label="teo_AdjustmentsForFinancialResultsAndOthers" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForFinancialResultsAndOthers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for financial results and others to reconcile profit (loss) to cash flow from (used in) operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForFinancialResultsAndOthers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for Financial Results and Others</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForFinancialResultsAndOthers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial results and others</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:label="ifrs-full_AdjustmentsForIncomeTaxExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for income tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncomeTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax (benefit) expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax paid</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustmentsForNetDecreaseIncreaseInAssets" xlink:label="teo_AdjustmentsForNetDecreaseIncreaseInAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForNetDecreaseIncreaseInAssets" xlink:to="teo_AdjustmentsForNetDecreaseIncreaseInAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForNetDecreaseIncreaseInAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for net decrease (increase) in assets to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForNetDecreaseIncreaseInAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Net Decrease (Increase) In Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForNetDecreaseIncreaseInAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net (increase) decrease in assets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustmentsForNetIncreaseDecreaseInLiabilities" xlink:label="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities" xlink:to="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for net increase (decrease) in liabilities to cash flow from (used in) operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for Net Increase (Decrease) in Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForNetIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net increase (decrease) in liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total cash flows provided by operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) investing activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase of property, plant and equipment, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment acquisitions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities" xlink:label="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities" xlink:to="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for the purchases of license intangible assets, classified as investing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase of Intangible Assets, Licenses, Classified as Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible asset acquisitions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" xlink:label="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" xlink:to="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition in shareholdings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DividendsReceivedClassifiedAsInvestingActivities" xlink:label="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities" xlink:to="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends received, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsReceivedClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from dividends</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProceedsFromMergerTransactions" xlink:label="teo_ProceedsFromMergerTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProceedsFromMergerTransactions" xlink:to="teo_ProceedsFromMergerTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProceedsFromMergerTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from merger transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProceedsFromMergerTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Merger Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProceedsFromMergerTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash incorporated by the merger</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="teo_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="teo_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from sales of property, plant and equipment and intangible assets, classified as investing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Sales of Property, Plant and Equipment and Intangible Assets Classified as Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from the sale of property, plant and equipment and intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:to="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) decrease (increase) in short-term deposits and investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments not considered as cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total cash flows used in investing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from (used in) financing activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from borrowings, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total financial debt proceeds</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of borrowings, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total payment of debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of financial debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest paid, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of interests and related expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total payment of interest and related expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of interest and related expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid, classified as financing activities</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOnRegulatoryFrameworkAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOnRegulatoryFrameworkAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">REGULATORY FRAMEWORK</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOnRegulatoryFrameworkTextBlock" xlink:label="teo_DisclosureOnRegulatoryFrameworkTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOnRegulatoryFrameworkTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure on Regulatory Framework [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOnRegulatoryFrameworkTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">REGULATORY FRAMEWORK</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SummaryOfSignificantAccountingPoliciesAbstract" xlink:label="teo_SummaryOfSignificantAccountingPoliciesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SummaryOfSignificantAccountingPoliciesAbstract" xlink:to="teo_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SIGNIFICANT ACCOUNTING POLICIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of significant accounting policies [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SIGNIFICANT ACCOUNTING POLICIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfBusinessCombinationsAbstract" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger Information</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfCashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Cash, Cash Equivalents, and Investments and Additional Information on Statement of Cash Flows [Text Block]</label>
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    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TradeReceivablesAbstract" xlink:label="teo_TradeReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TradeReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TRADE RECEIVABLES</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfTradeReceivablesTextBlock" xlink:label="teo_DisclosureOfTradeReceivablesTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradeReceivablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Trade Receivables [Text Block]</label>
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    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherReceivablesAbstract" xlink:label="teo_OtherReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">OTHER RECEIVABLES</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfOtherReceivablesTextBlock" xlink:label="teo_DisclosureOfOtherReceivablesTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfInventoriesExplanatory" xlink:label="ifrs-full_DisclosureOfInventoriesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillAbstract" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">GOODWILL</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillExplanatory" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">GOODWILL</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PROPERTY, PLANT AND EQUIPMENT</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of property, plant and equipment [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PROPERTY, PLANT AND EQUIPMENT</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">INTANGIBLE ASSETS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of intangible assets [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">INTANGIBLE ASSETS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherPayablesAbstract" xlink:label="ifrs-full_TradeAndOtherPayablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayablesAbstract" xlink:to="ifrs-full_TradeAndOtherPayablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TRADE PAYABLES</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfTradePayablesTextBlock" xlink:label="teo_DisclosureOfTradePayablesTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfTradePayablesTextBlock" xlink:to="teo_DisclosureOfTradePayablesTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTradePayablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of trade payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradePayablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Trade Payables [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfTradePayablesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TRADE PAYABLES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">FINANCIAL DEBT</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:to="ifrs-full_DisclosureOfBorrowingsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of borrowings [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfBorrowingsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">FINANCIAL DEBT</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xlink:label="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xlink:to="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SALARIES AND SOCIAL SECURITY PAYABLES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:to="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of employee benefits [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SALARIES AND SOCIAL SECURITY PAYABLES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:label="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:to="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDeferredTaxesExplanatory" xlink:label="ifrs-full_DisclosureOfDeferredTaxesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDeferredTaxesExplanatory" xlink:to="ifrs-full_DisclosureOfDeferredTaxesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDeferredTaxesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of deferred taxes [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDeferredTaxesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">DEFERRED INCOME TAX ASSETS/LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxesPayableAbstract" xlink:label="teo_TaxesPayableAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxesPayableAbstract" xlink:to="teo_TaxesPayableAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxesPayableAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxesPayableAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TAXES PAYABLES</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfTaxesPayableTextblock" xlink:label="teo_DisclosureOfTaxesPayableTextblock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfTaxesPayableTextblock" xlink:to="teo_DisclosureOfTaxesPayableTextblock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTaxesPayableTextblock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire disclosure for taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTaxesPayableTextblock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Taxes Payable [TextBlock]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfTaxesPayableTextblock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TAXES PAYABLES</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsOtherLiabilitiesAbstract" xlink:label="teo_IfrsOtherLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsOtherLiabilitiesAbstract" xlink:to="teo_IfrsOtherLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsOtherLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsOtherLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">OTHER LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of other liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOtherLiabilitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">OTHER LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfOtherProvisionsAbstract" xlink:label="ifrs-full_DisclosureOfOtherProvisionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherProvisionsAbstract" xlink:to="ifrs-full_DisclosureOfOtherProvisionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherProvisionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PROVISIONS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfProvisionsExplanatory" xlink:label="ifrs-full_DisclosureOfProvisionsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfProvisionsExplanatory" xlink:to="ifrs-full_DisclosureOfProvisionsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of provisions [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CapitalCommitmentsAbstract" xlink:label="ifrs-full_CapitalCommitmentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CapitalCommitmentsAbstract" xlink:to="ifrs-full_CapitalCommitmentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CapitalCommitmentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">COMMITMENTS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfCommitmentsExplanatory" xlink:label="ifrs-full_DisclosureOfCommitmentsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCommitmentsExplanatory" xlink:to="ifrs-full_DisclosureOfCommitmentsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCommitmentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of commitments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfCommitmentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:to="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of share capital, reserves and other equity interest [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">FINANCIAL INSTRUMENTS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of financial instruments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueAbstract" xlink:label="ifrs-full_RevenueAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_RevenueAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">REVENUES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfRevenueExplanatory" xlink:label="ifrs-full_DisclosureOfRevenueExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRevenueExplanatory" xlink:to="ifrs-full_DisclosureOfRevenueExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRevenueExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of revenue [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfRevenueExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfOperatingExpensesAbstract" xlink:label="teo_DisclosureOfOperatingExpensesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOperatingExpensesAbstract" xlink:to="teo_DisclosureOfOperatingExpensesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOperatingExpensesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOperatingExpensesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">OPERATING EXPENSES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfExpensesExplanatory" xlink:label="ifrs-full_DisclosureOfExpensesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfExpensesExplanatory" xlink:to="ifrs-full_DisclosureOfExpensesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfExpensesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of expenses [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfExpensesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FinancialResultsNetAbstract" xlink:label="teo_FinancialResultsNetAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialResultsNetAbstract" xlink:to="teo_FinancialResultsNetAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialResultsNetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialResultsNetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">FINANCIAL RESULTS, NET</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FinancialResultsNetExplanatoryTextBlock" xlink:label="teo_FinancialResultsNetExplanatoryTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialResultsNetExplanatoryTextBlock" xlink:to="teo_FinancialResultsNetExplanatoryTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialResultsNetExplanatoryTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of financial results.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialResultsNetExplanatoryTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Results Net Explanatory [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FinancialResultsNetExplanatoryTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">FINANCIAL RESULTS, NET</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="ifrs-full_EarningsPerShareAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareAbstract" xlink:to="ifrs-full_EarningsPerShareAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">EARNINGS PER SHARE</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings Per Share [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">EARNINGS PER SHARE</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract" xlink:to="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">FINANCIAL RISK MANAGEMENT</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:to="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of financial risk management [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">FINANCIAL RISK MANAGEMENT</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:to="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of related party [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfRelatedPartyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract" xlink:to="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">RESTRICTIONS ON DISTRIBUTION OF PROFITS</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RestrictionsOnDistributionOfProfitsAndDividends" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividends" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RestrictionsOnDistributionOfProfitsAndDividends" xlink:to="teo_RestrictionsOnDistributionOfProfitsAndDividends_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividends_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The entire discloser refers to restrictions on distribution of profits and dividends.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividends_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restrictions on Distribution of Profits and Dividends.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RestrictionsOnDistributionOfProfitsAndDividends_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">RESTRICTIONS ON DISTRIBUTION OF PROFITS</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for going concern.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Going Concern [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Going Concern</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for foreign currency translation [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Translation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for functional currency [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Transactions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for consolidation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Consolidation [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for recognition of revenue [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for financial instruments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for measuring inventories [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for property, plant and equipment [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for intangible assets other than goodwill [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for goodwill [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for leases [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for impairment of assets [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of PP&amp;E, Intangible Assets and Goodwill</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for other liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Other Liabilities [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for salaries and social security payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Salaries and Social Security Payables [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and Social Security Payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for income tax [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes Payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for provisions [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for dividends [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for finance income and costs [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Financial Costs and Other Financial Results, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for treasury shares [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition of Treasury Shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of accounting policy for earnings per share [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings per share</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DescriptionOfAccountingPolicyForAdoptionOfIfrs15RevenueFromContractsWithCustomersPolicyTextBlock" xlink:label="teo_DescriptionOfAccountingPolicyForAdoptionOfIfrs15RevenueFromContractsWithCustomersPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DescriptionOfAccountingPolicyForAdoptionOfIfrs15RevenueFromContractsWithCustomersPolicyTextBlock" xlink:to="teo_DescriptionOfAccountingPolicyForAdoptionOfIfrs15RevenueFromContractsWithCustomersPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DescriptionOfAccountingPolicyForAdoptionOfIfrs15RevenueFromContractsWithCustomersPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The description of the entity's accounting policy for Adoption of IFRS 15 (Revenue from Contracts with Customers).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DescriptionOfAccountingPolicyForAdoptionOfIfrs15RevenueFromContractsWithCustomersPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of Accounting Policy for Adoption of IFRS 15 Revenue from Contracts with Customers [Policy Text Block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfInterestsInAssociatesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of interests in associates [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfInterestsInAssociatesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of information of investments in associates (*)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScheduleOfEarningInformationInAssociatesTableTextBlock" xlink:label="teo_ScheduleOfEarningInformationInAssociatesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfEarningInformationInAssociatesTableTextBlock" xlink:to="teo_ScheduleOfEarningInformationInAssociatesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfEarningInformationInAssociatesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of earnings information in associates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfEarningInformationInAssociatesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Earning Information In Associates [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScheduleOfEarningInformationInAssociatesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of earnings information in associates</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock" xlink:label="teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock" xlink:to="teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of the changes in assets/liabilities components.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Changes in Assets and Liabilities Components [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of changes in assets/liabilities components</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock" xlink:label="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock" xlink:to="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of the main non-cash operating transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Main Non-Cash Operating Transactions [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of main non-cash operating transactions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock" xlink:label="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock" xlink:to="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of the financing activities components.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Financing Activities Components [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of main financing activities components</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory" xlink:to="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of reconciliation of liabilities arising from financing activities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of additional information required by IAS 7</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfTradeReceivablesTableTextBlock" xlink:label="teo_DisclosureOfTradeReceivablesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfTradeReceivablesTableTextBlock" xlink:to="teo_DisclosureOfTradeReceivablesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTradeReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of current and non-current trade receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradeReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Trade Receivables [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfTradeReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary of trade receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock" xlink:label="teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock" xlink:to="teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of movements in the allowance for doubtful accounts on trade receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Movements in Allowance for Doubtful Accounts on Trade Receivables [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in the allowance for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfOtherReceivablesTableTextBlock" xlink:label="teo_DisclosureOfOtherReceivablesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOtherReceivablesTableTextBlock" xlink:to="teo_DisclosureOfOtherReceivablesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOtherReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of detailed information about other receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOtherReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Other Receivables [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOtherReceivablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of other receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfChangesInAllowancesTableTextBlock" xlink:label="teo_DisclosureOfChangesInAllowancesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfChangesInAllowancesTableTextBlock" xlink:to="teo_DisclosureOfChangesInAllowancesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfChangesInAllowancesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of changes in the allowances.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfChangesInAllowancesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Changes in Allowances [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfChangesInAllowancesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in the allowances</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsScheduleOfInventoryCurrentTableTextBlock" xlink:label="teo_IfrsScheduleOfInventoryCurrentTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsScheduleOfInventoryCurrentTableTextBlock" xlink:to="teo_IfrsScheduleOfInventoryCurrentTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsScheduleOfInventoryCurrentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsScheduleOfInventoryCurrentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Schedule of Inventory Current Table Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsScheduleOfInventoryCurrentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of inventories</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfGoodwillExplanatory" xlink:label="ifrs-full_DisclosureOfGoodwillExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGoodwillExplanatory" xlink:to="ifrs-full_DisclosureOfGoodwillExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGoodwillExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of goodwill [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfGoodwillExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about property, plant and equipment [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock" xlink:label="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock" xlink:to="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of reconciliation of changes in valuation allowance and impairment of materials, property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Reconciliation of Changes in Valuation Allowance and Impairment of Materials, Property, Plant and Equipment [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in valuation allowance for materials and impairment of materials</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock" xlink:label="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock" xlink:to="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of reconciliation of changes in impairment, property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Reconciliation of Changes in Impairment, Property, Plant and Equipment [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in the impairment of PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock" xlink:label="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock" xlink:to="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of reconciliation of changes in property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Reconciliation of Changes in Property, Plant and Equipment [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of nature and movements of property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of intangible assets material to entity [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsMaterialToEntityExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Intangible assets</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfMovementsInImpairmentOfIntangibleAssetsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Movements in the Impairment of Intangible Assets [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfMovementsInImpairmentOfIntangibleAssetsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in the impairment of Intangible assets</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfChangesInAllowancesOfIntangibleAssetsTabletextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of changes in allowances of intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfChangesInAllowancesOfIntangibleAssetsTabletextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Changes in Allowances of Intangible Assets [TableText Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfChangesInAllowancesOfIntangibleAssetsTabletextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in the allowances of intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfTradePayablesTableTextBlock" xlink:label="teo_DisclosureOfTradePayablesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTradePayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of the trade payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradePayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Trade Payables [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfTradePayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Trade Payables</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about borrowings [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of current and non-current financial debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xlink:label="ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of maturity analysis for non-derivative financial liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of outstanding loans (Ncleo)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock" xlink:label="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock" xlink:to="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of salaries and social security payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Salaries and Social Security Payables [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xlink:to="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of temporary difference, unused tax losses and unused tax credits [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of deferred income tax assets and liabilities, net and the actions for recourse tax receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScheduleOfMaturitiesOfEstimatedTaxCarryforwardTableTextBlock" xlink:label="teo_ScheduleOfMaturitiesOfEstimatedTaxCarryforwardTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfMaturitiesOfEstimatedTaxCarryforwardTableTextBlock" xlink:to="teo_ScheduleOfMaturitiesOfEstimatedTaxCarryforwardTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfMaturitiesOfEstimatedTaxCarryforwardTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of maturities of estimated tax carryforwards.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfMaturitiesOfEstimatedTaxCarryforwardTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Maturities of Estimated Tax Carryforward [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScheduleOfMaturitiesOfEstimatedTaxCarryforwardTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of maturities of estimated tax carryforward</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:label="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of income tax benefit (expense)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:label="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:to="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of income tax reconciliation between amounts computed based on statutory income tax rate and pre-tax income</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScheduleOfTaxesPayableTabletextblock" xlink:label="teo_ScheduleOfTaxesPayableTabletextblock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfTaxesPayableTabletextblock" xlink:to="teo_ScheduleOfTaxesPayableTabletextblock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfTaxesPayableTabletextblock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of detailed information about taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfTaxesPayableTabletextblock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Taxes Payable [TableTextBlock]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScheduleOfTaxesPayableTabletextblock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of taxes payable</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfOtherLiabilitiesTableTextBlock" xlink:label="teo_DisclosureOfOtherLiabilitiesTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOtherLiabilitiesTableTextBlock" xlink:to="teo_DisclosureOfOtherLiabilitiesTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOtherLiabilitiesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of detailed information about other liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOtherLiabilitiesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Other Liabilities [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOtherLiabilitiesTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of other liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xlink:to="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of net defined benefit liability (asset) [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of movements in the pension benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfOtherProvisionsExplanatory" xlink:label="ifrs-full_DisclosureOfOtherProvisionsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherProvisionsExplanatory" xlink:to="ifrs-full_DisclosureOfOtherProvisionsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of other provisions [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOtherProvisionsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of non-adjusting events after reporting period [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of non-adjusting events after reporting period [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfSharesIssuedAbstract" xlink:label="ifrs-full_NumberOfSharesIssuedAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssuedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares issued [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesIssuedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfCompanySEquityTableTextBlock" xlink:label="teo_DisclosureOfCompanySEquityTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfCompanySEquityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of the company's equity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfCompanySEquityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Company's Equity [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfCompanySEquityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of entity's equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of classes of share capital [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of entity's capital breakdown as of December 31, 2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about financial instruments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of financial assets and financial liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock" xlink:label="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock" xlink:to="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of gains and losses of financial instruments by category.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Gains and Losses of Financial Instruments by Category [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of gains and losses of financial instruments by category</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory" xlink:to="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of offsetting of financial assets and financial liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of offsetting of financial assets and financial liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock" xlink:label="teo_DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock" xlink:to="teo_DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of Service revenues by type of service.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Service Revenues By Type Of Service [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary of Service revenues by type of service</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfMainComponentsOfOperatingExpenseTextBlock" xlink:label="teo_DisclosureOfMainComponentsOfOperatingExpenseTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfMainComponentsOfOperatingExpenseTextBlock" xlink:to="teo_DisclosureOfMainComponentsOfOperatingExpenseTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfMainComponentsOfOperatingExpenseTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of main components of operating expense. [Refer: Other operating income (expense)]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfMainComponentsOfOperatingExpenseTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of main components of operating expense [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfMainComponentsOfOperatingExpenseTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of operating expense main components</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock" xlink:label="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock" xlink:to="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of operating expenses, categorised by function.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Operating Expenses, By Function [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of operating expenses disclosed per function</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory" xlink:to="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of finance lease and operating lease by lessee [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Future minimum lease payments on non cancellable operating lease agreements</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfFinancialResultsTableTextBlock" xlink:label="teo_DisclosureOfFinancialResultsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfFinancialResultsTableTextBlock" xlink:to="teo_DisclosureOfFinancialResultsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfFinancialResultsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tabular disclosure of financial results.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfFinancialResultsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Financial Results [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfFinancialResultsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of financial results, net</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock" xlink:label="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock" xlink:to="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of detailed information about net assessed financial position exposure to currency risk.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Financial Position Exposure to Currency Risk [Table text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of financial assets and liabilities denominated in foreign currencies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfCreditRiskExposureExplanatory" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCreditRiskExposureExplanatory" xlink:to="ifrs-full_DisclosureOfCreditRiskExposureExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of credit risk exposure [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of theoretical exposure to credit risk</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock" xlink:label="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock" xlink:to="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The disclosure of detailed information about working capital breakdown and its main variations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Working Capital Breakdown and its Main Variations [Table text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of working capital breakdown and its main variations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:label="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:to="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of maturity analysis for derivative financial liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of breakdown of financial liabilities into relevant maturity groups</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of transactions between related parties [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of balances and transactions with related parties</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable" xlink:to="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to description of business and basis of preparation of the financial statements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Description Of Business And Basis Of Preparation Of The Financial Statements [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiaries [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForSubsidiariesMember" xlink:to="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entitys Total For Subsidiaries [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity's total for subsidiaries [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NucleoMember" xlink:label="teo_NucleoMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NucleoMember" xlink:to="teo_NucleoMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Nucleo.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NucleoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PersonalEnviosMember" xlink:label="teo_PersonalEnviosMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalEnviosMember" xlink:to="teo_PersonalEnviosMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalEnviosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Personal Envios.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalEnviosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Envios [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalEnviosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Envios</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TelecomUsaMember" xlink:label="teo_TelecomUsaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelecomUsaMember" xlink:to="teo_TelecomUsaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelecomUsaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Telecom USA.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelecomUsaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom Usa [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelecomUsaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom USA</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MicroSistemasMember" xlink:label="teo_MicroSistemasMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MicroSistemasMember" xlink:to="teo_MicroSistemasMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MicroSistemasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Micro Sistemas.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MicroSistemasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Micro Sistemas [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MicroSistemasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Micro Sistemas</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PemS.a.Member" xlink:label="teo_PemS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PemS.a.Member" xlink:to="teo_PemS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PemS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Pem S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PemS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pem S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PemS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pem</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CvBerazateguiMember" xlink:label="teo_CvBerazateguiMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CvBerazateguiMember" xlink:to="teo_CvBerazateguiMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CvBerazateguiMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for CV Berazategui.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CvBerazateguiMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cv Berazategui [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CvBerazateguiMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CV Berazategui</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CableImagenMember" xlink:label="teo_CableImagenMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CableImagenMember" xlink:to="teo_CableImagenMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CableImagenMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Cable Imagen.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CableImagenMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cable Imagen [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CableImagenMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cable Imagen</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TelevisinDirigidaMember" xlink:label="teo_TelevisinDirigidaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelevisinDirigidaMember" xlink:to="teo_TelevisinDirigidaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelevisinDirigidaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Televisin Dirigida.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelevisinDirigidaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Televisin Dirigida [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelevisinDirigidaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Television Dirigida</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdesolMember" xlink:label="teo_AdesolMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdesolMember" xlink:to="teo_AdesolMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdesolMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Adesol.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdesolMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adesol [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdesolMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adesol</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_UltimaMillaMember" xlink:label="teo_UltimaMillaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UltimaMillaMember" xlink:to="teo_UltimaMillaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UltimaMillaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Ultima Milla.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UltimaMillaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ultima Milla [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UltimaMillaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ultima Milla</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AvcContinenteAudiovisualMember" xlink:label="teo_AvcContinenteAudiovisualMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AvcContinenteAudiovisualMember" xlink:to="teo_AvcContinenteAudiovisualMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AvcContinenteAudiovisualMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for AVC Continente Audiovisual.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AvcContinenteAudiovisualMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Avc Continente Audiovisual [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AvcContinenteAudiovisualMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">AVC Continente Audiovisual</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InterRadiosMember" xlink:label="teo_InterRadiosMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterRadiosMember" xlink:to="teo_InterRadiosMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterRadiosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Inter Radios.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterRadiosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inter Radios [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InterRadiosMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inter Radios</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems" xlink:to="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:to="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proportion of ownership interest in subsidiary</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of direct/indirect interest in capital stock and votes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership percentage by parent</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:to="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of voting equity interests acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of interest on stake</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition percentage</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of operating segments [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of operating segments [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment financial information</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets" xlink:label="teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets" xlink:to="teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of operating costs without depreciation and amortization and impairment of PP&amp;E and Intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Costs Without Depreciation and Amortization and Impairment of PP&amp;E and Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating costs without depreciation, amortization and impairment of PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfGeographicalAreasTable" xlink:label="ifrs-full_DisclosureOfGeographicalAreasTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeographicalAreasTable" xlink:to="ifrs-full_DisclosureOfGeographicalAreasTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeographicalAreasTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of geographical areas [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:label="ifrs-full_DisclosureOfGeographicalAreasLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:to="ifrs-full_DisclosureOfGeographicalAreasLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeographicalAreasLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of geographical areas [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfGeographicalAreasLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographic information</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PropertyPlantAndEquipmentGoodwillAndIntangibleAssets" xlink:label="teo_PropertyPlantAndEquipmentGoodwillAndIntangibleAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PropertyPlantAndEquipmentGoodwillAndIntangibleAssets" xlink:to="teo_PropertyPlantAndEquipmentGoodwillAndIntangibleAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PropertyPlantAndEquipmentGoodwillAndIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of Property plant and equipment, Goodwill and Intangible assets of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PropertyPlantAndEquipmentGoodwillAndIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property Plant and Equipment, Goodwill and Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PropertyPlantAndEquipmentGoodwillAndIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E, Goodwill and Intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquiree" xlink:label="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquiree" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquiree" xlink:to="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquiree_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquiree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of voting rights in surviving company for former shareholders of acquiree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquiree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Voting Rights in Surviving Company for Former Shareholders of Acquiree</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquiree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of voting rights in surviving company for former shareholders of acquiree</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquirer" xlink:label="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquirer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquirer" xlink:to="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquirer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquirer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of voting rights in surviving company for former shareholders of acquirer.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquirer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Voting Rights in Surviving Company for Former Shareholders of Acquirer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquirer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of voting rights in surviving company for former shareholders of acquirer</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ConsumerPriceIndexAbstract" xlink:label="teo_ConsumerPriceIndexAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConsumerPriceIndexAbstract" xlink:to="teo_ConsumerPriceIndexAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConsumerPriceIndexAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConsumerPriceIndexAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in Prices</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AmountOfNationalConsumerPriceIndex" xlink:label="teo_AmountOfNationalConsumerPriceIndex" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmountOfNationalConsumerPriceIndex" xlink:to="teo_AmountOfNationalConsumerPriceIndex_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmountOfNationalConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of National Consumer Price Index.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmountOfNationalConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount Of National Consumer Price Index</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AmountOfNationalConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of National CPI</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfYearsOfAccumulatedPriceIndex" xlink:label="teo_NumberOfYearsOfAccumulatedPriceIndex" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfYearsOfAccumulatedPriceIndex" xlink:to="teo_NumberOfYearsOfAccumulatedPriceIndex_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfYearsOfAccumulatedPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the duration of accumulated Price Index under both Consumer price index and wholesale price index.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfYearsOfAccumulatedPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Of Years of Accumulated Price Index</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfYearsOfAccumulatedPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of years of accumulated consumer price index</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfConsumerPriceIndex" xlink:label="teo_PercentageOfConsumerPriceIndex" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfConsumerPriceIndex" xlink:to="teo_PercentageOfConsumerPriceIndex_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of consumer price index over a period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Consumer Price Index</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Annual (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfAccumulatedConsumerPriceIndex" xlink:label="teo_PercentageOfAccumulatedConsumerPriceIndex" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfAccumulatedConsumerPriceIndex" xlink:to="teo_PercentageOfAccumulatedConsumerPriceIndex_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfAccumulatedConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of accumulated Consumer Price Index.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfAccumulatedConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Accumulated Consumer Price Index</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfAccumulatedConsumerPriceIndex_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated 3 years (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOnRegulatoryFrameworkTable" xlink:label="teo_DisclosureOnRegulatoryFrameworkTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOnRegulatoryFrameworkTable" xlink:to="teo_DisclosureOnRegulatoryFrameworkTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOnRegulatoryFrameworkTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to regulatory framework.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOnRegulatoryFrameworkTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure on Regulatory Framework [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsTypeOfArrangementAxis" xlink:label="teo_IfrsTypeOfArrangementAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsTypeOfArrangementAxis" xlink:to="teo_IfrsTypeOfArrangementAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsTypeOfArrangementAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information by category of arrangement, including but not limited to collaborative arrangements and non-collaborative arrangements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsTypeOfArrangementAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Type Of Arrangement [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsArrangementsAndNonarrangementTransactionsDomain" xlink:label="teo_IfrsArrangementsAndNonarrangementTransactionsDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsArrangementsAndNonarrangementTransactionsDomain" xlink:to="teo_IfrsArrangementsAndNonarrangementTransactionsDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsArrangementsAndNonarrangementTransactionsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This item is to be populated with the collective of (i) types (categories) of arrangements of the entity applicable to its revenue-generating activities or operations and non-arrangement transactions, including but not limited to, for instance, sales of product manufactured by the entity, if such comparison of arrangements as a component of all transactions is provided by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsArrangementsAndNonarrangementTransactionsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Arrangements And Nonarrangement Transactions [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsArrangementsAndNonarrangementTransactionsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Arrangements And Nonarrangement Transactions [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember" xlink:label="teo_MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember" xlink:to="teo_MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for license agreement to provide mobile telecommunication services (STM and PCS) and to provide installation and provision of Internet and Data throughout Paraguay.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Telecommunication Services License Installation And Provision Of Internet And Data License Agreement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">License agreement for STM and PCS, installation and provision of Internet and Data</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOnRegulatoryFrameworkLineItems" xlink:label="teo_DisclosureOnRegulatoryFrameworkLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOnRegulatoryFrameworkLineItems" xlink:to="teo_DisclosureOnRegulatoryFrameworkLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOnRegulatoryFrameworkLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOnRegulatoryFrameworkLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure on Regulatory Framework [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOnRegulatoryFrameworkLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory framework</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfLicenseesProvidingSubscriptionBroadcastingServices" xlink:label="teo_NumberOfLicenseesProvidingSubscriptionBroadcastingServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfLicenseesProvidingSubscriptionBroadcastingServices" xlink:to="teo_NumberOfLicenseesProvidingSubscriptionBroadcastingServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfLicenseesProvidingSubscriptionBroadcastingServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of licencees that provide subscription broadcasting services and are subject to the control of Communication Services Regulatory Unit ("URSEC').</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfLicenseesProvidingSubscriptionBroadcastingServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Licensees Providing Subscription Broadcasting Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfLicenseesProvidingSubscriptionBroadcastingServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of licensees</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TermOfLicenseAgreement" xlink:label="teo_TermOfLicenseAgreement" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TermOfLicenseAgreement" xlink:to="teo_TermOfLicenseAgreement_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TermOfLicenseAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the term of the license agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TermOfLicenseAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of the License Agreement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TermOfLicenseAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of the license agreement</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RenewableTermOfLicenseAgreement" xlink:label="teo_RenewableTermOfLicenseAgreement" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RenewableTermOfLicenseAgreement" xlink:to="teo_RenewableTermOfLicenseAgreement_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RenewableTermOfLicenseAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the renewable term of the license agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RenewableTermOfLicenseAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Renewable Term of License Agreement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RenewableTermOfLicenseAgreement_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Renewable term of license</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AuctionedFrequencyBandSpectrum" xlink:label="teo_AuctionedFrequencyBandSpectrum" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AuctionedFrequencyBandSpectrum" xlink:to="teo_AuctionedFrequencyBandSpectrum_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AuctionedFrequencyBandSpectrum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the frequency band auctioned.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AuctionedFrequencyBandSpectrum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Auctioned Frequency Band Spectrum</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AuctionedFrequencyBandSpectrum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Frequency of band spectrum</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink" xlink:label="teo_ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink" xlink:to="teo_ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of extension for the use of frequency spectrum to radioelectric link provided by subscription license holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extension Period for Using Frequency Spectrum to Radioelectric Link</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of extension</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices" xlink:label="teo_ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices" xlink:to="teo_ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extension Period for Prohibition from Providing Broadcasting under Subscription Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extension Period for Prohibition from Providing Broadcasting under Subscription Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional term of extension</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws" xlink:label="teo_ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws" xlink:to="teo_ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of extension for deadline for the preparation of the draft reform of Laws LSCA and LAD.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extension Period for Preparation of Draft Reform of LSCA and LAD Laws</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extension of period for LSCA and LAD</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ExtensionPeriodForAnalysisAndPublicationOfItcBill" xlink:label="teo_ExtensionPeriodForAnalysisAndPublicationOfItcBill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ExtensionPeriodForAnalysisAndPublicationOfItcBill" xlink:to="teo_ExtensionPeriodForAnalysisAndPublicationOfItcBill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ExtensionPeriodForAnalysisAndPublicationOfItcBill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of extension for analysis and publication of the ITC Bill.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ExtensionPeriodForAnalysisAndPublicationOfItcBill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extension Period for Analysis and Publication of ITC Bill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ExtensionPeriodForAnalysisAndPublicationOfItcBill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extension of period for ITC Bill</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices" xlink:label="teo_ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices" xlink:to="teo_ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The extension period for Promotion of Deployment of Infrastructure and Competition of Information Technology and Communication Services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extension Period for Promotion of Deployment of Infrastructure and Competition of Information Technology and Communication Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extension period for ITCS</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks" xlink:label="teo_PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks" xlink:to="teo_PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for protection of last-mile fixed of new generation networks.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for Protection of Last-mile Fixed of New Generation Networks</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for protection of last-mile fixed of new generation networks</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodForAsymmetricInterconnectionRatesForMobileServices" xlink:label="teo_PeriodForAsymmetricInterconnectionRatesForMobileServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodForAsymmetricInterconnectionRatesForMobileServices" xlink:to="teo_PeriodForAsymmetricInterconnectionRatesForMobileServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodForAsymmetricInterconnectionRatesForMobileServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for protection of last-mile fixed of new generation networks.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodForAsymmetricInterconnectionRatesForMobileServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for Asymmetric Interconnection Rates for Mobile Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodForAsymmetricInterconnectionRatesForMobileServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asymmetric interconnection rates period</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders" xlink:label="teo_PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders" xlink:to="teo_PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for providing rule concerning the automatic national roaming service, forcing mobile services providers.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Allowed for Automatic National Roaming Service and Forcing Mobile Service Providers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum period allowed for Automatic national roaming service, forcing mobile service providers</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IctServicesLicenseAgreementMember" xlink:label="teo_IctServicesLicenseAgreementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IctServicesLicenseAgreementMember" xlink:to="teo_IctServicesLicenseAgreementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IctServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for license agreements related to ICT Services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IctServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ict Services License Agreement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IctServicesLicenseAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ICT Services</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ContributionToSuFundPercentageOfTotalAccruedRevenues" xlink:label="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues" xlink:to="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of total accrued revenues licensees are required to contribute to the SU Fund.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contribution to Su Fund, Percentage of Total Accrued Revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ContributionToSuFundPercentageOfTotalAccruedRevenues_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contribution to SU Fund, percentage</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund" xlink:label="teo_PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund" xlink:to="teo_PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of teledensity required to be maintained by local service providers.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Teledensity Considered for Exemption from Contribution to SU Fund</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum percentage of teledensity required for not providing contribution to SU fund</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_UnrecordedAccountsReceivable" xlink:label="teo_UnrecordedAccountsReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UnrecordedAccountsReceivable" xlink:to="teo_UnrecordedAccountsReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of the estimated accounts receivable yet to be recorded.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded accounts receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InvestmentsIncludedInUnrecordedAccountsReceivable" xlink:label="teo_InvestmentsIncludedInUnrecordedAccountsReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestmentsIncludedInUnrecordedAccountsReceivable" xlink:to="teo_InvestmentsIncludedInUnrecordedAccountsReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestmentsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of investments in high-cost areas included in the unrecorded accounts receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestmentsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments Included in the Unrecorded Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestmentsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments included in the unrecorded accounts receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DeductionsIncludedInUnrecordedAccountsReceivable" xlink:label="teo_DeductionsIncludedInUnrecordedAccountsReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeductionsIncludedInUnrecordedAccountsReceivable" xlink:to="teo_DeductionsIncludedInUnrecordedAccountsReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeductionsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of deductions that were objected by the SC Resolutions included in the unrecorded accounts receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeductionsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deductions Included in the Unrecorded Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeductionsIncludedInUnrecordedAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deductions included in the unrecorded accounts receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission" xlink:label="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission" xlink:to="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of deposit liability, as required by the Argentine National Communications Commission (CNC).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit Liability Required by the Argentine National Communications Commission</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit payable, as required by the CNC</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DepositsWithBanks" xlink:label="teo_DepositsWithBanks" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DepositsWithBanks" xlink:to="teo_DepositsWithBanks_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DepositsWithBanks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of deposit with the banks.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DepositsWithBanks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposits With Banks</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DepositsWithBanks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposits with the Bank, SU</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest" xlink:label="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest" xlink:to="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of deposit under protest with the Argentine National Communications Commission (CNC).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposits With Argentine National Communications Commission, Under Protest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposits with the CNC, under protest</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AuctionedFrequencyBandsUsagePeriod" xlink:label="teo_AuctionedFrequencyBandsUsagePeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AuctionedFrequencyBandsUsagePeriod" xlink:to="teo_AuctionedFrequencyBandsUsagePeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AuctionedFrequencyBandsUsagePeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period of usage for the auctioned frequency bands awarded, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AuctionedFrequencyBandsUsagePeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Auctioned Frequency Bands, Usage Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AuctionedFrequencyBandsUsagePeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Usage period of the auctioned frequency bands</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FrequencyBandAwardedOne" xlink:label="teo_FrequencyBandAwardedOne" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FrequencyBandAwardedOne" xlink:to="teo_FrequencyBandAwardedOne_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FrequencyBandAwardedOne_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the first frequency band awarded to the company by the SC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FrequencyBandAwardedOne_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Frequency Band Awarded, One</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FrequencyBandAwardedOne_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Frequency band awarded, one (in MHz)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FrequencyBandAwardedTwo" xlink:label="teo_FrequencyBandAwardedTwo" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FrequencyBandAwardedTwo" xlink:to="teo_FrequencyBandAwardedTwo_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FrequencyBandAwardedTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the second frequency band awarded to the company by the SC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FrequencyBandAwardedTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Frequency Band Awarded, Two</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FrequencyBandAwardedTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Frequency band awarded, two (in MHz)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodForMigrationOfUsersFromPreExistingServices" xlink:label="teo_PeriodForMigrationOfUsersFromPreExistingServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodForMigrationOfUsersFromPreExistingServices" xlink:to="teo_PeriodForMigrationOfUsersFromPreExistingServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodForMigrationOfUsersFromPreExistingServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period for migration of users from pre-existing services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodForMigrationOfUsersFromPreExistingServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for Migration of Users from Pre-Existing Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodForMigrationOfUsersFromPreExistingServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Migration period</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodGrantedForSpectrumAllocation" xlink:label="teo_PeriodGrantedForSpectrumAllocation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodGrantedForSpectrumAllocation" xlink:to="teo_PeriodGrantedForSpectrumAllocation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodGrantedForSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period granted for spectrum allocation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodGrantedForSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Granted for Spectrum Allocation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodGrantedForSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Spectrum allocation period</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation" xlink:label="teo_NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation" xlink:to="teo_NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of areas that are free of interference in spectrum allocation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Areas that are Free of Interference in Spectrum Allocation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of areas free of interference in spectrum allocation</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfProvincialCapitalsCoveredInSpectrumAllocation" xlink:label="teo_NumberOfProvincialCapitalsCoveredInSpectrumAllocation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfProvincialCapitalsCoveredInSpectrumAllocation" xlink:to="teo_NumberOfProvincialCapitalsCoveredInSpectrumAllocation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfProvincialCapitalsCoveredInSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of provincial capitals covered in spectrum allocation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfProvincialCapitalsCoveredInSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Provincial Capitals Covered in Spectrum Allocation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfProvincialCapitalsCoveredInSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of provincial capitals in spectrum allocation</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AmountPayableForSpectrumAllocation" xlink:label="teo_AmountPayableForSpectrumAllocation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmountPayableForSpectrumAllocation" xlink:to="teo_AmountPayableForSpectrumAllocation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmountPayableForSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount to be paid on demand for spectrum allocation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmountPayableForSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount Payable for Spectrum Allocation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AmountPayableForSpectrumAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount payable for spectrum allocation</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfPenaltyOnSpectrumValue" xlink:label="teo_PercentageOfPenaltyOnSpectrumValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfPenaltyOnSpectrumValue" xlink:to="teo_PercentageOfPenaltyOnSpectrumValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfPenaltyOnSpectrumValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of penalty on spectrum value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfPenaltyOnSpectrumValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Penalty on Spectrum Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfPenaltyOnSpectrumValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Penalty percentage on spectrum allocation</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DepositPayableForLicenseAcquisition" xlink:label="teo_DepositPayableForLicenseAcquisition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DepositPayableForLicenseAcquisition" xlink:to="teo_DepositPayableForLicenseAcquisition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DepositPayableForLicenseAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount to be paid as deposit to acquire license on the entity getting prequalified.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DepositPayableForLicenseAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit Payable For License Acquisition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DepositPayableForLicenseAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deposit to be paid</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfSubBandsAwarded" xlink:label="teo_NumberOfSubBandsAwarded" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfSubBandsAwarded" xlink:to="teo_NumberOfSubBandsAwarded_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfSubBandsAwarded_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of sub-bands awarded under the license acquisitions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfSubBandsAwarded_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Of Sub-bands Awarded</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfSubBandsAwarded_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of sub-bands awarded</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_LicenseAcquisitionsConsiderationPaidForEachSubBand" xlink:label="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand" xlink:to="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of consideration for each sub-band paid for acquisition of licenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">License Acquisitions, Consideration Paid For Each Sub-band</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LicenseAcquisitionsConsiderationPaidForEachSubBand_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consideration paid for each sub-bands</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CancellationOfSubBandAuctionPrice" xlink:label="teo_CancellationOfSubBandAuctionPrice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CancellationOfSubBandAuctionPrice" xlink:to="teo_CancellationOfSubBandAuctionPrice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CancellationOfSubBandAuctionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cancellation amount of the sub-band auction paid.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CancellationOfSubBandAuctionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cancellation Of Sub Band Auction Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CancellationOfSubBandAuctionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Auction price cancellation</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices" xlink:label="teo_PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices" xlink:to="teo_PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period grated for license of Cellular Mobile Telephony and Internet Access and Data Transmission Services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of License for Cellular Mobile Telephony and Internet Access and Data Transmission Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">License period for Cellular Mobile Telephony and Internet Access and Data Transmission Services</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfLicenseesProvidingSubscriptionTelevisionServices" xlink:label="teo_NumberOfLicenseesProvidingSubscriptionTelevisionServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfLicenseesProvidingSubscriptionTelevisionServices" xlink:to="teo_NumberOfLicenseesProvidingSubscriptionTelevisionServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfLicenseesProvidingSubscriptionTelevisionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of licensees providing subscription television services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfLicenseesProvidingSubscriptionTelevisionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Licensees Providing Subscription Television Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfLicenseesProvidingSubscriptionTelevisionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of licensees for subscription television services</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum" xlink:label="teo_TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum" xlink:to="teo_TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The term of non satellite audiovisual communication services spectrum.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of Non Satellite Audiovisual Communication Services Spectrum</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term non-satellite audiovisual communication services spectrum</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfDaysToExtendBusiness" xlink:label="teo_NumberOfDaysToExtendBusiness" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfDaysToExtendBusiness" xlink:to="teo_NumberOfDaysToExtendBusiness_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfDaysToExtendBusiness_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of days to extend business.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfDaysToExtendBusiness_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Days to Extend Business</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfDaysToExtendBusiness_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of days to extend business</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfRepresentatives" xlink:label="teo_NumberOfRepresentatives" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfRepresentatives" xlink:to="teo_NumberOfRepresentatives_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfRepresentatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of representatives.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfRepresentatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Representatives</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfRepresentatives_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of representatives</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfWorkingDaysToSetProvisionalInterconnectionCharges" xlink:label="teo_NumberOfWorkingDaysToSetProvisionalInterconnectionCharges" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfWorkingDaysToSetProvisionalInterconnectionCharges" xlink:to="teo_NumberOfWorkingDaysToSetProvisionalInterconnectionCharges_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfWorkingDaysToSetProvisionalInterconnectionCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of working days required to set provisional interconnection charges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfWorkingDaysToSetProvisionalInterconnectionCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Working Days to Set Provisional Interconnection Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfWorkingDaysToSetProvisionalInterconnectionCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of working days to set provisional interconnection charges</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfBusinessDays" xlink:label="teo_NumberOfBusinessDays" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfBusinessDays" xlink:to="teo_NumberOfBusinessDays_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfBusinessDays_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of business days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfBusinessDays_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Business Days</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfBusinessDays_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of business days to present the Reference Offer to ENACOM</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProvisionalChargeForCommunicationServicesPerMinute" xlink:label="teo_ProvisionalChargeForCommunicationServicesPerMinute" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionalChargeForCommunicationServicesPerMinute" xlink:to="teo_ProvisionalChargeForCommunicationServicesPerMinute_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionalChargeForCommunicationServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of provisional charge for communication services per minute.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionalChargeForCommunicationServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisional Charge for Communication Services Per Minute</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionalChargeForCommunicationServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisional charge for communication services per minute</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProvisionalChargeForLocalTerminationServicesPerMinute" xlink:label="teo_ProvisionalChargeForLocalTerminationServicesPerMinute" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionalChargeForLocalTerminationServicesPerMinute" xlink:to="teo_ProvisionalChargeForLocalTerminationServicesPerMinute_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionalChargeForLocalTerminationServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of provisional charge for local termination services per minute.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionalChargeForLocalTerminationServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisional Charge for Local Termination Services Per Minute</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionalChargeForLocalTerminationServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisional charge for local termination services per minute</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProvisionalChargeForLocalTransitServicesPerMinute" xlink:label="teo_ProvisionalChargeForLocalTransitServicesPerMinute" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionalChargeForLocalTransitServicesPerMinute" xlink:to="teo_ProvisionalChargeForLocalTransitServicesPerMinute_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionalChargeForLocalTransitServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of provisional charge for local transit services per minute.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionalChargeForLocalTransitServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisional Charge for Local Transit Services Per Minute</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionalChargeForLocalTransitServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisional charge for local transit services per minute</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProvisionalChargeForLongDistanceTransportServicesPerMinute" xlink:label="teo_ProvisionalChargeForLongDistanceTransportServicesPerMinute" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionalChargeForLongDistanceTransportServicesPerMinute" xlink:to="teo_ProvisionalChargeForLongDistanceTransportServicesPerMinute_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionalChargeForLongDistanceTransportServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of provisional charge for long distance transport services per minute.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionalChargeForLongDistanceTransportServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisional Charge for Long Distance Transport Services Per Minute</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionalChargeForLongDistanceTransportServicesPerMinute_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisional charge for long distance transport services per minute</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfCalendarDaysToImplementProcedures" xlink:label="teo_NumberOfCalendarDaysToImplementProcedures" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfCalendarDaysToImplementProcedures" xlink:to="teo_NumberOfCalendarDaysToImplementProcedures_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfCalendarDaysToImplementProcedures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of calendar days required to implement procedures.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfCalendarDaysToImplementProcedures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Calendar Days to Implement Procedures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfCalendarDaysToImplementProcedures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Calendar days to implement procedures</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodWithinWhichSpectrumShouldBeReturned" xlink:label="teo_PeriodWithinWhichSpectrumShouldBeReturned" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodWithinWhichSpectrumShouldBeReturned" xlink:to="teo_PeriodWithinWhichSpectrumShouldBeReturned_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodWithinWhichSpectrumShouldBeReturned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period within which the spectrum is to be returned, from the date of merger.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodWithinWhichSpectrumShouldBeReturned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Within Which The Spectrum Should Be Returned</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodWithinWhichSpectrumShouldBeReturned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period within which the spectrum should be returned</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled" xlink:label="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled" xlink:to="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period in advance within which the proposal to the limit should be filed with ENACOM, on merger.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period In Advance Within Which The Proposal Should Be Filed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period in advance within which the proposal should be filed with ENACOM</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered" xlink:label="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered" xlink:to="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period from the date of issuance of resolution within which the company shall offer Fixed Internet Access Services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Within Which The Fixed Internet Access Service Is To Be Offered</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period within which the Fixed Interest Access Service is to be offered</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService" xlink:label="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService" xlink:to="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period from the date of issuance of resolution within which the company shall report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Within Which The Company Shall Report About The Retail Internet Access Service</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period within which the company shall report about the Retail Internet Access Service</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfJointOperationsTable" xlink:label="ifrs-full_DisclosureOfJointOperationsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfJointOperationsTable" xlink:to="ifrs-full_DisclosureOfJointOperationsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfJointOperationsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of joint operations [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfJointOperationsLineItems" xlink:label="ifrs-full_DisclosureOfJointOperationsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfJointOperationsLineItems" xlink:to="ifrs-full_DisclosureOfJointOperationsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfJointOperationsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure Of Joint Operations Line Items</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfJointOperationsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests in Joint Operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProportionOfOwnershipInterestInJointOperation" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointOperation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInJointOperation" xlink:to="ifrs-full_ProportionOfOwnershipInterestInJointOperation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointOperation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proportion Of Ownership InterestIn Joint Operation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointOperation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership interest in joint venture (in percentage)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork" xlink:label="teo_BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork" xlink:to="teo_BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The bid term of data transmission services for the Single Provincial Data Communication Network.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bid Term of Data Transmission Services for Single Provincial Data Communication Network</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bid term of data transmission services for Single Provincial Data Communication Network</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable" xlink:to="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The schedule disclosing information of significant accounting policies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Detailed Information About Significant Accounting Policies [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems" xlink:to="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Detailed Information About Significant Accounting Policies [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant accounting policies</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PurchasePriceOfCallOption" xlink:label="teo_PurchasePriceOfCallOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PurchasePriceOfCallOption" xlink:to="teo_PurchasePriceOfCallOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PurchasePriceOfCallOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of Purchase price of call option.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PurchasePriceOfCallOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase Price of Call Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PurchasePriceOfCallOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase price of call option</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ExtensionPeriodOfCallOption" xlink:label="teo_ExtensionPeriodOfCallOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ExtensionPeriodOfCallOption" xlink:to="teo_ExtensionPeriodOfCallOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ExtensionPeriodOfCallOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The extension period of call option.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ExtensionPeriodOfCallOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extension Period of Call Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ExtensionPeriodOfCallOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extension period of call option</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodAvailableForPaymentOfSupplementToOptionPremium" xlink:label="teo_PeriodAvailableForPaymentOfSupplementToOptionPremium" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodAvailableForPaymentOfSupplementToOptionPremium" xlink:to="teo_PeriodAvailableForPaymentOfSupplementToOptionPremium_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodAvailableForPaymentOfSupplementToOptionPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period available for payment of supplement to option premium.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodAvailableForPaymentOfSupplementToOptionPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Available for Payment of Supplement to Option Premium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodAvailableForPaymentOfSupplementToOptionPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period available for payment of supplement to option premium</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PaymentOfOptionPremiumToGrantor" xlink:label="teo_PaymentOfOptionPremiumToGrantor" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentOfOptionPremiumToGrantor" xlink:to="teo_PaymentOfOptionPremiumToGrantor_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentOfOptionPremiumToGrantor_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of Supplement option premium payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentOfOptionPremiumToGrantor_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of Option Premium to Grantor</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PaymentOfOptionPremiumToGrantor_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplement option premium payable</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration" xlink:label="teo_PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration" xlink:to="teo_PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period available for grantor for returning of premium after expiration.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Available for Grantor for Returning of Premium after Expiration</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period available for grantor for returning of premium after expiration</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SupplementOptionPremiumReceivableAfterExpirationOfCallOption" xlink:label="teo_SupplementOptionPremiumReceivableAfterExpirationOfCallOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SupplementOptionPremiumReceivableAfterExpirationOfCallOption" xlink:to="teo_SupplementOptionPremiumReceivableAfterExpirationOfCallOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SupplementOptionPremiumReceivableAfterExpirationOfCallOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of supplement option premium receivable after expiration of call option.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SupplementOptionPremiumReceivableAfterExpirationOfCallOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplement Option Premium Receivable after Expiration of Call Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SupplementOptionPremiumReceivableAfterExpirationOfCallOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplement option premium receivable after expiration of call option</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SupplementalOptionPremiumPaid" xlink:label="teo_SupplementalOptionPremiumPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SupplementalOptionPremiumPaid" xlink:to="teo_SupplementalOptionPremiumPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SupplementalOptionPremiumPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of supplemental option premium paid.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SupplementalOptionPremiumPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplemental Option Premium Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SupplementalOptionPremiumPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplemental option premium paid</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries" xlink:label="teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries" xlink:to="teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The total amount of capital stock and votes of CV Berazategui at the date of the transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Amount of Capital Stock and Votes of Subsidiaries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital stock and votes of Subsidiaries</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueFromConstructionContracts" xlink:label="ifrs-full_RevenueFromConstructionContracts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromConstructionContracts" xlink:to="ifrs-full_RevenueFromConstructionContracts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromConstructionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from construction contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromConstructionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue on construction contracts recognized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ConstructionInProgress" xlink:label="ifrs-full_ConstructionInProgress" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConstructionInProgress" xlink:to="ifrs-full_ConstructionInProgress_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConstructionInProgress_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Construction in progress</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ConstructionInProgress_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of construction contracts</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DeferredRevenuesOfConstructionContracts" xlink:label="teo_DeferredRevenuesOfConstructionContracts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeferredRevenuesOfConstructionContracts" xlink:to="teo_DeferredRevenuesOfConstructionContracts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeferredRevenuesOfConstructionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of construction contracts related to deferred revenues.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeferredRevenuesOfConstructionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Revenues of Construction Contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeferredRevenuesOfConstructionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Revenues on construction contracts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RangeAxis" xlink:label="ifrs-full_RangeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Range [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RangesMember" xlink:label="ifrs-full_RangesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_RangesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ranges [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RangesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ranges [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BottomOfRangeMember" xlink:label="ifrs-full_BottomOfRangeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BottomOfRangeMember" xlink:to="ifrs-full_BottomOfRangeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BottomOfRangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bottom Of Range [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BottomOfRangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TopOfRangeMember" xlink:label="ifrs-full_TopOfRangeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TopOfRangeMember" xlink:to="ifrs-full_TopOfRangeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TopOfRangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Top Of Range [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TopOfRangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of property, plant and equipment [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentMember" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property Plant And Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TowerAndPoleMember" xlink:label="teo_TowerAndPoleMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TowerAndPoleMember" xlink:to="teo_TowerAndPoleMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TowerAndPoleMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for tower and pole.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TowerAndPoleMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tower And Pole [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TowerAndPoleMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tower and pole</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SwitchingEquipmentMember" xlink:label="teo_SwitchingEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SwitchingEquipmentMember" xlink:to="teo_SwitchingEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SwitchingEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for switching equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SwitchingEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Switching Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SwitchingEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Switching equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ComputerEquipmentAndSoftwareMember" xlink:label="teo_ComputerEquipmentAndSoftwareMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ComputerEquipmentAndSoftwareMember" xlink:to="teo_ComputerEquipmentAndSoftwareMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ComputerEquipmentAndSoftwareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for computer equipment and software.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ComputerEquipmentAndSoftwareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Computer Equipment And Software [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ComputerEquipmentAndSoftwareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Computer Equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_UsefulLivesPropertyPlantAndEquipment" xlink:label="teo_UsefulLivesPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UsefulLivesPropertyPlantAndEquipment" xlink:to="teo_UsefulLivesPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UsefulLivesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The useful lives used for property, plant and equipment, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UsefulLivesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Useful Lives, Property Plant And Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UsefulLivesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated useful life (in years)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of intangible assets other than goodwill [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillMember" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible Assets Other Than Goodwill [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncrementalCostsFromAcquisitionOfContractsMember" xlink:label="teo_IncrementalCostsFromAcquisitionOfContractsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncrementalCostsFromAcquisitionOfContractsMember" xlink:to="teo_IncrementalCostsFromAcquisitionOfContractsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncrementalCostsFromAcquisitionOfContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset, Incremental costs from the acquisition of contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncrementalCostsFromAcquisitionOfContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incremental Costs From Acquisition Of Contracts [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncrementalCostsFromAcquisitionOfContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incremental Costs from the Acquisition of Contracts</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_Licenses3g4gMember" xlink:label="teo_Licenses3g4gMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_Licenses3g4gMember" xlink:to="teo_Licenses3g4gMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_Licenses3g4gMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset, 3G/4G licenses .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_Licenses3g4gMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Licenses3g4g [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_Licenses3g4gMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">3G/4G licenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PersonalCommunicationsServiceLicenseMember" xlink:label="teo_PersonalCommunicationsServiceLicenseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalCommunicationsServiceLicenseMember" xlink:to="teo_PersonalCommunicationsServiceLicenseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalCommunicationsServiceLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Personal Communications Service ("PCS") license.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalCommunicationsServiceLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Communications Service License [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalCommunicationsServiceLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PCS license (Argentina)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NucleosPcsLicenseMember" xlink:label="teo_NucleosPcsLicenseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NucleosPcsLicenseMember" xlink:to="teo_NucleosPcsLicenseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NucleosPcsLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Nucleo's PCS license.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NucleosPcsLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleos Pcs License [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NucleosPcsLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo's licenses - PCS</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_Nucleos700MhzBandSpectrumLicenseMember" xlink:label="teo_Nucleos700MhzBandSpectrumLicenseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_Nucleos700MhzBandSpectrumLicenseMember" xlink:to="teo_Nucleos700MhzBandSpectrumLicenseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_Nucleos700MhzBandSpectrumLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Nucleo's 700 Mhz-band spectrum license.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_Nucleos700MhzBandSpectrumLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleos700 Mhz Band Spectrum License [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_Nucleos700MhzBandSpectrumLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo's licenses - 700 MHz-band spectrum</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InternetAndDataTransmissionLicenseMember" xlink:label="teo_InternetAndDataTransmissionLicenseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InternetAndDataTransmissionLicenseMember" xlink:to="teo_InternetAndDataTransmissionLicenseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InternetAndDataTransmissionLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Internet and data transmission license.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InternetAndDataTransmissionLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internet And Data Transmission License [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InternetAndDataTransmissionLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Internet and data transmission license (Paraguay)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherExclusivityRightsRightsOfUseMember" xlink:label="teo_OtherExclusivityRightsRightsOfUseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherExclusivityRightsRightsOfUseMember" xlink:to="teo_OtherExclusivityRightsRightsOfUseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherExclusivityRightsRightsOfUseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the Other Exclusivity Rights, Rights of use.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherExclusivityRightsRightsOfUseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Exclusivity Rights Rights Of Use [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherExclusivityRightsRightsOfUseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Exclusivity Rights, Rights of Use</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customerrelated Intangible Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customer relationships</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_UsefulLivesIntangibleAssetsOtherThanGoodwill" xlink:label="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill" xlink:to="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The useful lives used for intangible assets other than goodwill, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Useful Lives, Intangible Assets Other Than Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UsefulLivesIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average period for amortization</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RemainingUsefulLifeOfFrequencies" xlink:label="teo_RemainingUsefulLifeOfFrequencies" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RemainingUsefulLifeOfFrequencies" xlink:to="teo_RemainingUsefulLifeOfFrequencies_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RemainingUsefulLifeOfFrequencies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The remaining useful life of frequencies included in the lot.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RemainingUsefulLifeOfFrequencies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Remaining Useful Life Of Frequencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RemainingUsefulLifeOfFrequencies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Remaining useful life of frequencies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ImpairmentLoss" xlink:label="ifrs-full_ImpairmentLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLoss" xlink:to="ifrs-full_ImpairmentLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ImpairmentLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment losses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PrecariousExtensionsRenewedLicense" xlink:label="teo_PrecariousExtensionsRenewedLicense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrecariousExtensionsRenewedLicense" xlink:to="teo_PrecariousExtensionsRenewedLicense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrecariousExtensionsRenewedLicense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognized precarious extensions license was renewed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrecariousExtensionsRenewedLicense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Precarious Extensions Renewed License</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrecariousExtensionsRenewedLicense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extensions of license renewed</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ValidityOfTemporaryExtensionPeriod" xlink:label="teo_ValidityOfTemporaryExtensionPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ValidityOfTemporaryExtensionPeriod" xlink:to="teo_ValidityOfTemporaryExtensionPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ValidityOfTemporaryExtensionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period of temporary extensions which are valid, with the possibility of one only extension for the same term.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ValidityOfTemporaryExtensionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Validity of Temporary Extension Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ValidityOfTemporaryExtensionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary extension period</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod" xlink:label="teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod" xlink:to="teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The useful lives used for intangible assets over amortized.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Useful Lives Intangible Assets Over Amortized Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortized over the estimated term</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of Intangible assets</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:to="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actuarial assumption of discount rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discount rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actuarial assumption of expected rates of salary increases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Projected increase rate in compensation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GeographicalAreasAxis" xlink:label="ifrs-full_GeographicalAreasAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeographicalAreasAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographical areas [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GeographicalAreasMember" xlink:label="ifrs-full_GeographicalAreasMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="ifrs-full_GeographicalAreasMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeographicalAreasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographical Areas [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GeographicalAreasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographical areas [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_AR" xlink:label="country_AR" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_AR" xlink:to="country_AR_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_AR_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A [R]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_AR_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Argentina</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_PY" xlink:label="country_PY" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_PY" xlink:to="country_PY_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_PY_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">P [Y]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_PY_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Paraguay</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_US" xlink:label="country_US" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_US" xlink:to="country_US_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_US_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U [S]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_US_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">United States of America</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ApplicableTaxRate" xlink:label="ifrs-full_ApplicableTaxRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ApplicableTaxRate" xlink:to="ifrs-full_ApplicableTaxRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Applicable tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted statutory income tax rate (*)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdditionalTaxRateInRespectOfDividendPayment" xlink:label="teo_AdditionalTaxRateInRespectOfDividendPayment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionalTaxRateInRespectOfDividendPayment" xlink:to="teo_AdditionalTaxRateInRespectOfDividendPayment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionalTaxRateInRespectOfDividendPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional tax rate applicable in case of payment of dividends.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionalTaxRateInRespectOfDividendPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional Tax Rate in Respect of Dividend Payment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionalTaxRateInRespectOfDividendPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional tax rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AverageEffectiveTaxRate" xlink:label="ifrs-full_AverageEffectiveTaxRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AverageEffectiveTaxRate" xlink:to="ifrs-full_AverageEffectiveTaxRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AverageEffectiveTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average effective tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AverageEffectiveTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective tax rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FederalIncomeTaxRateAsPerTcja2017" xlink:label="teo_FederalIncomeTaxRateAsPerTcja2017" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FederalIncomeTaxRateAsPerTcja2017" xlink:to="teo_FederalIncomeTaxRateAsPerTcja2017_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FederalIncomeTaxRateAsPerTcja2017_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of federal income tax as per TCJA, 2017.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FederalIncomeTaxRateAsPerTcja2017_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Federal Income Tax Rate as per TCJA, 2017</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FederalIncomeTaxRateAsPerTcja2017_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Flat federal income tax rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxRateOnMinimumPresumedIncome" xlink:label="teo_TaxRateOnMinimumPresumedIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxRateOnMinimumPresumedIncome" xlink:to="teo_TaxRateOnMinimumPresumedIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxRateOnMinimumPresumedIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tax rate of minimum presumed income on the taxable assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxRateOnMinimumPresumedIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Rate on Minimum Presumed Income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxRateOnMinimumPresumedIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax rate on minimum presumed income</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability" xlink:label="teo_NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability" xlink:to="teo_NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of years for which tax on assets will be creditable against income tax liability.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Years for Which Tax on Assets Creditable Against Income Tax Liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of years for which tax on assets creditable against income tax liability</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxRateForUniversalServiceFiduciaryFund" xlink:label="teo_TaxRateForUniversalServiceFiduciaryFund" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxRateForUniversalServiceFiduciaryFund" xlink:to="teo_TaxRateForUniversalServiceFiduciaryFund_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxRateForUniversalServiceFiduciaryFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of tax for Universal Service Fiduciary Fund.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxRateForUniversalServiceFiduciaryFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Rate for Universal Service Fiduciary Fund</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxRateForUniversalServiceFiduciaryFund_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax rate for SU fund</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxRateOfSuForCableOperators" xlink:label="teo_TaxRateOfSuForCableOperators" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxRateOfSuForCableOperators" xlink:to="teo_TaxRateOfSuForCableOperators_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxRateOfSuForCableOperators_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The SU tax rate for cable operators.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxRateOfSuForCableOperators_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Rate of SU for cable Operators</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxRateOfSuForCableOperators_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SU tax rate for cable operators</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfTaxAmountsPaidEligibleForVatCredit" xlink:label="teo_PercentageOfTaxAmountsPaidEligibleForVatCredit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfTaxAmountsPaidEligibleForVatCredit" xlink:to="teo_PercentageOfTaxAmountsPaidEligibleForVatCredit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfTaxAmountsPaidEligibleForVatCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of effective tax amounts paid eligible for VAT credit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfTaxAmountsPaidEligibleForVatCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Tax Amounts Paid Eligible for VAT Credit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfTaxAmountsPaidEligibleForVatCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of effective tax amounts paid eligible for VAT credit</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions" xlink:label="teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions" xlink:to="teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tax rate percentage on copyrights paid to several institutions such as AADI-CAPIF, SADAIC, ARGENTORES.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Rate on Copyrights Paid to AADI-CAPIF, SADAIC, ARGENTORES Institutions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax rate percentage on copyrights paid to several institutions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_WithholdingTaxRateOnDividendsDistributedToNonResidents" xlink:label="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents" xlink:to="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of withholding tax on dividends distributed to non-residents.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Withholding Tax Rate on Dividends Distributed to Non-residents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_WithholdingTaxRateOnDividendsDistributedToNonResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Withholding tax rate on dividends</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage" xlink:label="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage" xlink:to="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The withholding tax rate applicable to to dividends distributed in excess of the accumulated taxable income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equalization Tax, Dividends Distributed in Excess of Accumulated Taxable Income, Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equalization tax rate percentage, repealed</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries" xlink:label="teo_CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries" xlink:to="teo_CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The capital gain tax rate for resident individuals or foreign beneficiaries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Gain Tax Rate for Resident Individuals or Foreign Beneficiaries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital gain tax rate for individuals or foreign beneficiaries</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax" xlink:label="teo_PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax" xlink:to="teo_PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The presumed net gain percentage on sale price for calculating capital gain tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Presumed Net Gain Percentage on Sale Price for Calculating Capital Gain Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Presumed net gain percentage on sale price for calculating capital gain tax</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CapitalGainTaxRateForLocalLegalEntities" xlink:label="teo_CapitalGainTaxRateForLocalLegalEntities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalGainTaxRateForLocalLegalEntities" xlink:to="teo_CapitalGainTaxRateForLocalLegalEntities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalGainTaxRateForLocalLegalEntities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The capital gain tax rate for local legal entities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalGainTaxRateForLocalLegalEntities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Gain Tax Rate for Local Legal Entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapitalGainTaxRateForLocalLegalEntities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital gain tax rate for local legal entities</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RevaluationTaxRealEstateCapitalAssets" xlink:label="teo_RevaluationTaxRealEstateCapitalAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevaluationTaxRealEstateCapitalAssets" xlink:to="teo_RevaluationTaxRealEstateCapitalAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevaluationTaxRealEstateCapitalAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">One-time special tax applied to the revaluation of real estate property, plant and equipment that generate taxable income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevaluationTaxRealEstateCapitalAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revaluation Tax, Real Estate Capital Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevaluationTaxRealEstateCapitalAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Real estate (qualifying as property, plant and equipment) revaluation tax percentage</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RevaluationTaxRealEstateInventories" xlink:label="teo_RevaluationTaxRealEstateInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevaluationTaxRealEstateInventories" xlink:to="teo_RevaluationTaxRealEstateInventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevaluationTaxRealEstateInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">One-time special tax applied to the revaluation of real estate assets regarded as inventories that generate taxable income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevaluationTaxRealEstateInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revaluation Tax, Real Estate Inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevaluationTaxRealEstateInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Real estate (qualifying as inventories) revaluation tax percentage</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents" xlink:label="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents" xlink:to="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">One-time special tax applied to the revaluation of investments in Argentine companies owned by resident individuals that generate taxable income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revaluation Tax, Investments in Argentine Companies, Residents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares, quotas and other participations owned by resident individuals revaluation tax percentage</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RevaluationTaxOtherAssetsPercent" xlink:label="teo_RevaluationTaxOtherAssetsPercent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevaluationTaxOtherAssetsPercent" xlink:to="teo_RevaluationTaxOtherAssetsPercent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevaluationTaxOtherAssetsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">One-time special tax applied to the revaluation of all other assets (except inventories and cars excluded from revaluation) that generate taxable income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevaluationTaxOtherAssetsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revaluation Tax, Other Assets, Percent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevaluationTaxOtherAssetsPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">All other assets revaluation tax percentage</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MinimumAccumulatedCpiCriteriaForPastThreeYearsForImplementingInflationAdjustmentProcedure" xlink:label="teo_MinimumAccumulatedCpiCriteriaForPastThreeYearsForImplementingInflationAdjustmentProcedure" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MinimumAccumulatedCpiCriteriaForPastThreeYearsForImplementingInflationAdjustmentProcedure" xlink:to="teo_MinimumAccumulatedCpiCriteriaForPastThreeYearsForImplementingInflationAdjustmentProcedure_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MinimumAccumulatedCpiCriteriaForPastThreeYearsForImplementingInflationAdjustmentProcedure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The minimum accumulated CPI criteria for past three years for implementing inflation adjustment procedure.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MinimumAccumulatedCpiCriteriaForPastThreeYearsForImplementingInflationAdjustmentProcedure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum Accumulated CPI Criteria for Past Three Years for Implementing Inflation Adjustment Procedure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MinimumAccumulatedCpiCriteriaForPastThreeYearsForImplementingInflationAdjustmentProcedure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum accumulated CPI criteria for past three years for implementing inflation adjustment procedure</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AccumulatedCpiVariationForFirstYearAfterInflationAdjustmentEffective" xlink:label="teo_AccumulatedCpiVariationForFirstYearAfterInflationAdjustmentEffective" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AccumulatedCpiVariationForFirstYearAfterInflationAdjustmentEffective" xlink:to="teo_AccumulatedCpiVariationForFirstYearAfterInflationAdjustmentEffective_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AccumulatedCpiVariationForFirstYearAfterInflationAdjustmentEffective_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated CPI variation for first year after inflation adjustment effective for its continuance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AccumulatedCpiVariationForFirstYearAfterInflationAdjustmentEffective_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated CPI Variation for First Year after Inflation Adjustment Effective</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AccumulatedCpiVariationForFirstYearAfterInflationAdjustmentEffective_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated CPI variation for first year after inflation adjustment effective</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AccumulatedCpiVariationForSecondYearAfterInflationAdjustmentEffective" xlink:label="teo_AccumulatedCpiVariationForSecondYearAfterInflationAdjustmentEffective" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AccumulatedCpiVariationForSecondYearAfterInflationAdjustmentEffective" xlink:to="teo_AccumulatedCpiVariationForSecondYearAfterInflationAdjustmentEffective_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AccumulatedCpiVariationForSecondYearAfterInflationAdjustmentEffective_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated CPI variation for second year after inflation adjustment effective for its continuance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AccumulatedCpiVariationForSecondYearAfterInflationAdjustmentEffective_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated CPI Variation for Second Year after Inflation Adjustment Effective</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AccumulatedCpiVariationForSecondYearAfterInflationAdjustmentEffective_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated CPI variation for second year after inflation adjustment effective</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AccumulatedCpiVariationForThirdYearAfterInflationAdjustmentEffective" xlink:label="teo_AccumulatedCpiVariationForThirdYearAfterInflationAdjustmentEffective" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AccumulatedCpiVariationForThirdYearAfterInflationAdjustmentEffective" xlink:to="teo_AccumulatedCpiVariationForThirdYearAfterInflationAdjustmentEffective_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AccumulatedCpiVariationForThirdYearAfterInflationAdjustmentEffective_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated CPI variation for third year after inflation adjustment effective for its continuance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AccumulatedCpiVariationForThirdYearAfterInflationAdjustmentEffective_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated CPI Variation for Third Year after Inflation Adjustment Effective</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AccumulatedCpiVariationForThirdYearAfterInflationAdjustmentEffective_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated CPI variation for third year after inflation adjustment effective</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_EffectiveInternalTaxRateMobileTelephoneServices" xlink:label="teo_EffectiveInternalTaxRateMobileTelephoneServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EffectiveInternalTaxRateMobileTelephoneServices" xlink:to="teo_EffectiveInternalTaxRateMobileTelephoneServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EffectiveInternalTaxRateMobileTelephoneServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The effective internal tax rate applicable to mobile telephone services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EffectiveInternalTaxRateMobileTelephoneServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective Internal Tax Rate, Mobile Telephone Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EffectiveInternalTaxRateMobileTelephoneServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective internal tax rate, mobile telephone services</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks" xlink:label="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks" xlink:to="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The effective internal tax rate applicable to the sale of imported mobile phones and other wireless networks.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective Internal Tax Rate, Sale of Imported Mobile Phones and Other Wireless Networks</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective internal tax rate, sale of mobile phones and other wireless networks that will decrease gradually until its complete phase out as of January 1, 2024</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego" xlink:label="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego" xlink:to="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective internal tax rate rate levied on goods manufactured in Tierra del Fuego.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective Internal Tax Rate, Sale of Goods Manufactured in Tierra del Fuego</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective internal tax rate, goods manufacture in Tierra del Fuego</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction" xlink:label="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction" xlink:to="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Annual reduction in income tax levied on deposits to and withdrawals from bank accounts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Rate, Bank Account Deposits and Withdrawals, Annual Reduction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Annual reduction in tax on deposits to and withdrawals from bank accounts</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated" xlink:label="teo_TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated" xlink:to="teo_TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tax on bank account deposits and withdrawals considered as advance payment for percentage of tax originated.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax on Bank Account Deposits and Withdrawals Considered as Advance Payment for Percentage of Tax Originated</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax on bank account deposits and withdrawals considered as advance payment for percentage of tax originated</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxCreditPercentageForOperationsTaxedAtReducedRate" xlink:label="teo_TaxCreditPercentageForOperationsTaxedAtReducedRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxCreditPercentageForOperationsTaxedAtReducedRate" xlink:to="teo_TaxCreditPercentageForOperationsTaxedAtReducedRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxCreditPercentageForOperationsTaxedAtReducedRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The tax credit percentage for operations taxed at reduced rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxCreditPercentageForOperationsTaxedAtReducedRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Credit Percentage for Operations Taxed at Reduced Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxCreditPercentageForOperationsTaxedAtReducedRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax credit percentage for operations taxed at reduced rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SocialSecurityTaxEmployerContributionsPercentage" xlink:label="teo_SocialSecurityTaxEmployerContributionsPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SocialSecurityTaxEmployerContributionsPercentage" xlink:to="teo_SocialSecurityTaxEmployerContributionsPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SocialSecurityTaxEmployerContributionsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of employers' contributions to social security to be paid by large companies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SocialSecurityTaxEmployerContributionsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social Security Tax, Employer Contributions, Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SocialSecurityTaxEmployerContributionsPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of employers' contributions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SocialSecurityEmployersContributionBase" xlink:label="teo_SocialSecurityEmployersContributionBase" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SocialSecurityEmployersContributionBase" xlink:to="teo_SocialSecurityEmployersContributionBase_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SocialSecurityEmployersContributionBase_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-taxable base for calculating employers' contributions to social security.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SocialSecurityEmployersContributionBase_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social Security, Employers Contribution, Base</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SocialSecurityEmployersContributionBase_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social security, non-taxable base</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MaximumPercentageOfExportDutiesChargeableOnServicesExportedToAbroad" xlink:label="teo_MaximumPercentageOfExportDutiesChargeableOnServicesExportedToAbroad" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MaximumPercentageOfExportDutiesChargeableOnServicesExportedToAbroad" xlink:to="teo_MaximumPercentageOfExportDutiesChargeableOnServicesExportedToAbroad_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MaximumPercentageOfExportDutiesChargeableOnServicesExportedToAbroad_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The maximum percentage of export duty chargeable on services exported to abroad.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MaximumPercentageOfExportDutiesChargeableOnServicesExportedToAbroad_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum Percentage of Export Duties Chargeable on Services Exported to Abroad</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MaximumPercentageOfExportDutiesChargeableOnServicesExportedToAbroad_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum percentage of export duty chargeable on services exported to abroad</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ExportDutyPercentageOnServicesExportedToAbroad" xlink:label="teo_ExportDutyPercentageOnServicesExportedToAbroad" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ExportDutyPercentageOnServicesExportedToAbroad" xlink:to="teo_ExportDutyPercentageOnServicesExportedToAbroad_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ExportDutyPercentageOnServicesExportedToAbroad_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of export duty on services carried out in home and exported to abroad.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ExportDutyPercentageOnServicesExportedToAbroad_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Export Duty Percentage on Services Exported to Abroad</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ExportDutyPercentageOnServicesExportedToAbroad_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of export duty on services exported to abroad</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MaximumLimitOnEachDollarOfTaxableValueOfExportOperationsPayableOnMonthlyBasis" xlink:label="teo_MaximumLimitOnEachDollarOfTaxableValueOfExportOperationsPayableOnMonthlyBasis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MaximumLimitOnEachDollarOfTaxableValueOfExportOperationsPayableOnMonthlyBasis" xlink:to="teo_MaximumLimitOnEachDollarOfTaxableValueOfExportOperationsPayableOnMonthlyBasis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MaximumLimitOnEachDollarOfTaxableValueOfExportOperationsPayableOnMonthlyBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The maximum limit for each dollar of taxable value of said operation payable on a monthly basis.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MaximumLimitOnEachDollarOfTaxableValueOfExportOperationsPayableOnMonthlyBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum Limit on Each Dollar of Taxable Value of Export Operations Payable on Monthly Basis</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MaximumLimitOnEachDollarOfTaxableValueOfExportOperationsPayableOnMonthlyBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The maximum limit for each dollar of taxable value of said operation payable on a monthly basis</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TurnoverTaxRateCommunications" xlink:label="teo_TurnoverTaxRateCommunications" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TurnoverTaxRateCommunications" xlink:to="teo_TurnoverTaxRateCommunications_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TurnoverTaxRateCommunications_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover tax rate applicable to communications.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TurnoverTaxRateCommunications_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax Rate, Communications</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TurnoverTaxRateCommunications_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax, communications rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TurnoverTaxRateMobileTelephonePercentage" xlink:label="teo_TurnoverTaxRateMobileTelephonePercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TurnoverTaxRateMobileTelephonePercentage" xlink:to="teo_TurnoverTaxRateMobileTelephonePercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TurnoverTaxRateMobileTelephonePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax rate applicable to mobile telephones.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TurnoverTaxRateMobileTelephonePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax Rate, Mobile Telephone Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TurnoverTaxRateMobileTelephonePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax, mobile telephone rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_StampTaxRatePercentage" xlink:label="teo_StampTaxRatePercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_StampTaxRatePercentage" xlink:to="teo_StampTaxRatePercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_StampTaxRatePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stamp tax rate percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_StampTaxRatePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stamp Tax Rate Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_StampTaxRatePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stamp Tax rate percentage</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable" xlink:to="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of expected impact of initial application of new standards or interpretations [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems" xlink:to="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of expected impact of initial application of new standards or interpretations [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adoption of IFRS 15 (Revenue from Contracts with Customers)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RetainedEarnings" xlink:label="ifrs-full_RetainedEarnings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ContractAssets" xlink:label="ifrs-full_ContractAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContractAssets" xlink:to="ifrs-full_ContractAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContractAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contract assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContractAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="ifrs-full_DeferredTaxLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred tax liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total deferred income tax liabilities, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total deferred tax liability, net</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RetainedEarningsBeforeIncomeTax" xlink:label="teo_RetainedEarningsBeforeIncomeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RetainedEarningsBeforeIncomeTax" xlink:to="teo_RetainedEarningsBeforeIncomeTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RetainedEarningsBeforeIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A component of equity representing the entity's cumulative undistributed earnings or deficit, before deducting of income tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RetainedEarningsBeforeIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained Earnings, before Income Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RetainedEarningsBeforeIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings, before income tax</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CostOfEquipmentAndHandsetPurchases" xlink:label="teo_CostOfEquipmentAndHandsetPurchases" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CostOfEquipmentAndHandsetPurchases" xlink:to="teo_CostOfEquipmentAndHandsetPurchases_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CostOfEquipmentAndHandsetPurchases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of cost of purchase of equipments and handsets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CostOfEquipmentAndHandsetPurchases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of Equipment and Handset Purchases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CostOfEquipmentAndHandsetPurchases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_CostOfEquipmentAndHandsetPurchases_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of equipment and handsets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AmortizationOfEquipmentAndHandsets" xlink:label="teo_AmortizationOfEquipmentAndHandsets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmortizationOfEquipmentAndHandsets" xlink:to="teo_AmortizationOfEquipmentAndHandsets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmortizationOfEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of amortization of equipment and handsets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmortizationOfEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of Equipment and Handsets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AmortizationOfEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of equipment and handsets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets" xlink:label="teo_IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets" xlink:to="teo_IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (loss) before tax on adoption of IFRS 15 on equipment and handsets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (Loss) Before Tax on Adoption of IFRS 15 on Equipment and Handsets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (loss) before tax on adoption of IFRS 15 on equipment and handsets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets" xlink:label="teo_TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets" xlink:to="teo_TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax expense (benefit) on adoption of IFRS 15 on equipment and handsets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Expense (Benefit) on Adoption of IFRS 15 on Equipment and Handsets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax expense (benefit) on adoption of IFRS 15 on equipment and handsets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets" xlink:label="teo_IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets" xlink:to="teo_IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (loss) net of tax on adoption of IFRS 15 on equipment and handsets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (Loss) Net of Tax on Adoption of IFRS 15 on Equipment and Handsets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (loss), net of tax on adoption of IFRS 15 on equipment and handsets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in allowance account for credit losses of financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in allowance of credit losses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfChangesInAccountingEstimatesTable" xlink:label="ifrs-full_DisclosureOfChangesInAccountingEstimatesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfChangesInAccountingEstimatesTable" xlink:to="ifrs-full_DisclosureOfChangesInAccountingEstimatesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfChangesInAccountingEstimatesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of changes in accounting estimates [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_CurrencyAxis" xlink:label="srt_CurrencyAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_CurrencyAxis" xlink:to="srt_CurrencyAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_CurrencyAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_AllCurrenciesDomain" xlink:label="currency_AllCurrenciesDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_AllCurrenciesDomain" xlink:to="currency_AllCurrenciesDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_AllCurrenciesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">All Currencies [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_AllCurrenciesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">All Currencies [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_USD" xlink:label="currency_USD" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_USD" xlink:to="currency_USD_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_USD_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U S [D]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_USD_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U.S. dollars</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AssetsAndLiabilitiesAxis" xlink:label="ifrs-full_AssetsAndLiabilitiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAndLiabilitiesAxis" xlink:to="ifrs-full_AssetsAndLiabilitiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAndLiabilitiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets and liabilities [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AssetsAndLiabilitiesMember" xlink:label="ifrs-full_AssetsAndLiabilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAndLiabilitiesMember" xlink:to="ifrs-full_AssetsAndLiabilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAndLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets And Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AssetsAndLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets and liabilities [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:to="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible Assets And Goodwill [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NonCurrentTradeReceivablesMember" xlink:label="teo_NonCurrentTradeReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonCurrentTradeReceivablesMember" xlink:to="teo_NonCurrentTradeReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonCurrentTradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for non-current receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonCurrentTradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Current Trade Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonCurrentTradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeReceivablesMember" xlink:label="ifrs-full_TradeReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivablesMember" xlink:to="ifrs-full_TradeReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems" xlink:label="ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems" xlink:to="ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of changes in accounting estimates [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables and payables valued at amortized cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:label="ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:to="ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discount rate applied to cash flow projections</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discount rates used to determine the discounted cash flow</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RightofuseAssets" xlink:label="ifrs-full_RightofuseAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RightofuseAssets" xlink:to="ifrs-full_RightofuseAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RightofuseAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Right-of-use assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RightofuseAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rights of use assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LeaseLiabilities" xlink:label="ifrs-full_LeaseLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseLiabilities" xlink:to="ifrs-full_LeaseLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LeaseLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Lease liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LeaseLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current and non-current trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OperatingLeaseExpenses" xlink:label="teo_OperatingLeaseExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingLeaseExpenses" xlink:to="teo_OperatingLeaseExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingLeaseExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of operating lease expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingLeaseExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Lease Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OperatingLeaseExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AmortisationExpense" xlink:label="ifrs-full_AmortisationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationExpense" xlink:to="ifrs-full_AmortisationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortisation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AmortisationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable" xlink:label="ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable" xlink:to="ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of ADRs outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of ADRs outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares issued or transferred (in shares)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfCapitalStockPostMerger" xlink:label="teo_PercentageOfCapitalStockPostMerger" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfCapitalStockPostMerger" xlink:to="teo_PercentageOfCapitalStockPostMerger_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfCapitalStockPostMerger_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of capital stock of the merged company post-merger.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfCapitalStockPostMerger_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Capital Stock Post Merger</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfCapitalStockPostMerger_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital stock post-merger (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consideration transferred, acquisition-date fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consideration paid, fair value of shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total purchase price</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TermForExerciseOfOption" xlink:label="teo_TermForExerciseOfOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TermForExerciseOfOption" xlink:to="teo_TermForExerciseOfOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TermForExerciseOfOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">"The term of exercise of option, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. "</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TermForExerciseOfOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term for Exercise of Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TermForExerciseOfOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term for exercise of option (in years)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TermForPaymentOfOptionPremium" xlink:label="teo_TermForPaymentOfOptionPremium" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TermForPaymentOfOptionPremium" xlink:to="teo_TermForPaymentOfOptionPremium_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TermForPaymentOfOptionPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">"The term for payment of option premium, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. "</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TermForPaymentOfOptionPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term for Payment of Option Premium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TermForPaymentOfOptionPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term for payment of option premium (in days)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OptionPremium" xlink:label="teo_OptionPremium" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OptionPremium" xlink:to="teo_OptionPremium_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OptionPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of option premium.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OptionPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Option Premium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OptionPremium_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Option premium</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ConversionOfOrdinarySharesClassification" xlink:label="teo_ConversionOfOrdinarySharesClassification" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConversionOfOrdinarySharesClassification" xlink:to="teo_ConversionOfOrdinarySharesClassification_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConversionOfOrdinarySharesClassification_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of ordinary share conversion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConversionOfOrdinarySharesClassification_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conversion of ordinary shares classification</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ConversionOfOrdinarySharesClassification_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conversion of ordinary shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:label="us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:to="us-gaap_StockIssuedDuringPeriodSharesAcquisitions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesAcquisitions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period, Shares, Acquisitions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesAcquisitions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares issued upon merger (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares, Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding Shares (in shares)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsTreasuryStockShares" xlink:label="teo_IfrsTreasuryStockShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsTreasuryStockShares" xlink:to="teo_IfrsTreasuryStockShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsTreasuryStockShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsTreasuryStockShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Treasury Stock, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsTreasuryStockShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CapitalStockOutstandingTotal" xlink:label="teo_CapitalStockOutstandingTotal" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalStockOutstandingTotal" xlink:to="teo_CapitalStockOutstandingTotal_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalStockOutstandingTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The total capital stock outstanding including treasury stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalStockOutstandingTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Stock Outstanding, Total</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapitalStockOutstandingTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Capital Stock (in shares)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfInterestServiceResidentialSubscribers" xlink:label="teo_NumberOfInterestServiceResidentialSubscribers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfInterestServiceResidentialSubscribers" xlink:to="teo_NumberOfInterestServiceResidentialSubscribers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfInterestServiceResidentialSubscribers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of residential subscriber of internet service.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfInterestServiceResidentialSubscribers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Interest Service Residential Subscribers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfInterestServiceResidentialSubscribers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of residential subscriber of internet service</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SharePricePerAdr" xlink:label="teo_SharePricePerAdr" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SharePricePerAdr" xlink:to="teo_SharePricePerAdr_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SharePricePerAdr_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of share price per ADR.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SharePricePerAdr_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Price Per ADR</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SharePricePerAdr_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ADR Price (in dollars per ADR)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identifiable assets acquired (liabilities assumed)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net identifiable assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate" xlink:label="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate" xlink:to="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-controlling interest in acquiree recognised at acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-controlling interest in acquiree recognised</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MergerContributionSurplus" xlink:label="teo_MergerContributionSurplus" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MergerContributionSurplus" xlink:to="teo_MergerContributionSurplus_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MergerContributionSurplus_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of merger contribution surplus.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MergerContributionSurplus_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger Contribution Surplus</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MergerContributionSurplus_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger contribution surplus</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FairValueAdjustmentAllocatedToPropertyPlantAndEquipment" xlink:label="teo_FairValueAdjustmentAllocatedToPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FairValueAdjustmentAllocatedToPropertyPlantAndEquipment" xlink:to="teo_FairValueAdjustmentAllocatedToPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FairValueAdjustmentAllocatedToPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of fair value adjustment allocated to property plant and equipment based on comparative market analysis .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FairValueAdjustmentAllocatedToPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Adjustment Allocated to Property Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FairValueAdjustmentAllocatedToPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value adjustment allocated to property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identifiable intangible assets recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets" xlink:label="teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets" xlink:to="teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of fair value adjustment allocated to intangible assets in-excess of book value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Adjustment Allocated to Identifiable Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value adjustment allocated to intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred tax assets recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income tax assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred tax liabilities recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income tax liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract" xlink:label="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract" xlink:to="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amounts recognised as of acquisition date for each major class of assets acquired and liabilities assumed [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net identifiable assets acquired</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AssetsRecognizedAsOfAcquisitionDateAbstract" xlink:label="teo_AssetsRecognizedAsOfAcquisitionDateAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AssetsRecognizedAsOfAcquisitionDateAbstract" xlink:to="teo_AssetsRecognizedAsOfAcquisitionDateAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AssetsRecognizedAsOfAcquisitionDateAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AssetsRecognizedAsOfAcquisitionDateAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Recognized as of Acquisition Date [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AssetsRecognizedAsOfAcquisitionDateAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ASSETS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents recognised as of acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesRecognizedAsOfAcquisitionDate" xlink:label="teo_ReceivablesRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesRecognizedAsOfAcquisitionDate" xlink:to="teo_ReceivablesRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for receivables acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables Recognized As of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherCurrentAssetsRecognizedAsOfAcquisitionDate" xlink:label="teo_OtherCurrentAssetsRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentAssetsRecognizedAsOfAcquisitionDate" xlink:to="teo_OtherCurrentAssetsRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentAssetsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for other current assets acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentAssetsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Assets Recognized As of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherCurrentAssetsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current assets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InvestmentsRecognizedAsOfAcquisitionDate" xlink:label="teo_InvestmentsRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestmentsRecognizedAsOfAcquisitionDate" xlink:to="teo_InvestmentsRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestmentsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for investments acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestmentsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments Recognized As of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestmentsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate" xlink:label="teo_OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="teo_OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for other non-current assets acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Non-Current Assets Recognised as of Acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Non-current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current assets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AssetsRecognizedAsOfAcquisitionDate" xlink:label="teo_AssetsRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AssetsRecognizedAsOfAcquisitionDate" xlink:to="teo_AssetsRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AssetsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for other assets acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AssetsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AssetsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL ASSETS</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_LiabilitiesRecognizedAsOfAcquisitionDateAbstract" xlink:label="teo_LiabilitiesRecognizedAsOfAcquisitionDateAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LiabilitiesRecognizedAsOfAcquisitionDateAbstract" xlink:to="teo_LiabilitiesRecognizedAsOfAcquisitionDateAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LiabilitiesRecognizedAsOfAcquisitionDateAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LiabilitiesRecognizedAsOfAcquisitionDateAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities Recognized As Of Acquisition Date [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LiabilitiesRecognizedAsOfAcquisitionDateAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="teo_OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="teo_OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for other non-current liabilities acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Non-Current Liabilities Recognised as of Acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other non-current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_LiabilitiesRecognizedAsOfAcquisitionDate" xlink:label="teo_LiabilitiesRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LiabilitiesRecognizedAsOfAcquisitionDate" xlink:to="teo_LiabilitiesRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LiabilitiesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for liabilities acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LiabilitiesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_LiabilitiesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate" xlink:label="teo_CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate" xlink:to="teo_CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for capital nominal value of outstanding shares acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Nominal Value of Outstanding Shares Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital nominal value - Outstanding shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InflationAdjustmentOfOutstandingSharesRecognizedAsOfAcquisitionDate" xlink:label="teo_InflationAdjustmentOfOutstandingSharesRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InflationAdjustmentOfOutstandingSharesRecognizedAsOfAcquisitionDate" xlink:to="teo_InflationAdjustmentOfOutstandingSharesRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InflationAdjustmentOfOutstandingSharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for inflation adjustment of outstanding shares acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InflationAdjustmentOfOutstandingSharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inflation Adjustment Of Outstanding Shares Recognized As Of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InflationAdjustmentOfOutstandingSharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inflation adjustment - Outstanding shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate" xlink:label="teo_CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate" xlink:to="teo_CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for capital nominal value of treasury shares acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Nominal Value of Treasury Shares Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital nominal value - Treasury shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate" xlink:label="teo_InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate" xlink:to="teo_InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for inflation adjustment of treasury shares acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inflation Adjustment of Treasury Shares Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inflation adjustment - Treasury shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate" xlink:label="teo_TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate" xlink:to="teo_TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for acquisition cost of treasury shares acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury Shares Acquisition Cost Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares acquisition cost</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ContributedSurplusRecognizedAsOfAcquisitionDate" xlink:label="teo_ContributedSurplusRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ContributedSurplusRecognizedAsOfAcquisitionDate" xlink:to="teo_ContributedSurplusRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ContributedSurplusRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for contributed surplus acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ContributedSurplusRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contributed Surplus Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ContributedSurplusRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contributed Surplus</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_LegalReserveRecognizedAsOfAcquisitionDate" xlink:label="teo_LegalReserveRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LegalReserveRecognizedAsOfAcquisitionDate" xlink:to="teo_LegalReserveRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LegalReserveRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for legal reserve acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LegalReserveRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal Reserve Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LegalReserveRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal reserve</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate" xlink:label="teo_SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate" xlink:to="teo_SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for special reserve for IFRS implementation acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Special Reserve for IFRS Implementation Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Special reserve for IFRS implementation</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate" xlink:to="teo_VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for voluntary reserve for capital investments acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary Reserve for Capital Investments Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary reserve for capital investments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate" xlink:label="teo_ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate" xlink:to="teo_ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for reserve for future investments acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reserve for Future Investments Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reserve for future investments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RetainedEarningsRecognizedAsOfAcquisitionDate" xlink:label="teo_RetainedEarningsRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RetainedEarningsRecognizedAsOfAcquisitionDate" xlink:to="teo_RetainedEarningsRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RetainedEarningsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for retained earnings acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RetainedEarningsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained Earnings Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RetainedEarningsRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_EquityAttributableToParentRecognizedAsOfAcquisitionDate" xlink:label="teo_EquityAttributableToParentRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EquityAttributableToParentRecognizedAsOfAcquisitionDate" xlink:to="teo_EquityAttributableToParentRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EquityAttributableToParentRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for equity attributable to parent acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EquityAttributableToParentRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Attributable to Parent Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EquityAttributableToParentRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Attributable to Telecom Argentina</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate" xlink:label="teo_EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate" xlink:to="teo_EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for equity attributable to parent including non-controlling interest acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Attributable to Parent Including Non-Controlling Interest Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL EQUITY</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_LiabilitiesAndEquityRecognizedAsOfAcquisitionDate" xlink:label="teo_LiabilitiesAndEquityRecognizedAsOfAcquisitionDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LiabilitiesAndEquityRecognizedAsOfAcquisitionDate" xlink:to="teo_LiabilitiesAndEquityRecognizedAsOfAcquisitionDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LiabilitiesAndEquityRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount recognised as of the acquisition date for liabilities and equity acquired in a business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LiabilitiesAndEquityRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities and Equity Recognized as of Acquisition Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_LiabilitiesAndEquityRecognizedAsOfAcquisitionDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TOTAL LIABILITIES AND EQUITY</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract" xlink:label="teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract" xlink:to="teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impact of Purchase Price Allocation in Income Statement [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impact of the purchase price allocation recognized in the consolidated results</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OperatingExpenseExcludingDepreciationAndAmortization" xlink:label="teo_OperatingExpenseExcludingDepreciationAndAmortization" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingExpenseExcludingDepreciationAndAmortization" xlink:to="teo_OperatingExpenseExcludingDepreciationAndAmortization_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingExpenseExcludingDepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of operating expense excluding depreciation and amortization.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingExpenseExcludingDepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Expense Excluding Depreciation and Amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OperatingExpenseExcludingDepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating costs without depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FinancialResultsNet" xlink:label="teo_FinancialResultsNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialResultsNet" xlink:to="teo_FinancialResultsNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialResultsNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of financial results, net.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialResultsNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Results, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FinancialResultsNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial results, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueOfAcquiree" xlink:label="ifrs-full_RevenueOfAcquiree" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueOfAcquiree" xlink:to="ifrs-full_RevenueOfAcquiree_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueOfAcquiree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue of acquiree since acquisition date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueOfAcquiree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues of acquiree</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdditionalConsiderationUponFulfillmentOfCertainCondition" xlink:label="teo_AdditionalConsiderationUponFulfillmentOfCertainCondition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionalConsiderationUponFulfillmentOfCertainCondition" xlink:to="teo_AdditionalConsiderationUponFulfillmentOfCertainCondition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionalConsiderationUponFulfillmentOfCertainCondition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of additional consideration subject to fulfillment of certain conditions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionalConsiderationUponFulfillmentOfCertainCondition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional Consideration Upon Fulfillment of Certain Condition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionalConsiderationUponFulfillmentOfCertainCondition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of purchase consideration</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_GuaranteeFundToCoverPotentialLiabilities" xlink:label="teo_GuaranteeFundToCoverPotentialLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GuaranteeFundToCoverPotentialLiabilities" xlink:to="teo_GuaranteeFundToCoverPotentialLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GuaranteeFundToCoverPotentialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of guarantee fund to cover potential liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GuaranteeFundToCoverPotentialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantee Fund to Cover Potential Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GuaranteeFundToCoverPotentialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantee fund to cover potential liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PaymentOfAdditionalConsideration" xlink:label="teo_PaymentOfAdditionalConsideration" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentOfAdditionalConsideration" xlink:to="teo_PaymentOfAdditionalConsideration_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentOfAdditionalConsideration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of additional purchase consideration paid in business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentOfAdditionalConsideration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of Additional Consideration</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PaymentOfAdditionalConsideration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of additional consideration</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfVotesPerMembershipInterestAcquired" xlink:label="teo_NumberOfVotesPerMembershipInterestAcquired" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfVotesPerMembershipInterestAcquired" xlink:to="teo_NumberOfVotesPerMembershipInterestAcquired_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfVotesPerMembershipInterestAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of votes per membership interest acquired in business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfVotesPerMembershipInterestAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Votes per Membership Interest Acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfVotesPerMembershipInterestAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of vote per membership interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_NumberOfVotesPerMembershipInterestAcquired_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of vote per share</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfMembershipInterestOfTotalCapitalStock" xlink:label="teo_PercentageOfMembershipInterestOfTotalCapitalStock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfMembershipInterestOfTotalCapitalStock" xlink:to="teo_PercentageOfMembershipInterestOfTotalCapitalStock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfMembershipInterestOfTotalCapitalStock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Membership interest represented as a percentage of total capital stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfMembershipInterestOfTotalCapitalStock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Membership Interest of Total Capital Stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfMembershipInterestOfTotalCapitalStock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Membership interest of capital stock (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfAcquisitionCostAllocation" xlink:label="teo_PercentageOfAcquisitionCostAllocation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfAcquisitionCostAllocation" xlink:to="teo_PercentageOfAcquisitionCostAllocation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfAcquisitionCostAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of acquisition cost allocation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfAcquisitionCostAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Acquisition Cost Allocation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfAcquisitionCostAllocation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition cost allocation (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfTranchesForRedemptionOfShares" xlink:label="teo_NumberOfTranchesForRedemptionOfShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfTranchesForRedemptionOfShares" xlink:to="teo_NumberOfTranchesForRedemptionOfShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfTranchesForRedemptionOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of tranches for redemption of shares in corporate reorganization.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfTranchesForRedemptionOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Tranches for Redemption of Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfTranchesForRedemptionOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of tranches for redemption of shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RedemptionOfShares" xlink:label="teo_RedemptionOfShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RedemptionOfShares" xlink:to="teo_RedemptionOfShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RedemptionOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares redeemed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RedemptionOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redemption of Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RedemptionOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares redeemed</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PaymentForRedemptionOfShares" xlink:label="teo_PaymentForRedemptionOfShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentForRedemptionOfShares" xlink:to="teo_PaymentForRedemptionOfShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentForRedemptionOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of payment for redemption of shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentForRedemptionOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment for Redemption of Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PaymentForRedemptionOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment for shares redeemed</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfTranchesForIssuanceOfDividendCertificate" xlink:label="teo_NumberOfTranchesForIssuanceOfDividendCertificate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfTranchesForIssuanceOfDividendCertificate" xlink:to="teo_NumberOfTranchesForIssuanceOfDividendCertificate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfTranchesForIssuanceOfDividendCertificate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of tranches for issuance of dividend certificate in corporate reorganization.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfTranchesForIssuanceOfDividendCertificate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Tranches for Issuance of Dividend Certificate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfTranchesForIssuanceOfDividendCertificate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of tranches for issuance of dividend certificate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DividendForDividendCertificatesIssuedInLieuOfShareRedemption" xlink:label="teo_DividendForDividendCertificatesIssuedInLieuOfShareRedemption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendForDividendCertificatesIssuedInLieuOfShareRedemption" xlink:to="teo_DividendForDividendCertificatesIssuedInLieuOfShareRedemption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendForDividendCertificatesIssuedInLieuOfShareRedemption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of dividend for dividend certificates issued in lieu of share redemption.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendForDividendCertificatesIssuedInLieuOfShareRedemption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend for Dividend Certificates Issued in Lieu of Share Redemption</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendForDividendCertificatesIssuedInLieuOfShareRedemption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend payable</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfIncreaseInAmountOfDividendPerAnnum" xlink:label="teo_PercentageOfIncreaseInAmountOfDividendPerAnnum" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfIncreaseInAmountOfDividendPerAnnum" xlink:to="teo_PercentageOfIncreaseInAmountOfDividendPerAnnum_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfIncreaseInAmountOfDividendPerAnnum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of increase in amount of dividend per annum applied to the outstanding balance under the dividend certificate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfIncreaseInAmountOfDividendPerAnnum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Increase in Amount of Dividend Per Annum</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfIncreaseInAmountOfDividendPerAnnum_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in amount of dividend per annum (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TermOfRedemptionFromDateOfIssuanceOfBond" xlink:label="teo_TermOfRedemptionFromDateOfIssuanceOfBond" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TermOfRedemptionFromDateOfIssuanceOfBond" xlink:to="teo_TermOfRedemptionFromDateOfIssuanceOfBond_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TermOfRedemptionFromDateOfIssuanceOfBond_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of redemption from the date of issuance of bond, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TermOfRedemptionFromDateOfIssuanceOfBond_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of Redemption from Date of Issuance of Bond</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TermOfRedemptionFromDateOfIssuanceOfBond_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redemption period from date of issuance of bond (in months)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfPaymentOfBondValueAtTimeOfIssuance" xlink:label="teo_PercentageOfPaymentOfBondValueAtTimeOfIssuance" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfPaymentOfBondValueAtTimeOfIssuance" xlink:to="teo_PercentageOfPaymentOfBondValueAtTimeOfIssuance_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfPaymentOfBondValueAtTimeOfIssuance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of payment of bond value at the time of issuance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfPaymentOfBondValueAtTimeOfIssuance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Payment of Bond Value at the Time of Issuance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfPaymentOfBondValueAtTimeOfIssuance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of bond value at the time of issuance (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfSharesForConversion" xlink:label="teo_NumberOfSharesForConversion" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfSharesForConversion" xlink:to="teo_NumberOfSharesForConversion_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfSharesForConversion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of shares for conversion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfSharesForConversion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Shares for Conversion</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfSharesForConversion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares to be converted</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders" xlink:label="teo_NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders" xlink:to="teo_NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of converted shares to be issued to Class B Preferred Shareholders of related party.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Converted Shares to be Issued to Class B Preferred Shareholders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of converted shares to be issued to Class B Preferred Shareholders</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfSharesOwnedOfTotalCapitalStock" xlink:label="teo_PercentageOfSharesOwnedOfTotalCapitalStock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfSharesOwnedOfTotalCapitalStock" xlink:to="teo_PercentageOfSharesOwnedOfTotalCapitalStock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfSharesOwnedOfTotalCapitalStock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares owned represented as a percentage of total capital stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfSharesOwnedOfTotalCapitalStock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Shares Owned of Total Capital Stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfSharesOwnedOfTotalCapitalStock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares owned of capital stock (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashAndCashEquivalentsAbstract" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalentsAbstract" xlink:to="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Cash" xlink:label="ifrs-full_Cash" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Cash" xlink:to="ifrs-full_Cash_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Cash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Cash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and Banks</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:to="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Short-term deposits, classified as cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Time deposits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:label="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Short-term investments, classified as cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mutual funds</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherInvestmentsAtFairValue" xlink:label="teo_OtherInvestmentsAtFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherInvestmentsAtFairValue" xlink:to="teo_OtherInvestmentsAtFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherInvestmentsAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of other investments at fair value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherInvestmentsAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Investments at Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherInvestmentsAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other investments at fair value</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsInvestmentsAbstract" xlink:label="teo_IfrsInvestmentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsInvestmentsAbstract" xlink:to="teo_IfrsInvestmentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsInvestmentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsInvestmentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Investments [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsInvestmentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:to="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of associates [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:to="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of associates [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment in associates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:to="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proportion of ownership interest in associate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of capital stock owned and voting rights</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InvestmentsInAssociates" xlink:label="ifrs-full_InvestmentsInAssociates" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsInAssociates" xlink:to="ifrs-full_InvestmentsInAssociates_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentsInAssociates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments in associates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InvestmentsInAssociates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments in associates</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ChangesInAssetsLiabilitiesComponentsAbstract" xlink:label="teo_ChangesInAssetsLiabilitiesComponentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ChangesInAssetsLiabilitiesComponentsAbstract" xlink:to="teo_ChangesInAssetsLiabilitiesComponentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ChangesInAssetsLiabilitiesComponentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ChangesInAssetsLiabilitiesComponentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes In Assets Liabilities Components [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ChangesInAssetsLiabilitiesComponentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in assets/liabilities components:</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract" xlink:to="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Decrease (Increase) In Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net decrease (increase) in assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for decrease (increase) in trade accounts receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for decrease (increase) in other operating receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for decrease (increase) in inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustmentsForDecreaseIncreaseInAssets" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForDecreaseIncreaseInAssets" xlink:to="teo_AdjustmentsForDecreaseIncreaseInAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the adjustments for changes in assets relating to operating activities during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Decrease (Increase) In Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AdjustmentsForDecreaseIncreaseInAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract" xlink:to="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Increase (Decrease) In Liabilities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net increase (decrease) in liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for increase (decrease) in trade accounts payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for increase (decrease) in employee benefit liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustmentsForIncreaseDecreaseInTaxesPayable" xlink:label="teo_AdjustmentsForIncreaseDecreaseInTaxesPayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForIncreaseDecreaseInTaxesPayable" xlink:to="teo_AdjustmentsForIncreaseDecreaseInTaxesPayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForIncreaseDecreaseInTaxesPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the adjustments for changes in taxes payable during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForIncreaseDecreaseInTaxesPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for Increase (Decrease) in Taxes Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForIncreaseDecreaseInTaxesPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesAndProvisions" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesAndProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesAndProvisions" xlink:to="teo_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesAndProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesAndProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the adjustments for changes in taxes payable during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesAndProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for Increase (Decrease) in Other liabilities and Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesAndProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities and Provisions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustmentsForIncreaseDecreaseInLiabilities" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustmentsForIncreaseDecreaseInLiabilities" xlink:to="teo_AdjustmentsForIncreaseDecreaseInLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the adjustments of changes in liabilities relating to operating activities during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments For Increase (Decrease) In Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AdjustmentsForIncreaseDecreaseInLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CashFlowNoncashOperatingActivitiesAbstract" xlink:label="teo_CashFlowNoncashOperatingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashFlowNoncashOperatingActivitiesAbstract" xlink:to="teo_CashFlowNoncashOperatingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashFlowNoncashOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashFlowNoncashOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flow, Noncash Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CashFlowNoncashOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Main non-cash operating transactions:</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DividendsReceivableOffsetWithFinancialDebt" xlink:label="teo_DividendsReceivableOffsetWithFinancialDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendsReceivableOffsetWithFinancialDebt" xlink:to="teo_DividendsReceivableOffsetWithFinancialDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendsReceivableOffsetWithFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the offsetting of dividends receivable for financial debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendsReceivableOffsetWithFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends Receivable Offset with Financial Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendsReceivableOffsetWithFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Offsetting of dividends receivable with financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProceedsFromBankOverdrafts" xlink:label="teo_ProceedsFromBankOverdrafts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProceedsFromBankOverdrafts" xlink:to="teo_ProceedsFromBankOverdrafts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProceedsFromBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from bank overdrafts obtained.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProceedsFromBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Bank Overdrafts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProceedsFromBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank overdrafts</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProceedsFromBankLoans" xlink:label="teo_ProceedsFromBankLoans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProceedsFromBankLoans" xlink:to="teo_ProceedsFromBankLoans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProceedsFromBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflow from bank loans obtained.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProceedsFromBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Bank Loans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProceedsFromBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CashInflowsFromCompaniesUnderSection33AndRelatedParties" xlink:label="teo_CashInflowsFromCompaniesUnderSection33AndRelatedParties" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashInflowsFromCompaniesUnderSection33AndRelatedParties" xlink:to="teo_CashInflowsFromCompaniesUnderSection33AndRelatedParties_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashInflowsFromCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash inflows from companies under section 33 - Law No. 19,550 and Related Parties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashInflowsFromCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Inflows from Companies Under Section 33 and Related Parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CashInflowsFromCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Companies under section 33 - Law No. 19,550 and related parties</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RepaymentsOfNonCurrentNotes" xlink:label="teo_RepaymentsOfNonCurrentNotes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RepaymentsOfNonCurrentNotes" xlink:to="teo_RepaymentsOfNonCurrentNotes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RepaymentsOfNonCurrentNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payments of non-current notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RepaymentsOfNonCurrentNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments Of Non-current Notes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_RepaymentsOfNonCurrentNotes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RepaymentsOfBankLoans" xlink:label="teo_RepaymentsOfBankLoans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RepaymentsOfBankLoans" xlink:to="teo_RepaymentsOfBankLoans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RepaymentsOfBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payments of bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RepaymentsOfBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of Bank Loans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_RepaymentsOfBankLoans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CashOutflowsFromPurchaseOfEquipment" xlink:label="teo_CashOutflowsFromPurchaseOfEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashOutflowsFromPurchaseOfEquipment" xlink:to="teo_CashOutflowsFromPurchaseOfEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashOutflowsFromPurchaseOfEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflows from purchase of equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashOutflowsFromPurchaseOfEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Outflows from Purchase of Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CashOutflowsFromPurchaseOfEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">By purchase of equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CashOutflowsFromCompaniesUnderSection33AndRelatedParties" xlink:label="teo_CashOutflowsFromCompaniesUnderSection33AndRelatedParties" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashOutflowsFromCompaniesUnderSection33AndRelatedParties" xlink:to="teo_CashOutflowsFromCompaniesUnderSection33AndRelatedParties_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashOutflowsFromCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflows from companies under section 33 - Law No. 19,550 and Related Parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashOutflowsFromCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Outflows from Companies Under Section 33 and Related Parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CashOutflowsFromCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Companies under section 33 - Law No. 19,550 and related parties</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts" xlink:label="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts" xlink:to="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payment of interest and related expenses on bank overdrafts .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of Interest and Related Expenses on Bank Overdrafts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank overdrafts</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PaymentOfInterestOnNotesAndRelatedExpenses" xlink:label="teo_PaymentOfInterestOnNotesAndRelatedExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentOfInterestOnNotesAndRelatedExpenses" xlink:to="teo_PaymentOfInterestOnNotesAndRelatedExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentOfInterestOnNotesAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payment of interest on notes and related expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentOfInterestOnNotesAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of Interest on Notes and Related Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentOfInterestOnNotesAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes - Interests and related expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PaymentOfInterestOnBankLoansAndRelatedExpenses" xlink:label="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses" xlink:to="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for payment of interest on bank loans and related expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment of Interest on Bank Loans and Related Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentOfInterestOnBankLoansAndRelatedExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans - Interests and related expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PaymentOfInterestOnNondeliverableForwards" xlink:label="teo_PaymentOfInterestOnNondeliverableForwards" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentOfInterestOnNondeliverableForwards" xlink:to="teo_PaymentOfInterestOnNondeliverableForwards_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentOfInterestOnNondeliverableForwards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow of interest on non-deliverable forwards (NDF).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentOfInterestOnNondeliverableForwards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment Of Interest On Nondeliverable Forwards</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentOfInterestOnNondeliverableForwards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">By NDF, purchase of equipment and others</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PaymentToCompaniesUnderSection33AndRelatedParties" xlink:label="teo_PaymentToCompaniesUnderSection33AndRelatedParties" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentToCompaniesUnderSection33AndRelatedParties" xlink:to="teo_PaymentToCompaniesUnderSection33AndRelatedParties_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentToCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of payment to companies under section 33 - Law No. 19,550 and related parties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentToCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment to the Companies Under Section 33 and Related Parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentToCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Companies under section 33 - Law No. 19,550 and related parties</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScheduleOfDividendsPayableAndPaidTable" xlink:label="teo_ScheduleOfDividendsPayableAndPaidTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfDividendsPayableAndPaidTable" xlink:to="teo_ScheduleOfDividendsPayableAndPaidTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfDividendsPayableAndPaidTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The table contains disclosure pertaining to an entity's dividends payable and paid.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfDividendsPayableAndPaidTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Dividends payable and Paid [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfDividendsLineItems" xlink:label="teo_DisclosureOfDividendsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfDividendsLineItems" xlink:to="teo_DisclosureOfDividendsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfDividendsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfDividendsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Dividends [Line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfDividendsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CashDividendsAbstract" xlink:label="teo_CashDividendsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashDividendsAbstract" xlink:to="teo_CashDividendsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashDividendsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashDividendsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Dividends [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CashDividendsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash dividends</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:label="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:to="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow from reserves for dividends paid to equity holders of the parent, classified as financing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid from reserves to equity holders of parent, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reserve for future cash dividends payments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfCashDividendDistributionInstallments" xlink:label="teo_NumberOfCashDividendDistributionInstallments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfCashDividendDistributionInstallments" xlink:to="teo_NumberOfCashDividendDistributionInstallments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfCashDividendDistributionInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of installments in which the cash dividends are to be distributed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfCashDividendDistributionInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Cash Dividend Distribution Installments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfCashDividendDistributionInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of cash dividend distribution installments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid to equity holders of parent, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash dividend paid to equityholders of parent</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DividendsPaidInAdvanceToEquityHolders" xlink:label="teo_DividendsPaidInAdvanceToEquityHolders" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendsPaidInAdvanceToEquityHolders" xlink:to="teo_DividendsPaidInAdvanceToEquityHolders_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendsPaidInAdvanceToEquityHolders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for dividends paid in advance to equity holders of the parent, classified as financing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendsPaidInAdvanceToEquityHolders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends Paid In Advance to Equity Holders of Classified as Financing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendsPaidInAdvanceToEquityHolders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advance cash dividends paid</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DividendsPaidInterimToEquityHoldersOfParent" xlink:label="teo_DividendsPaidInterimToEquityHoldersOfParent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendsPaidInterimToEquityHoldersOfParent" xlink:to="teo_DividendsPaidInterimToEquityHoldersOfParent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendsPaidInterimToEquityHoldersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow for dividends paid interim advance to equity holders of the parent.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendsPaidInterimToEquityHoldersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends Paid Interim to Equity Holders of Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendsPaidInterimToEquityHoldersOfParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interim cash dividends paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DividendsPaid" xlink:label="ifrs-full_DividendsPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaid" xlink:to="ifrs-full_DividendsPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends recognised as distributions to owners</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DividendsReceived" xlink:label="ifrs-full_DividendsReceived" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsReceived" xlink:to="ifrs-full_DividendsReceived_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsReceived_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends received</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendsReceived_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends received</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DividendPayables" xlink:label="ifrs-full_DividendPayables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendPayables" xlink:to="ifrs-full_DividendPayables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DividendPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends approved</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DividendsPayablePerEachInstallment" xlink:label="teo_DividendsPayablePerEachInstallment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendsPayablePerEachInstallment" xlink:to="teo_DividendsPayablePerEachInstallment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendsPayablePerEachInstallment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of dividends that the company has declared per installment but not yet paid.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendsPayablePerEachInstallment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends Payable per Each Installment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendsPayablePerEachInstallment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends payable per installment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of reconciliation of liabilities arising from financing activities [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:to="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of reconciliation of liabilities arising from financing activities [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of liabilities generated by financing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:to="ifrs-full_LiabilitiesArisingFromFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities arising from financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balances as of December 31, 2017</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_LiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balances as of December 31, 2016</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TransfersInOutOfBorrowings" xlink:label="teo_TransfersInOutOfBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TransfersInOutOfBorrowings" xlink:to="teo_TransfersInOutOfBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TransfersInOutOfBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of transfers in and (out) of borrowings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TransfersInOutOfBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers In (Out) of Borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TransfersInOutOfBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:label="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:to="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through financing cash flows, liabilities arising from financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flows</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InterestAccruedOnBorrowings" xlink:label="teo_InterestAccruedOnBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestAccruedOnBorrowings" xlink:to="teo_InterestAccruedOnBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestAccruedOnBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of interest accrued on borrowings, during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestAccruedOnBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Accrued on Borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InterestAccruedOnBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued interests</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:label="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:to="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exchange differences and currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfTradeReceivablesTable" xlink:label="teo_DisclosureOfTradeReceivablesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfTradeReceivablesTable" xlink:to="teo_DisclosureOfTradeReceivablesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTradeReceivablesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to trade receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradeReceivablesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Trade Receivables [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfTradeReceivablesLineItems" xlink:label="teo_DisclosureOfTradeReceivablesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfTradeReceivablesLineItems" xlink:to="teo_DisclosureOfTradeReceivablesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfTradeReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfTradeReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Trade Receivables [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfTradeReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherCurrentReceivablesAbstract" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivablesAbstract" xlink:to="ifrs-full_TradeAndOtherCurrentReceivablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade and other current receivables [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentLoansAndReceivables" xlink:label="ifrs-full_CurrentLoansAndReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLoansAndReceivables" xlink:to="ifrs-full_CurrentLoansAndReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current loans and receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables recognized, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ordinary receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentReceivablesFromContractsWithCustomers" xlink:label="ifrs-full_CurrentReceivablesFromContractsWithCustomers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentReceivablesFromContractsWithCustomers" xlink:to="ifrs-full_CurrentReceivablesFromContractsWithCustomers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentReceivablesFromContractsWithCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current receivables from contracts with customers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentReceivablesFromContractsWithCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual asset IFRS 15</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:to="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current receivables due from related parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Companies under section 33 - Law No. 19,550 and related parties</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AllowanceForDoubtfulAccountsTradeReceivables" xlink:label="teo_AllowanceForDoubtfulAccountsTradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AllowanceForDoubtfulAccountsTradeReceivables" xlink:to="teo_AllowanceForDoubtfulAccountsTradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AllowanceForDoubtfulAccountsTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of allowance for doubtful account used to record uncollectible trade receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AllowanceForDoubtfulAccountsTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for Doubtful Accounts, Trade Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AllowanceForDoubtfulAccountsTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentReceivablesAbstract" xlink:label="ifrs-full_NoncurrentReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentReceivablesAbstract" xlink:to="ifrs-full_NoncurrentReceivablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade and other non-current receivables [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current trade receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentLoansAndReceivables" xlink:label="ifrs-full_NoncurrentLoansAndReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLoansAndReceivables" xlink:to="ifrs-full_NoncurrentLoansAndReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current loans and receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables recognized, Non-current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ordinary receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentReceivablesFromContractsWithCustomers" xlink:label="ifrs-full_NoncurrentReceivablesFromContractsWithCustomers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentReceivablesFromContractsWithCustomers" xlink:to="ifrs-full_NoncurrentReceivablesFromContractsWithCustomers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentReceivablesFromContractsWithCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current receivables from contracts with customers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentReceivablesFromContractsWithCustomers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual asset IFRS 15</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeReceivables" xlink:label="ifrs-full_TradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivables" xlink:to="ifrs-full_TradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_TradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total trade receivables, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance account for credit losses of financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the beginning of the fiscal year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions -Bad debt expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increases</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="teo_UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="teo_UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The decrease in an allowance account for credit losses of financial assets resulting from the utilisation and currency translation adjustments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Utilisation and Currency Translation Adjustments, Allowance Account for Credit Losses of Financial Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uses and Currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfOtherReceivablesTable" xlink:label="teo_DisclosureOfOtherReceivablesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOtherReceivablesTable" xlink:to="teo_DisclosureOfOtherReceivablesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOtherReceivablesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to other receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOtherReceivablesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Other Receivables [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfOtherReceivablesLineItems" xlink:label="teo_DisclosureOfOtherReceivablesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfOtherReceivablesLineItems" xlink:to="teo_DisclosureOfOtherReceivablesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfOtherReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfOtherReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Other Receivables [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfOtherReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_DisclosureOfOtherReceivablesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Movements in the allowances of other receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherCurrentReceivablesAbstract" xlink:label="teo_OtherCurrentReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentReceivablesAbstract" xlink:to="teo_OtherCurrentReceivablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Receivables [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentPrepaidExpenses" xlink:label="ifrs-full_CurrentPrepaidExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPrepaidExpenses" xlink:to="ifrs-full_CurrentPrepaidExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentPrepaidExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current prepaid expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentPrepaidExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prepaid expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromTaxCreditsCurrent" xlink:label="teo_ReceivablesFromTaxCreditsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromTaxCreditsCurrent" xlink:to="teo_ReceivablesFromTaxCreditsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromTaxCreditsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of current tax credit receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromTaxCreditsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Tax Credits, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromTaxCreditsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax credits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentAdvancesToSuppliers" xlink:label="ifrs-full_CurrentAdvancesToSuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAdvancesToSuppliers" xlink:to="ifrs-full_CurrentAdvancesToSuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAdvancesToSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current advances to suppliers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAdvancesToSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advances to suppliers</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromSettlementPendingsAccountsCurrent" xlink:label="teo_ReceivablesFromSettlementPendingsAccountsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromSettlementPendingsAccountsCurrent" xlink:to="teo_ReceivablesFromSettlementPendingsAccountsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromSettlementPendingsAccountsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of receivables from settlement pendings accounts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromSettlementPendingsAccountsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Settlement Pendings Accounts, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromSettlementPendingsAccountsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Settlement Pendings accounts</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromGuaranteeDepositsCurrent" xlink:label="teo_ReceivablesFromGuaranteeDepositsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromGuaranteeDepositsCurrent" xlink:to="teo_ReceivablesFromGuaranteeDepositsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromGuaranteeDepositsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of current receivables from guarantee deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromGuaranteeDepositsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Guarantee Deposits, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromGuaranteeDepositsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantee deposits</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromReimbursementOfExpenditureCurrent" xlink:label="teo_ReceivablesFromReimbursementOfExpenditureCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromReimbursementOfExpenditureCurrent" xlink:to="teo_ReceivablesFromReimbursementOfExpenditureCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromReimbursementOfExpenditureCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of expenditure that is to be reimbursed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromReimbursementOfExpenditureCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Reimbursement of Expenditure, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromReimbursementOfExpenditureCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Expenditure reimbursement</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentDerivativeFinancialAssets" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialAssets" xlink:to="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current derivative financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial NDF (Note 21)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromRestrictedFundsCurrent" xlink:label="teo_ReceivablesFromRestrictedFundsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromRestrictedFundsCurrent" xlink:to="teo_ReceivablesFromRestrictedFundsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromRestrictedFundsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of current receivables from restricted funds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromRestrictedFundsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Restricted Funds, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromRestrictedFundsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted funds</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromCompaniesUnderSection33AndRelatedParties" xlink:label="teo_ReceivablesFromCompaniesUnderSection33AndRelatedParties" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromCompaniesUnderSection33AndRelatedParties" xlink:to="teo_ReceivablesFromCompaniesUnderSection33AndRelatedParties_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of receivables from companies registered under section 33 and related parties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Companies Under Section 33 and Related Parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Companies under section 33 - Law No. 19,550 and related parties</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromSaleOfCustomerRelationshipCurrent" xlink:label="teo_ReceivablesFromSaleOfCustomerRelationshipCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromSaleOfCustomerRelationshipCurrent" xlink:to="teo_ReceivablesFromSaleOfCustomerRelationshipCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromSaleOfCustomerRelationshipCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of receivables from sale of customer relationship.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromSaleOfCustomerRelationshipCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from sale of customer relationship, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromSaleOfCustomerRelationshipCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from sale of customer relationship</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherCurrentReceivablesOther" xlink:label="teo_OtherCurrentReceivablesOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentReceivablesOther" xlink:to="teo_OtherCurrentReceivablesOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of other current receivables, other.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Receivables, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherCurrentReceivablesGross" xlink:label="teo_OtherCurrentReceivablesGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentReceivablesGross" xlink:to="teo_OtherCurrentReceivablesGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentReceivablesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of other current receivables including allowances.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentReceivablesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Receivables, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_OtherCurrentReceivablesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subtotal</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsAllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="teo_IfrsAllowanceForDoubtfulAccountsReceivableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsAllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="teo_IfrsAllowanceForDoubtfulAccountsReceivableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsAllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A valuation allowance for doubtful accounts receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsAllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Allowance for Doubtful Accounts Receivable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_IfrsAllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherNonCurrentReceivablesAbstract" xlink:label="teo_OtherNonCurrentReceivablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNonCurrentReceivablesAbstract" xlink:to="teo_OtherNonCurrentReceivablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNonCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNonCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Non-Current Receivables [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNonCurrentReceivablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentPrepayments" xlink:label="ifrs-full_NoncurrentPrepayments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPrepayments" xlink:to="ifrs-full_NoncurrentPrepayments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current prepayments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prepaid expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdvancesToSuppliersNonCurrent" xlink:label="teo_AdvancesToSuppliersNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdvancesToSuppliersNonCurrent" xlink:to="teo_AdvancesToSuppliersNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdvancesToSuppliersNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of non-current receivables from advances to suppliers.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdvancesToSuppliersNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advances to suppliers, Non Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdvancesToSuppliersNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advances to suppliers</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromTaxCreditsNonCurrent" xlink:label="teo_ReceivablesFromTaxCreditsNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromTaxCreditsNonCurrent" xlink:to="teo_ReceivablesFromTaxCreditsNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromTaxCreditsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of non-current tax credit receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromTaxCreditsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Tax Credits, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromTaxCreditsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax credits</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromRestrictedFundsNonCurrent" xlink:label="teo_ReceivablesFromRestrictedFundsNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromRestrictedFundsNonCurrent" xlink:to="teo_ReceivablesFromRestrictedFundsNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromRestrictedFundsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of non-current receivables from restricted funds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromRestrictedFundsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Restricted Funds, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromRestrictedFundsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted funds</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NondeliverableForward" xlink:label="teo_NondeliverableForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NondeliverableForward" xlink:to="teo_NondeliverableForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NondeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of noncurrent derivative financial assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NondeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nondeliverable forward</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NondeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial NDF (Note 20)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromRegulatoryNonCurrent" xlink:label="teo_ReceivablesFromRegulatoryNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromRegulatoryNonCurrent" xlink:to="teo_ReceivablesFromRegulatoryNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromRegulatoryNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of non-current receivables for regulatory matters.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromRegulatoryNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Regulatory, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromRegulatoryNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory Credits (Nucleo)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromGuaranteeDepositsNonCurrent" xlink:label="teo_ReceivablesFromGuaranteeDepositsNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromGuaranteeDepositsNonCurrent" xlink:to="teo_ReceivablesFromGuaranteeDepositsNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromGuaranteeDepositsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of non-current receivables from guarantee deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromGuaranteeDepositsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Guarantee Deposits, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromGuaranteeDepositsNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantee deposits</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CreditOfIndemnityForTuvesParaguayAcquisition" xlink:label="teo_CreditOfIndemnityForTuvesParaguayAcquisition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CreditOfIndemnityForTuvesParaguayAcquisition" xlink:to="teo_CreditOfIndemnityForTuvesParaguayAcquisition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CreditOfIndemnityForTuvesParaguayAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of credit indemnity for Tuves Paraguay acquisition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CreditOfIndemnityForTuvesParaguayAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit of indemnity for Tuves Paraguay Acquisition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CreditOfIndemnityForTuvesParaguayAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit indemnity for Tuves Paraguay acquisition</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReceivablesFromSaleOfCustomerRelationshipNonCurrent" xlink:label="teo_ReceivablesFromSaleOfCustomerRelationshipNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReceivablesFromSaleOfCustomerRelationshipNonCurrent" xlink:to="teo_ReceivablesFromSaleOfCustomerRelationshipNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReceivablesFromSaleOfCustomerRelationshipNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of non current receivables from sale of customer relationship.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReceivablesFromSaleOfCustomerRelationshipNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from Sale of Customer Relationship, Non Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReceivablesFromSaleOfCustomerRelationshipNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables from sale of customer relationship</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherNonCurrentReceivablesOther" xlink:label="teo_OtherNonCurrentReceivablesOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNonCurrentReceivablesOther" xlink:to="teo_OtherNonCurrentReceivablesOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNonCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of other non-current receivables, other.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNonCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Non-Current Receivables, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNonCurrentReceivablesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherNonCurrentReceivablesGross" xlink:label="teo_OtherNonCurrentReceivablesGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNonCurrentReceivablesGross" xlink:to="teo_OtherNonCurrentReceivablesGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNonCurrentReceivablesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of other non-current receivables including allowances.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNonCurrentReceivablesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Non-Current Receivables, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_OtherNonCurrentReceivablesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subtotal</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent" xlink:label="teo_IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent" xlink:to="teo_IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A valuation allowance for doubtful accounts receivables due to an Entity more than one year that are expected to be uncollectible.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Allowance for Doubtful Accounts Receivable , Non Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for non-current other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherReceivables" xlink:label="ifrs-full_OtherReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReceivables" xlink:to="ifrs-full_OtherReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Utilisation, allowance account for credit losses of financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decreases</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScheduleOfInventoryDisclosureTable" xlink:label="teo_ScheduleOfInventoryDisclosureTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfInventoryDisclosureTable" xlink:to="teo_ScheduleOfInventoryDisclosureTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfInventoryDisclosureTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of information about inventory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfInventoryDisclosureTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Inventory Disclosure [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TypeOfInventoriesAxis" xlink:label="teo_TypeOfInventoriesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TypeOfInventoriesAxis" xlink:to="teo_TypeOfInventoriesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TypeOfInventoriesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information by type of inventory held.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TypeOfInventoriesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Type of Inventories [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TypeOfInventoriesDomain" xlink:label="teo_TypeOfInventoriesDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TypeOfInventoriesDomain" xlink:to="teo_TypeOfInventoriesDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TypeOfInventoriesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Information by type of inventory held.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TypeOfInventoriesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Type Of Inventories [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TypeOfInventoriesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Type of Inventories [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MobileHandsetsAndOthersMember" xlink:label="teo_MobileHandsetsAndOthersMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileHandsetsAndOthersMember" xlink:to="teo_MobileHandsetsAndOthersMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileHandsetsAndOthersMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Mobile handsets and others.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileHandsetsAndOthersMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Handsets And Others [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileHandsetsAndOthersMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile handsets and others</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RadioEquipmentAndOthersMember" xlink:label="teo_RadioEquipmentAndOthersMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RadioEquipmentAndOthersMember" xlink:to="teo_RadioEquipmentAndOthersMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RadioEquipmentAndOthersMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Radio equipment and others.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RadioEquipmentAndOthersMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Radio Equipment And Others [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RadioEquipmentAndOthersMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Radio equipment and others</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FixedTelephonesAndEquipmentMember" xlink:label="teo_FixedTelephonesAndEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FixedTelephonesAndEquipmentMember" xlink:to="teo_FixedTelephonesAndEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FixedTelephonesAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Fixed telephones and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FixedTelephonesAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed Telephones And Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FixedTelephonesAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed telephones and equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InventoriesForConstructionProjectsMember" xlink:label="teo_InventoriesForConstructionProjectsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InventoriesForConstructionProjectsMember" xlink:to="teo_InventoriesForConstructionProjectsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InventoriesForConstructionProjectsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of Inventories for construction projects.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InventoriesForConstructionProjectsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories For Construction Projects [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InventoriesForConstructionProjectsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories for construction projects</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScheduleOfInventoryDisclosureLineItems" xlink:label="teo_ScheduleOfInventoryDisclosureLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScheduleOfInventoryDisclosureLineItems" xlink:to="teo_ScheduleOfInventoryDisclosureLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScheduleOfInventoryDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScheduleOfInventoryDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Inventory Disclosure [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScheduleOfInventoryDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories and allowance for obsolescence of inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_ScheduleOfInventoryDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Movements in the allowance for obsolescence of inventories</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InventoryWritedown2011" xlink:label="ifrs-full_InventoryWritedown2011" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InventoryWritedown2011" xlink:to="ifrs-full_InventoryWritedown2011_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InventoryWritedown2011_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventory write-down</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InventoryWritedown2011_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_UtilisationOfAllowanceForObsolescenceOfInventory" xlink:label="teo_UtilisationOfAllowanceForObsolescenceOfInventory" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UtilisationOfAllowanceForObsolescenceOfInventory" xlink:to="teo_UtilisationOfAllowanceForObsolescenceOfInventory_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UtilisationOfAllowanceForObsolescenceOfInventory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of utilisation of allowance for obsolescence of inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UtilisationOfAllowanceForObsolescenceOfInventory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Utilisation of Allowance for Obsolescence of Inventory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UtilisationOfAllowanceForObsolescenceOfInventory_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decreases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillTable" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillTable" xlink:to="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of reconciliation of changes in goodwill [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems" xlink:to="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of reconciliation of changes in goodwill [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about property, plant and equipment [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about property, plant and equipment [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Detailed information about property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract" xlink:label="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract" xlink:to="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of Changes in Impairment, Property, Plant and Equipment [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Movements in impairment of materials and PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisposalAndImpairmentOfPropertyPlantAndEquipment" xlink:label="teo_DisposalAndImpairmentOfPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisposalAndImpairmentOfPropertyPlantAndEquipment" xlink:to="teo_DisposalAndImpairmentOfPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisposalAndImpairmentOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of gain on disposal, impairment and disposal of property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisposalAndImpairmentOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal and Impairment of Property Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:label="teo_DisposalAndImpairmentOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:label="ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:to="ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of changes in property, plant and equipment [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of changes in property, plant and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisitions through business combinations, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incorporation by merger</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions other than through business combinations, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CAPEX</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through net exchange differences, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:label="ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposals and retirements, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decreases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation of PP&amp;E</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about intangible assets [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about intangible assets [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisitions through business combinations, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incorporation by merger</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions other than through business combinations, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CAPEX</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through net exchange differences, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposals and retirements, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decreases</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RetainedEarningsAdjustmentIncludedInIntangibleAssets" xlink:label="teo_RetainedEarningsAdjustmentIncludedInIntangibleAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RetainedEarningsAdjustmentIncludedInIntangibleAssets" xlink:to="teo_RetainedEarningsAdjustmentIncludedInIntangibleAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RetainedEarningsAdjustmentIncludedInIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of retained earnings included in intangible assets due to new accounting pronouncements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RetainedEarningsAdjustmentIncludedInIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained Earnings Adjustment Included in Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RetainedEarningsAdjustmentIncludedInIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings adjustment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortisation, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets other than goodwill [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Intangible assets other than goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherCurrentPayablesAbstract" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayablesAbstract" xlink:to="ifrs-full_TradeAndOtherCurrentPayablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade and other current payables [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CurrentPayablesForSuppliersAndCommercialAccruals" xlink:label="teo_CurrentPayablesForSuppliersAndCommercialAccruals" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentPayablesForSuppliersAndCommercialAccruals" xlink:to="teo_CurrentPayablesForSuppliersAndCommercialAccruals_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentPayablesForSuppliersAndCommercialAccruals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current payables for suppliers and commercial accruals.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentPayablesForSuppliersAndCommercialAccruals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Payables for Suppliers and Commercial Accruals</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentPayablesForSuppliersAndCommercialAccruals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Suppliers and commercial accruals</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CurrentPayablesForCompaniesUnderSection33AndRelatedParties" xlink:label="teo_CurrentPayablesForCompaniesUnderSection33AndRelatedParties" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentPayablesForCompaniesUnderSection33AndRelatedParties" xlink:to="teo_CurrentPayablesForCompaniesUnderSection33AndRelatedParties_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentPayablesForCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current payables to companies registered under section 33 and related parties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentPayablesForCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Payables for Companies Under Section 33 and Related Parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentPayablesForCompaniesUnderSection33AndRelatedParties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Companies under sect. 33 - Law No. 19,550 and Related Parties</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentPayablesAbstract" xlink:label="ifrs-full_NoncurrentPayablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPayablesAbstract" xlink:to="ifrs-full_NoncurrentPayablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade and other non-current payables [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NonCurrentPayablesForSuppliersAndCommercialAccruals" xlink:label="teo_NonCurrentPayablesForSuppliersAndCommercialAccruals" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonCurrentPayablesForSuppliersAndCommercialAccruals" xlink:to="teo_NonCurrentPayablesForSuppliersAndCommercialAccruals_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonCurrentPayablesForSuppliersAndCommercialAccruals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non current payables for suppliers and commercial accruals.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonCurrentPayablesForSuppliersAndCommercialAccruals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Current Payables for Suppliers and Commercial Accruals</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonCurrentPayablesForSuppliersAndCommercialAccruals_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Suppliers and commercial accruals</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:label="ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:to="ifrs-full_TradeAndOtherPayablesToTradeSuppliers_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_TradeAndOtherPayablesToTradeSuppliers_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total trade payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about borrowings [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingsAbstract" xlink:label="ifrs-full_BorrowingsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsAbstract" xlink:to="ifrs-full_BorrowingsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current and non-current financial debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Borrowings" xlink:label="ifrs-full_Borrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InterestRateOnLoanPayablePeriodAxis" xlink:label="teo_InterestRateOnLoanPayablePeriodAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestRateOnLoanPayablePeriodAxis" xlink:to="teo_InterestRateOnLoanPayablePeriodAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestRateOnLoanPayablePeriodAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestRateOnLoanPayablePeriodAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate on Loan Payable Period [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InterestRateOnLoanPayablePeriodDomain" xlink:label="teo_InterestRateOnLoanPayablePeriodDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestRateOnLoanPayablePeriodDomain" xlink:to="teo_InterestRateOnLoanPayablePeriodDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestRateOnLoanPayablePeriodDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for interest rate on loan payable for different time bands.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestRateOnLoanPayablePeriodDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate On Loan Payable Period [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InterestRateOnLoanPayablePeriodDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate on Loan Payable Period [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TrancheMember" xlink:label="teo_TrancheMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TrancheMember" xlink:to="teo_TrancheMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Tranche A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TrancheMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche A</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TrancheB1Member" xlink:label="teo_TrancheB1Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TrancheB1Member" xlink:to="teo_TrancheB1Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TrancheB1Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Tranche B-1.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TrancheB1Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche B1 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TrancheB1Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche B-1</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TrancheB2Member" xlink:label="teo_TrancheB2Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TrancheB2Member" xlink:to="teo_TrancheB2Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TrancheB2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Tranche B-2.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TrancheB2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche B2 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TrancheB2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche B-2</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TrancheB3Member" xlink:label="teo_TrancheB3Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TrancheB3Member" xlink:to="teo_TrancheB3Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TrancheB3Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Tranche B-3.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TrancheB3Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche B3 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TrancheB3Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche B-3</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TrancheB4Member" xlink:label="teo_TrancheB4Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TrancheB4Member" xlink:to="teo_TrancheB4Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TrancheB4Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Tranche B-4.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TrancheB4Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche B4 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TrancheB4Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche B-4</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NotionalAmount" xlink:label="ifrs-full_NotionalAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotionalAmount" xlink:to="ifrs-full_NotionalAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotionalAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notional amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NotionalAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal amount</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsDebtInstrumentTerm" xlink:label="teo_IfrsDebtInstrumentTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsDebtInstrumentTerm" xlink:to="teo_IfrsDebtInstrumentTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsDebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsDebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Debt Instrument Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsDebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowing term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_IfrsDebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization term</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xlink:label="ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xlink:to="ifrs-full_BorrowingsAdjustmentToInterestRateBasis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsAdjustmentToInterestRateBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings, adjustment to interest rate basis</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsAdjustmentToInterestRateBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Applicable margin on LIBOR</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsDebtInstrumentPeriodicPayment" xlink:label="teo_IfrsDebtInstrumentPeriodicPayment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsDebtInstrumentPeriodicPayment" xlink:to="teo_IfrsDebtInstrumentPeriodicPayment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsDebtInstrumentPeriodicPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of the required periodic payments including both interest and principal payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsDebtInstrumentPeriodicPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Debt Instrument Periodic Payment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsDebtInstrumentPeriodicPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Half-yearly installments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProceedsFromNoncurrentBorrowings" xlink:label="ifrs-full_ProceedsFromNoncurrentBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromNoncurrentBorrowings" xlink:to="ifrs-full_ProceedsFromNoncurrentBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from non-current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loan proceeds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProceedsFromNoncurrentBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount borrowed</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:label="ifrs-full_BorrowingCostsRecognisedAsExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:to="ifrs-full_BorrowingCostsRecognisedAsExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingCostsRecognisedAsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowing costs recognised as expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingCostsRecognisedAsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net borrowing expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing" xlink:label="teo_ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing" xlink:to="teo_ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of net cash proceeds from bilateral and syndicated loan financing, required for making prepayment under the loan agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Threshold for Prepayments, Net Cash Proceeds from Bilateral and Syndicated Bank Financing</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum net cash proceeds from bilateral or syndicated bank financing required to make prepayment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TermOfNonPesoDenominatedDebtSecurities" xlink:label="teo_TermOfNonPesoDenominatedDebtSecurities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TermOfNonPesoDenominatedDebtSecurities" xlink:to="teo_TermOfNonPesoDenominatedDebtSecurities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TermOfNonPesoDenominatedDebtSecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">"The tenure of non-Peso denominated debt securities, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. "</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TermOfNonPesoDenominatedDebtSecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of Non Peso Denominated Debt Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TermOfNonPesoDenominatedDebtSecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tenor of non-Peso denominated debt securities (in years)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdditionalPaymentOfOriginalLoan" xlink:label="teo_AdditionalPaymentOfOriginalLoan" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionalPaymentOfOriginalLoan" xlink:to="teo_AdditionalPaymentOfOriginalLoan_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionalPaymentOfOriginalLoan_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash outflow associated with payment of additional amount of original loan as a condition precedent to the execution of the loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionalPaymentOfOriginalLoan_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional Payment of Original Loan</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionalPaymentOfOriginalLoan_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional payment of Original Loan</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MandatoryPreCancellationAmount" xlink:label="teo_MandatoryPreCancellationAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MandatoryPreCancellationAmount" xlink:to="teo_MandatoryPreCancellationAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MandatoryPreCancellationAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The mandatory pre-cancellation amount payable as a condition precedent to the execution of the loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MandatoryPreCancellationAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mandatory Pre Cancellation Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MandatoryPreCancellationAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mandatory pre-cancellation amount</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PrepaymentOfBorrowings" xlink:label="teo_PrepaymentOfBorrowings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrepaymentOfBorrowings" xlink:to="teo_PrepaymentOfBorrowings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrepaymentOfBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow associated with prepayment of the borrowings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrepaymentOfBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prepayment of Borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrepaymentOfBorrowings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prepayment of Original Loan</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CancellationOfBorrowingsOutstanding" xlink:label="teo_CancellationOfBorrowingsOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CancellationOfBorrowingsOutstanding" xlink:to="teo_CancellationOfBorrowingsOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CancellationOfBorrowingsOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of balance outstanding borrowings cancelled.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CancellationOfBorrowingsOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cancellation of Borrowings Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CancellationOfBorrowingsOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance of borrowings owed canceled</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount" xlink:label="teo_PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount" xlink:to="teo_PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of half yearly equal installments equivalent to disbursed amount.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Half Yearly Installments Equivalent to Disbursed Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Semi-annual equal installments equivalent to disbursed amount (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing" xlink:label="teo_PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing" xlink:to="teo_PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of half yearly equal installments equivalent to initial borrowing.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Half Yearly Installments Equivalent to Initial Borrowing</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Semi-annual equal installments equivalent to initial borrowing (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="ifrs-full_BorrowingsInterestRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRate" xlink:to="ifrs-full_BorrowingsInterestRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings, interest rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average annual rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Annual rate of interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowing interest rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InvestmentsInFixedAssetsAndOtherCapitalExpenditure" xlink:label="teo_InvestmentsInFixedAssetsAndOtherCapitalExpenditure" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestmentsInFixedAssetsAndOtherCapitalExpenditure" xlink:to="teo_InvestmentsInFixedAssetsAndOtherCapitalExpenditure_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestmentsInFixedAssetsAndOtherCapitalExpenditure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of investment in fixed assets and other capital expenditure with the balance of net proceeds available after settlement of outstanding debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestmentsInFixedAssetsAndOtherCapitalExpenditure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments in Fixed Assets and Other Capital Expenditure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestmentsInFixedAssetsAndOtherCapitalExpenditure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments in fixed assets and other capital expenditure</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting" xlink:label="teo_PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting" xlink:to="teo_PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of quorum of total capital and votes under the Notes for Extraordinary Noteholders' Meeting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Quorum of Total Capital and Votes for Noteholders Meeting</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Quorum of Extraordinary Noteholders' Meeting (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RepurchaseOfDebtNotesIssued" xlink:label="teo_RepurchaseOfDebtNotesIssued" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RepurchaseOfDebtNotesIssued" xlink:to="teo_RepurchaseOfDebtNotesIssued_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RepurchaseOfDebtNotesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of repurchase of debt notes issued.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RepurchaseOfDebtNotesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repurchase of Debt Notes Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RepurchaseOfDebtNotesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repurchase of Notes</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfStockOptionPlans" xlink:label="teo_NumberOfStockOptionPlans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfStockOptionPlans" xlink:to="teo_NumberOfStockOptionPlans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfStockOptionPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of stock option plans available to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfStockOptionPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Stock Option Plans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfStockOptionPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of stock option plans available to employees</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SalariesAndSocialSecurityExpensesCurrentAbstract" xlink:label="teo_SalariesAndSocialSecurityExpensesCurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityExpensesCurrentAbstract" xlink:to="teo_SalariesAndSocialSecurityExpensesCurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityExpensesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityExpensesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and Social Security Expenses, Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SalariesAndSocialSecurityExpensesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent" xlink:label="teo_SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent" xlink:to="teo_SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current salaries, annual complementary salaries, vacation and bonuses payable to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries, Annual Complementary Salaries, Vacation and Bonuses Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries, annual complementary salaries, vacation and bonuses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SocialSecurityPayablesCurrent" xlink:label="teo_SocialSecurityPayablesCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SocialSecurityPayablesCurrent" xlink:to="teo_SocialSecurityPayablesCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SocialSecurityPayablesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current social security payables to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SocialSecurityPayablesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social Security Payables, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SocialSecurityPayablesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social security payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TerminationBenefitsPayableCurrent" xlink:label="teo_TerminationBenefitsPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TerminationBenefitsPayableCurrent" xlink:to="teo_TerminationBenefitsPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TerminationBenefitsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current expense in relation to termination benefits. Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either: (a) an entity's decision to terminate an employee's employment before the normal retirement date; or (b) an employee's decision to accept an offer of benefits in exchange for the termination of employment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TerminationBenefitsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Termination Benefits Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TerminationBenefitsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Termination benefits</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SalariesAndSocialSecurityPayableCurrent" xlink:label="teo_SalariesAndSocialSecurityPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityPayableCurrent" xlink:to="teo_SalariesAndSocialSecurityPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current salaries and social security payables to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and Social Security Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_SalariesAndSocialSecurityPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current salaries and security payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract" xlink:label="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract" xlink:to="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and Social Security Expenses, Non-Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TerminationBenefitsPayableNonCurrent" xlink:label="teo_TerminationBenefitsPayableNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TerminationBenefitsPayableNonCurrent" xlink:to="teo_TerminationBenefitsPayableNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TerminationBenefitsPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non-current expense in relation to termination benefits. Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either: (a) an entity's decision to terminate an employee's employment before the normal retirement date; or (b) an employee's decision to accept an offer of benefits in exchange for the termination of employment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TerminationBenefitsPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Termination Benefits Payable, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TerminationBenefitsPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Termination benefits</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SalariesAndSocialSecurityPayableNonCurrent" xlink:label="teo_SalariesAndSocialSecurityPayableNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityPayableNonCurrent" xlink:to="teo_SalariesAndSocialSecurityPayableNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non-current salaries and social security payables to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and Social Security Payable, Non-Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_SalariesAndSocialSecurityPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current salaries and security payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SalariesAndSocialSecurityPayables" xlink:label="teo_SalariesAndSocialSecurityPayables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityPayables" xlink:to="teo_SalariesAndSocialSecurityPayables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The total amount of salaries and social security payables to employees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and Social Security Payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_SalariesAndSocialSecurityPayables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of temporary difference, unused tax losses and unused tax credits [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable" xlink:label="teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable" xlink:to="teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of deferred tax liabilities, net before actions for recourse tax receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Liabilities, Net Before Actions for Recourse Tax Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total deferred tax liabilities, net</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ActionsForRecourseTaxReceivable" xlink:label="teo_ActionsForRecourseTaxReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ActionsForRecourseTaxReceivable" xlink:to="teo_ActionsForRecourseTaxReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ActionsForRecourseTaxReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of recourse tax receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ActionsForRecourseTaxReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actions for Recourse Tax Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_ActionsForRecourseTaxReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actions for recourse tax receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncomeTaxDisclosureTable" xlink:label="teo_IncomeTaxDisclosureTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeTaxDisclosureTable" xlink:to="teo_IncomeTaxDisclosureTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeTaxDisclosureTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to income tax disclosures.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeTaxDisclosureTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax disclosure [table]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsTaxPeriodAxis" xlink:label="teo_IfrsTaxPeriodAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsTaxPeriodAxis" xlink:to="teo_IfrsTaxPeriodAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsTaxPeriodAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information about the period subject to enacted tax laws.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsTaxPeriodAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Tax Period Axis</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsTaxPeriodDomain" xlink:label="teo_IfrsTaxPeriodDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsTaxPeriodDomain" xlink:to="teo_IfrsTaxPeriodDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsTaxPeriodDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identified tax period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsTaxPeriodDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Tax Period [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsTaxPeriodDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Tax Period [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsTaxYear2015Member" xlink:label="teo_IfrsTaxYear2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsTaxYear2015Member" xlink:to="teo_IfrsTaxYear2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsTaxYear2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identified as tax year 2015.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsTaxYear2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Tax Year2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsTaxYear2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year 2015</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsTaxYear2016Member" xlink:label="teo_IfrsTaxYear2016Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsTaxYear2016Member" xlink:to="teo_IfrsTaxYear2016Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsTaxYear2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identified as tax year 2016.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsTaxYear2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Tax Year2016 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsTaxYear2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year 2016</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsTaxYear2017Member" xlink:label="teo_IfrsTaxYear2017Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsTaxYear2017Member" xlink:to="teo_IfrsTaxYear2017Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsTaxYear2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identified as tax year 2017.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsTaxYear2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Tax Year2017 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsTaxYear2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year 2017</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncomeTaxDisclosureLineItems" xlink:label="teo_IncomeTaxDisclosureLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeTaxDisclosureLineItems" xlink:to="teo_IncomeTaxDisclosureLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeTaxDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeTaxDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax disclosure [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncomeTaxDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">DEFERRED INCOME TAX ASSETS/LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable" xlink:label="teo_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of unused tax credits for which no deferred tax asset is recognised in the statement of financial position estimated to be non-recoverable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unused Tax Credits For Which No Deferred Tax Asset Recognised Estimated to be Non-recoverable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-recoverable Tax carryforward amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised" xlink:label="ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unused tax credits for which no deferred tax asset recognised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax carryforward amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="ifrs-full_CurrentTaxExpenseIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current tax expense (income)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract" xlink:label="ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of income tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AccountingProfit" xlink:label="ifrs-full_AccountingProfit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccountingProfit" xlink:to="ifrs-full_AccountingProfit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccountingProfit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounting profit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccountingProfit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pre-tax income</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NonTaxableIncomeExpenseEarningsFromAssociates" xlink:label="teo_NonTaxableIncomeExpenseEarningsFromAssociates" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonTaxableIncomeExpenseEarningsFromAssociates" xlink:to="teo_NonTaxableIncomeExpenseEarningsFromAssociates_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonTaxableIncomeExpenseEarningsFromAssociates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of earnings from associates which is not chargeable to tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonTaxableIncomeExpenseEarningsFromAssociates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Taxable Income (Expense), Earnings from Associates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonTaxableIncomeExpenseEarningsFromAssociates_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-taxable items - Earnings from associates</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NonTaxableIncomeExpenseOther" xlink:label="teo_NonTaxableIncomeExpenseOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonTaxableIncomeExpenseOther" xlink:to="teo_NonTaxableIncomeExpenseOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonTaxableIncomeExpenseOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of income (expense) from other which is not chargeable to tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonTaxableIncomeExpenseOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Taxable Income (Expense), Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonTaxableIncomeExpenseOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-taxable items - Other</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AccountingProfitNetOfNonTaxableItems" xlink:label="teo_AccountingProfitNetOfNonTaxableItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AccountingProfitNetOfNonTaxableItems" xlink:to="teo_AccountingProfitNetOfNonTaxableItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AccountingProfitNetOfNonTaxableItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount representing accounting profit after deducting non-taxable income (expense).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AccountingProfitNetOfNonTaxableItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounting Profit Net Of Non Taxable Items</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AccountingProfitNetOfNonTaxableItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subtotal</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:to="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax expense (income) at applicable tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax expense at weighted statutory tax rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxEffectFromTaxCarryforwardPrescriptionAmount" xlink:label="teo_TaxEffectFromTaxCarryforwardPrescriptionAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxEffectFromTaxCarryforwardPrescriptionAmount" xlink:to="teo_TaxEffectFromTaxCarryforwardPrescriptionAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxEffectFromTaxCarryforwardPrescriptionAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of change in tax from tax carryforward prescription amount.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxEffectFromTaxCarryforwardPrescriptionAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Effect from Tax Carryforward Prescription Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxEffectFromTaxCarryforwardPrescriptionAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax carryforward prescription</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxRateEffectFromChangesInTaxRate" xlink:label="teo_TaxRateEffectFromChangesInTaxRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxRateEffectFromChangesInTaxRate" xlink:to="teo_TaxRateEffectFromChangesInTaxRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxRateEffectFromChangesInTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of effect of changes in tax rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxRateEffectFromChangesInTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Rate Effect From Changes in Tax Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaxRateEffectFromChangesInTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in tax rates</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" xlink:label="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" xlink:to="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce current tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actions for recourse</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxEffectOfCashDividendsFromForeignCompanies" xlink:label="teo_TaxEffectOfCashDividendsFromForeignCompanies" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxEffectOfCashDividendsFromForeignCompanies" xlink:to="teo_TaxEffectOfCashDividendsFromForeignCompanies_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxEffectOfCashDividendsFromForeignCompanies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to cash dividends received from foreign companies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxEffectOfCashDividendsFromForeignCompanies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Effect of Cash Dividends from Foreign Companies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_TaxEffectOfCashDividendsFromForeignCompanies_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax on cash dividends of foreign companies</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxEffectFromInflation" xlink:label="teo_TaxEffectFromInflation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxEffectFromInflation" xlink:to="teo_TaxEffectFromInflation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxEffectFromInflation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount represents the change in tax amount due to inflation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxEffectFromInflation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Effect from Inflation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_TaxEffectFromInflation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inflation effect</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ActionsForRecourseFiledWithTaxAuthorityAbstract" xlink:label="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract" xlink:to="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ActionsForRecourseFiledWithTaxAuthorityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax - Actions for recourse filed with the Tax Authority</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ActionsForRecourseIncomeTaxClaimAmount" xlink:label="teo_ActionsForRecourseIncomeTaxClaimAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ActionsForRecourseIncomeTaxClaimAmount" xlink:to="teo_ActionsForRecourseIncomeTaxClaimAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ActionsForRecourseIncomeTaxClaimAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of claim including interest, filed with tax authority which was overpaid during prior years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ActionsForRecourseIncomeTaxClaimAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actions for Recourse, Income Tax, Claim Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ActionsForRecourseIncomeTaxClaimAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of claim filed during 2015 and 2018</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ActionsForRecourseTaxReceivableNoncurrent" xlink:label="teo_ActionsForRecourseTaxReceivableNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ActionsForRecourseTaxReceivableNoncurrent" xlink:to="teo_ActionsForRecourseTaxReceivableNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ActionsForRecourseTaxReceivableNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of tax recoverable from actions filed with the tax authority for taxes paid in excess (in compliance with IAS 12) in the prior years (defined in detail in Article 10 of Law No. 23,928 and Article 39 of Law No.24,073), classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ActionsForRecourseTaxReceivableNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actions for Recourse, Tax Receivable, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ActionsForRecourseTaxReceivableNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current tax credit</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CurrentTaxesPayablesAbstract" xlink:label="teo_CurrentTaxesPayablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentTaxesPayablesAbstract" xlink:to="teo_CurrentTaxesPayablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentTaxesPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentTaxesPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Taxes Payables [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentTaxesPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncomeTaxPayableCurrent" xlink:label="teo_IncomeTaxPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncomeTaxPayableCurrent" xlink:to="teo_IncomeTaxPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncomeTaxPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount related to current income taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncomeTaxPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncomeTaxPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherNationalTaxesPayableCurrent" xlink:label="teo_OtherNationalTaxesPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNationalTaxesPayableCurrent" xlink:to="teo_OtherNationalTaxesPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNationalTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount related to current other national taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNationalTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other National Taxes Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNationalTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other national taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MunicipalTaxesPayableCurrent" xlink:label="teo_MunicipalTaxesPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MunicipalTaxesPayableCurrent" xlink:to="teo_MunicipalTaxesPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MunicipalTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of payables related to a municipal taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MunicipalTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Municipal Taxes Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MunicipalTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Municipal taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProvincialTaxesPayableCurrent" xlink:label="teo_ProvincialTaxesPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvincialTaxesPayableCurrent" xlink:to="teo_ProvincialTaxesPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvincialTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount related to current provincial taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvincialTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial Taxes Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvincialTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsTaxesPayableCurrent" xlink:label="teo_IfrsTaxesPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsTaxesPayableCurrent" xlink:to="teo_IfrsTaxesPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount related to current taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Taxes Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_IfrsTaxesPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NonCurrentTaxesPayablesAbstract" xlink:label="teo_NonCurrentTaxesPayablesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonCurrentTaxesPayablesAbstract" xlink:to="teo_NonCurrentTaxesPayablesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonCurrentTaxesPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonCurrentTaxesPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Current Taxes Payables [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonCurrentTaxesPayablesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherNationalTaxesPayableNonCurrent" xlink:label="teo_OtherNationalTaxesPayableNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNationalTaxesPayableNonCurrent" xlink:to="teo_OtherNationalTaxesPayableNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNationalTaxesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount related to non current other national taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNationalTaxesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other National Taxes Payable, Non Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNationalTaxesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other national taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProvincialTaxesPayableNonCurrent" xlink:label="teo_ProvincialTaxesPayableNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvincialTaxesPayableNonCurrent" xlink:to="teo_ProvincialTaxesPayableNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvincialTaxesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount related to non current provincial taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvincialTaxesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial Taxes Payable, Non Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvincialTaxesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provincial taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxesPayableNonCurrent" xlink:label="teo_TaxesPayableNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxesPayableNonCurrent" xlink:to="teo_TaxesPayableNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount related to non current taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes Payable, Non Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_TaxesPayableNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxesPayable" xlink:label="teo_TaxesPayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxesPayable" xlink:to="teo_TaxesPayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxesPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount related to taxes payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxesPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_TaxesPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total taxes payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsOtherLiabilitiesCurrentAbstract" xlink:label="teo_IfrsOtherLiabilitiesCurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsOtherLiabilitiesCurrentAbstract" xlink:to="teo_IfrsOtherLiabilitiesCurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsOtherLiabilitiesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsOtherLiabilitiesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Other Liabilities, Current [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsOtherLiabilitiesCurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent" xlink:label="teo_DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent" xlink:to="teo_DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liability for deferred revenues on prepaid calling cards.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Revenues on Prepaid Calling Cards Liability, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenues on prepaid calling cards</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityCurrent" xlink:label="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityCurrent" xlink:to="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liability for deferred revenues on connection fees and international capacity leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Revenues on Connection Fees and International Capacity Leases Liability, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenues on connection fees and international capacity leases</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DeferredRevenuesOnConstructionProjectsLiabilityCurrent" xlink:label="teo_DeferredRevenuesOnConstructionProjectsLiabilityCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeferredRevenuesOnConstructionProjectsLiabilityCurrent" xlink:to="teo_DeferredRevenuesOnConstructionProjectsLiabilityCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeferredRevenuesOnConstructionProjectsLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liability for deferred revenues on construction projects.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeferredRevenuesOnConstructionProjectsLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Revenues on Construction Projects Liability, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeferredRevenuesOnConstructionProjectsLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenues on construction projects</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MobileCustomerLoyaltyProgramsLiabilityCurrent" xlink:label="teo_MobileCustomerLoyaltyProgramsLiabilityCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileCustomerLoyaltyProgramsLiabilityCurrent" xlink:to="teo_MobileCustomerLoyaltyProgramsLiabilityCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileCustomerLoyaltyProgramsLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liability for mobile customer loyalty programs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileCustomerLoyaltyProgramsLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Customer Loyalty Programs Liability, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileCustomerLoyaltyProgramsLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile customer loyalty programs</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent" xlink:label="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent" xlink:to="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liability for compensation payables directors and members of the supervisory committee.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Directors and Members of Supervisory Committee Compensation Liability, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation for directors and members of the Supervisory Committee</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CompaniesUnderSection33AndRelatedPartiesLiabilityCurrent" xlink:label="teo_CompaniesUnderSection33AndRelatedPartiesLiabilityCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CompaniesUnderSection33AndRelatedPartiesLiabilityCurrent" xlink:to="teo_CompaniesUnderSection33AndRelatedPartiesLiabilityCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CompaniesUnderSection33AndRelatedPartiesLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liability for companies under section 33 and related parties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CompaniesUnderSection33AndRelatedPartiesLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Companies Under Section 33 and Related Parties Liability, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CompaniesUnderSection33AndRelatedPartiesLiabilityCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Companies under sect. 33 - Law No. 19,550 and Related Parties</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherCurrentLiabilitiesOther" xlink:label="teo_OtherCurrentLiabilitiesOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentLiabilitiesOther" xlink:to="teo_OtherCurrentLiabilitiesOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liabilities that the entity does not separately disclose in the same statement or note.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Liabilities, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsOtherLiabilitiesNoncurrentAbstract" xlink:label="teo_IfrsOtherLiabilitiesNoncurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsOtherLiabilitiesNoncurrentAbstract" xlink:to="teo_IfrsOtherLiabilitiesNoncurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsOtherLiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsOtherLiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Other Liabilities, Noncurrent [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsOtherLiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent" xlink:label="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent" xlink:to="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non current liability for deferred revenues on connection fees and international capacity leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Revenues on Connection Fees and International Capacity Leases Liability, Non Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenues on connection fees and international capacity leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:to="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At the beginning of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pension benefits (Note 3.m)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MobileCustomerLoyaltyProgramsLiabilityNonCurrent" xlink:label="teo_MobileCustomerLoyaltyProgramsLiabilityNonCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileCustomerLoyaltyProgramsLiabilityNonCurrent" xlink:to="teo_MobileCustomerLoyaltyProgramsLiabilityNonCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileCustomerLoyaltyProgramsLiabilityNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non current liability for mobile customer loyalty programs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileCustomerLoyaltyProgramsLiabilityNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Customer Loyalty Programs Liability, Non Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileCustomerLoyaltyProgramsLiabilityNonCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile customer loyalty programs</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherNonCurrentLiabilitiesOther" xlink:label="teo_OtherNonCurrentLiabilitiesOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNonCurrentLiabilitiesOther" xlink:to="teo_OtherNonCurrentLiabilitiesOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNonCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of non-current liabilities that the entity does not separately disclose in the same statement or note.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNonCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Non-Current Liabilities, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNonCurrentLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherLiabilities" xlink:label="ifrs-full_OtherLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherLiabilities" xlink:to="ifrs-full_OtherLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total other liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract" xlink:label="ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract" xlink:to="ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in net defined benefit liability (asset) [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Movements in the pension benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through business combinations and disposals, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incorporation by merger</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current service cost, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest expense (income), net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments from plan, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PaymentsFromPlanNetDefinedBenefitLiabilityAssetRelatedToRecpam" xlink:label="teo_PaymentsFromPlanNetDefinedBenefitLiabilityAssetRelatedToRecpam" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PaymentsFromPlanNetDefinedBenefitLiabilityAssetRelatedToRecpam" xlink:to="teo_PaymentsFromPlanNetDefinedBenefitLiabilityAssetRelatedToRecpam_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PaymentsFromPlanNetDefinedBenefitLiabilityAssetRelatedToRecpam_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of payments from plan net defined benefit liability asset related to RECPAM.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PaymentsFromPlanNetDefinedBenefitLiabilityAssetRelatedToRecpam_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments from Plan Net Defined Benefit Liability Asset Related to RECPAM</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_PaymentsFromPlanNetDefinedBenefitLiabilityAssetRelatedToRecpam_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">RECPAM</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfOtherProvisionsTable" xlink:label="ifrs-full_DisclosureOfOtherProvisionsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherProvisionsTable" xlink:to="ifrs-full_DisclosureOfOtherProvisionsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherProvisionsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of other provisions [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfOtherProvisionsLineItems" xlink:label="ifrs-full_DisclosureOfOtherProvisionsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOtherProvisionsLineItems" xlink:to="ifrs-full_DisclosureOfOtherProvisionsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOtherProvisionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of other provisions [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfOtherProvisionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract" xlink:label="ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract" xlink:to="ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of changes in other provisions [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reconciliation of changes in provision</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProvisionsCurrentRollForward" xlink:label="teo_ProvisionsCurrentRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsCurrentRollForward" xlink:to="teo_ProvisionsCurrentRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsCurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsCurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions, Current [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionsCurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions" xlink:label="teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions" xlink:to="teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase in other short-term provisions resulting from acquisitions through business combinations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisitions Through Business Combinations, Other Short-term Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incorporation by merger</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Capital Portion, Other Shortterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions" xlink:to="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents increase (decrease) through transfers and other changes in other provisions, classified as current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Transfers and Other Changes, Other Shortterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassifications</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DecreaseInProvisionsDueToOtherChangesOtherShortTermProvisions" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherShortTermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DecreaseInProvisionsDueToOtherChangesOtherShortTermProvisions" xlink:to="teo_DecreaseInProvisionsDueToOtherChangesOtherShortTermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherShortTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the decrease in other short-term provisions due to other changes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherShortTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease in Provisions Due to Other Changes, Other Short-term Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherShortTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decreases</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProvisionsNoncurrentRollForward" xlink:label="teo_ProvisionsNoncurrentRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsNoncurrentRollForward" xlink:to="teo_ProvisionsNoncurrentRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsNoncurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsNoncurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions, Noncurrent [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionsNoncurrentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-current</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions" xlink:label="teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions" xlink:to="teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase in other long-term provisions resulting from acquisitions through business combinations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisitions Through Business Combinations, Other Long-term Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incorporation by merger</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions, classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Capital Portion, Other Longterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions" xlink:to="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the interest portion of additions or (recoveries) on other provisions, classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Interest Portion, Other Longterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Interest</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions" xlink:to="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents increase (decrease) through transfers and other changes in other provisions, classified as non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Transfers and Other Changes, Other Longterm Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassifications</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions" xlink:to="teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the decrease in other long-term provisions due to other changes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease in Provisions Due to Other Changes, Other Long-term Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decreases</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProvisionsRollForward" xlink:label="teo_ProvisionsRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsRollForward" xlink:to="teo_ProvisionsRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionsRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherProvisions" xlink:label="ifrs-full_OtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherProvisions" xlink:to="ifrs-full_OtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_OtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total provisions at the end</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_OtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total provisions in the beginning</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:to="ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisitions through business combinations, other provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incorporation by merger</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Capital Portion, Other Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdditionsOrRecoveriesInterestPortionOtherProvisions" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions" xlink:to="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the interest portion of additions or (recoveries) on other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Interest Portion, Other Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_AdditionsOrRecoveriesInterestPortionOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) through transfers and other changes, other provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassifications</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DecreaseInProvisionsDueToOtherChangesOtherProvisions" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DecreaseInProvisionsDueToOtherChangesOtherProvisions" xlink:to="teo_DecreaseInProvisionsDueToOtherChangesOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the decrease in other provisions due to other changes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease in Provisions Due to Other Changes, Other Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_DecreaseInProvisionsDueToOtherChangesOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decreases</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProvisionsOtherAbstract" xlink:label="teo_ProvisionsOtherAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsOtherAbstract" xlink:to="teo_ProvisionsOtherAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsOtherAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsOtherAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions, Other [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionsOtherAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other information</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or (Recoveries), Capital Portion, Charged to Currency Translation Adjustments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital, charged to currency translation adjustments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses" xlink:to="teo_AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the capital portion of additions or (recoveries) on other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions or Recoveries Capital Portion Charged to Other Operating Income and Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions/(recoveries), Capital, charged to other operating income and expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DecreaseInOtherProvisionsRelatingToRecpam" xlink:label="teo_DecreaseInOtherProvisionsRelatingToRecpam" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DecreaseInOtherProvisionsRelatingToRecpam" xlink:to="teo_DecreaseInOtherProvisionsRelatingToRecpam_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DecreaseInOtherProvisionsRelatingToRecpam_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of decrease in other provisions relating to RECPAM.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DecreaseInOtherProvisionsRelatingToRecpam_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease in Other Provisions Relating to RECPAM</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DecreaseInOtherProvisionsRelatingToRecpam_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease in provisions relating to RECPAM</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt" xlink:label="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt" xlink:to="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of chambers of the Civil and Commercial Federal Proceedings Court that issued opinions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Chambers, Civil and Commercial Federal Proceedings Court</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of chambers of the Civil and Commercial Federal Proceedings Court who issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice - Dominguez c/ Telefonica de Argentina S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice" xlink:label="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice" xlink:to="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of limitations established by Argentine Supreme Court of Justice.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of Limitations per Argentine Supreme Court of Justice</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of limitation, period established, Argentine Supreme Court of Justice</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_StatuteOfLimitationsPerChamberIii" xlink:label="teo_StatuteOfLimitationsPerChamberIii" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_StatuteOfLimitationsPerChamberIii" xlink:to="teo_StatuteOfLimitationsPerChamberIii_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_StatuteOfLimitationsPerChamberIii_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of Limitations per Chamber III of the Civil and Commercial Federal Proceedings Court.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_StatuteOfLimitationsPerChamberIii_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of Limitations per Chamber Iii</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_StatuteOfLimitationsPerChamberIii_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of limitation, period established, Chamber III</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits" xlink:to="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents number of unions who filed lawsuits against the company, claiming the issuance of a profit sharing bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Claim for the Issuance of Profit Sharing Bonds, Number of Unions Who Filed Lawsuits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of unions who filed lawsuit claiming the issuance of a profit sharing bonds</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished" xlink:to="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period of statute of limitation established on issuance of profit sharing bonds, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Claim for the Issuance of Profit Sharing Bonds, Statute of Limitations Established</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statute of limitation, period established</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:label="ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:to="ifrs-full_EstimatedFinancialEffectOfContingentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EstimatedFinancialEffectOfContingentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated financial effect of contingent liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EstimatedFinancialEffectOfContingentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated liabilities per each alleged violation against its clients</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdditionalOtherProvisionsEstimated" xlink:label="teo_AdditionalOtherProvisionsEstimated" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdditionalOtherProvisionsEstimated" xlink:to="teo_AdditionalOtherProvisionsEstimated_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdditionalOtherProvisionsEstimated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of estimated additional other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdditionalOtherProvisionsEstimated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional Other Provisions, Estimated</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdditionalOtherProvisionsEstimated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated increase in provision</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ContingentLiabilityForDamagesAndLossesDuringContractualRelationship" xlink:label="teo_ContingentLiabilityForDamagesAndLossesDuringContractualRelationship" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ContingentLiabilityForDamagesAndLossesDuringContractualRelationship" xlink:to="teo_ContingentLiabilityForDamagesAndLossesDuringContractualRelationship_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ContingentLiabilityForDamagesAndLossesDuringContractualRelationship_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of claims made for damages and losses during contractual relationship.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ContingentLiabilityForDamagesAndLossesDuringContractualRelationship_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contingent Liability for Damages and Losses During Contractual Relationship</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ContingentLiabilityForDamagesAndLossesDuringContractualRelationship_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Claims for damages and losses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LossesOnLitigationSettlements" xlink:label="ifrs-full_LossesOnLitigationSettlements" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LossesOnLitigationSettlements" xlink:to="ifrs-full_LossesOnLitigationSettlements_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LossesOnLitigationSettlements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Losses on litigation settlements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LossesOnLitigationSettlements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Difference resulting from both sets of liquidation excluding interests</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected" xlink:label="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected" xlink:to="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period preceding the date of lawsuit, to be considered for reimbursement of excess amount collected from customers, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Years to be Considered for Reimbursement of Excess Amount Collected</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of years to be considered for reimbursement of excess amount collected</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards" xlink:label="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards" xlink:to="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period preceding the date of lawsuit, to be considered for crediting the customers for unused minutes on expired prepaid cards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Years to be Considered for Crediting the Customers for Unused Minutes on Expired Prepaid Cards</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of years to be considered for crediting the customers for unused minutes on expired prepaid cards</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt" xlink:label="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt" xlink:to="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the total number of legal actions that will continue within the Federal Civil and Commercial Court.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Legal Actions Within Federal Civil and Commercial Court</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total number of legal actions within the federal civil and commercial court</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer" xlink:label="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer" xlink:to="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period considered for the reimbursement of increased price billed to customer, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period Considered for Reimbursement of Increased Price Billed to Customer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period considered for reimbursement of increased price billed to customer</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfCompaniesThatInitiatedClaim" xlink:label="teo_NumberOfCompaniesThatInitiatedClaim" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfCompaniesThatInitiatedClaim" xlink:to="teo_NumberOfCompaniesThatInitiatedClaim_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfCompaniesThatInitiatedClaim_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of companies that initiated a claim.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfCompaniesThatInitiatedClaim_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Companies that Initiated a Claim</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfCompaniesThatInitiatedClaim_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of companies that initiated a claim</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive" xlink:label="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive" xlink:to="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the maximum percentage of services invoiced, that the mobile operators are entitled to receive on behalf and to the order of providers of audiotext and mass calling Value Added Services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum Percentage of the Services Invoiced, that the Mobile Operators are Entitled to Receive</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum percentage of services invoiced that the mobile operators are entitled to receive</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodToFileInterConnectionContracts" xlink:label="teo_PeriodToFileInterConnectionContracts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodToFileInterConnectionContracts" xlink:to="teo_PeriodToFileInterConnectionContracts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodToFileInterConnectionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period to file interconnection contracts under the ENACOM, or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodToFileInterConnectionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period to File Inter Connection Contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodToFileInterConnectionContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period to file interconnection contracts under the ENACOM</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfLegalActionsFiledByTradeUnions" xlink:label="teo_NumberOfLegalActionsFiledByTradeUnions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfLegalActionsFiledByTradeUnions" xlink:to="teo_NumberOfLegalActionsFiledByTradeUnions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfLegalActionsFiledByTradeUnions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of legal actions filed by trade unions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfLegalActionsFiledByTradeUnions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Legal Actions Filed by Trade Unions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfLegalActionsFiledByTradeUnions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of legal actions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodOfDefaultForUnionContributionsAndPayments" xlink:label="teo_PeriodOfDefaultForUnionContributionsAndPayments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodOfDefaultForUnionContributionsAndPayments" xlink:to="teo_PeriodOfDefaultForUnionContributionsAndPayments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodOfDefaultForUnionContributionsAndPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period of default made for union contributions and payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodOfDefaultForUnionContributionsAndPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of Default for Union Contributions and Payments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodOfDefaultForUnionContributionsAndPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of default</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReductionOfCapitalDueToRevocationOfInjunction" xlink:label="teo_ReductionOfCapitalDueToRevocationOfInjunction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReductionOfCapitalDueToRevocationOfInjunction" xlink:to="teo_ReductionOfCapitalDueToRevocationOfInjunction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReductionOfCapitalDueToRevocationOfInjunction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of capital reduced due to revocation of injunction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReductionOfCapitalDueToRevocationOfInjunction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reduction of Capital Due to Revocation of Injunction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReductionOfCapitalDueToRevocationOfInjunction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reduction of capital stock</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseInCapitalDueToRevocationOfInjunction" xlink:label="teo_IncreaseInCapitalDueToRevocationOfInjunction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseInCapitalDueToRevocationOfInjunction" xlink:to="teo_IncreaseInCapitalDueToRevocationOfInjunction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseInCapitalDueToRevocationOfInjunction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of capital increase due to revocation of injunction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseInCapitalDueToRevocationOfInjunction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in Capital Due to Revocation of Injunction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseInCapitalDueToRevocationOfInjunction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent increase in capital</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PeriodDuringWhichAmountsCollectedForInternetAndCableServices" xlink:label="teo_PeriodDuringWhichAmountsCollectedForInternetAndCableServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PeriodDuringWhichAmountsCollectedForInternetAndCableServices" xlink:to="teo_PeriodDuringWhichAmountsCollectedForInternetAndCableServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PeriodDuringWhichAmountsCollectedForInternetAndCableServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The period during which amounts collected for internet and cable services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PeriodDuringWhichAmountsCollectedForInternetAndCableServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period During Which Amounts Collected for Internet and Cable Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PeriodDuringWhichAmountsCollectedForInternetAndCableServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period during which amounts collected for services</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PenaltyImposedForNotComplyingWithInformationRegime" xlink:label="teo_PenaltyImposedForNotComplyingWithInformationRegime" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PenaltyImposedForNotComplyingWithInformationRegime" xlink:to="teo_PenaltyImposedForNotComplyingWithInformationRegime_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PenaltyImposedForNotComplyingWithInformationRegime_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of penalty imposed for not complying with information regime.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PenaltyImposedForNotComplyingWithInformationRegime_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Penalty Imposed for not Complying with Information regime</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PenaltyImposedForNotComplyingWithInformationRegime_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Penalty imposed</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReducedPenaltyForNotComplyingWithInformationRegime" xlink:label="teo_ReducedPenaltyForNotComplyingWithInformationRegime" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReducedPenaltyForNotComplyingWithInformationRegime" xlink:to="teo_ReducedPenaltyForNotComplyingWithInformationRegime_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReducedPenaltyForNotComplyingWithInformationRegime_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of reduced penalty for not complying with information regime.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReducedPenaltyForNotComplyingWithInformationRegime_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reduced Penalty for not Complying with Information regime</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReducedPenaltyForNotComplyingWithInformationRegime_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reduced penalty</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdjustedSubscriptionPrice" xlink:label="teo_AdjustedSubscriptionPrice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdjustedSubscriptionPrice" xlink:to="teo_AdjustedSubscriptionPrice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdjustedSubscriptionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The adjusted amount of subscription price.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdjustedSubscriptionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjusted Subscription Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdjustedSubscriptionPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjusted subscription price</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProjectAxis" xlink:label="teo_ProjectAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProjectAxis" xlink:to="teo_ProjectAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProjectAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProjectAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Project [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProjectDomain" xlink:label="teo_ProjectDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProjectDomain" xlink:to="teo_ProjectDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProjectDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the project.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProjectDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Project [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProjectDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Project [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AfaPlusProjectMember" xlink:label="teo_AfaPlusProjectMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AfaPlusProjectMember" xlink:to="teo_AfaPlusProjectMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AfaPlusProjectMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for AFA Puls Project.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AfaPlusProjectMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Afa Plus Project [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AfaPlusProjectMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">AFA Plus Project</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ReferringPriceRate" xlink:label="teo_ReferringPriceRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ReferringPriceRate" xlink:to="teo_ReferringPriceRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ReferringPriceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the referring price rate on every popular ticket price per each football fan that attend the stadiums during the term of agreement, charged in order to aid a profit margin.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ReferringPriceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Referring Price Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ReferringPriceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Referring price rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InvestmentsMadeAndExpensesIncurred" xlink:label="teo_InvestmentsMadeAndExpensesIncurred" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestmentsMadeAndExpensesIncurred" xlink:to="teo_InvestmentsMadeAndExpensesIncurred_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestmentsMadeAndExpensesIncurred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of investments made and expenses incurred.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestmentsMadeAndExpensesIncurred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments Made and Expenses Incurred</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestmentsMadeAndExpensesIncurred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments made and expenses incurred</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment" xlink:label="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment" xlink:to="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of investments made and expenses incurred, included in property, plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments Made and Expenses Incurred, Included in Property, Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments made and expenses incurred, included in PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CompensationReceivedForServicesProvidedAndWorkPerformed" xlink:label="teo_CompensationReceivedForServicesProvidedAndWorkPerformed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CompensationReceivedForServicesProvidedAndWorkPerformed" xlink:to="teo_CompensationReceivedForServicesProvidedAndWorkPerformed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CompensationReceivedForServicesProvidedAndWorkPerformed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents compensation received towards for services provided and work performed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CompensationReceivedForServicesProvidedAndWorkPerformed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation Received for Services Provided and Work Performed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CompensationReceivedForServicesProvidedAndWorkPerformed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation received from AFA for services provided and work performed</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CompensationProposedForInvestmentAndExpenditure" xlink:label="teo_CompensationProposedForInvestmentAndExpenditure" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CompensationProposedForInvestmentAndExpenditure" xlink:to="teo_CompensationProposedForInvestmentAndExpenditure_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CompensationProposedForInvestmentAndExpenditure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount proposed by AFA to compensate for the amount spent towards investments and expenditures.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CompensationProposedForInvestmentAndExpenditure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation Proposed for Investment and Expenditure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CompensationProposedForInvestmentAndExpenditure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation proposed by AFA for investment and expenditures incurred</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_WaitingPeriodToReceiveProposedCompensation" xlink:label="teo_WaitingPeriodToReceiveProposedCompensation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_WaitingPeriodToReceiveProposedCompensation" xlink:to="teo_WaitingPeriodToReceiveProposedCompensation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_WaitingPeriodToReceiveProposedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the waiting period to receive the proposed compensation, if the advertising compensation was not operating, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_WaitingPeriodToReceiveProposedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Waiting Period to Receive the Proposed Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_WaitingPeriodToReceiveProposedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Waiting period to receive the proposed compensation</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AmountDueFromCounterParty" xlink:label="teo_AmountDueFromCounterParty" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmountDueFromCounterParty" xlink:to="teo_AmountDueFromCounterParty_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmountDueFromCounterParty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents amount due form counter party.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmountDueFromCounterParty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount Due from Counter Party</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AmountDueFromCounterParty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount due from AFA</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PrejudicialMediationProcedureClaims" xlink:label="teo_PrejudicialMediationProcedureClaims" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrejudicialMediationProcedureClaims" xlink:to="teo_PrejudicialMediationProcedureClaims_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrejudicialMediationProcedureClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount claimed for prejudicial mediation procedure.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrejudicialMediationProcedureClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prejudicial Mediation Procedure Claims</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrejudicialMediationProcedureClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Claims brought for prejudicial mediation procedure</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_WorkInProgress" xlink:label="ifrs-full_WorkInProgress" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WorkInProgress" xlink:to="ifrs-full_WorkInProgress_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WorkInProgress_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current work in progress</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WorkInProgress_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Recoverable value of Work in progress and Materials recognized by the project</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CommitmentsTable" xlink:label="teo_CommitmentsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommitmentsTable" xlink:to="teo_CommitmentsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommitmentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to the commitments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommitmentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CommitmentsLineItems" xlink:label="teo_CommitmentsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommitmentsLineItems" xlink:to="teo_CommitmentsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommitmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommitmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CommitmentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ContractualCapitalCommitments" xlink:label="ifrs-full_ContractualCapitalCommitments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContractualCapitalCommitments" xlink:to="ifrs-full_ContractualCapitalCommitments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContractualCapitalCommitments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual capital commitments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContractualCapitalCommitments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase orders</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment" xlink:to="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual commitments for acquisition of property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E commitments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16" xlink:label="teo_PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16" xlink:to="teo_PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of purchase commitments relating to contracts that qualify as leases under IFRS 16.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase Commitments relating to Contracts that Qualify as Leases under IFRS 16</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase commitments relating to contracts that qualify as leases under IFRS 16</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfInhabitants" xlink:label="teo_NumberOfInhabitants" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfInhabitants" xlink:to="teo_NumberOfInhabitants_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfInhabitants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of inhabitants in the locality who will receive SRMC, STM and PCS.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfInhabitants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Inhabitants</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfInhabitants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of inhabitants</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ContractTerm" xlink:label="teo_ContractTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ContractTerm" xlink:to="teo_ContractTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ContractTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period of time to complete work required by contract.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ContractTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contract Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ContractTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contract term</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MobileInternetServicesGuaranteedPerformanceRate" xlink:label="teo_MobileInternetServicesGuaranteedPerformanceRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileInternetServicesGuaranteedPerformanceRate" xlink:to="teo_MobileInternetServicesGuaranteedPerformanceRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileInternetServicesGuaranteedPerformanceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the guaranteed performance speed of mobile internet services in megabytes per second (Mbps) on all network locations where mobile internet services are offered.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileInternetServicesGuaranteedPerformanceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Internet Services, Guaranteed Performance Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileInternetServicesGuaranteedPerformanceRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guaranteed performance speed</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of classes of share capital [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:to="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of classes of share capital [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issued capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nominal value of issued shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CommonStockVotingRightsNumber" xlink:label="teo_CommonStockVotingRightsNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommonStockVotingRightsNumber" xlink:to="teo_CommonStockVotingRightsNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommonStockVotingRightsNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of common stock voting rights.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommonStockVotingRightsNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock Voting Rights Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CommonStockVotingRightsNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of votes per share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="ifrs-full_NumberOfSharesOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average number of shares outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfSharesIssued" xlink:label="ifrs-full_NumberOfSharesIssued" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssued" xlink:to="ifrs-full_NumberOfSharesIssued_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares issued</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfSharesEachAmericanDepositarySharesRepresents" xlink:label="teo_NumberOfSharesEachAmericanDepositarySharesRepresents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfSharesEachAmericanDepositarySharesRepresents" xlink:to="teo_NumberOfSharesEachAmericanDepositarySharesRepresents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfSharesEachAmericanDepositarySharesRepresents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of shares that each American Depositary Share (ADS) represents.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfSharesEachAmericanDepositarySharesRepresents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Shares Each American Depositary Shares Represents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfSharesEachAmericanDepositarySharesRepresents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares each ADS represents</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ShareOwnershipPlanAbstract" xlink:label="teo_ShareOwnershipPlanAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ShareOwnershipPlanAbstract" xlink:to="teo_ShareOwnershipPlanAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ShareOwnershipPlanAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ShareOwnershipPlanAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Ownership Plan</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage" xlink:to="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of capital stock that should be included in employee share ownership program sponsored by the Argentine government, as per the decree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Stock to be Included in Employee Share Ownership Program, Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Stock to be included in PPP (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares" xlink:to="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of capital stock that should be included in Represents the number of shares that should be included in employee share ownership program sponsored by the Argentine government, as per the decree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Stock to be Included in Employee Share Ownership Program, Number of Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Stock to be included in PPP (in shares)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsConversionOfStockSharesAuthorized" xlink:label="teo_IfrsConversionOfStockSharesAuthorized" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsConversionOfStockSharesAuthorized" xlink:to="teo_IfrsConversionOfStockSharesAuthorized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsConversionOfStockSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of shares that are authorized for conversion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsConversionOfStockSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Conversion of Stock, Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsConversionOfStockSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conversion of shares, number of shares authorized</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsConversionOfStockSharesConverted1" xlink:label="teo_IfrsConversionOfStockSharesConverted1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsConversionOfStockSharesConverted1" xlink:to="teo_IfrsConversionOfStockSharesConverted1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsConversionOfStockSharesConverted1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsConversionOfStockSharesConverted1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Conversion of Stock, Shares Converted1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsConversionOfStockSharesConverted1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conversion of shares, number of shares converted</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfTranches" xlink:label="teo_NumberOfTranches" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfTranches" xlink:to="teo_NumberOfTranches_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfTranches_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents number of tranches in which the shares were converted.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfTranches_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Tranches</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_NumberOfTranches_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of tranches</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfSharesHeldForConversion" xlink:label="teo_NumberOfSharesHeldForConversion" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfSharesHeldForConversion" xlink:to="teo_NumberOfSharesHeldForConversion_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfSharesHeldForConversion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents number of shares held for conversion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfSharesHeldForConversion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Shares Held for Conversion</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfSharesHeldForConversion_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares held for conversion</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ThresholdPeriodForSaleOfTreasuryShares" xlink:label="teo_ThresholdPeriodForSaleOfTreasuryShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ThresholdPeriodForSaleOfTreasuryShares" xlink:to="teo_ThresholdPeriodForSaleOfTreasuryShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ThresholdPeriodForSaleOfTreasuryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Threshold period for sale of treasury shares from the date of acquisition, in 'PnYnMnDTnHnMnS' format.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ThresholdPeriodForSaleOfTreasuryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Threshold Period for Sale of Treasury Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ThresholdPeriodForSaleOfTreasuryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum time period for sale of treasury shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about financial instruments [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value and other disclosures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssets" xlink:label="ifrs-full_FinancialAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssets" xlink:to="ifrs-full_FinancialAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialLiabilities" xlink:label="ifrs-full_FinancialLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilities" xlink:to="ifrs-full_FinancialLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost" xlink:to="ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (losses) on financial assets at amortised cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net gain (loss) on financial assets at amortised cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost" xlink:to="ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (losses) on financial liabilities at amortised cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net gain (loss) on financial liabilities at amortised cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (losses) on financial assets at fair value through profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net gain (loss) on financial assets at fair value through profit or loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (losses) on financial liabilities at fair value through profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net gain (loss) on financial liabilities at fair value through profit or loss</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NetGainsLossesOnFinancialInstruments" xlink:label="teo_NetGainsLossesOnFinancialInstruments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NetGainsLossesOnFinancialInstruments" xlink:to="teo_NetGainsLossesOnFinancialInstruments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NetGainsLossesOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of net gains or (losses) on financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NetGainsLossesOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Gains (Losses) on Financial Instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_NetGainsLossesOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total gain (loss) on financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost" xlink:label="ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost" xlink:to="ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest revenue for financial assets measured at amortised cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest on financial assets at amortised cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest expense for financial liabilities not at fair value through profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest on financial liabilities at amortised cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest income on financial assets designated at fair value through profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest on financial assets at fair value through profit or loss</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InterestIncomeExpenseOnFinancialInstruments" xlink:label="teo_InterestIncomeExpenseOnFinancialInstruments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestIncomeExpenseOnFinancialInstruments" xlink:to="teo_InterestIncomeExpenseOnFinancialInstruments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestIncomeExpenseOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of total interest income or (expense) on financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestIncomeExpenseOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Income (Expense) on Financial Instruments</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities at fair value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:label="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:to="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 1 into Level 2 of fair value hierarchy, assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:to="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 2 into Level 1 of fair value hierarchy, assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities" xlink:label="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities" xlink:to="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities held at end of reporting period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities" xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities" xlink:to="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities held at end of reporting period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets" xlink:to="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers into Level 3 of fair value hierarchy, assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers into Level 3 of fair value hierarchy, assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets" xlink:to="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 3 of fair value hierarchy, assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 3 of fair value hierarchy, assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities" xlink:to="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers into Level 3 of fair value hierarchy, liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers into Level 3 of fair value hierarchy, liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities" xlink:to="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 3 of fair value hierarchy, liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transfers out of Level 3 of fair value hierarchy, liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfHedgeAccountingTable" xlink:label="ifrs-full_DisclosureOfHedgeAccountingTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfHedgeAccountingTable" xlink:to="ifrs-full_DisclosureOfHedgeAccountingTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfHedgeAccountingTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about hedges [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfHedgeAccountingLineItems" xlink:label="ifrs-full_DisclosureOfHedgeAccountingLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfHedgeAccountingLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of detailed information about hedges [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfHedgeAccountingLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedge accounting</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TotalHedgedAmount" xlink:label="teo_TotalHedgedAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TotalHedgedAmount" xlink:to="teo_TotalHedgedAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TotalHedgedAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The total amount hedged as per agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TotalHedgedAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Hedged Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TotalHedgedAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Hedged amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AveragePriceOfHedgingInstrument" xlink:label="ifrs-full_AveragePriceOfHedgingInstrument" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AveragePriceOfHedgingInstrument_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average price of hedging instrument</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AveragePriceOfHedgingInstrument_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Average exchange rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_HedgingInstrumentLiabilities" xlink:label="ifrs-full_HedgingInstrumentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgingInstrumentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging instrument, liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_HedgingInstrumentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liability of hedging instruments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_GainLossOnFinancialInstruments" xlink:label="teo_GainLossOnFinancialInstruments" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GainLossOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The gains (losses) on financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GainLossOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) on Financial Instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GainLossOnFinancialInstruments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net gain/loss</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TotalNdfAgreementAmount" xlink:label="teo_TotalNdfAgreementAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TotalNdfAgreementAmount" xlink:to="teo_TotalNdfAgreementAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TotalNdfAgreementAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The total amount of NDF agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TotalNdfAgreementAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total NDF Agreement Amount</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LoansAndReceivables" xlink:label="ifrs-full_LoansAndReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loans and receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receivables recognized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GainsLossesOnLoansAndReceivables" xlink:label="ifrs-full_GainsLossesOnLoansAndReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnLoansAndReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains recognized from receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_InvestmentInterestRate" xlink:label="invest_InvestmentInterestRate" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:label="ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Offsetting</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:label="ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current and noncurrent assets - Booked value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:label="ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current and noncurrent liabilities - Gross value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:label="ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:to="ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross financial assets set off against financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Offsetting</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:label="ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:to="ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current and noncurrent liabilities - Booked value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueFromRenderingOfMobileTelephoneServices" xlink:label="ifrs-full_RevenueFromRenderingOfMobileTelephoneServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfMobileTelephoneServices" xlink:to="ifrs-full_RevenueFromRenderingOfMobileTelephoneServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfMobileTelephoneServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of mobile telephone services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfMobileTelephoneServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Mobile services</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueFromRenderingOfInternetServices" xlink:label="ifrs-full_RevenueFromRenderingOfInternetServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfInternetServices" xlink:to="ifrs-full_RevenueFromRenderingOfInternetServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfInternetServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of internet services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfInternetServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from internet service</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RevenueFromRenderingOfCableTelevisionServices" xlink:label="teo_RevenueFromRenderingOfCableTelevisionServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromRenderingOfCableTelevisionServices" xlink:to="teo_RevenueFromRenderingOfCableTelevisionServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromRenderingOfCableTelevisionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of revenue arising from the rendering of cable television services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromRenderingOfCableTelevisionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of cable television services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RevenueFromRenderingOfCableTelevisionServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cable Television Services</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueFromRenderingOfDataServices" xlink:label="ifrs-full_RevenueFromRenderingOfDataServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfDataServices" xlink:to="ifrs-full_RevenueFromRenderingOfDataServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfDataServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of data services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfDataServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed and Data Services</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices" xlink:label="ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices" xlink:to="ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of other telecommunication services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other services revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueFromRenderingOfTelecommunicationServices" xlink:label="ifrs-full_RevenueFromRenderingOfTelecommunicationServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfTelecommunicationServices" xlink:to="ifrs-full_RevenueFromRenderingOfTelecommunicationServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of telecommunication services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_RevenueFromRenderingOfTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Services revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueFromSaleOfTelecommunicationEquipment" xlink:label="ifrs-full_RevenueFromSaleOfTelecommunicationEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromSaleOfTelecommunicationEquipment" xlink:to="ifrs-full_RevenueFromSaleOfTelecommunicationEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromSaleOfTelecommunicationEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from sale of telecommunication equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromSaleOfTelecommunicationEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equipment revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices" xlink:label="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices" xlink:to="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of revenue from sale of equipment and rendering of telecommunication services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Sale of Equipment and Rendering of Telecommunication Services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from sale of equipment and rendering of services</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OperatingExpense" xlink:label="ifrs-full_OperatingExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OperatingExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_OperatingExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total operating expense</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract" xlink:label="ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employee benefit expenses and severance payments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SalariesSocialSecurityContribution" xlink:label="teo_SalariesSocialSecurityContribution" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesSocialSecurityContribution" xlink:to="teo_SalariesSocialSecurityContribution_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesSocialSecurityContribution_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of of employee benefits expense that represents salaries, social security contribution.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesSocialSecurityContribution_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries, Social Security Contribution</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_SalariesSocialSecurityContribution_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries, Social security expenses and benefits</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SeveranceIndemnitiesAndTerminationBenefitsExpense" xlink:label="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense" xlink:to="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A class of employee benefits expense that represents severance indemnities and termination benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Severance Indemnities and Termination Benefits Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_SeveranceIndemnitiesAndTerminationBenefitsExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Severance indemnities and termination benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherEmployeeExpense" xlink:label="ifrs-full_OtherEmployeeExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherEmployeeExpense" xlink:to="ifrs-full_OtherEmployeeExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherEmployeeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other employee expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherEmployeeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other employee benefits</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MaintenanceAndMaterials" xlink:label="teo_MaintenanceAndMaterials" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MaintenanceAndMaterials" xlink:to="teo_MaintenanceAndMaterials_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MaintenanceAndMaterials_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from maintenance and materials.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MaintenanceAndMaterials_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maintenance and materials</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_MaintenanceAndMaterials_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maintenance and materials</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FeesForServices" xlink:label="teo_FeesForServices" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FeesForServices" xlink:to="teo_FeesForServices_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FeesForServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense relating to fees for services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FeesForServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fees for services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_FeesForServices_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fees for services</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DirectorsAndSupervisoryCommitteesFees" xlink:label="teo_DirectorsAndSupervisoryCommitteesFees" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DirectorsAndSupervisoryCommitteesFees" xlink:to="teo_DirectorsAndSupervisoryCommitteesFees_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DirectorsAndSupervisoryCommitteesFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from directors and supervisory committee's fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DirectorsAndSupervisoryCommitteesFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Directors and Supervisory Committee's Fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_DirectorsAndSupervisoryCommitteesFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Directors and Supervisory Committee's fees</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TurnoverTax" xlink:label="teo_TurnoverTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TurnoverTax" xlink:to="teo_TurnoverTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TurnoverTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of tax on turnover.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TurnoverTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_TurnoverTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Turnover tax</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MunicipalTaxes" xlink:label="teo_MunicipalTaxes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MunicipalTaxes" xlink:to="teo_MunicipalTaxes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MunicipalTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of municipal taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MunicipalTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Municipal Taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_MunicipalTaxes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Municipal taxes</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherTaxesAndFees" xlink:label="teo_OtherTaxesAndFees" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherTaxesAndFees" xlink:to="teo_OtherTaxesAndFees_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherTaxesAndFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of other taxes and fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherTaxesAndFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other taxes and fees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_OtherTaxesAndFees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other taxes and fees</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ChangesInCostOfEquipmentAndHandsetsAbstract" xlink:label="teo_ChangesInCostOfEquipmentAndHandsetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ChangesInCostOfEquipmentAndHandsetsAbstract" xlink:to="teo_ChangesInCostOfEquipmentAndHandsetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ChangesInCostOfEquipmentAndHandsetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ChangesInCostOfEquipmentAndHandsetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in Cost of equipment and handsets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="teo_ChangesInCostOfEquipmentAndHandsetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of equipment and handsets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InventoriesTotal" xlink:label="ifrs-full_InventoriesTotal" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InventoriesTotal" xlink:to="ifrs-full_InventoriesTotal_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InventoriesTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="ifrs-full_InventoriesTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories at the beginning of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_InventoriesTotal_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories at the end of the year</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InventoriesAdditionsAbstract" xlink:label="teo_InventoriesAdditionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InventoriesAdditionsAbstract" xlink:to="teo_InventoriesAdditionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InventoriesAdditionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the information pertaining to all the additions made to the inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InventoriesAdditionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories Additions [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InventoriesAdditionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Plus:</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CostOfEquipmentAndHandsetIncorporationInMerger" xlink:label="teo_CostOfEquipmentAndHandsetIncorporationInMerger" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CostOfEquipmentAndHandsetIncorporationInMerger" xlink:to="teo_CostOfEquipmentAndHandsetIncorporationInMerger_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CostOfEquipmentAndHandsetIncorporationInMerger_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of cost of purchase of equipments and headsets in merger.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CostOfEquipmentAndHandsetIncorporationInMerger_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of Equipment and handset incorporation in merger</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CostOfEquipmentAndHandsetIncorporationInMerger_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incorporation by merger</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CostOfEquipmentAndHandsetsProfitLossOther" xlink:label="teo_CostOfEquipmentAndHandsetsProfitLossOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CostOfEquipmentAndHandsetsProfitLossOther" xlink:to="teo_CostOfEquipmentAndHandsetsProfitLossOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CostOfEquipmentAndHandsetsProfitLossOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of cost of equipment and handsets profit (loss), reclassified as other.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CostOfEquipmentAndHandsetsProfitLossOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cost of equipment and handsets profit (loss), other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CostOfEquipmentAndHandsetsProfitLossOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InventoriesDeductionsAbstract" xlink:label="teo_InventoriesDeductionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InventoriesDeductionsAbstract" xlink:to="teo_InventoriesDeductionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InventoriesDeductionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the information pertaining to the deductions in inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InventoriesDeductionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventories Deductions [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InventoriesDeductionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Less:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ChangesInOtherProvisions" xlink:label="ifrs-full_ChangesInOtherProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInOtherProvisions" xlink:to="ifrs-full_ChangesInOtherProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ChangesInOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in other provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ChangesInOtherProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RentalAndInternetCapacityExpenses" xlink:label="teo_RentalAndInternetCapacityExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RentalAndInternetCapacityExpenses" xlink:to="teo_RentalAndInternetCapacityExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RentalAndInternetCapacityExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of rental and internet capacity expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RentalAndInternetCapacityExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rental and internet capacity expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_RentalAndInternetCapacityExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rentals and internet capacity</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MiscellaneousOtherOperatingIncomeExpense" xlink:label="teo_MiscellaneousOtherOperatingIncomeExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MiscellaneousOtherOperatingIncomeExpense" xlink:to="teo_MiscellaneousOtherOperatingIncomeExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MiscellaneousOtherOperatingIncomeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of miscellaneous other operating income (expense). [Refer: Other operating income (expense)]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MiscellaneousOtherOperatingIncomeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Miscellaneous other operating income (expense)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MiscellaneousOtherOperatingIncomeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AmortizationOnIntangibleAssets" xlink:label="teo_AmortizationOnIntangibleAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmortizationOnIntangibleAssets" xlink:to="teo_AmortizationOnIntangibleAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmortizationOnIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of expense arising from amortization of intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmortizationOnIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization On Intangible Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_AmortizationOnIntangibleAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsIncomeStatementLocationAxis" xlink:label="teo_IfrsIncomeStatementLocationAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncomeStatementLocationAxis" xlink:to="teo_IfrsIncomeStatementLocationAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncomeStatementLocationAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information by location in the income statement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncomeStatementLocationAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Income Statement Location [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsIncomeStatementLocationDomain" xlink:label="teo_IfrsIncomeStatementLocationDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncomeStatementLocationDomain" xlink:to="teo_IfrsIncomeStatementLocationDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncomeStatementLocationDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Location in the income statement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncomeStatementLocationDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Income Statement Location [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncomeStatementLocationDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS Income Statement Location [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OperatingCostsMember" xlink:label="teo_OperatingCostsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingCostsMember" xlink:to="teo_OperatingCostsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for operating costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Costs [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OperatingCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating costs</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CommercializationCostMember" xlink:label="teo_CommercializationCostMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CommercializationCostMember" xlink:to="teo_CommercializationCostMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CommercializationCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for commercialization costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CommercializationCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commercialization Cost [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CommercializationCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commercialization costs</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdministrationCostsMember" xlink:label="teo_AdministrationCostsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdministrationCostsMember" xlink:to="teo_AdministrationCostsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdministrationCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for administration costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdministrationCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Administration Costs [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdministrationCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Administration costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeAbstract" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeAbstract" xlink:to="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of finance lease and operating lease by lessee [abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeTable" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeTable" xlink:to="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of finance lease and operating lease by lessee [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems" xlink:to="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of finance lease and operating lease by lessee [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:to="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum lease payments payable under non-cancellable operating lease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Future minimum lease payments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_StatementOfFinancialResultsNetTable" xlink:label="teo_StatementOfFinancialResultsNetTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_StatementOfFinancialResultsNetTable" xlink:to="teo_StatementOfFinancialResultsNetTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_StatementOfFinancialResultsNetTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to financial results, net.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_StatementOfFinancialResultsNetTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statement of Financial Results, Net [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_StatementOfFinanceIncomeAndExpensesLineItems" xlink:label="teo_StatementOfFinanceIncomeAndExpensesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_StatementOfFinanceIncomeAndExpensesLineItems" xlink:to="teo_StatementOfFinanceIncomeAndExpensesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_StatementOfFinanceIncomeAndExpensesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_StatementOfFinanceIncomeAndExpensesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statement of Finance Income and Expenses [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_StatementOfFinanceIncomeAndExpensesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finance income and expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InterestsOnDebts" xlink:label="teo_InterestsOnDebts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestsOnDebts" xlink:to="teo_InterestsOnDebts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestsOnDebts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of interests on debts from financial results.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestsOnDebts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests on debts (*)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ForeignExchangeGainOnDebts" xlink:label="teo_ForeignExchangeGainOnDebts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ForeignExchangeGainOnDebts" xlink:to="teo_ForeignExchangeGainOnDebts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ForeignExchangeGainOnDebts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The net gain (loss) arising from foreign exchange on debt differences.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ForeignExchangeGainOnDebts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Exchange Gain on Debts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ForeignExchangeGainOnDebts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign currency exchange losses on debts (**)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherFinancialExpensesOnDebts" xlink:label="teo_OtherFinancialExpensesOnDebts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherFinancialExpensesOnDebts" xlink:to="teo_OtherFinancialExpensesOnDebts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherFinancialExpensesOnDebts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of Other financial expenses on debts that the entity does not separately disclose in the same statement or note.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherFinancialExpensesOnDebts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Financial Expenses on Debts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_OtherFinancialExpensesOnDebts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Foreign currency exchange gains (losses) (***)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InterestsAndGainsOnInvestments" xlink:label="teo_InterestsAndGainsOnInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestsAndGainsOnInvestments" xlink:to="teo_InterestsAndGainsOnInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestsAndGainsOnInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of Interests and gains on investments from financial results.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestsAndGainsOnInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests and Gains on Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InterestsAndGainsOnInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests and gains on investments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaxesAndBankExpenses" xlink:label="teo_TaxesAndBankExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaxesAndBankExpenses" xlink:to="teo_TaxesAndBankExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaxesAndBankExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of taxes and bank expenses of financial results.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaxesAndBankExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes and Bank Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_TaxesAndBankExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Taxes and bank expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherNetForeignExchangeGain" xlink:label="teo_OtherNetForeignExchangeGain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNetForeignExchangeGain" xlink:to="teo_OtherNetForeignExchangeGain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNetForeignExchangeGain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The other net gain arising from foreign exchange differences.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNetForeignExchangeGain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Net Foreign Exchange Gain</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNetForeignExchangeGain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Foreign currency exchange gains (losses) (***)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FinancialDiscountsOnAssetsDebtsAndOther" xlink:label="teo_FinancialDiscountsOnAssetsDebtsAndOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialDiscountsOnAssetsDebtsAndOther" xlink:to="teo_FinancialDiscountsOnAssetsDebtsAndOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialDiscountsOnAssetsDebtsAndOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of financial discounts on assets, debts and other of financial cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialDiscountsOnAssetsDebtsAndOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Discounts on Assets, Debts and Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FinancialDiscountsOnAssetsDebtsAndOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial discounts on assets, debts and other</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_GainsLossesOnOperationsWithNotesAndBonds" xlink:label="teo_GainsLossesOnOperationsWithNotesAndBonds" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GainsLossesOnOperationsWithNotesAndBonds" xlink:to="teo_GainsLossesOnOperationsWithNotesAndBonds_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GainsLossesOnOperationsWithNotesAndBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of Gains (losses) on operations with notes and bonds of financial cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GainsLossesOnOperationsWithNotesAndBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (losses) on Operations with Notes and Bonds</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InterestsOnProvisions" xlink:label="teo_InterestsOnProvisions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestsOnProvisions" xlink:to="teo_InterestsOnProvisions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestsOnProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of Interests on provisions for financial cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestsOnProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests on Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_InterestsOnProvisions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests on Provisions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FinancialExpensesOnPensionBenefits" xlink:label="teo_FinancialExpensesOnPensionBenefits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialExpensesOnPensionBenefits" xlink:to="teo_FinancialExpensesOnPensionBenefits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialExpensesOnPensionBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of financial expenses on pension benefits for financial cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialExpensesOnPensionBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Expenses on Pension Benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_FinancialExpensesOnPensionBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial expenses on pension benefits</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherFinancialCostRelatedToRecpam" xlink:label="teo_OtherFinancialCostRelatedToRecpam" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherFinancialCostRelatedToRecpam" xlink:to="teo_OtherFinancialCostRelatedToRecpam_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherFinancialCostRelatedToRecpam_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of other financial cost related to RECPAM.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherFinancialCostRelatedToRecpam_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Financial Cost Related To RECPAM</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherFinancialCostRelatedToRecpam_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">RECPAM</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherFinanceCost" xlink:label="ifrs-full_OtherFinanceCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFinanceCost" xlink:to="ifrs-full_OtherFinanceCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherFinanceCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other finance cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherFinanceCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinanceIncomeCost" xlink:label="ifrs-full_FinanceIncomeCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncomeCost" xlink:to="ifrs-full_FinanceIncomeCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceIncomeCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finance income (cost)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_FinanceIncomeCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial results, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EarningsPerShareTable" xlink:label="ifrs-full_EarningsPerShareTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareTable" xlink:to="ifrs-full_EarningsPerShareTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings per share [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EarningsPerShareLineItems" xlink:label="ifrs-full_EarningsPerShareLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EarningsPerShareLineItems" xlink:to="ifrs-full_EarningsPerShareLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings per share [line items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:label="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:to="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dilutive effect of share options on number of ordinary shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dilutive potential common stock outstanding (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DilutedEarningsLossPerShare" xlink:label="ifrs-full_DilutedEarningsLossPerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DilutedEarningsLossPerShare" xlink:to="ifrs-full_DilutedEarningsLossPerShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DilutedEarningsLossPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Diluted earnings (loss) per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DilutedEarningsLossPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dilutive earnings per share (In pesos per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_WeightedAverageShares" xlink:label="ifrs-full_WeightedAverageShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageShares" xlink:to="ifrs-full_WeightedAverageShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average number of ordinary shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average number of shares outstanding (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock, Shares, Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ordinary shares outstanding</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ShareExchangeRatioInBusinessCombination" xlink:label="teo_ShareExchangeRatioInBusinessCombination" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ShareExchangeRatioInBusinessCombination" xlink:to="teo_ShareExchangeRatioInBusinessCombination_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ShareExchangeRatioInBusinessCombination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total conversion of shares in business combination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ShareExchangeRatioInBusinessCombination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Exchange Ratio in Business Combination</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ShareExchangeRatioInBusinessCombination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share exchange ratio</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable" xlink:to="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of nature and extent of risks arising from financial instruments [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems" xlink:to="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of nature and extent of risks arising from financial instruments [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial risk management</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetAssetsLiabilities" xlink:label="ifrs-full_NetAssetsLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetAssetsLiabilities" xlink:to="ifrs-full_NetAssetsLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetAssetsLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets (liabilities)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_NetAssetsLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net liability position in foreign currency</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NetAssetsLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets (Liabilities) Net</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NonDeliverableForwardContractsAmount" xlink:label="teo_NonDeliverableForwardContractsAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonDeliverableForwardContractsAmount" xlink:to="teo_NonDeliverableForwardContractsAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonDeliverableForwardContractsAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of non deliverable forward (NDF) contracts entered by the group.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonDeliverableForwardContractsAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Deliverable Forward Contracts, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonDeliverableForwardContractsAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs" xlink:to="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of net liability exposure to currency risk after deducting dollar linked investments, other short term investments and NDFs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Liability Position Excluding Dollar Linked Investments, Other Short Term Investments and NDFs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net liability position in foreign currency not covered by NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts" xlink:label="teo_NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts" xlink:to="teo_NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of net liability position to foreign currency not covered by the Non deliverable forward contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Liability Position Not Covered by Non Deliverable Forward Contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net liability position in foreign currency not covered by NDF contracts</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_EstimatedVariationInExchangeRate" xlink:label="teo_EstimatedVariationInExchangeRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EstimatedVariationInExchangeRate" xlink:to="teo_EstimatedVariationInExchangeRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EstimatedVariationInExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The estimated variation in exchange rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EstimatedVariationInExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated Variation in Exchange Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EstimatedVariationInExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated variation in exchange rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_EstimatedVariationInConsolidatedFinancialPosition" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPosition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EstimatedVariationInConsolidatedFinancialPosition" xlink:to="teo_EstimatedVariationInConsolidatedFinancialPosition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The estimated amount of variation in consolidated financial position corresponding to the variation in exchange rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated Variation in Consolidated Financial Position</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPosition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated variation in consolidated amounts of foreign currency position</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets" xlink:to="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The estimated amount of variation in consolidated financial position corresponding to the variation in exchange rate on the portion of not covered by derivative financial instruments and other assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated Variation in Consolidated Financial Position, Portion not Covered by Derivative Financial Instruments and Other Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated variation in consolidated amounts of foreign currency position on the portion not covered by derivative financial instruments and other assets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FinancialDebtConversionOfVariableRateIntoFixedRate" xlink:label="teo_FinancialDebtConversionOfVariableRateIntoFixedRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialDebtConversionOfVariableRateIntoFixedRate" xlink:to="teo_FinancialDebtConversionOfVariableRateIntoFixedRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialDebtConversionOfVariableRateIntoFixedRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of financial debt which has been converted from variable rate to fixed rate in order to reduce interest rte risk.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialDebtConversionOfVariableRateIntoFixedRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt, Conversion of Variable Rate into Fixed Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FinancialDebtConversionOfVariableRateIntoFixedRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NDF at variable rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FinancialDebtNotHedged" xlink:label="teo_FinancialDebtNotHedged" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialDebtNotHedged" xlink:to="teo_FinancialDebtNotHedged_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialDebtNotHedged_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of financial debt which is not hedged.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialDebtNotHedged_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt, Not Hedged</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FinancialDebtNotHedged_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net financial debt not hedged</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption" xlink:label="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption" xlink:to="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The reasonably possible percentage of the increase (decrease) in the designated risk component used to determine the value of the financial instrument. Excludes defined benefit plan obligations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Reasonably Possible Increase (Decrease) in risk assumption</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in agreed interest rates (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent" xlink:label="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent" xlink:to="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in a financial instrument as a result of an increase (decrease) in a designated risk component that was reasonably possible at the end of the reporting period. Excludes defined benefit plan obligations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Financial Instrument Due to Reasonably Possible Increase (Decrease) in Designated Risk Component</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effect</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfCreditRiskExposureTable" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCreditRiskExposureTable" xlink:to="ifrs-full_DisclosureOfCreditRiskExposureTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of credit risk exposure [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:to="ifrs-full_DisclosureOfCreditRiskExposureLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of credit risk exposure [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfCreditRiskExposureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit risk exposure</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MaximumExposureToCreditRisk" xlink:label="ifrs-full_MaximumExposureToCreditRisk" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaximumExposureToCreditRisk" xlink:to="ifrs-full_MaximumExposureToCreditRisk_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaximumExposureToCreditRisk_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum exposure to credit risk</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MaximumExposureToCreditRisk_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total financial assets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts" xlink:label="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts" xlink:to="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of overdue balances not covered by the allowance for doubtful accounts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Overdue Balances Not Covered by Allowance for Doubtful Accounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Overdue balances not covered by the allowance for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OperativeWorkingCapitalAbstract" xlink:label="teo_OperativeWorkingCapitalAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperativeWorkingCapitalAbstract" xlink:to="teo_OperativeWorkingCapitalAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperativeWorkingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperativeWorkingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operative Working Capital [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OperativeWorkingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operative working capital - negative</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward" xlink:label="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward" xlink:to="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current other receivables excluding financial non-deliverable forward. [Refer: Other receivables]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Receivables Excluding Financial Non-Deliverable Forward</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables (not considering financial NDF)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CurrentLiabilitiesExcludingCurrentFinancialDebt" xlink:label="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt" xlink:to="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current liabilities excluding current financial debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Liabilities Excluding Current Financial Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_CurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current liabilities (not considering financial debt)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OperativeWorkingCapital" xlink:label="teo_OperativeWorkingCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperativeWorkingCapital" xlink:to="teo_OperativeWorkingCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current assets less the amount of current liabilities excluding current financial debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operative Working Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_OperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operative working capital - negative</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfOperativeWorkingCapital" xlink:label="teo_PercentageOfOperativeWorkingCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfOperativeWorkingCapital" xlink:to="teo_PercentageOfOperativeWorkingCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfOperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of operative working capital on revenue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfOperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Operative Working Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfOperativeWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Over revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Operating Capital [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variations in operative working capital - negative</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseInTradeReceivables" xlink:label="teo_IncreaseDecreaseInTradeReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseInTradeReceivables" xlink:to="teo_IncreaseDecreaseInTradeReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseInTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in trade receivables during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseInTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Trade Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseInTradeReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in trade receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsIncreaseDecreaseInOtherReceivables" xlink:label="teo_IfrsIncreaseDecreaseInOtherReceivables" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInOtherReceivables" xlink:to="teo_IfrsIncreaseDecreaseInOtherReceivables_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInOtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in other receivables during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInOtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Other Receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInOtherReceivables_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in other receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsIncreaseDecreaseInInventories" xlink:label="teo_IfrsIncreaseDecreaseInInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInInventories" xlink:to="teo_IfrsIncreaseDecreaseInInventories_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in inventories during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase Decrease in Inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInInventories_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in inventories</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt" xlink:label="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt" xlink:to="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in current liabilities excluding current financial debt during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Current Liabilities Excluding Current Financial Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in current liabilities (not considering financial debt)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsIncreaseDecreaseInOperatingCapital" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInOperatingCapital" xlink:to="teo_IfrsIncreaseDecreaseInOperatingCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) during the reporting period of all assets and liabilities used in operating activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Operating Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_IfrsIncreaseDecreaseInOperatingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in operative working capital</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NetCurrentFinancialAssetDebtAbstract" xlink:label="teo_NetCurrentFinancialAssetDebtAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NetCurrentFinancialAssetDebtAbstract" xlink:to="teo_NetCurrentFinancialAssetDebtAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NetCurrentFinancialAssetDebtAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NetCurrentFinancialAssetDebtAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Current Financial Asset (Debt) [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NetCurrentFinancialAssetDebtAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net current financial asset (debt)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NonDeliverableForwardCurrent" xlink:label="teo_NonDeliverableForwardCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonDeliverableForwardCurrent" xlink:to="teo_NonDeliverableForwardCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current derivative financial assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Deliverable Forward, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FinancialAssetsLiabilitiesNetCurrent" xlink:label="teo_FinancialAssetsLiabilitiesNetCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialAssetsLiabilitiesNetCurrent" xlink:to="teo_FinancialAssetsLiabilitiesNetCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of current financial assets less current financial liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets Liabilities Net Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_FinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Current financial (liability) asset</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_VariationsInNetCurrentFinancialAssetDebt" xlink:label="teo_VariationsInNetCurrentFinancialAssetDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VariationsInNetCurrentFinancialAssetDebt" xlink:to="teo_VariationsInNetCurrentFinancialAssetDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VariationsInNetCurrentFinancialAssetDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VariationsInNetCurrentFinancialAssetDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variations in Net Current Financial Asset (Debt)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VariationsInNetCurrentFinancialAssetDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variations in net current financial asset (debt)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsIncreaseDecreaseInCashAndCashEquivalents" xlink:label="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents" xlink:to="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in cash and cash equivalents during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Cash and Cash Equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsIncreaseDecreaseInInvestments" xlink:label="teo_IfrsIncreaseDecreaseInInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInInvestments" xlink:to="teo_IfrsIncreaseDecreaseInInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in investments during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in investments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseInNonDeliverableForwardCurrent" xlink:label="teo_IncreaseDecreaseInNonDeliverableForwardCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseInNonDeliverableForwardCurrent" xlink:to="teo_IncreaseDecreaseInNonDeliverableForwardCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseInNonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in non deliverable forwards, current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseInNonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in Non Deliverable Forward, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseInNonDeliverableForwardCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in Financial NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsIncreaseDecreaseInCurrentFinancialDebt" xlink:label="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt" xlink:to="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in current financial debt during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Current Financial Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_IfrsIncreaseDecreaseInCurrentFinancialDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in current financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent" xlink:label="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent" xlink:to="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of (increase) decrease in current financial asset liabilities, net during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Financial Assets Liabilities Net Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in net Current financial (liability) asset</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentAssetsLiabilities" xlink:label="ifrs-full_CurrentAssetsLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsLiabilities" xlink:to="ifrs-full_CurrentAssetsLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current assets (liabilities)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAssetsLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Negative operating working capital (current assets - current liabilities)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsIncreaseDecreaseInWorkingCapital" xlink:label="teo_IfrsIncreaseDecreaseInWorkingCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsIncreaseDecreaseInWorkingCapital" xlink:to="teo_IfrsIncreaseDecreaseInWorkingCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsIncreaseDecreaseInWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in working capital during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsIncreaseDecreaseInWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Increase (Decrease) in Working Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsIncreaseDecreaseInWorkingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in working capital</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_LiquidityRate" xlink:label="teo_LiquidityRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LiquidityRate" xlink:to="teo_LiquidityRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ratio of current assets to current liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liquidity Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liquidity rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseInLiquidityRate" xlink:label="teo_IncreaseDecreaseInLiquidityRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseInLiquidityRate" xlink:to="teo_IncreaseDecreaseInLiquidityRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseInLiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The increase (decrease) in liquidity rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseInLiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase Decrease in Liquidity Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseInLiquidityRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variation in liquidity rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable" xlink:to="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule disclosing information related to the maturity analysis for financial liabilities held for managing liquidity risk.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Maturity Analysis for Financial Liabilities Held for Managing Liquidity Risk [Table]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems" xlink:to="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Maturity Analysis for Financial Liabilities Held for Managing Liquidity Risk [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of maturity of financial liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows" xlink:label="ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows" xlink:to="ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-derivative financial liabilities, undiscounted cash flows</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseThroughMergerEquity" xlink:label="teo_IncreaseDecreaseThroughMergerEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseThroughMergerEquity" xlink:to="teo_IncreaseDecreaseThroughMergerEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseThroughMergerEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of increase (decrease) in equity in relation to merger.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseThroughMergerEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) Through Merger, Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseThroughMergerEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in capital in relation to size of merger</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of transactions between related parties [table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of transactions between related parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related party balances and transactions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProportionOfEquityInterestInPreferredShares" xlink:label="teo_ProportionOfEquityInterestInPreferredShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProportionOfEquityInterestInPreferredShares" xlink:to="teo_ProportionOfEquityInterestInPreferredShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProportionOfEquityInterestInPreferredShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The proportion of equity interest in preferred shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProportionOfEquityInterestInPreferredShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proportion of Equity Interest in Preferred Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProportionOfEquityInterestInPreferredShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity interest in preferred shares (as a percent)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition" xlink:label="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition" xlink:to="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The proportion of ownership interest in subsidiary after treasury shares acquisition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proportion of Ownership Interest in Subsidiary after Treasury Shares Acquisition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership percentage after treasury shares acquisition</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfVotesPerShare" xlink:label="teo_NumberOfVotesPerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfVotesPerShare" xlink:to="teo_NumberOfVotesPerShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfVotesPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of votes per share.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfVotesPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Votes Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfVotesPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of votes per share</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NumberOfSharesHeldInInvestmentCompany" xlink:label="teo_NumberOfSharesHeldInInvestmentCompany" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NumberOfSharesHeldInInvestmentCompany" xlink:to="teo_NumberOfSharesHeldInInvestmentCompany_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NumberOfSharesHeldInInvestmentCompany_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares held in investment company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NumberOfSharesHeldInInvestmentCompany_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Shares Held in Investment Company</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NumberOfSharesHeldInInvestmentCompany_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares held in investment company</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PercentageOfSharesAcquiredInPublicTenderOffer" xlink:label="teo_PercentageOfSharesAcquiredInPublicTenderOffer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PercentageOfSharesAcquiredInPublicTenderOffer" xlink:to="teo_PercentageOfSharesAcquiredInPublicTenderOffer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PercentageOfSharesAcquiredInPublicTenderOffer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The percentage of shares acquired in public tender offer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PercentageOfSharesAcquiredInPublicTenderOffer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Shares Acquired in Public Tender Offer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PercentageOfSharesAcquiredInPublicTenderOffer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of shares acquired under PTO</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RightToAcquireUnderPublicTenderOfferNumberOfShares" xlink:label="teo_RightToAcquireUnderPublicTenderOfferNumberOfShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RightToAcquireUnderPublicTenderOfferNumberOfShares" xlink:to="teo_RightToAcquireUnderPublicTenderOfferNumberOfShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RightToAcquireUnderPublicTenderOfferNumberOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of shares that the entity has right to acquire under public tender offer.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RightToAcquireUnderPublicTenderOfferNumberOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Right to Acquire Under Public Tender Offer, Number of Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RightToAcquireUnderPublicTenderOfferNumberOfShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares acquired under PTO</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PricePerShareOfferedUnderPublicTenderOffer" xlink:label="teo_PricePerShareOfferedUnderPublicTenderOffer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PricePerShareOfferedUnderPublicTenderOffer" xlink:to="teo_PricePerShareOfferedUnderPublicTenderOffer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PricePerShareOfferedUnderPublicTenderOffer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The price per share offered under public tender offer.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PricePerShareOfferedUnderPublicTenderOffer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Price Per Share Offered Under Public Tender Offer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PricePerShareOfferedUnderPublicTenderOffer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Price per share</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CurrentAssetsRelatedPartyTransactionsAbstract" xlink:label="teo_CurrentAssetsRelatedPartyTransactionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentAssetsRelatedPartyTransactionsAbstract" xlink:to="teo_CurrentAssetsRelatedPartyTransactionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentAssetsRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentAssetsRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Assets, Related Party Transactions [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentAssetsRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CURRENT ASSETS</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherReceivablesRelatedPartyTransaction" xlink:label="teo_OtherReceivablesRelatedPartyTransaction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherReceivablesRelatedPartyTransaction" xlink:to="teo_OtherReceivablesRelatedPartyTransaction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherReceivablesRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of other receivables in related party transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherReceivablesRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Receivables, Related Party Transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherReceivablesRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DividendReceivableRelatedPartyTransactions" xlink:label="teo_DividendReceivableRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendReceivableRelatedPartyTransactions" xlink:to="teo_DividendReceivableRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendReceivableRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of dividend receivables in related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendReceivableRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend Receivable, Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendReceivableRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends receivable</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TradeReceivablesRelatedPartyTransactions" xlink:label="teo_TradeReceivablesRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TradeReceivablesRelatedPartyTransactions" xlink:to="teo_TradeReceivablesRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TradeReceivablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of trade receivables in related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TradeReceivablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade Receivables, Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TradeReceivablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract" xlink:label="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract" xlink:to="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Liabilities, Related Party Transactions [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CURRENT LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DividendsPayableRelatedPartyTransaction" xlink:label="teo_DividendsPayableRelatedPartyTransaction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DividendsPayableRelatedPartyTransaction" xlink:to="teo_DividendsPayableRelatedPartyTransaction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DividendsPayableRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of dividends payable in related party transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DividendsPayableRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends Payable, Related Party Transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DividendsPayableRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends Payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TradePayablesRelatedPartyTransactions" xlink:label="teo_TradePayablesRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TradePayablesRelatedPartyTransactions" xlink:to="teo_TradePayablesRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TradePayablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of trade payables in related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TradePayablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade Payables, Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TradePayablesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FinancialDebtRelatedPartyTransactions" xlink:label="teo_FinancialDebtRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialDebtRelatedPartyTransactions" xlink:to="teo_FinancialDebtRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialDebtRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of financial debt in related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialDebtRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt, Related Party Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FinancialDebtRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:to="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from rendering of services, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OperatingCostsRelatedPartyTransaction" xlink:label="teo_OperatingCostsRelatedPartyTransaction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OperatingCostsRelatedPartyTransaction" xlink:to="teo_OperatingCostsRelatedPartyTransaction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OperatingCostsRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of operating costs in related party transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OperatingCostsRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Costs, Related Party Transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="teo_OperatingCostsRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating costs</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FinanceResultsRelatedPartyTransaction" xlink:label="teo_FinanceResultsRelatedPartyTransaction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinanceResultsRelatedPartyTransaction" xlink:to="teo_FinanceResultsRelatedPartyTransaction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinanceResultsRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of finance results in related party transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinanceResultsRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finance Results, Related Party Transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FinanceResultsRelatedPartyTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finance results</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_KeyManagementPersonnelCompensationSocialSecurityContributions" xlink:label="teo_KeyManagementPersonnelCompensationSocialSecurityContributions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_KeyManagementPersonnelCompensationSocialSecurityContributions" xlink:to="teo_KeyManagementPersonnelCompensationSocialSecurityContributions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_KeyManagementPersonnelCompensationSocialSecurityContributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of compensation to key management personnel in the form of social security contributions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_KeyManagementPersonnelCompensationSocialSecurityContributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Key Management Personnel Compensation, Social Security Contributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_KeyManagementPersonnelCompensationSocialSecurityContributions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Social security contributions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="ifrs-full_KeyManagementPersonnelCompensation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensation" xlink:to="ifrs-full_KeyManagementPersonnelCompensation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Key management personnel compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Compensation for Key Managers</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_KeyManagementPersonnelCompensationOutstandingAmountPayable" xlink:label="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable" xlink:to="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of unpaid compensation for key management personnel.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Key Management Personnel Compensation, Outstanding Amount Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_KeyManagementPersonnelCompensationOutstandingAmountPayable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount payable under compensation for Key Managers</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_BoardOfDirectorsCompensationEstimatedCompensation" xlink:label="teo_BoardOfDirectorsCompensationEstimatedCompensation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BoardOfDirectorsCompensationEstimatedCompensation" xlink:to="teo_BoardOfDirectorsCompensationEstimatedCompensation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BoardOfDirectorsCompensationEstimatedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of estimated compensation for board of directors.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BoardOfDirectorsCompensationEstimatedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Board of Directors Compensation, Estimated Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BoardOfDirectorsCompensationEstimatedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated compensation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DirectorsRemunerationExpense" xlink:label="ifrs-full_DirectorsRemunerationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DirectorsRemunerationExpense" xlink:to="ifrs-full_DirectorsRemunerationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DirectorsRemunerationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Directors' remuneration expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DirectorsRemunerationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation for members of Board of Directors</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve" xlink:label="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve" xlink:to="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum percentage of net income for the year in accordance with the statutory books, plus/less previous years adjustments and accumulated losses must be appropriated to statutory reserve by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum Percentage Of Net Income To Be Allocated To Statutory Reserve</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum percentage of net income to be appropriated</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital" xlink:label="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital" xlink:to="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The threshold percentage criteria expressed as a percentage of outstanding capital for the transfer of net income by the entity to statutory reserves. If the statutory reserves exceed the specified threshold of the outstanding capital, further appropriation is not required.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Threshold Percentage Of Statutory Reserve Need To Be Made Over Entities Outstanding Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Threshold percentage of statutory reserves of the outstanding capital, used as criteria of allocation requirement</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome" xlink:label="teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome" xlink:to="teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of revenue from sale of equipment, rendering of services and other income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RevenueFromSaleOfEquipmentRenderingOfServicesAndOtherIncome_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenue from Sale of Equipment, Rendering of Services and Other Income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class of Stock [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class Of Stock [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class of Stock [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClassOrdinarySharesMember" xlink:label="teo_ClassOrdinarySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassOrdinarySharesMember" xlink:to="teo_ClassOrdinarySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class A ordinary shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class Ordinary Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class "A"</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClassBOrdinarySharesMember" xlink:label="teo_ClassBOrdinarySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassBOrdinarySharesMember" xlink:to="teo_ClassBOrdinarySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassBOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class B ordinary shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassBOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class B Ordinary Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassBOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class "B"</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClassCOrdinarySharesMember" xlink:label="teo_ClassCOrdinarySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassCOrdinarySharesMember" xlink:to="teo_ClassCOrdinarySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassCOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class C ordinary shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassCOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class C Ordinary Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassCOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class "C"</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClassDOrdinarySharesMember" xlink:label="teo_ClassDOrdinarySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassDOrdinarySharesMember" xlink:to="teo_ClassDOrdinarySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassDOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class D ordinary shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassDOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class D Ordinary Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassDOrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class "D"</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ifrs-full_ComponentsOfEquityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Components of equity [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityMember" xlink:label="ifrs-full_EquityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_EquityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:to="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Attributable To Owners Of Parent [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to Controlling Company</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OutstandingSharesCapitalNominalValueMember" xlink:label="teo_OutstandingSharesCapitalNominalValueMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OutstandingSharesCapitalNominalValueMember" xlink:to="teo_OutstandingSharesCapitalNominalValueMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OutstandingSharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for capital nominal value relating to outstanding shares not issued.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OutstandingSharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding Shares Capital Nominal Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OutstandingSharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding shares, Capital nominal value</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OutstandingSharesInflationAdjustmentMember" xlink:label="teo_OutstandingSharesInflationAdjustmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OutstandingSharesInflationAdjustmentMember" xlink:to="teo_OutstandingSharesInflationAdjustmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OutstandingSharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for inflation adjustment relating to outstanding shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OutstandingSharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding Shares Inflation Adjustment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OutstandingSharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding shares, Inflation adjustment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TreasurySharesCapitalNominalValueMember" xlink:label="teo_TreasurySharesCapitalNominalValueMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TreasurySharesCapitalNominalValueMember" xlink:to="teo_TreasurySharesCapitalNominalValueMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TreasurySharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for capital nominal value relating to treasury shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TreasurySharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury Shares Capital Nominal Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TreasurySharesCapitalNominalValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares, Capital nominal value</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TreasurySharesInflationAdjustmentMember" xlink:label="teo_TreasurySharesInflationAdjustmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TreasurySharesInflationAdjustmentMember" xlink:to="teo_TreasurySharesInflationAdjustmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TreasurySharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for inflation adjustment relating to treasury shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TreasurySharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury Shares Inflation Adjustment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TreasurySharesInflationAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares, Inflation adjustment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TreasurySharesMember" xlink:label="ifrs-full_TreasurySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasurySharesMember" xlink:to="ifrs-full_TreasurySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasurySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TreasurySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares acquisition cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdditionalPaidinCapitalMember" xlink:label="ifrs-full_AdditionalPaidinCapitalMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalPaidinCapitalMember" xlink:to="ifrs-full_AdditionalPaidinCapitalMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalPaidinCapitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional Paidin Capital [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdditionalPaidinCapitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contributed Surplus</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatutoryReserveMember" xlink:label="ifrs-full_StatutoryReserveMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatutoryReserveMember" xlink:to="ifrs-full_StatutoryReserveMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatutoryReserveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Statutory Reserve [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatutoryReserveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal reserve</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SpecialReserveForIfrsImplementationMember" xlink:label="teo_SpecialReserveForIfrsImplementationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SpecialReserveForIfrsImplementationMember" xlink:to="teo_SpecialReserveForIfrsImplementationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SpecialReserveForIfrsImplementationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for special reserve for IFRS implementation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SpecialReserveForIfrsImplementationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Special Reserve For Ifrs Implementation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SpecialReserveForIfrsImplementationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Special reserve for IFRS implementation</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_VoluntaryReserveForCapitalInvestmentsMember" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VoluntaryReserveForCapitalInvestmentsMember" xlink:to="teo_VoluntaryReserveForCapitalInvestmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for voluntary reserve for capital investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary Reserve For Capital Investments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VoluntaryReserveForCapitalInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary reserve for capital investments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FacultativeReserveMember" xlink:label="teo_FacultativeReserveMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FacultativeReserveMember" xlink:to="teo_FacultativeReserveMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FacultativeReserveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Facultative reserve.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FacultativeReserveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Facultative Reserve [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FacultativeReserveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Facultative</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_VoluntaryReserveForFutureDividendsPaymentsMember" xlink:label="teo_VoluntaryReserveForFutureDividendsPaymentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VoluntaryReserveForFutureDividendsPaymentsMember" xlink:to="teo_VoluntaryReserveForFutureDividendsPaymentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VoluntaryReserveForFutureDividendsPaymentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for voluntary reserve for future dividends payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VoluntaryReserveForFutureDividendsPaymentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary Reserve For Future Dividends Payments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VoluntaryReserveForFutureDividendsPaymentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Voluntary reserve for future dividends payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Other Comprehensive Income [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other comprehensive results</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherDeferredReserveMember" xlink:label="teo_OtherDeferredReserveMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherDeferredReserveMember" xlink:to="teo_OtherDeferredReserveMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherDeferredReserveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other deferred reserve.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherDeferredReserveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Deferred Reserve [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherDeferredReserveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other deferred</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RetainedEarningsMember" xlink:label="ifrs-full_RetainedEarningsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarningsMember" xlink:to="ifrs-full_RetainedEarningsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained Earnings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncontrollingInterestsMember" xlink:label="ifrs-full_NoncontrollingInterestsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterestsMember" xlink:to="ifrs-full_NoncontrollingInterestsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interests [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity attributable to non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BusinessCombinationsAxis" xlink:label="ifrs-full_BusinessCombinationsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_BusinessCombinationsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BusinessCombinationsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business combinations [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entitys Total For Business Combinations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForBusinessCombinationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity's total for business combinations [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CablevisionSaMember" xlink:label="teo_CablevisionSaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CablevisionSaMember" xlink:to="teo_CablevisionSaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CablevisionSaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents Cablevision S.A..</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CablevisionSaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cablevision Sa [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CablevisionSaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cablevision S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TuvesParaguayMember" xlink:label="teo_TuvesParaguayMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TuvesParaguayMember" xlink:to="teo_TuvesParaguayMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TuvesParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Tuves paraguay.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TuvesParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tuves Paraguay [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TuvesParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tuves Paraguay</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SegmentsAxis" xlink:label="ifrs-full_SegmentsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentsAxis" xlink:to="ifrs-full_SegmentsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segments [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SegmentsMember" xlink:label="ifrs-full_SegmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentsMember" xlink:to="ifrs-full_SegmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SegmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segments [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ServicesRenderedInArgentinaSegmentMember" xlink:label="teo_ServicesRenderedInArgentinaSegmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ServicesRenderedInArgentinaSegmentMember" xlink:to="teo_ServicesRenderedInArgentinaSegmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ServicesRenderedInArgentinaSegmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for services rendered in Argentina Segment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ServicesRenderedInArgentinaSegmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Services Rendered In Argentina Segment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ServicesRenderedInArgentinaSegmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Services rendered in Argentina</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherAbroadSegmentsMember" xlink:label="teo_OtherAbroadSegmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherAbroadSegmentsMember" xlink:to="teo_OtherAbroadSegmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherAbroadSegmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other abroad segments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherAbroadSegmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Abroad Segments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherAbroadSegmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other abroad segments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SegmentConsolidationItemsAxis" xlink:label="ifrs-full_SegmentConsolidationItemsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentConsolidationItemsAxis" xlink:to="ifrs-full_SegmentConsolidationItemsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentConsolidationItemsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment consolidation items [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xlink:label="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xlink:to="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entitys Total For Segment Consolidation Items [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForSegmentConsolidationItemsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity's total for segment consolidation items [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OperatingSegmentsMember" xlink:label="ifrs-full_OperatingSegmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OperatingSegmentsMember" xlink:to="ifrs-full_OperatingSegmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OperatingSegmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Segments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OperatingSegmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating segment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:label="ifrs-full_EliminationOfIntersegmentAmountsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:to="ifrs-full_EliminationOfIntersegmentAmountsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EliminationOfIntersegmentAmountsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Elimination Of Intersegment Amounts [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EliminationOfIntersegmentAmountsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Eliminations</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RestatementEffectOfInflationMember" xlink:label="teo_RestatementEffectOfInflationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RestatementEffectOfInflationMember" xlink:to="teo_RestatementEffectOfInflationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RestatementEffectOfInflationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for restatement effect of inflation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RestatementEffectOfInflationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restatement Effect Of Inflation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RestatementEffectOfInflationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inflation restatement</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="us-gaap_StatementScenarioAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Scenario [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioUnspecifiedDomain" xlink:to="us-gaap_ScenarioUnspecifiedDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Scenario Unspecified [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Scenario, Unspecified [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RestatedValuesForInflationMember" xlink:label="teo_RestatedValuesForInflationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RestatedValuesForInflationMember" xlink:to="teo_RestatedValuesForInflationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RestatedValuesForInflationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for restated values for inflation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RestatedValuesForInflationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restated Values For Inflation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RestatedValuesForInflationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restated for inflation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CountryOfDomicileMember" xlink:label="ifrs-full_CountryOfDomicileMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CountryOfDomicileMember" xlink:to="ifrs-full_CountryOfDomicileMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CountryOfDomicileMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Country Of Domicile [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CountryOfDomicileMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Argentina</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ForeignCountriesMember" xlink:label="ifrs-full_ForeignCountriesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ForeignCountriesMember" xlink:to="ifrs-full_ForeignCountriesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ForeignCountriesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Countries [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ForeignCountriesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Abroad</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AmendmentsToLadMember" xlink:label="teo_AmendmentsToLadMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmendmentsToLadMember" xlink:to="teo_AmendmentsToLadMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmendmentsToLadMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for amendment to Argentine Digital Law.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmendmentsToLadMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amendments To Lad [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AmendmentsToLadMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amendments to the LAD</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AmendmentsToDnuMember" xlink:label="teo_AmendmentsToDnuMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AmendmentsToDnuMember" xlink:to="teo_AmendmentsToDnuMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AmendmentsToDnuMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for amendment to Decree No.1340/16.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AmendmentsToDnuMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amendments To Dnu [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AmendmentsToDnuMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amendments to DNU No. 267/15</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PersonalMember" xlink:label="teo_PersonalMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalMember" xlink:to="teo_PersonalMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Personal.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumbersAxis" xlink:label="teo_ScResolutionNumbersAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumbersAxis" xlink:to="teo_ScResolutionNumbersAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumbersAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumbersAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SC Resolution Numbers [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumbersDomain" xlink:label="teo_ScResolutionNumbersDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumbersDomain" xlink:to="teo_ScResolutionNumbersDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumbersDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for aggregated categories of resolution numbers passed by the SC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumbersDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Numbers [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumbersDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SC Resolution Numbers [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumber1033e17Member" xlink:label="teo_ScResolutionNumber1033e17Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber1033e17Member" xlink:to="teo_ScResolutionNumber1033e17Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber1033e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SC Resolution Number 1033-E/17.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber1033e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number1033e17 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber1033e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">1033-E/17</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumber1034e17Member" xlink:label="teo_ScResolutionNumber1034e17Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber1034e17Member" xlink:to="teo_ScResolutionNumber1034e17Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber1034e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SC Resolution number 1034-E/17.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber1034e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number1034e17 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber1034e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">1034-E/17</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumber1299e17Member" xlink:label="teo_ScResolutionNumber1299e17Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber1299e17Member" xlink:to="teo_ScResolutionNumber1299e17Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber1299e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SC Resolution number 1299-E/17.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber1299e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number1299e17 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber1299e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">1299-E/17</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumber3687e17Member" xlink:label="teo_ScResolutionNumber3687e17Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber3687e17Member" xlink:to="teo_ScResolutionNumber3687e17Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber3687e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SC Resolution number 3687-E/17.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber3687e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number3687e17 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber3687e17Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">3687-E/17</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumber4012018Member" xlink:label="teo_ScResolutionNumber4012018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber4012018Member" xlink:to="teo_ScResolutionNumber4012018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber4012018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SC resolution number 401/2018.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber4012018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number4012018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber4012018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">401/2018</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumber495018Member" xlink:label="teo_ScResolutionNumber495018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber495018Member" xlink:to="teo_ScResolutionNumber495018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber495018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SC resolution number 4950/18.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber495018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number495018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber495018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">4950/18</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumber28618Member" xlink:label="teo_ScResolutionNumber28618Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber28618Member" xlink:to="teo_ScResolutionNumber28618Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber28618Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SC resolution number 286/18.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber28618Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number28618 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber28618Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">286/18</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumber495218Member" xlink:label="teo_ScResolutionNumber495218Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber495218Member" xlink:to="teo_ScResolutionNumber495218Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber495218Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SC Resolution number 4952/18.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber495218Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number495218 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber495218Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">4952/18</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumber11602018Member" xlink:label="teo_ScResolutionNumber11602018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber11602018Member" xlink:to="teo_ScResolutionNumber11602018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber11602018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SC Resolution number 1160/2018.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber11602018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number11602018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber11602018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">1160/2018</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumber58018Member" xlink:label="teo_ScResolutionNumber58018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber58018Member" xlink:to="teo_ScResolutionNumber58018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber58018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SC Resolution number 580/18.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber58018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number58018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber58018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">580/18</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ScResolutionNumber5118Member" xlink:label="teo_ScResolutionNumber5118Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ScResolutionNumber5118Member" xlink:to="teo_ScResolutionNumber5118Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ScResolutionNumber5118Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for SC Resolution number 51/18.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ScResolutionNumber5118Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sc Resolution Number5118 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ScResolutionNumber5118Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">51/18</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_JointOperationsAxis" xlink:label="ifrs-full_JointOperationsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_JointOperationsAxis" xlink:to="ifrs-full_JointOperationsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_JointOperationsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Joint operations [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EntitysTotalForJointOperationsMember" xlink:label="ifrs-full_EntitysTotalForJointOperationsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForJointOperationsMember" xlink:to="ifrs-full_EntitysTotalForJointOperationsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForJointOperationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entitys Total For Joint Operations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForJointOperationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity's total for joint operations [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_UteErtachCablevisionMember" xlink:label="teo_UteErtachCablevisionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UteErtachCablevisionMember" xlink:to="teo_UteErtachCablevisionMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UteErtachCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for UTE Ertach - Cablevision.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UteErtachCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ute Ertach Cablevision [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UteErtachCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">UTE Ertach - Cablevision</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CounterpartiesAxis" xlink:label="ifrs-full_CounterpartiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesAxis" xlink:to="ifrs-full_CounterpartiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CounterpartiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Counterparties [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CounterpartiesMember" xlink:label="ifrs-full_CounterpartiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesMember" xlink:to="ifrs-full_CounterpartiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CounterpartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Counterparties [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CounterpartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Counterparties [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_UnionesTransitoriasDeEmpresasMember" xlink:label="teo_UnionesTransitoriasDeEmpresasMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_UnionesTransitoriasDeEmpresasMember" xlink:to="teo_UnionesTransitoriasDeEmpresasMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_UnionesTransitoriasDeEmpresasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for uniones transitorias de empresas.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_UnionesTransitoriasDeEmpresasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uniones Transitorias De Empresas [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_UnionesTransitoriasDeEmpresasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">UTE</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CallOptionAgreementOfAdesolMember" xlink:label="teo_CallOptionAgreementOfAdesolMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CallOptionAgreementOfAdesolMember" xlink:to="teo_CallOptionAgreementOfAdesolMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CallOptionAgreementOfAdesolMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The Member stands for Call Option Agreement of Adesol.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CallOptionAgreementOfAdesolMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Call Option Agreement Of Adesol [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CallOptionAgreementOfAdesolMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Call Option Agreement of Adesol</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Components [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityComponentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Component [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityComponentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Component [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProductsAndServicesAxis" xlink:label="ifrs-full_ProductsAndServicesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="ifrs-full_ProductsAndServicesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProductsAndServicesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Products and services [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProductsAndServicesMember" xlink:label="ifrs-full_ProductsAndServicesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="ifrs-full_ProductsAndServicesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProductsAndServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Products And Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProductsAndServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Products and services [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FixedTelephonyAndDataServicesMember" xlink:label="teo_FixedTelephonyAndDataServicesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FixedTelephonyAndDataServicesMember" xlink:to="teo_FixedTelephonyAndDataServicesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FixedTelephonyAndDataServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The member stands for fixed telephony and data services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FixedTelephonyAndDataServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed Telephony And Data Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FixedTelephonyAndDataServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed Telephony and Data services</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsRealEstateMember" xlink:label="teo_IfrsRealEstateMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsRealEstateMember" xlink:to="teo_IfrsRealEstateMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsRealEstateMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for real estate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsRealEstateMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Real Estate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsRealEstateMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Real estate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FixedNetworkAndTransportationMember" xlink:label="teo_FixedNetworkAndTransportationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FixedNetworkAndTransportationMember" xlink:to="teo_FixedNetworkAndTransportationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FixedNetworkAndTransportationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for fixed network and transportation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FixedNetworkAndTransportationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed Network And Transportation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FixedNetworkAndTransportationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed network and transportation</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MobileNetworkAccessMember" xlink:label="teo_MobileNetworkAccessMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MobileNetworkAccessMember" xlink:to="teo_MobileNetworkAccessMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MobileNetworkAccessMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This members stands for a class of property, plant and equipment representing mobile network access.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MobileNetworkAccessMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile Network Access [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MobileNetworkAccessMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile network access</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_VehiclesMember" xlink:label="ifrs-full_VehiclesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_VehiclesMember" xlink:to="ifrs-full_VehiclesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_VehiclesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vehicles [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_VehiclesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vehicles</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_GoodsLentToCustomersAtNoCostMember" xlink:label="teo_GoodsLentToCustomersAtNoCostMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GoodsLentToCustomersAtNoCostMember" xlink:to="teo_GoodsLentToCustomersAtNoCostMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GoodsLentToCustomersAtNoCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for goods lent to customers at no cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GoodsLentToCustomersAtNoCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goods Lent To Customers At No Cost [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GoodsLentToCustomersAtNoCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goods lent to customers at no cost</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PowerEquipmentAndInstallationsMember" xlink:label="teo_PowerEquipmentAndInstallationsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PowerEquipmentAndInstallationsMember" xlink:to="teo_PowerEquipmentAndInstallationsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PowerEquipmentAndInstallationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for power equipment and installations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PowerEquipmentAndInstallationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Power Equipment And Installations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PowerEquipmentAndInstallationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Power equipment and Installations</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MachineryDiverseEquipmentAndToolsMember" xlink:label="teo_MachineryDiverseEquipmentAndToolsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MachineryDiverseEquipmentAndToolsMember" xlink:to="teo_MachineryDiverseEquipmentAndToolsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MachineryDiverseEquipmentAndToolsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for machinery, diverse equipment and tools.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MachineryDiverseEquipmentAndToolsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Machinery Diverse Equipment And Tools [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MachineryDiverseEquipmentAndToolsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Machinery, diverse equipment and tools</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SrceLicenseMember" xlink:label="teo_SrceLicenseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SrceLicenseMember" xlink:to="teo_SrceLicenseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SrceLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset SRCE license.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SrceLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Srce License [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SrceLicenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SRCE license</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BrandNamesMember" xlink:label="ifrs-full_BrandNamesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BrandNamesMember" xlink:to="ifrs-full_BrandNamesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BrandNamesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brand Names [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BrandNamesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brands</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_BrandCablevisionMember" xlink:label="teo_BrandCablevisionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BrandCablevisionMember" xlink:to="teo_BrandCablevisionMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BrandCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Brand Cablevision.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BrandCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brand Cablevision [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BrandCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brand Cablevision</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_BrandFlowMember" xlink:label="teo_BrandFlowMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BrandFlowMember" xlink:to="teo_BrandFlowMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BrandFlowMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Brand Flow.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BrandFlowMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brand Flow [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BrandFlowMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brand Flow</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_BrandArnetMember" xlink:label="teo_BrandArnetMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BrandArnetMember" xlink:to="teo_BrandArnetMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BrandArnetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Brand Arnet.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BrandArnetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brand Arnet [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BrandArnetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brand Arnet</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_UY" xlink:label="country_UY" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_UY" xlink:to="country_UY_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_UY_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U [Y]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_UY_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uruguay</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_ConsolidatedEntitiesAxis" xlink:label="srt_ConsolidatedEntitiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ConsolidatedEntitiesAxis" xlink:to="srt_ConsolidatedEntitiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ConsolidatedEntitiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated Entities [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_ConsolidatedEntitiesDomain" xlink:label="srt_ConsolidatedEntitiesDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ConsolidatedEntitiesDomain" xlink:to="srt_ConsolidatedEntitiesDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ConsolidatedEntitiesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated Entities [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="srt_ConsolidatedEntitiesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated Entities [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_ParentCompanyMember" xlink:label="srt_ParentCompanyMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ParentCompanyMember" xlink:to="srt_ParentCompanyMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ParentCompanyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Parent Company [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="srt_ParentCompanyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom Argentina</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NewIFRSsAxis" xlink:label="ifrs-full_NewIFRSsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NewIFRSsAxis" xlink:to="ifrs-full_NewIFRSsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NewIFRSsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">New IFRSs [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NewIFRSsMember" xlink:label="ifrs-full_NewIFRSsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NewIFRSsMember" xlink:to="ifrs-full_NewIFRSsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NewIFRSsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">New I F R Ss [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NewIFRSsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">New IFRSs [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" xlink:label="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" xlink:to="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase Decrease Due To Application Of I F R S15 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adoption of IFRS 15</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsEquipmentMember" xlink:label="teo_IfrsEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsEquipmentMember" xlink:to="teo_IfrsEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ServicesMember" xlink:label="teo_ServicesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ServicesMember" xlink:to="teo_ServicesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Services</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseDueToApplicationOfIfrs9Member" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member" xlink:to="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the financial effect of application of IFRS 9.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase Decrease Due To Application Of Ifrs9 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs9Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS 9</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal Entity [Axis]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CablevisionHoldingMember" xlink:label="teo_CablevisionHoldingMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CablevisionHoldingMember" xlink:to="teo_CablevisionHoldingMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CablevisionHoldingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Cablevision Holding S.A..</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CablevisionHoldingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cablevision Holding [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CablevisionHoldingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cablevision Holding S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsLoansPayableMember" xlink:label="teo_IfrsLoansPayableMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsLoansPayableMember" xlink:to="teo_IfrsLoansPayableMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsLoansPayableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for loans payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsLoansPayableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Loans Payable [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsLoansPayableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_PYG" xlink:label="currency_PYG" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_PYG" xlink:to="currency_PYG_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_PYG_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">P Y [G]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_PYG_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guaranies</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncreaseDecreaseDueToApplicationOfIfrs16Member" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs16Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncreaseDecreaseDueToApplicationOfIfrs16Member" xlink:to="teo_IncreaseDecreaseDueToApplicationOfIfrs16Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs16Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the financial effect of application of IFRS 16.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs16Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase Decrease Due To Application Of Ifrs16 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncreaseDecreaseDueToApplicationOfIfrs16Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IFRS 16</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TelecomArgentinaS.a.Member" xlink:label="teo_TelecomArgentinaS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelecomArgentinaS.a.Member" xlink:to="teo_TelecomArgentinaS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelecomArgentinaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Telecom Argentina S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelecomArgentinaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom Argentina S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelecomArgentinaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecom Argentina</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_VlgS.a.uMember" xlink:label="teo_VlgS.a.uMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VlgS.a.uMember" xlink:to="teo_VlgS.a.uMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VlgS.a.uMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for VLG S.A.U.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VlgS.a.uMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vlg S.a.u [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VlgS.a.uMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">VLG S.A.U</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FintechTelecomLLCMember" xlink:label="teo_FintechTelecomLLCMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FintechTelecomLLCMember" xlink:to="teo_FintechTelecomLLCMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FintechTelecomLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stand for Fintech Telecom LLC, Sofora's parent company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FintechTelecomLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech Telecom L L C [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FintechTelecomLLCMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech Telecom</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FintechAdvisoryIncMember" xlink:label="teo_FintechAdvisoryIncMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FintechAdvisoryIncMember" xlink:to="teo_FintechAdvisoryIncMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FintechAdvisoryIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents Fintech Advisory, Inc..</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FintechAdvisoryIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech Advisory Inc [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FintechAdvisoryIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech Advisory Inc.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfOrdinarySharesAxis" xlink:label="ifrs-full_ClassesOfOrdinarySharesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfOrdinarySharesAxis" xlink:to="ifrs-full_ClassesOfOrdinarySharesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfOrdinarySharesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of ordinary shares [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OrdinarySharesMember" xlink:label="ifrs-full_OrdinarySharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OrdinarySharesMember" xlink:to="ifrs-full_OrdinarySharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ordinary Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OrdinarySharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ordinary shares [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClassaSharesMember" xlink:label="teo_ClassaSharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassaSharesMember" xlink:to="teo_ClassaSharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassaSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class A Shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassaSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classa Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassaSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class A Shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClassBSharesMember" xlink:label="teo_ClassBSharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassBSharesMember" xlink:to="teo_ClassBSharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassBSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class B Shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassBSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class B Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassBSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class B shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClassCSharesMember" xlink:label="teo_ClassCSharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassCSharesMember" xlink:to="teo_ClassCSharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassCSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class C Shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassCSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class C Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassCSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class C shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClassDSharesMember" xlink:label="teo_ClassDSharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassDSharesMember" xlink:to="teo_ClassDSharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassDSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class D Shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassDSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class D Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassDSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class D shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LicencesMember" xlink:label="ifrs-full_LicencesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LicencesMember" xlink:to="ifrs-full_LicencesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LicencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Licences [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LicencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Licences</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_BuildingAndAutomobileMember" xlink:label="teo_BuildingAndAutomobileMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BuildingAndAutomobileMember" xlink:to="teo_BuildingAndAutomobileMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BuildingAndAutomobileMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for buildings and automobiles.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BuildingAndAutomobileMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Building And Automobile [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BuildingAndAutomobileMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Building and Automobile</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_BusinessCombinationAdjustmentAxis" xlink:label="teo_BusinessCombinationAdjustmentAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BusinessCombinationAdjustmentAxis" xlink:to="teo_BusinessCombinationAdjustmentAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BusinessCombinationAdjustmentAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BusinessCombinationAdjustmentAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business Combination Adjustment [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_BusinessCombinationAdjustmentDomain" xlink:label="teo_BusinessCombinationAdjustmentDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BusinessCombinationAdjustmentDomain" xlink:to="teo_BusinessCombinationAdjustmentDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BusinessCombinationAdjustmentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for different business combination adjustments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BusinessCombinationAdjustmentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business Combination Adjustment [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BusinessCombinationAdjustmentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business Combination Adjustment [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ImpactOfPurchasePriceAllocationInIncomeStatementMember" xlink:label="teo_ImpactOfPurchasePriceAllocationInIncomeStatementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ImpactOfPurchasePriceAllocationInIncomeStatementMember" xlink:to="teo_ImpactOfPurchasePriceAllocationInIncomeStatementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ImpactOfPurchasePriceAllocationInIncomeStatementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for impact of purchase price allocation recognized in income statement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ImpactOfPurchasePriceAllocationInIncomeStatementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impact Of Purchase Price Allocation In Income Statement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ImpactOfPurchasePriceAllocationInIncomeStatementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impact of Purchase Price Allocation in Income Statement</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NextelMember" xlink:label="teo_NextelMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NextelMember" xlink:to="teo_NextelMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NextelMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Nextel.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NextelMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nextel [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NextelMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nextel</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TelevisionDirigidaS.a.Member" xlink:label="teo_TelevisionDirigidaS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelevisionDirigidaS.a.Member" xlink:to="teo_TelevisionDirigidaS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelevisionDirigidaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Television Dirigida S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelevisionDirigidaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Television Dirigida S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelevisionDirigidaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Television Dirigida S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NextelAndSubsidiaryTelevisionDirigidaS.a.Member" xlink:label="teo_NextelAndSubsidiaryTelevisionDirigidaS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NextelAndSubsidiaryTelevisionDirigidaS.a.Member" xlink:to="teo_NextelAndSubsidiaryTelevisionDirigidaS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NextelAndSubsidiaryTelevisionDirigidaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Nextel and Subsidiary Television Dirigida S.A..</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NextelAndSubsidiaryTelevisionDirigidaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nextel And Subsidiary Television Dirigida S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NextelAndSubsidiaryTelevisionDirigidaS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nextel and Subsidiary Television Dirigida S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CablevisionAndNextelMember" xlink:label="teo_CablevisionAndNextelMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CablevisionAndNextelMember" xlink:to="teo_CablevisionAndNextelMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CablevisionAndNextelMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Cablevision and Nextel.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CablevisionAndNextelMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cablevision And Nextel [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CablevisionAndNextelMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cablevision and Nextel</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FibercommS.a.AndGridleyInvestmentsS.a.Member" xlink:label="teo_FibercommS.a.AndGridleyInvestmentsS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FibercommS.a.AndGridleyInvestmentsS.a.Member" xlink:to="teo_FibercommS.a.AndGridleyInvestmentsS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FibercommS.a.AndGridleyInvestmentsS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Fibercomm S.A. and Gridley Investments S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FibercommS.a.AndGridleyInvestmentsS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fibercomm S.a. And Gridley Investments S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FibercommS.a.AndGridleyInvestmentsS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fibercomm S.A. and Gridley Investments S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_WxTelecommunicationsLlcAndGreenmaxTelecommunicationsLlcMember" xlink:label="teo_WxTelecommunicationsLlcAndGreenmaxTelecommunicationsLlcMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_WxTelecommunicationsLlcAndGreenmaxTelecommunicationsLlcMember" xlink:to="teo_WxTelecommunicationsLlcAndGreenmaxTelecommunicationsLlcMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_WxTelecommunicationsLlcAndGreenmaxTelecommunicationsLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for WX Telecommunications LLC and Greenmax Telecommunications LLC .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_WxTelecommunicationsLlcAndGreenmaxTelecommunicationsLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Wx Telecommunications Llc And Greenmax Telecommunications Llc [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_WxTelecommunicationsLlcAndGreenmaxTelecommunicationsLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">WX Telecommunications LLC and Greenmax Telecommunications LLC</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TrixcoS.a.Member" xlink:label="teo_TrixcoS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TrixcoS.a.Member" xlink:to="teo_TrixcoS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TrixcoS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Trixco S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TrixcoS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trixco S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TrixcoS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trixco S.A.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Categories of related parties [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entitys Total For Related Parties [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity's total for related parties [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SoforaTelecomunicacionesS.a.Member" xlink:label="teo_SoforaTelecomunicacionesS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SoforaTelecomunicacionesS.a.Member" xlink:to="teo_SoforaTelecomunicacionesS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SoforaTelecomunicacionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Sofora Telecomunicaciones S.A. Nortel's controlling company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SoforaTelecomunicacionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sofora Telecomunicaciones S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SoforaTelecomunicacionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sofora</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_WDeArgentinaInversionesS.a.Member" xlink:label="teo_WDeArgentinaInversionesS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_WDeArgentinaInversionesS.a.Member" xlink:to="teo_WDeArgentinaInversionesS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_WDeArgentinaInversionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the W de Argentina - Inversiones S.A. (WAI).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_WDeArgentinaInversionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">W De Argentina Inversiones S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_WDeArgentinaInversionesS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">WAI</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of financial instruments [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes Of Financial Instruments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial instruments, class [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_GovernmentBondsMember" xlink:label="teo_GovernmentBondsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GovernmentBondsMember" xlink:to="teo_GovernmentBondsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for government bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government Bonds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GovernmentBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government bonds</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_GovernmentBondsAtAmortizedCostMember" xlink:label="teo_GovernmentBondsAtAmortizedCostMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GovernmentBondsAtAmortizedCostMember" xlink:to="teo_GovernmentBondsAtAmortizedCostMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GovernmentBondsAtAmortizedCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for government bonds at amortized cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GovernmentBondsAtAmortizedCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government Bonds At Amortized Cost [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GovernmentBondsAtAmortizedCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Government bonds at amortized cost</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MutualFundsMember" xlink:label="teo_MutualFundsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MutualFundsMember" xlink:to="teo_MutualFundsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MutualFundsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for mutual funds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MutualFundsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mutual Funds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MutualFundsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mutual funds</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherInvestmentsAtAmortizedCostMember" xlink:label="teo_OtherInvestmentsAtAmortizedCostMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherInvestmentsAtAmortizedCostMember" xlink:to="teo_OtherInvestmentsAtAmortizedCostMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherInvestmentsAtAmortizedCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other investments at amortized cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherInvestmentsAtAmortizedCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Investments At Amortized Cost [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherInvestmentsAtAmortizedCostMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other investments at amortized cost</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InvestmentsInAssociatesMember" xlink:label="teo_InvestmentsInAssociatesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InvestmentsInAssociatesMember" xlink:to="teo_InvestmentsInAssociatesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InvestmentsInAssociatesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for investment in associates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InvestmentsInAssociatesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments In Associates [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InvestmentsInAssociatesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments in associates</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TelecommunicationsFundMember" xlink:label="teo_TelecommunicationsFundMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelecommunicationsFundMember" xlink:to="teo_TelecommunicationsFundMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelecommunicationsFundMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents 2003 Telecommunications Fund.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelecommunicationsFundMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Telecommunications Fund [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelecommunicationsFundMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2003 Telecommunications Fund</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:to="ifrs-full_CategoriesOfFinancialAssetsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfFinancialAssetsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Categories of financial assets [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsCategoryMember" xlink:label="ifrs-full_FinancialAssetsCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsCategoryMember" xlink:to="ifrs-full_FinancialAssetsCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets, category [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets At Fair Value Through Profit Or Loss Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets at fair value accounted through profit or loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:to="ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets At Amortised Cost Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets at amortized cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:label="ifrs-full_SignificantInvestmentsInAssociatesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:to="ifrs-full_SignificantInvestmentsInAssociatesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SignificantInvestmentsInAssociatesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Associates [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EntitysTotalForAssociatesMember" xlink:label="ifrs-full_EntitysTotalForAssociatesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForAssociatesMember" xlink:to="ifrs-full_EntitysTotalForAssociatesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForAssociatesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entitys Total For Associates [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForAssociatesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity's total for associates [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_VerT.v.S.a.Member" xlink:label="teo_VerT.v.S.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VerT.v.S.a.Member" xlink:to="teo_VerT.v.S.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VerT.v.S.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Ver T.V. S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VerT.v.S.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ver T.v. S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VerT.v.S.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ver T.V. S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TeledifusoraSanMiguelArcangelS.a.Member" xlink:label="teo_TeledifusoraSanMiguelArcangelS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TeledifusoraSanMiguelArcangelS.a.Member" xlink:to="teo_TeledifusoraSanMiguelArcangelS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TeledifusoraSanMiguelArcangelS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Teledifusora San Miguel Arcngel S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TeledifusoraSanMiguelArcangelS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Teledifusora San Miguel Arcangel S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TeledifusoraSanMiguelArcangelS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Teledifusora San Miguel Arcngel S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_LaCapitalCableS.a.Member" xlink:label="teo_LaCapitalCableS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LaCapitalCableS.a.Member" xlink:to="teo_LaCapitalCableS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LaCapitalCableS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for La Capital Cable S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LaCapitalCableS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">La Capital Cable S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LaCapitalCableS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">La Capital Cable S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherMinorInvestmentsInAssociatesAtEquityMethodMember" xlink:label="teo_OtherMinorInvestmentsInAssociatesAtEquityMethodMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherMinorInvestmentsInAssociatesAtEquityMethodMember" xlink:to="teo_OtherMinorInvestmentsInAssociatesAtEquityMethodMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherMinorInvestmentsInAssociatesAtEquityMethodMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other minor investments in associates at equity method.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherMinorInvestmentsInAssociatesAtEquityMethodMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Minor Investments In Associates At Equity Method [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherMinorInvestmentsInAssociatesAtEquityMethodMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other minor investments in associates at equity method</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AssociatesMember" xlink:label="ifrs-full_AssociatesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssociatesMember" xlink:to="ifrs-full_AssociatesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssociatesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Associates [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AssociatesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Associates</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InflationRestatementMember" xlink:label="teo_InflationRestatementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InflationRestatementMember" xlink:to="teo_InflationRestatementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InflationRestatementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for inflation restatement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InflationRestatementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inflation Restatement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InflationRestatementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current currency</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="ifrs-full_BorrowingsByNameAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings by name [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="ifrs-full_BorrowingsByNameMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="ifrs-full_BorrowingsByNameMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings By Name [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings by name [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CurrentAndNonCurrentBorrowingsMember" xlink:label="teo_CurrentAndNonCurrentBorrowingsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CurrentAndNonCurrentBorrowingsMember" xlink:to="teo_CurrentAndNonCurrentBorrowingsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CurrentAndNonCurrentBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for current and non-current borrowings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CurrentAndNonCurrentBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current And Non Current Borrowings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CurrentAndNonCurrentBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current and Non-current Borrowings [Member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsBankOverdraftsMember" xlink:label="teo_IfrsBankOverdraftsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsBankOverdraftsMember" xlink:to="teo_IfrsBankOverdraftsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsBankOverdraftsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for bank overdrafts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsBankOverdraftsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Bank Overdrafts [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsBankOverdraftsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank overdrafts</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_BankLoansMember" xlink:label="teo_BankLoansMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BankLoansMember" xlink:to="teo_BankLoansMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BankLoansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BankLoansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank Loans [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BankLoansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans - principal</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PrincipalDueOnNotesMember" xlink:label="teo_PrincipalDueOnNotesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalDueOnNotesMember" xlink:to="teo_PrincipalDueOnNotesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalDueOnNotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for principal due on notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalDueOnNotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Due On Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalDueOnNotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes - principal</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NonDeliverableForwardMember" xlink:label="teo_NonDeliverableForwardMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonDeliverableForwardMember" xlink:to="teo_NonDeliverableForwardMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonDeliverableForwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-deliverable forward.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonDeliverableForwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Deliverable Forward [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonDeliverableForwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PurchaseOfEquipmentMember" xlink:label="teo_PurchaseOfEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PurchaseOfEquipmentMember" xlink:to="teo_PurchaseOfEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PurchaseOfEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for loans for purchase of equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PurchaseOfEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase Of Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PurchaseOfEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">By purchase of equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CompaniesUnderSection33AndRelatedPartiesMember" xlink:label="teo_CompaniesUnderSection33AndRelatedPartiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CompaniesUnderSection33AndRelatedPartiesMember" xlink:to="teo_CompaniesUnderSection33AndRelatedPartiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CompaniesUnderSection33AndRelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Companies under section 33 - Law No.19,550 and related parties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CompaniesUnderSection33AndRelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Companies Under Section33 And Related Parties [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CompaniesUnderSection33AndRelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Companies under sect. 33 - Law No. 19,550 and Related Parties</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AccruedInterestsAndRelatedExpensesMember" xlink:label="teo_AccruedInterestsAndRelatedExpensesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AccruedInterestsAndRelatedExpensesMember" xlink:to="teo_AccruedInterestsAndRelatedExpensesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AccruedInterestsAndRelatedExpensesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for accrued interests and related expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AccruedInterestsAndRelatedExpensesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued Interests And Related Expenses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AccruedInterestsAndRelatedExpensesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued interests and related expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CarryingAmountMember" xlink:label="ifrs-full_CarryingAmountMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CarryingAmountMember" xlink:to="ifrs-full_CarryingAmountMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CarryingAmountMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying Amount [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CarryingAmountMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying amount [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="ifrs-full_GrossCarryingAmountMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossCarryingAmountMember" xlink:to="ifrs-full_GrossCarryingAmountMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossCarryingAmountMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross Carrying Amount [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GrossCarryingAmountMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross carrying value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AccumulatedImpairmentMember" xlink:label="ifrs-full_AccumulatedImpairmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedImpairmentMember" xlink:to="ifrs-full_AccumulatedImpairmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedImpairmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Impairment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccumulatedImpairmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated impairment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialAssetsAxis" xlink:to="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of financial assets [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsMember" xlink:label="ifrs-full_FinancialAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsMember" xlink:to="ifrs-full_FinancialAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets, class [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InitiallyAppliedIFRSsAxis" xlink:label="ifrs-full_InitiallyAppliedIFRSsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InitiallyAppliedIFRSsAxis" xlink:to="ifrs-full_InitiallyAppliedIFRSsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InitiallyAppliedIFRSsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Initially applied IFRSs [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InitiallyAppliedIFRSsMember" xlink:label="ifrs-full_InitiallyAppliedIFRSsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InitiallyAppliedIFRSsMember" xlink:to="ifrs-full_InitiallyAppliedIFRSsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InitiallyAppliedIFRSsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Initially Applied I F R Ss [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InitiallyAppliedIFRSsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Initially applied IFRSs [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherCurrentReceivablesMember" xlink:label="teo_OtherCurrentReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherCurrentReceivablesMember" xlink:to="teo_OtherCurrentReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherCurrentReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other current receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherCurrentReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherCurrentReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherNonCurrentReceivablesMember" xlink:label="teo_OtherNonCurrentReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherNonCurrentReceivablesMember" xlink:to="teo_OtherNonCurrentReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherNonCurrentReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other non current receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherNonCurrentReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Non Current Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherNonCurrentReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other non current receivables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MergerBetweenTelecomAndCablevisionCablevisionTuvesParaguayMember" xlink:label="teo_MergerBetweenTelecomAndCablevisionCablevisionTuvesParaguayMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MergerBetweenTelecomAndCablevisionCablevisionTuvesParaguayMember" xlink:to="teo_MergerBetweenTelecomAndCablevisionCablevisionTuvesParaguayMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MergerBetweenTelecomAndCablevisionCablevisionTuvesParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents Merger between Telecom and Cablevision, Cablevision, Tuves Paraguay.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MergerBetweenTelecomAndCablevisionCablevisionTuvesParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger Between Telecom And Cablevision Cablevision Tuves Paraguay [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MergerBetweenTelecomAndCablevisionCablevisionTuvesParaguayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger between Telecom and Cablevision, Cablevision, Tuves Paraguay</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MergerBetweenTelecomAndCablevisionMember" xlink:label="teo_MergerBetweenTelecomAndCablevisionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MergerBetweenTelecomAndCablevisionMember" xlink:to="teo_MergerBetweenTelecomAndCablevisionMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MergerBetweenTelecomAndCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents Merger between Telecom and Cablevision.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MergerBetweenTelecomAndCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger Between Telecom And Cablevision [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MergerBetweenTelecomAndCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Merger between Telecom and Cablevision</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CablevisionMember" xlink:label="teo_CablevisionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CablevisionMember" xlink:to="teo_CablevisionMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents Cablevision.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cablevision [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cablevision</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PropertyPlantAndEquipmentWithoutMaterialsMember" xlink:label="teo_PropertyPlantAndEquipmentWithoutMaterialsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PropertyPlantAndEquipmentWithoutMaterialsMember" xlink:to="teo_PropertyPlantAndEquipmentWithoutMaterialsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PropertyPlantAndEquipmentWithoutMaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Property, plant and equipment without materials.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PropertyPlantAndEquipmentWithoutMaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property Plant And Equipment Without Materials [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PropertyPlantAndEquipmentWithoutMaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:to="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Property Plant And Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MaterialsMember" xlink:label="teo_MaterialsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MaterialsMember" xlink:to="teo_MaterialsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for materials.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Materials [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MaterialsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Materials</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember" xlink:label="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember" xlink:to="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for gross carrying amount net of accumulated depreciation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross Carrying Amount Net Of Accumulated Depreciation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross Carrying Amount, Net of allowances and impairment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComputerEquipmentMember" xlink:label="ifrs-full_ComputerEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComputerEquipmentMember" xlink:to="ifrs-full_ComputerEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComputerEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Computer Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComputerEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Computer equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ConstructionInProgressMember" xlink:label="ifrs-full_ConstructionInProgressMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConstructionInProgressMember" xlink:to="ifrs-full_ConstructionInProgressMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConstructionInProgressMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Construction In Progress [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ConstructionInProgressMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Construction in progress</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:to="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Depreciation And Amortisation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CarryingAmountAfterAccumulatedAmortisationMember" xlink:label="teo_CarryingAmountAfterAccumulatedAmortisationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CarryingAmountAfterAccumulatedAmortisationMember" xlink:to="teo_CarryingAmountAfterAccumulatedAmortisationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CarryingAmountAfterAccumulatedAmortisationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the amount at which an asset is recognised after deducting any accumulated depreciation (amortisation) but before deducting any accumulated impairment losses thereon.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CarryingAmountAfterAccumulatedAmortisationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying Amount After Accumulated Amortisation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CarryingAmountAfterAccumulatedAmortisationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net carrying value before impairment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PersonalCommunicationsServiceLicenseArgentinaMember" xlink:label="teo_PersonalCommunicationsServiceLicenseArgentinaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PersonalCommunicationsServiceLicenseArgentinaMember" xlink:to="teo_PersonalCommunicationsServiceLicenseArgentinaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PersonalCommunicationsServiceLicenseArgentinaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset, Personal Communications Service license (Argentina).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PersonalCommunicationsServiceLicenseArgentinaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Personal Communications Service License Argentina [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PersonalCommunicationsServiceLicenseArgentinaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PCS license (Argentina)</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NucleoSLicensesMember" xlink:label="teo_NucleoSLicensesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NucleoSLicensesMember" xlink:to="teo_NucleoSLicensesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NucleoSLicensesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset Nucleo's licenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NucleoSLicensesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo S Licenses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NucleoSLicensesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nucleo's licenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_BrandsMember" xlink:label="teo_BrandsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BrandsMember" xlink:to="teo_BrandsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BrandsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset brands.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BrandsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brands [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BrandsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brands</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IncrementalCostFromAcquisitionOfContractsMember" xlink:label="teo_IncrementalCostFromAcquisitionOfContractsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IncrementalCostFromAcquisitionOfContractsMember" xlink:to="teo_IncrementalCostFromAcquisitionOfContractsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IncrementalCostFromAcquisitionOfContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the intangible asset Incremental cost from the acquisition of contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IncrementalCostFromAcquisitionOfContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incremental Cost From Acquisition Of Contracts [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IncrementalCostFromAcquisitionOfContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Incremental Cost from the acquisition of contracts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherIntangibleAssetsMember" xlink:label="ifrs-full_OtherIntangibleAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherIntangibleAssetsMember" xlink:to="ifrs-full_OtherIntangibleAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Intangible Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ShorttermBorrowingsMember" xlink:label="ifrs-full_ShorttermBorrowingsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermBorrowingsMember" xlink:to="ifrs-full_ShorttermBorrowingsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shortterm Borrowings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShorttermBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_BankLoansCurrentMember" xlink:label="teo_BankLoansCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_BankLoansCurrentMember" xlink:to="teo_BankLoansCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_BankLoansCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the current principal due on bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_BankLoansCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank Loans Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_BankLoansCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans - principal</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PurchaseOfEquipmentCurrentMember" xlink:label="teo_PurchaseOfEquipmentCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PurchaseOfEquipmentCurrentMember" xlink:to="teo_PurchaseOfEquipmentCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PurchaseOfEquipmentCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for purchase of equipment, current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PurchaseOfEquipmentCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase Of Equipment Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PurchaseOfEquipmentCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">By purchase of equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NonDeliverableForwardCurrentMember" xlink:label="teo_NonDeliverableForwardCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonDeliverableForwardCurrentMember" xlink:to="teo_NonDeliverableForwardCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonDeliverableForwardCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-deliverable forward.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonDeliverableForwardCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Deliverable Forward Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonDeliverableForwardCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AccruedInterestsAndRelatedExpensesCurrentMember" xlink:label="teo_AccruedInterestsAndRelatedExpensesCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AccruedInterestsAndRelatedExpensesCurrentMember" xlink:to="teo_AccruedInterestsAndRelatedExpensesCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AccruedInterestsAndRelatedExpensesCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the current accrued interests and related expenses .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AccruedInterestsAndRelatedExpensesCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued Interests And Related Expenses Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AccruedInterestsAndRelatedExpensesCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued interest and related expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LongtermBorrowingsMember" xlink:label="ifrs-full_LongtermBorrowingsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowingsMember" xlink:to="ifrs-full_LongtermBorrowingsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Longterm Borrowings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LongtermBorrowingsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total non-current financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PrincipalDueOnNotesNonCurrentMember" xlink:label="teo_PrincipalDueOnNotesNonCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalDueOnNotesNonCurrentMember" xlink:to="teo_PrincipalDueOnNotesNonCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalDueOnNotesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-current principal due on notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalDueOnNotesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Due On Notes Non Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalDueOnNotesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes - principal</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PrincipalDueOnBankLoansNonCurrentMember" xlink:label="teo_PrincipalDueOnBankLoansNonCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalDueOnBankLoansNonCurrentMember" xlink:to="teo_PrincipalDueOnBankLoansNonCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalDueOnBankLoansNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-current principal due on bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalDueOnBankLoansNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Due On Bank Loans Non Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalDueOnBankLoansNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans - principal</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PurchaseOfEquipmentNonCurrentMember" xlink:label="teo_PurchaseOfEquipmentNonCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PurchaseOfEquipmentNonCurrentMember" xlink:to="teo_PurchaseOfEquipmentNonCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PurchaseOfEquipmentNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for purchase of equipment, non-current.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PurchaseOfEquipmentNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase Of Equipment Non Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PurchaseOfEquipmentNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">By purchase of equipment</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AccruedInterestsAndRelatedExpensesNonCurrentMember" xlink:label="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember" xlink:to="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-current accrued interests and related expenses .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued Interests And Related Expenses Non Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AccruedInterestsAndRelatedExpensesNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued interests and related expenses</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PrincipalDueOnIfcBankLoanNonCurrentMember" xlink:label="teo_PrincipalDueOnIfcBankLoanNonCurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalDueOnIfcBankLoanNonCurrentMember" xlink:to="teo_PrincipalDueOnIfcBankLoanNonCurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalDueOnIfcBankLoanNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents the non-current principal due on IFC bank loan</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalDueOnIfcBankLoanNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Due On Ifc Bank Loan Non Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalDueOnIfcBankLoanNonCurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans - IFC Loan</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InterAmericanInvestmentCorporationLoanMember" xlink:label="teo_InterAmericanInvestmentCorporationLoanMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterAmericanInvestmentCorporationLoanMember" xlink:to="teo_InterAmericanInvestmentCorporationLoanMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterAmericanInvestmentCorporationLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Inter-American investment corporation loan agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterAmericanInvestmentCorporationLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inter American Investment Corporation Loan [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InterAmericanInvestmentCorporationLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">IIC Loan</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="ifrs-full_TypesOfInterestRatesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInterestRatesAxis" xlink:to="ifrs-full_TypesOfInterestRatesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types of interest rates [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestRateTypesMember" xlink:label="ifrs-full_InterestRateTypesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestRateTypesMember" xlink:to="ifrs-full_InterestRateTypesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestRateTypesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Types [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestRateTypesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate types [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">London Interbank Offered Rate L I B O R [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">LIBOR</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SyndicatedLoanMember" xlink:label="teo_SyndicatedLoanMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SyndicatedLoanMember" xlink:to="teo_SyndicatedLoanMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SyndicatedLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Syndicated loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SyndicatedLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Syndicated Loan [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SyndicatedLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Syndicated Loan</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FirstFourMonthsMember" xlink:label="teo_FirstFourMonthsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FirstFourMonthsMember" xlink:to="teo_FirstFourMonthsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FirstFourMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the first four months.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FirstFourMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">First Four Months [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FirstFourMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">First four months</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NextTwoMonthsMember" xlink:label="teo_NextTwoMonthsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NextTwoMonthsMember" xlink:to="teo_NextTwoMonthsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NextTwoMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the next two months.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NextTwoMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Next Two Months [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NextTwoMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Next two months</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FollowingThreeMonthsMember" xlink:label="teo_FollowingThreeMonthsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FollowingThreeMonthsMember" xlink:to="teo_FollowingThreeMonthsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FollowingThreeMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the following three months.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FollowingThreeMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Following Three Months [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FollowingThreeMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Following three months</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_LastThreeMonthsMember" xlink:label="teo_LastThreeMonthsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LastThreeMonthsMember" xlink:to="teo_LastThreeMonthsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LastThreeMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the last three months.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LastThreeMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Last Three Months [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LastThreeMonthsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Last three months</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="ifrs-full_NotLaterThanOneYearMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneYearMember" xlink:to="ifrs-full_NotLaterThanOneYearMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Not Later Than One Year [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">First year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than One Year And Not Later Than Two Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Second year</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_LaterThanTwoYearsMember" xlink:label="teo_LaterThanTwoYearsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LaterThanTwoYearsMember" xlink:to="teo_LaterThanTwoYearsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LaterThanTwoYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for later than two years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LaterThanTwoYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than Two Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LaterThanTwoYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">After second year till expiration date</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DeutscheBankLoanMember" xlink:label="teo_DeutscheBankLoanMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DeutscheBankLoanMember" xlink:to="teo_DeutscheBankLoanMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DeutscheBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Deutsche Bank Loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DeutscheBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deutsche Bank Loan [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DeutscheBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deutsche Bank Loan</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IcbcBankLoanMember" xlink:label="teo_IcbcBankLoanMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IcbcBankLoanMember" xlink:to="teo_IcbcBankLoanMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IcbcBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for ICBC Bank Loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IcbcBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Icbc Bank Loan [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IcbcBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank ICBC</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ItauBankLoanMember" xlink:label="teo_ItauBankLoanMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ItauBankLoanMember" xlink:to="teo_ItauBankLoanMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ItauBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Itau Bank Loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ItauBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Itau Bank Loan [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ItauBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank Itau</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_MarcoBankLoanMember" xlink:label="teo_MarcoBankLoanMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_MarcoBankLoanMember" xlink:to="teo_MarcoBankLoanMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_MarcoBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Marco Bank Loan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_MarcoBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Marco Bank Loan [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_MarcoBankLoanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank MACRO</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PrincipalDueOnBankLoansMember" xlink:label="teo_PrincipalDueOnBankLoansMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalDueOnBankLoansMember" xlink:to="teo_PrincipalDueOnBankLoansMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalDueOnBankLoansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for principal due on bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalDueOnBankLoansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Due On Bank Loans [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalDueOnBankLoansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bank loans - principal</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PrincipalNominalValueTwoMember" xlink:label="teo_PrincipalNominalValueTwoMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalNominalValueTwoMember" xlink:to="teo_PrincipalNominalValueTwoMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalNominalValueTwoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for principal nominal value two.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalNominalValueTwoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Nominal Value Two [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalNominalValueTwoMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Nominal Value 40,000</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PrincipalNominalValueFourMember" xlink:label="teo_PrincipalNominalValueFourMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PrincipalNominalValueFourMember" xlink:to="teo_PrincipalNominalValueFourMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PrincipalNominalValueFourMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for principal nominal value four.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PrincipalNominalValueFourMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Nominal Value Four [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PrincipalNominalValueFourMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Principal Nominal Value 308,000</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NotesMember" xlink:label="teo_NotesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NotesMember" xlink:to="teo_NotesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for notes issued under global programs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term Notes</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClassNotesMember" xlink:label="teo_ClassNotesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassNotesMember" xlink:to="teo_ClassNotesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassNotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class A Notes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassNotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class Notes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassNotesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class A Notes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FixedInterestRateMember" xlink:label="ifrs-full_FixedInterestRateMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixedInterestRateMember" xlink:to="ifrs-full_FixedInterestRateMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FixedInterestRateMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed Interest Rate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FixedInterestRateMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed interest rate</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CiscoSystemsMember" xlink:label="teo_CiscoSystemsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CiscoSystemsMember" xlink:to="teo_CiscoSystemsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CiscoSystemsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Cisco Systems.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CiscoSystemsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cisco Systems [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CiscoSystemsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cisco Systems</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary difference, unused tax losses and unused tax credits [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary Difference Unused Tax Losses And Unused Tax Credits [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary difference, unused tax losses and unused tax credits [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_UnusedTaxCreditsMember" xlink:label="ifrs-full_UnusedTaxCreditsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnusedTaxCreditsMember" xlink:to="ifrs-full_UnusedTaxCreditsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UnusedTaxCreditsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unused Tax Credits [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_UnusedTaxCreditsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax carryforward</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AllowanceForCreditLossesMember" xlink:label="ifrs-full_AllowanceForCreditLossesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllowanceForCreditLossesMember" xlink:to="ifrs-full_AllowanceForCreditLossesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AllowanceForCreditLossesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance For Credit Losses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AllowanceForCreditLossesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherProvisionsMember" xlink:label="ifrs-full_OtherProvisionsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherProvisionsMember" xlink:to="ifrs-full_OtherProvisionsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherProvisionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Provisions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherProvisionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TemporaryDifferencesInventoryMember" xlink:label="teo_TemporaryDifferencesInventoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TemporaryDifferencesInventoryMember" xlink:to="teo_TemporaryDifferencesInventoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TemporaryDifferencesInventoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for temporary tax differences arising from inventory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TemporaryDifferencesInventoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary Differences Inventory [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TemporaryDifferencesInventoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventory</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:to="ifrs-full_NetDefinedBenefitLiabilityAssetMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Defined Benefit Liability Asset [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pension and termination benefits</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember" xlink:label="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember" xlink:to="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for property, plant and equipment. And intangible assets other than goodwill.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property Plant And Equipment And Intangible Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">PP&amp;E and Intangible assets</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember" xlink:label="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember" xlink:to="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for temporary tax differences arising from cash dividends from foreign companies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary Differences Cash Dividends From Foreign Companies [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash dividends from foreign companies</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TemporaryDifferencesFinancedSalesMember" xlink:label="teo_TemporaryDifferencesFinancedSalesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TemporaryDifferencesFinancedSalesMember" xlink:to="teo_TemporaryDifferencesFinancedSalesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TemporaryDifferencesFinancedSalesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for temporary tax differences arising from financed sales.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TemporaryDifferencesFinancedSalesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Temporary Differences Financed Sales [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TemporaryDifferencesFinancedSalesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mobile handsets financed sales</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherTemporaryDifferencesMember" xlink:label="ifrs-full_OtherTemporaryDifferencesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherTemporaryDifferencesMember" xlink:to="ifrs-full_OtherTemporaryDifferencesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherTemporaryDifferencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Temporary Differences [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherTemporaryDifferencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsTaxYear2018Member" xlink:label="teo_IfrsTaxYear2018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsTaxYear2018Member" xlink:to="teo_IfrsTaxYear2018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsTaxYear2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Identified as tax year 2018.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsTaxYear2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Tax Year2018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsTaxYear2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Year 2018</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfProvisionsAxis" xlink:label="ifrs-full_ClassesOfProvisionsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfProvisionsAxis" xlink:to="ifrs-full_ClassesOfProvisionsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfProvisionsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of other provisions [axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProvisionsMember" xlink:label="teo_ProvisionsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProvisionsMember" xlink:to="teo_ProvisionsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProvisionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProvisionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProvisionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provisions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xlink:label="ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xlink:to="ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provision For Decommissioning Restoration And Rehabilitation Costs [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asset retirement obligations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfContingentLiabilitiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfContingentLiabilitiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfContingentLiabilitiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of contingent liabilities [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ContingentLiabilitiesMember" xlink:label="ifrs-full_ContingentLiabilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContingentLiabilitiesMember" xlink:to="ifrs-full_ContingentLiabilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContingentLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contingent Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContingentLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contingent liabilities [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_LaborProceedingsContingentLiabilityMember" xlink:label="teo_LaborProceedingsContingentLiabilityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LaborProceedingsContingentLiabilityMember" xlink:to="teo_LaborProceedingsContingentLiabilityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LaborProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for contingent liabilities for labor claim proceedings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LaborProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Labor Proceedings Contingent Liability [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LaborProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Labor contingencies</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RegulatoryProceedingsContingentLiabilityMember" xlink:label="teo_RegulatoryProceedingsContingentLiabilityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RegulatoryProceedingsContingentLiabilityMember" xlink:to="teo_RegulatoryProceedingsContingentLiabilityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RegulatoryProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for contingent liabilities for regulatory claims.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RegulatoryProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory Proceedings Contingent Liability [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RegulatoryProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Regulatory contingencies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_LitigationCaseAxis" xlink:label="srt_LitigationCaseAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_LitigationCaseAxis" xlink:to="srt_LitigationCaseAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_LitigationCaseAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_LitigationCaseTypeDomain" xlink:label="srt_LitigationCaseTypeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_LitigationCaseTypeDomain" xlink:to="srt_LitigationCaseTypeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_LitigationCaseTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="srt_LitigationCaseTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case [Domain]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TaskSolutionsContactCenterMember" xlink:label="teo_TaskSolutionsContactCenterMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TaskSolutionsContactCenterMember" xlink:to="teo_TaskSolutionsContactCenterMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TaskSolutionsContactCenterMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Task solutions contact center.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TaskSolutionsContactCenterMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Task Solutions Contact Center [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TaskSolutionsContactCenterMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Task solutions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" xlink:label="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" xlink:to="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provision For Taxes Other Than Income Tax [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Provision for regulatory, tax and other matters claims</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LegalProceedingsContingentLiabilityMember" xlink:label="ifrs-full_LegalProceedingsContingentLiabilityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LegalProceedingsContingentLiabilityMember" xlink:to="ifrs-full_LegalProceedingsContingentLiabilityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LegalProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal Proceedings Contingent Liability [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LegalProceedingsContingentLiabilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Civil and commercial proceedings, contingencies</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RadioelectricSpectrumFeesMember" xlink:label="teo_RadioelectricSpectrumFeesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RadioelectricSpectrumFeesMember" xlink:to="teo_RadioelectricSpectrumFeesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RadioelectricSpectrumFeesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Radioelectric Spectrum Fees.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RadioelectricSpectrumFeesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Radioelectric Spectrum Fees [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RadioelectricSpectrumFeesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Radioelectric Spectrum Fees</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember" xlink:label="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember" xlink:to="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Consumidores Financieros Asociacin Civil para su Defensa claim.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consumidores Financieros Asociacion Civil Para Su Defensa [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ConsumidoresFinancierosAsociacionCivilParaSuDefensaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consumidores Financieros Asociacion Civil para su Defensa</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ChangesInServicePricesCaseMember" xlink:label="teo_ChangesInServicePricesCaseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ChangesInServicePricesCaseMember" xlink:to="teo_ChangesInServicePricesCaseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ChangesInServicePricesCaseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Lawsuit against the company on changes in services prices.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ChangesInServicePricesCaseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes In Service Prices Case [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ChangesInServicePricesCaseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in service prices</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ContentProvidersClaimMember" xlink:label="teo_ContentProvidersClaimMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ContentProvidersClaimMember" xlink:to="teo_ContentProvidersClaimMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ContentProvidersClaimMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for claim by the content providers.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ContentProvidersClaimMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Content Providers Claim [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ContentProvidersClaimMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Claim by content providers</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TradeUnionsForUnionContributionsAndPaymentsMember" xlink:label="teo_TradeUnionsForUnionContributionsAndPaymentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TradeUnionsForUnionContributionsAndPaymentsMember" xlink:to="teo_TradeUnionsForUnionContributionsAndPaymentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TradeUnionsForUnionContributionsAndPaymentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for trade unions for union contributions and payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TradeUnionsForUnionContributionsAndPaymentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade Unions For Union Contributions And Payments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TradeUnionsForUnionContributionsAndPaymentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Claims by Trade Unions</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SecretariatOfDomesticTradeOfNationMember" xlink:label="teo_SecretariatOfDomesticTradeOfNationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SecretariatOfDomesticTradeOfNationMember" xlink:to="teo_SecretariatOfDomesticTradeOfNationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SecretariatOfDomesticTradeOfNationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for secretariat of domestic trade of the nation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SecretariatOfDomesticTradeOfNationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Secretariat Of Domestic Trade Of Nation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SecretariatOfDomesticTradeOfNationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">SCI</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember" xlink:label="teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember" xlink:to="teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for claims between Supercanal Holding S.A. and Cablevision.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Claims Between Supercanal Holding S.a. And Cablevision [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Claims between Supercanal Holding S.A. and Cablevision</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember" xlink:label="teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember" xlink:to="teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Asociacion Por La Defensa De Usuarios Y Consumidores.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asociacion Por La Defensa De Usuarios Y Consumidores [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asociacion por la Defensa de Usuarios y Consumidores</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_VlgArgentinaLlcMember" xlink:label="teo_VlgArgentinaLlcMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_VlgArgentinaLlcMember" xlink:to="teo_VlgArgentinaLlcMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_VlgArgentinaLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for VLG Argentina LLC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_VlgArgentinaLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vlg Argentina Llc [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_VlgArgentinaLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">VLG Argentina LLC</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FintechMediaLlcMember" xlink:label="teo_FintechMediaLlcMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FintechMediaLlcMember" xlink:to="teo_FintechMediaLlcMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FintechMediaLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Fintech Media LLC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FintechMediaLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech Media Llc [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FintechMediaLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fintech Media LLC</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis" xlink:label="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis" xlink:to="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember" xlink:label="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember" xlink:to="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transactions Recognised Separately From Acquisition Of Assets And Assumption Of Liabilities In Business Combination [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember" xlink:label="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember" xlink:to="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the Preliminary Merger Agreement and the Final Merger Agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Preliminary Merger Agreement And Final Merger Agreement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Preliminary Merger Agreement and the Final Merger Agreement</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Assets At Fair Value Through Other Comprehensive Income Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial assets at fair value accounted through other comprehensive income</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsCashAndCashEquivalentsMember" xlink:label="teo_IfrsCashAndCashEquivalentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsCashAndCashEquivalentsMember" xlink:to="teo_IfrsCashAndCashEquivalentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsCashAndCashEquivalentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for cash and cash equivalents.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsCashAndCashEquivalentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Cash And Cash Equivalents [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsCashAndCashEquivalentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_CashAndBanksMember" xlink:label="teo_CashAndBanksMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_CashAndBanksMember" xlink:to="teo_CashAndBanksMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_CashAndBanksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for cash and banks.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_CashAndBanksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash And Banks [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_CashAndBanksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and banks</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsInvestmentsMember" xlink:label="teo_IfrsInvestmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsInvestmentsMember" xlink:to="teo_IfrsInvestmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for investments member.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Investments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherReceivablesMember" xlink:label="teo_OtherReceivablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherReceivablesMember" xlink:to="teo_OtherReceivablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other receivables member.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Receivables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherReceivablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other receivables</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:label="ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:to="ifrs-full_CategoriesOfFinancialLiabilitiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfFinancialLiabilitiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Categories of financial liabilities [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialLiabilitiesCategoryMember" xlink:label="ifrs-full_FinancialLiabilitiesCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesCategoryMember" xlink:to="ifrs-full_FinancialLiabilitiesCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Liabilities Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities, category [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember" xlink:label="ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember" xlink:to="ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Liabilities At Amortised Cost Category [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities at amortised cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfFinancialLiabilitiesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfFinancialLiabilitiesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialLiabilitiesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of financial liabilities [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialLiabilitiesMember" xlink:label="ifrs-full_FinancialLiabilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesMember" xlink:to="ifrs-full_FinancialLiabilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial liabilities, class [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TradePayablesMember" xlink:label="teo_TradePayablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TradePayablesMember" xlink:to="teo_TradePayablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TradePayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for trade payables .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TradePayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade Payables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TradePayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FinancialDebtMember" xlink:label="teo_FinancialDebtMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_FinancialDebtMember" xlink:to="teo_FinancialDebtMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FinancialDebtMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for financial debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FinancialDebtMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Debt [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FinancialDebtMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial debt</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_SalariesAndSocialSecurityPayablesMember" xlink:label="teo_SalariesAndSocialSecurityPayablesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_SalariesAndSocialSecurityPayablesMember" xlink:to="teo_SalariesAndSocialSecurityPayablesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_SalariesAndSocialSecurityPayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for salaries and social security payables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_SalariesAndSocialSecurityPayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries And Social Security Payables [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_SalariesAndSocialSecurityPayablesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salaries and social security payables</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsOtherLiabilitiesMember" xlink:label="teo_IfrsOtherLiabilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsOtherLiabilitiesMember" xlink:to="teo_IfrsOtherLiabilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsOtherLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsOtherLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Other Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsOtherLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MeasurementAxis" xlink:label="ifrs-full_MeasurementAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MeasurementAxis" xlink:to="ifrs-full_MeasurementAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MeasurementAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Measurement [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AggregatedMeasurementMember" xlink:label="ifrs-full_AggregatedMeasurementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AggregatedMeasurementMember" xlink:to="ifrs-full_AggregatedMeasurementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AggregatedMeasurementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregated Measurement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AggregatedMeasurementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregated measurement [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AtFairValueMember" xlink:label="ifrs-full_AtFairValueMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AtFairValueMember" xlink:to="ifrs-full_AtFairValueMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AtFairValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At Fair Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AtFairValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">At fair value</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_OtherShortTermInvestmentsMember" xlink:label="teo_OtherShortTermInvestmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherShortTermInvestmentsMember" xlink:to="teo_OtherShortTermInvestmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherShortTermInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member represents Other short-term investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherShortTermInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Short Term Investments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherShortTermInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other short-term investments</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsOtherInvestmentsMember" xlink:label="teo_IfrsOtherInvestmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsOtherInvestmentsMember" xlink:to="teo_IfrsOtherInvestmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsOtherInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other investment member.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsOtherInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Other Investments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_IfrsOtherInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Levels of fair value hierarchy [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:to="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">All Levels Of Fair Value Hierarchy [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">All levels of fair value hierarchy [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level1OfFairValueHierarchyMember" xlink:to="ifrs-full_Level1OfFairValueHierarchyMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Level1 Of Fair Value Hierarchy [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Level 1</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_RestatedForCompareMember" xlink:label="teo_RestatedForCompareMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_RestatedForCompareMember" xlink:to="teo_RestatedForCompareMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_RestatedForCompareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for restated for compare.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_RestatedForCompareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restated For Compare [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_RestatedForCompareMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restated for compare</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NonDeliverableForwardContractsMember" xlink:label="teo_NonDeliverableForwardContractsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NonDeliverableForwardContractsMember" xlink:to="teo_NonDeliverableForwardContractsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NonDeliverableForwardContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for NDF contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NonDeliverableForwardContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Deliverable Forward Contracts [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NonDeliverableForwardContractsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NdfBondsWith2.1325PercentMember" xlink:label="teo_NdfBondsWith2.1325PercentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NdfBondsWith2.1325PercentMember" xlink:to="teo_NdfBondsWith2.1325PercentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NdfBondsWith2.1325PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the 2.1325% NDF bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NdfBondsWith2.1325PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ndf Bonds With2.1325 Percent [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NdfBondsWith2.1325PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2.1325% NDF</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NdfBondsWith2.085PercentMember" xlink:label="teo_NdfBondsWith2.085PercentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NdfBondsWith2.085PercentMember" xlink:to="teo_NdfBondsWith2.085PercentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NdfBondsWith2.085PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for 2.085% NDF bonds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NdfBondsWith2.085PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ndf Bonds With2.085 Percent [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NdfBondsWith2.085PercentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2.085% NDF</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_HedgingInstrumentsAxis" xlink:label="ifrs-full_HedgingInstrumentsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgingInstrumentsAxis" xlink:to="ifrs-full_HedgingInstrumentsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgingInstrumentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging instruments [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_HedgingInstrumentsMember" xlink:label="ifrs-full_HedgingInstrumentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgingInstrumentsMember" xlink:to="ifrs-full_HedgingInstrumentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgingInstrumentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging Instruments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_HedgingInstrumentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging instruments [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DerivativeInstrumentEffective2017Member" xlink:label="teo_DerivativeInstrumentEffective2017Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DerivativeInstrumentEffective2017Member" xlink:to="teo_DerivativeInstrumentEffective2017Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DerivativeInstrumentEffective2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for derivative instruments effective from March 15, 2017 and September 15, 2017.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DerivativeInstrumentEffective2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instrument Effective2017 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DerivativeInstrumentEffective2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective from March 15, 2017 and September 15, 2017</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DerivativeInstrumentEffectiveMarch2017Member" xlink:label="teo_DerivativeInstrumentEffectiveMarch2017Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DerivativeInstrumentEffectiveMarch2017Member" xlink:to="teo_DerivativeInstrumentEffectiveMarch2017Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DerivativeInstrumentEffectiveMarch2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for derivative instruments effective from March 15, 2017.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DerivativeInstrumentEffectiveMarch2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instrument Effective March2017 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DerivativeInstrumentEffectiveMarch2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective from March 15, 2017</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DerivativeInstrumentEffectiveSeptember2017Member" xlink:label="teo_DerivativeInstrumentEffectiveSeptember2017Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DerivativeInstrumentEffectiveSeptember2017Member" xlink:to="teo_DerivativeInstrumentEffectiveSeptember2017Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DerivativeInstrumentEffectiveSeptember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for derivative instruments effective from September 15, 2017.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DerivativeInstrumentEffectiveSeptember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instrument Effective September2017 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DerivativeInstrumentEffectiveSeptember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective from September 15, 2017</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DerivativeInstrumentEffectiveMarch2018Member" xlink:label="teo_DerivativeInstrumentEffectiveMarch2018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DerivativeInstrumentEffectiveMarch2018Member" xlink:to="teo_DerivativeInstrumentEffectiveMarch2018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DerivativeInstrumentEffectiveMarch2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for derivative instruments effective from March 15, 2018.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DerivativeInstrumentEffectiveMarch2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instrument Effective March2018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DerivativeInstrumentEffectiveMarch2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective from March 15, 2018</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member" xlink:label="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member" xlink:to="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for derivative instrument maturing between February and April 2018.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instrument Maturing Between February And April2018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DerivativeInstrumentMaturingBetweenFebruaryAndApril2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maturing between February and April 2018</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member" xlink:label="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member" xlink:to="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the derivative instrument maturing between March and August 2018.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instrument Maturing Between March And August2018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_DerivativeInstrumentMaturingBetweenMarchAndAugust2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maturing between March and August 2018</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="ifrs-full_TypesOfRisksAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfRisksAxis" xlink:to="ifrs-full_TypesOfRisksAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfRisksAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types of risks [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TypesOfRisksMember" xlink:label="ifrs-full_TypesOfRisksMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfRisksMember" xlink:to="ifrs-full_TypesOfRisksMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfRisksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types Of Risks [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfRisksMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Risks [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrencyRiskMember" xlink:label="ifrs-full_CurrencyRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrencyRiskMember" xlink:to="ifrs-full_CurrencyRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrencyRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrencyRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TypesOfHedgesAxis" xlink:label="ifrs-full_TypesOfHedgesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfHedgesAxis" xlink:to="ifrs-full_TypesOfHedgesAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfHedgesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types of hedges [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TypesOfHedgesMember" xlink:label="ifrs-full_TypesOfHedgesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfHedgesMember" xlink:to="ifrs-full_TypesOfHedgesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfHedgesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Types Of Hedges [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfHedgesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedges [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FairValueHedgesMember" xlink:label="ifrs-full_FairValueHedgesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FairValueHedgesMember" xlink:to="ifrs-full_FairValueHedgesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FairValueHedgesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Hedges [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FairValueHedgesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value hedges</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:label="ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:to="ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedges Of Net Investment In Foreign Operations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exchange rate hedges</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_WeightedAverageMember" xlink:label="ifrs-full_WeightedAverageMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageMember" xlink:to="ifrs-full_WeightedAverageMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted Average [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WeightedAverageMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ForeignCurrencyExchangeRateGainsMember" xlink:label="teo_ForeignCurrencyExchangeRateGainsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ForeignCurrencyExchangeRateGainsMember" xlink:to="teo_ForeignCurrencyExchangeRateGainsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ForeignCurrencyExchangeRateGainsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for the foreign currency exchange rate gains in financial results.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ForeignCurrencyExchangeRateGainsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Exchange Rate Gains [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ForeignCurrencyExchangeRateGainsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign currency exchange rate gains</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MaturityAxis" xlink:label="ifrs-full_MaturityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_MaturityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maturity [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AggregatedTimeBandsMember" xlink:label="ifrs-full_AggregatedTimeBandsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AggregatedTimeBandsMember" xlink:to="ifrs-full_AggregatedTimeBandsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AggregatedTimeBandsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregated Time Bands [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AggregatedTimeBandsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregated time bands [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than One Year And Not Later Than Five Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">1-5 years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanFiveYearsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFiveYearsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFiveYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than Five Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanFiveYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">More than 5 years</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestRateRiskMember" xlink:label="ifrs-full_InterestRateRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestRateRiskMember" xlink:to="ifrs-full_InterestRateRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestRateRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestRateRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CreditRiskMember" xlink:label="ifrs-full_CreditRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CreditRiskMember" xlink:to="ifrs-full_CreditRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CreditRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CreditRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PastDueStatusAxis" xlink:label="ifrs-full_PastDueStatusAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastDueStatusAxis" xlink:to="ifrs-full_PastDueStatusAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PastDueStatusAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Past due status [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PastDueStatusMember" xlink:label="ifrs-full_PastDueStatusMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastDueStatusMember" xlink:to="ifrs-full_PastDueStatusMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PastDueStatusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Past Due Status [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PastDueStatusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Past due status [member]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_PastDueMember" xlink:label="teo_PastDueMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_PastDueMember" xlink:to="teo_PastDueMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_PastDueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for past due time band.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_PastDueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Past Due [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_PastDueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Due</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentMember" xlink:label="ifrs-full_CurrentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentMember" xlink:to="ifrs-full_CurrentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Not due</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LiquidityRiskMember" xlink:label="ifrs-full_LiquidityRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiquidityRiskMember" xlink:to="ifrs-full_LiquidityRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiquidityRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liquidity Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiquidityRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liquidity risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than Two Years And Not Later Than Three Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">January 2021 thru December 2021</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanThreeYearsMember" xlink:label="ifrs-full_LaterThanThreeYearsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanThreeYearsMember" xlink:to="ifrs-full_LaterThanThreeYearsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanThreeYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Later Than Three Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanThreeYearsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">January 2022 and thereafter</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RelatedPartiesMember" xlink:label="ifrs-full_RelatedPartiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RelatedPartiesMember" xlink:to="ifrs-full_RelatedPartiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Parties [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related party</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_NortelInversoraS.a.Member" xlink:label="teo_NortelInversoraS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_NortelInversoraS.a.Member" xlink:to="teo_NortelInversoraS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_NortelInversoraS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Nortel Inversora S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_NortelInversoraS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nortel Inversora S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_NortelInversoraS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nortel</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SubsidiariesMember" xlink:label="ifrs-full_SubsidiariesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SubsidiariesMember" xlink:to="ifrs-full_SubsidiariesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiaries [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiaries</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="ifrs-full_ClassesOfShareCapitalAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalAxis" xlink:to="ifrs-full_ClassesOfShareCapitalAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfShareCapitalAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes of share capital [axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfShareCapitalMember" xlink:label="ifrs-full_ClassesOfShareCapitalMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalMember" xlink:to="ifrs-full_ClassesOfShareCapitalMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfShareCapitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classes Of Share Capital [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfShareCapitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share capital [member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PreferenceSharesMember" xlink:label="ifrs-full_PreferenceSharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PreferenceSharesMember" xlink:to="ifrs-full_PreferenceSharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PreferenceSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Preference Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PreferenceSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Preference shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClassaPreferredSharesMember" xlink:label="teo_ClassaPreferredSharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassaPreferredSharesMember" xlink:to="teo_ClassaPreferredSharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassaPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class A Preferred shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassaPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classa Preferred Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassaPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class A Preferred shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ClassBPreferredSharesMember" xlink:label="teo_ClassBPreferredSharesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ClassBPreferredSharesMember" xlink:to="teo_ClassBPreferredSharesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ClassBPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Class B Preferred shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ClassBPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class B Preferred Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ClassBPreferredSharesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Class B Preferred shares</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ControllingCompanyMember" xlink:label="teo_ControllingCompanyMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ControllingCompanyMember" xlink:to="teo_ControllingCompanyMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ControllingCompanyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for controlling company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ControllingCompanyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Controlling Company [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ControllingCompanyMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Controlling Company</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_LaCapitalCableS.aMember" xlink:label="teo_LaCapitalCableS.aMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_LaCapitalCableS.aMember" xlink:to="teo_LaCapitalCableS.aMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_LaCapitalCableS.aMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for La Capital Cable S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_LaCapitalCableS.aMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">La Capital Cable S.a [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_LaCapitalCableS.aMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">La Capital Cable S.A</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TeledifusoraSanMiguelArcngelS.a.Member" xlink:label="teo_TeledifusoraSanMiguelArcngelS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TeledifusoraSanMiguelArcngelS.a.Member" xlink:to="teo_TeledifusoraSanMiguelArcngelS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TeledifusoraSanMiguelArcngelS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Teledifusora San Miguel Arcngel S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TeledifusoraSanMiguelArcngelS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Teledifusora San Miguel Arcngel S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TeledifusoraSanMiguelArcngelS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Teledifusora San Miguel Arcngel S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_TelevisoraPrivadaDelOesteS.a.Member" xlink:label="teo_TelevisoraPrivadaDelOesteS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_TelevisoraPrivadaDelOesteS.a.Member" xlink:to="teo_TelevisoraPrivadaDelOesteS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_TelevisoraPrivadaDelOesteS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Televisora Privada del Oeste S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_TelevisoraPrivadaDelOesteS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Televisora Privada Del Oeste S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_TelevisoraPrivadaDelOesteS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Televisora Privada del Oeste S.A.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherRelatedPartiesMember" xlink:label="ifrs-full_OtherRelatedPartiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherRelatedPartiesMember" xlink:to="ifrs-full_OtherRelatedPartiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherRelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Related Parties [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherRelatedPartiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Related parties</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_GrupoClarnS.a.Member" xlink:label="teo_GrupoClarnS.a.Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_GrupoClarnS.a.Member" xlink:to="teo_GrupoClarnS.a.Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_GrupoClarnS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for Grupo Clarn S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_GrupoClarnS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Grupo Clarn S.a. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_GrupoClarnS.a.Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Grupo Clarn S.A.</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsRelatedPartyTransactionAxis" xlink:label="teo_IfrsRelatedPartyTransactionAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsRelatedPartyTransactionAxis" xlink:to="teo_IfrsRelatedPartyTransactionAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsRelatedPartyTransactionAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information by type of related party transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_IfrsRelatedPartyTransactionAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ifrs Related Party Transaction [Axis]</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_IfrsRelatedPartyTransactionMember" xlink:label="teo_IfrsRelatedPartyTransactionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_IfrsRelatedPartyTransactionMember" xlink:to="teo_IfrsRelatedPartyTransactionMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_IfrsRelatedPartyTransactionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transaction between related party.</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ServicesRevenuesMember" xlink:to="teo_ServicesRevenuesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ServicesRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for services revenues.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ServicesRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Services Revenues [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ServicesRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Services revenues</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherRevenuesMember" xlink:to="teo_OtherRevenuesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other revenues.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Revenues [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherRevenuesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other revenues</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_FeesForServicesMember" xlink:label="teo_FeesForServicesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_FeesForServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for fees for services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_FeesForServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fees For Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_FeesForServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fees for services</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_InterestsOnDebtMember" xlink:label="teo_InterestsOnDebtMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_InterestsOnDebtMember" xlink:to="teo_InterestsOnDebtMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_InterestsOnDebtMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for interests on debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_InterestsOnDebtMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests On Debt [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_InterestsOnDebtMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interests on debt</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdvertisingSalesMember" xlink:label="teo_AdvertisingSalesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdvertisingSalesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for advertising sales.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdvertisingSalesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advertising Sales [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdvertisingSalesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advertising sales</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_ProgrammingCostsMember" xlink:label="teo_ProgrammingCostsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_ProgrammingCostsMember" xlink:to="teo_ProgrammingCostsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_ProgrammingCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for programming costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_ProgrammingCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Programming Costs [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_ProgrammingCostsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Programming costs</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_EditingAndDistributionOfMagazinesMember" xlink:label="teo_EditingAndDistributionOfMagazinesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_EditingAndDistributionOfMagazinesMember" xlink:to="teo_EditingAndDistributionOfMagazinesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_EditingAndDistributionOfMagazinesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for editing and distribution of magazines.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_EditingAndDistributionOfMagazinesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Editing And Distribution Of Magazines [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_EditingAndDistributionOfMagazinesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Editing and distribution of magazines</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdvisoryServicesMember" xlink:label="teo_AdvisoryServicesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdvisoryServicesMember" xlink:to="teo_AdvisoryServicesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdvisoryServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for advisory services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdvisoryServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advisory Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdvisoryServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advisory services</label>
    <loc xlink:type="locator" xlink:href="teo-20181231.xsd#teo_AdvertisingPurchasesMember" xlink:label="teo_AdvertisingPurchasesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_AdvertisingPurchasesMember" xlink:to="teo_AdvertisingPurchasesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_AdvertisingPurchasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for advertising purchases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_AdvertisingPurchasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advertising Purchases [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_AdvertisingPurchasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Advertising Purchases</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="teo_OtherPurchasesMember" xlink:to="teo_OtherPurchasesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="teo_OtherPurchasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This member stands for other purchases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="teo_OtherPurchasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Purchases [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="teo_OtherPurchasesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other purchases</label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>19
<FILENAME>teo-20181231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!-- Created by Merrill Corporation -->
<!--XBRL document created with Merrill Bridge  9.0.0.120 -->
<!--Based on XBRL 2.1-->
<!--Created on: 3/26/2019 5:01:52 AM-->
<!--Modified on: 3/26/2019 5:01:52 AM-->
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  <roleRef xlink:type="simple" xlink:href="teo-20181231.xsd#DisclosureInventories" roleURI="http://www.telecom.com.ar/role/DisclosureInventories" xmlns="http://www.xbrl.org/2003/linkbase" />
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  <roleRef xlink:type="simple" xlink:href="teo-20181231.xsd#DisclosureDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsTables" roleURI="http://www.telecom.com.ar/role/DisclosureDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsTables" xmlns="http://www.xbrl.org/2003/linkbase" />
  <roleRef xlink:type="simple" xlink:href="teo-20181231.xsd#DisclosureSignificantAccountingPoliciesTables" roleURI="http://www.telecom.com.ar/role/DisclosureSignificantAccountingPoliciesTables" xmlns="http://www.xbrl.org/2003/linkbase" />
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6981192192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2018 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">TELECOM ARGENTINA SA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000932470<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2018<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
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<tr class="ro">
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<td class="text">false<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2018<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=teo_ClassOrdinarySharesMember', window );">Class "A"</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">683,856,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=teo_ClassBOrdinarySharesMember', window );">Class "B"</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">627,953,887<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=teo_ClassCOrdinarySharesMember', window );">Class "C"</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">210,866<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=teo_ClassDOrdinarySharesMember', window );">Class "D"</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">841,666,658<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if company meets the shell company criteria: a company with no or nominal operations, and with no or nominal assets or assets consisting solely of cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=teo_ClassOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=teo_ClassOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=teo_ClassBOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=teo_ClassBOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=teo_ClassCOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=teo_ClassCOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=teo_ClassDOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=teo_ClassDOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990678416">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 6,891<span></span>
</td>
<td class="nump">$ 6,517<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Investments</a></td>
<td class="nump">1,371<span></span>
</td>
<td class="nump">162<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="nump">17,415<span></span>
</td>
<td class="nump">2,588<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Other receivables</a></td>
<td class="nump">5,073<span></span>
</td>
<td class="nump">1,223<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">2,737<span></span>
</td>
<td class="nump">136<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">33,487<span></span>
</td>
<td class="nump">10,626<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-Current Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="nump">61<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentReceivables', window );">Other receivables</a></td>
<td class="nump">1,722<span></span>
</td>
<td class="nump">353<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred income tax assets</a></td>
<td class="nump">78<span></span>
</td>
<td class="nump">66<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">5,595<span></span>
</td>
<td class="nump">735<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">120,449<span></span>
</td>
<td class="nump">31,954<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">150,476<span></span>
</td>
<td class="nump">45,701<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">59,870<span></span>
</td>
<td class="nump">4,635<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets</a></td>
<td class="nump">338,251<span></span>
</td>
<td class="nump">83,444<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="nump">371,738<span></span>
</td>
<td class="nump">94,070<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers', window );">Trade payables</a></td>
<td class="nump">22,854<span></span>
</td>
<td class="nump">5,737<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Financial debt</a></td>
<td class="nump">20,044<span></span>
</td>
<td class="nump">1,383<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentPayablesOnSalariesAndSocialSecurity', window );">Salaries and social security payables</a></td>
<td class="nump">5,947<span></span>
</td>
<td class="nump">2,585<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Taxes payables</a></td>
<td class="nump">2,319<span></span>
</td>
<td class="nump">2,743<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendPayableCurrent', window );">Dividends payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,021<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other liabilities</a></td>
<td class="nump">1,537<span></span>
</td>
<td class="nump">152<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Provisions</a></td>
<td class="nump">744<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">53,445<span></span>
</td>
<td class="nump">18,621<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-Current Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToTradeSuppliers', window );">Trade payables</a></td>
<td class="nump">570<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Financial debt</a></td>
<td class="nump">59,268<span></span>
</td>
<td class="nump">14,626<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonCurrentPayablesOnSalariesAndSocialSecurity', window );">Salaries and social security payables</a></td>
<td class="nump">347<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Deferred income tax liabilities</a></td>
<td class="nump">24,542<span></span>
</td>
<td class="nump">3,982<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesNoncurrent', window );">Taxes payables</a></td>
<td class="nump">26<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other liabilities</a></td>
<td class="nump">1,159<span></span>
</td>
<td class="nump">198<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Provisions</a></td>
<td class="nump">3,468<span></span>
</td>
<td class="nump">1,611<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">89,380<span></span>
</td>
<td class="nump">20,421<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="nump">142,825<span></span>
</td>
<td class="nump">39,042<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAttributableToOwnersOfParent', window );">Equity attributable to Controlling Company</a></td>
<td class="nump">225,686<span></span>
</td>
<td class="nump">54,182<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Equity attributable to non-controlling interest</a></td>
<td class="nump">3,227<span></span>
</td>
<td class="nump">846<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">TOTAL EQUITY (See Consolidated Statements of Changes in Equity)</a></td>
<td class="nump">228,913<span></span>
</td>
<td class="nump">55,028<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">TOTAL LIABILITIES AND EQUITY</a></td>
<td class="nump">$ 371,738<span></span>
</td>
<td class="nump">$ 94,070<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph r<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_r&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities net of deferred tax assets, when the absolute amount of deferred tax liabilities is greater than the absolute amount of deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2018-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=10&amp;date=2018-03-01&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current amount of payment due to suppliers for goods and services used in the entity's business. [Refer: Trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions other than provisions for employee benefits. [Refer: Non-current provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of payment due to suppliers for goods and services used in entity's business. [Refer: Current liabilities; Trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 70<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_70&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentPayablesOnSalariesAndSocialSecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables on salaries and social security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentPayablesOnSalariesAndSocialSecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current dividend payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonCurrentPayablesOnSalariesAndSocialSecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current payables on salaries and social security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonCurrentPayablesOnSalariesAndSocialSecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<TYPE>XML
<SEQUENCE>25
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6981113968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED INCOME STATEMENTS - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeStatementAbstract', window );"><strong>CONSOLIDATED INCOME STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="nump">$ 168,046<span></span>
</td>
<td class="nump">$ 66,649<span></span>
</td>
<td class="nump">$ 60,405<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="num">(30,048)<span></span>
</td>
<td class="num">(11,665)<span></span>
</td>
<td class="num">(10,603)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection and transmission costs</a></td>
<td class="num">(5,525)<span></span>
</td>
<td class="num">(1,311)<span></span>
</td>
<td class="num">(1,360)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="num">(16,261)<span></span>
</td>
<td class="num">(7,254)<span></span>
</td>
<td class="num">(7,912)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Taxes and fees with the Regulatory Authority</a></td>
<td class="num">(13,609)<span></span>
</td>
<td class="num">(4,859)<span></span>
</td>
<td class="num">(4,341)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommissionsAndAdvertisingExpenses', window );">Commissions and advertising</a></td>
<td class="num">(11,210)<span></span>
</td>
<td class="num">(3,691)<span></span>
</td>
<td class="num">(3,464)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipment and handsets</a></td>
<td class="num">(9,667)<span></span>
</td>
<td class="num">(493)<span></span>
</td>
<td class="num">(882)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProgrammingAndContentCosts', window );">Programming and content costs</a></td>
<td class="num">(12,156)<span></span>
</td>
<td class="num">(9,116)<span></span>
</td>
<td class="num">(7,778)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="num">(3,527)<span></span>
</td>
<td class="num">(901)<span></span>
</td>
<td class="num">(741)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating income and expenses</a></td>
<td class="num">(9,675)<span></span>
</td>
<td class="num">(3,246)<span></span>
</td>
<td class="num">(3,125)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(35,111)<span></span>
</td>
<td class="num">(9,804)<span></span>
</td>
<td class="num">(7,883)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">21,257<span></span>
</td>
<td class="nump">14,309<span></span>
</td>
<td class="nump">12,316<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod', window );">Earnings from associates</a></td>
<td class="nump">236<span></span>
</td>
<td class="nump">353<span></span>
</td>
<td class="nump">221<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Debt financial expenses</a></td>
<td class="num">(33,972)<span></span>
</td>
<td class="num">(217)<span></span>
</td>
<td class="num">(595)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherFinanceIncomeCostNet', window );">Other financial results, net</a></td>
<td class="nump">15,177<span></span>
</td>
<td class="nump">930<span></span>
</td>
<td class="nump">4,619<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax benefit (expense)</a></td>
<td class="nump">2,698<span></span>
</td>
<td class="nump">15,375<span></span>
</td>
<td class="nump">16,561<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax benefit (expense)</a></td>
<td class="nump">2,838<span></span>
</td>
<td class="num">(5,516)<span></span>
</td>
<td class="num">(6,015)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="nump">5,536<span></span>
</td>
<td class="nump">9,859<span></span>
</td>
<td class="nump">10,546<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Controlling Company</a></td>
<td class="nump">5,294<span></span>
</td>
<td class="nump">9,731<span></span>
</td>
<td class="nump">10,457<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="nump">$ 242<span></span>
</td>
<td class="nump">$ 128<span></span>
</td>
<td class="nump">$ 89<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsPerShareAbstract', window );"><strong>Earnings per share attributable to Controlling Company</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted (in dollars per share)</a></td>
<td class="nump">$ 2.46<span></span>
</td>
<td class="nump">$ 8.21<span></span>
</td>
<td class="nump">$ 8.83<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CommunicationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from communication.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CommunicationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfMerchandiseSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of merchandise that was sold during the period and recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfMerchandiseSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense, amortisation expense and impairment loss (reversal of impairment loss) recognised in profit or loss. [Refer: Depreciation and amortisation expense; Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2018-03-01&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2018-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2018-03-01&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromContractsWithCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from contracts with customers. A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity&#8217;s ordinary activities in exchange for consideration. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_113_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 114<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_114&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromContractsWithCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense exclusive of income tax expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseOtherThanIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommissionsAndAdvertisingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses relating to commissions and advertising.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommissionsAndAdvertisingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses for fees for services, maintenance, materials and supplies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherFinanceIncomeCostNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income (cost), net that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherFinanceIncomeCostNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProgrammingAndContentCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses relating to programming and content telecasting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProgrammingAndContentCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6992424416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="nump">$ 5,536<span></span>
</td>
<td class="nump">$ 9,859<span></span>
</td>
<td class="nump">$ 10,546<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items will be reclassified subsequently to profit or loss</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation', window );">Currency translation adjustments (no effect on Income Tax)</a></td>
<td class="nump">1,198<span></span>
</td>
<td class="num">(713)<span></span>
</td>
<td class="num">(1,567)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges', window );">NDF effects classified as hedges</a></td>
<td class="nump">128<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome', window );">Income Tax effects on NDF classified as hedges</a></td>
<td class="num">(36)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items will not be reclassified subsequently to profit or loss</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Actuarial results</a></td>
<td class="nump">38<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome', window );">Tax effect</a></td>
<td class="num">(11)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other components of the comprehensive income (loss), net of tax</a></td>
<td class="nump">1,317<span></span>
</td>
<td class="num">(713)<span></span>
</td>
<td class="num">(1,567)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="nump">6,853<span></span>
</td>
<td class="nump">9,146<span></span>
</td>
<td class="nump">8,979<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Controlling Company</a></td>
<td class="nump">6,425<span></span>
</td>
<td class="nump">9,090<span></span>
</td>
<td class="nump">8,922<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="nump">$ 428<span></span>
</td>
<td class="nump">$ 56<span></span>
</td>
<td class="nump">$ 57<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to non-controlling interests. [Refer: Comprehensive income; Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81B_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to cash flow hedges. [Refer: Cash flow hedges [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to remeasurements of defined benefit plans. [Refer: Other comprehensive income; Reserve of remeasurements of defined benefit plans; Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to cash flow hedges. [Refer: Cash flow hedges [member]; Other comprehensive income, before tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income, before tax; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to exchange differences when financial statements of foreign operations are translated. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968528832">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome', window );">Currency translation adjustments, tax effect</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to exchange differences on the translation of financial statements of foreign operations. [Refer: Other comprehensive income; Reserve of exchange differences on translation]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfComprehensiveIncomeAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6993113936">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Equity attributable to Controlling Company</div></th>
<th class="th" colspan="2"><div>Outstanding shares, Capital nominal value</div></th>
<th class="th"><div>Outstanding shares, Inflation adjustment</div></th>
<th class="th"><div>Treasury shares, Capital nominal value</div></th>
<th class="th"><sup>[9],[12]</sup></th>
<th class="th"><div>Treasury shares, Inflation adjustment</div></th>
<th class="th"><sup>[12]</sup></th>
<th class="th"><div>Treasury shares acquisition cost</div></th>
<th class="th"><sup>[12]</sup></th>
<th class="th"><div>Contributed Surplus</div></th>
<th class="th"><div>Legal reserve</div></th>
<th class="th"><div>Special reserve for IFRS implementation</div></th>
<th class="th"><div>Voluntary reserve for capital investments</div></th>
<th class="th"><sup>[10]</sup></th>
<th class="th" colspan="2"><div>Facultative</div></th>
<th class="th"><div>Voluntary reserve for future dividends payments</div></th>
<th class="th"><div>Other comprehensive results</div></th>
<th class="th"><div>Other deferred</div></th>
<th class="th"><div>Retained earnings</div></th>
<th class="th"><div>Equity attributable to non-controlling interest</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at the beginning of the year at Dec. 31, 2015</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 48,071<span></span>
</td>
<td class="nump">$ 198<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,637<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,266<span></span>
</td>
<td class="nump">$ 99<span></span>
</td>
<td class="nump">$ 107<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,261<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 295<span></span>
</td>
<td class="nump">$ 96<span></span>
</td>
<td class="nump">$ 33,112<span></span>
</td>
<td class="nump">$ 733<span></span>
</td>
<td class="nump">$ 48,804<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReductionOfIssuedCapital', window );">Capital reduction</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(1)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughFacultativeReserveConstitutionEquity', window );">Facultative reserve constitution</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="nump">3,588<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,588)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">(1,563)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,563)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,563)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughSurplusCapitalizationEquity', window );">Surplus capitalization</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">137<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,129<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="num">(1,266)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughFacultativeReservePartialReversalForCapitalizationEquity', window );">Facultative reserve partial reversal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">866<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">825<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="num">(1,691)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseThroughFacultativeReservePartialReversalForFutureDividendsPaymentEquity', window );">Facultative reserve partial reversal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="num">(1,464)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="num">(1,464)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,464)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughShareOnReserveOfControlledCompaniesEquity', window );">Share on reserve of Controlled companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(83)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(83)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(83)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive income:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,457<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,457<span></span>
</td>
<td class="nump">89<span></span>
</td>
<td class="nump">10,546<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,535)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,535)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(32)<span></span>
</td>
<td class="num">(1,567)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,922<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,535)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,457<span></span>
</td>
<td class="nump">57<span></span>
</td>
<td class="nump">8,979<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at the end of the year at Dec. 31, 2016</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">53,883<span></span>
</td>
<td class="nump">1,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,590<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99<span></span>
</td>
<td class="nump">107<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="nump">11,696<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,240)<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="nump">38,418<span></span>
</td>
<td class="nump">790<span></span>
</td>
<td class="nump">54,673<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughLegalAndFacultativeReservesEquity', window );">Legal and facultative reserve</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">347<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="nump">3,887<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,234)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="num">(2,770)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,770)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,770)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseThroughFacultativeReservePartialReversalForFutureDividendsPaymentEquity', window );">Facultative reserve partial reversal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="num">(6,021)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="num">(6,021)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,021)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive income:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,731<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,731<span></span>
</td>
<td class="nump">128<span></span>
</td>
<td class="nump">9,859<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(641)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(641)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(72)<span></span>
</td>
<td class="num">(713)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,090<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(641)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,731<span></span>
</td>
<td class="nump">56<span></span>
</td>
<td class="nump">9,146<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at the end of the year at Dec. 31, 2017</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">54,182<span></span>
</td>
<td class="nump">1,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[9]</sup></td>
<td class="nump">3,590<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">446<span></span>
</td>
<td class="nump">107<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="nump">9,562<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2],[10]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,881)<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="nump">41,145<span></span>
</td>
<td class="nump">846<span></span>
</td>
<td class="nump">55,028<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughFacultativeReserveConstitutionEquity', window );">Facultative reserve constitution</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[11]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="nump">1,769<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="nump">$ 2,681<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,450)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughIncorporationOfNetEquityOfAcquireeEquity', window );">Incorporation of the Net Equity of the acquiree (Note 1.a)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">66,642<span></span>
</td>
<td class="nump">969<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="nump">39,604<span></span>
</td>
<td colspan="2" class="nump">$ 15<span></span>
</td>
<td colspan="2" class="nump">$ 152<span></span>
</td>
<td colspan="2" class="num">$ (1,795)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,819<span></span>
</td>
<td class="nump">869<span></span>
</td>
<td colspan="2" class="nump">$ 3,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">22,414<span></span>
</td>
<td class="num">(316)<span></span>
</td>
<td class="num">(5)<span></span>
</td>
<td class="num">(384)<span></span>
</td>
<td class="nump">1,171<span></span>
</td>
<td class="nump">67,813<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples', window );">Retained earnings adjustment (Note 3.u and 3.v.)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24<span></span>
</td>
<td class="num">(21)<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughMergerEffectEquity', window );">Merger effect (Note 1.a)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">127,604<span></span>
</td>
<td class="num">(15)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="num">(45)<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="nump">127,343<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">316<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">808<span></span>
</td>
<td class="nump">128,412<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseThroughCallOptionReserveOfNonControllingInterestEquity', window );">Call option reserve</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[13]</sup></td>
<td class="num">(132)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(132)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(132)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[14]</sup></td>
<td class="num">(28,822)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(14,111)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(14,711)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(28,822)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary', window );">Increase in CV Berazategui shareholding (Note 3.d.6)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(237)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(237)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5)<span></span>
</td>
<td class="num">(242)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive income:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,294<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,294<span></span>
</td>
<td class="nump">242<span></span>
</td>
<td class="nump">5,536<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income (loss)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">186<span></span>
</td>
<td class="nump">1,317<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,425<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td colspan="2" class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,294<span></span>
</td>
<td class="nump">428<span></span>
</td>
<td class="nump">6,853<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at the end of the year at Dec. 31, 2018</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 225,686<span></span>
</td>
<td class="nump">$ 2,154<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="nump">$ 43,149<span></span>
</td>
<td colspan="2" class="nump">$ 15<span></span>
</td>
<td colspan="2" class="nump">$ 152<span></span>
</td>
<td colspan="2" class="num">$ (1,795)<span></span>
</td>
<td class="nump">$ 127,343<span></span>
</td>
<td class="nump">$ 2,265<span></span>
</td>
<td class="nump">$ 976<span></span>
</td>
<td colspan="2" class="nump">$ 3,300<span></span>
</td>
<td class="nump">$ 11,331<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="nump">$ 10,984<span></span>
</td>
<td class="num">$ (750)<span></span>
</td>
<td class="num">$ (356)<span></span>
</td>
<td class="nump">$ 26,918<span></span>
</td>
<td class="nump">$ 3,227<span></span>
</td>
<td class="nump">$ 228,913<span></span>
</td>
</tr>
<tr><td colspan="25"></td></tr>
<tr><td colspan="25"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As of December 31, 2017 and 2016, total shares (120,000), of $10,000 argentine peso of nominal value each, were issued and fully paid.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Corresponds to the Facultative Reserve to maintain the capital investments level and the current level of solvency.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">As approved by the General Extraordinary Shareholders&#8217; Meeting of Cablevisi&#243;n held on January 12, 2016.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">As approved by the General Ordinary and Extraordinary Shareholders&#8217; Meeting of Cablevisi&#243;n held on April 20, 2016.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Capitalization of Capital Surplus and Contributed Surplus and Facultative reserve partial reversal for its capitalization as approved by the General Extraordinary Shareholders&#8217; Meeting of Cablevisi&#243;n held on June 30, 2016.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">For future dividends payments approved by the General Extraordinary Shareholders&#8217; Meeting of Cablevisi&#243;n held on June 30, 2016.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">As approved by the Ordinary and Extraordinary Shareholders&#8217; Meeting of Cablevisi&#243;n held on March 30, 2017.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[8]</td>
<td style="vertical-align: top;" valign="top">For future dividends payments approved by the General Extraordinary Shareholders&#8217; Meeting of Cablevisi&#243;n held on December 18, 2017.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[9]</td>
<td style="vertical-align: top;" valign="top">As of December 31, 2018 total shares (2,168,909,384), of $1 argentine peso of nominal value each, were issued and fully paid. As of December 31,2018, 15,221,373 were treasury shares.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[10]</td>
<td style="vertical-align: top;" valign="top">Correspond to the Facultative Reserves to maintain the capital investments level and the current level of solvency.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[11]</td>
<td style="vertical-align: top;" valign="top">As approved by the General Ordinary Shareholders&#8217; Meeting held on April 25, 2018.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[12]</td>
<td style="vertical-align: top;" valign="top">Corresponds to 15,221,373 shares of $1 argentine peso of nominal value each, equivalent to 0.70% of total capital. The treasury shares acquisition costs amounted to 1,795. See Note&#160;20&#160; to these consolidated financial statements.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[13]</td>
<td style="vertical-align: top;" valign="top">Call option reserve of non-controlling interest (See Note 3 d.4 to the consolidated financial statements).</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[14]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Board of Directors on January 31, 2018. Includes 14,711 of advanced dividends which were subsequently ratified by the General Ordinary Shareholders&#8217; Meeting held on April 25, 2018.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners of the parent. [Refer: Parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the acquisition of subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReductionOfIssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from a reduction in issued capital. [Refer: Issued capital]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReductionOfIssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjustments to equity through effect of adoption of new IFRS accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DecreaseThroughCallOptionReserveOfNonControllingInterestEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity through call option reserve of non-controlling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DecreaseThroughCallOptionReserveOfNonControllingInterestEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DecreaseThroughFacultativeReservePartialReversalForFutureDividendsPaymentEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity through facultative reserve partial reversal for future dividends payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DecreaseThroughFacultativeReservePartialReversalForFutureDividendsPaymentEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughFacultativeReserveConstitutionEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity through facultative reserve constitution.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughFacultativeReserveConstitutionEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughFacultativeReservePartialReversalForCapitalizationEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity through facultative reserve partial reversal for capitalization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughFacultativeReservePartialReversalForCapitalizationEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughIncorporationOfNetEquityOfAcquireeEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity through incorporation of net equity of acquiree.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughIncorporationOfNetEquityOfAcquireeEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughLegalAndFacultativeReservesEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity through Legal and Facultative reserves.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughLegalAndFacultativeReservesEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughMergerEffectEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity through Legal and Facultative reserves.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughMergerEffectEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughShareOnReserveOfControlledCompaniesEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity through share on reserve of controlled companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughShareOnReserveOfControlledCompaniesEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughSurplusCapitalizationEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity through surplus capitalization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughSurplusCapitalizationEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990451216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Dec. 31, 2018 </div>
<div>ARS ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid', window );">Shares issued and fully paid</a></td>
<td class="nump">2,168,909,384<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TreasuryShares', window );">Treasury shares acquisition cost | $</a></td>
<td class="nump">$ 1,795<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends | $</a></td>
<td class="nump">$ 28,822<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=teo_TreasurySharesCapitalNominalValueMember', window );">Treasury shares, Capital nominal value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfTreasurySharesHeld', window );">Percentage of treasury shares to total capital</a></td>
<td class="nump">0.70%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Board of Directors on January 31, 2018. Includes 14,711 of advanced dividends which were subsequently ratified by the General Ordinary Shareholders&#8217; Meeting held on April 25, 2018.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners of the parent. [Refer: Parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity, for which full payment has been received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssuedAndFullyPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares in the entity held by the entity or by its subsidiaries or associates. [Refer: Associates [member]; Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_vi&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An entity&#8217;s own equity instruments, held by the entity or other members of the consolidated group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2018-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2018-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfTreasurySharesHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of treasury shares to total capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfTreasurySharesHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=teo_TreasurySharesCapitalNominalValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968908848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="nump">$ 5,536<span></span>
</td>
<td class="nump">$ 9,859<span></span>
</td>
<td class="nump">$ 10,546<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments to reconcile net income to net cash flows provided by operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForAllowancesDeductedFromAssetsAndProvisions', window );">Allowances deducted from assets and provisions</a></td>
<td class="nump">3,622<span></span>
</td>
<td class="nump">874<span></span>
</td>
<td class="nump">735<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationExpense', window );">Depreciation of property, plant and equipment</a></td>
<td class="nump">27,643<span></span>
</td>
<td class="nump">9,698<span></span>
</td>
<td class="nump">7,719<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForAmortisationExpense', window );">Amortization of intangible assets</a></td>
<td class="nump">5,378<span></span>
</td>
<td class="nump">106<span></span>
</td>
<td class="nump">164<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates', window );">Earnings from associates</a></td>
<td class="num">(236)<span></span>
</td>
<td class="num">(353)<span></span>
</td>
<td class="num">(221)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment of PP&amp;E and Intangible assets</a></td>
<td class="nump">2,090<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets', window );">Disposals of PP&amp;E and consumption of materials</a></td>
<td class="nump">579<span></span>
</td>
<td class="nump">1,687<span></span>
</td>
<td class="nump">1,951<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForFinancialResultsAndOthers', window );">Financial results and others</a></td>
<td class="nump">14,775<span></span>
</td>
<td class="nump">2,334<span></span>
</td>
<td class="nump">1,930<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncomeTaxExpense', window );">Income tax (benefit) expense</a></td>
<td class="num">(2,838)<span></span>
</td>
<td class="nump">5,516<span></span>
</td>
<td class="nump">6,015<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities', window );">Income tax paid</a></td>
<td class="num">(5,935)<span></span>
</td>
<td class="num">(4,365)<span></span>
</td>
<td class="num">(1,698)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForNetDecreaseIncreaseInAssets', window );">Net (increase) decrease in assets</a></td>
<td class="num">(4,997)<span></span>
</td>
<td class="num">(1,113)<span></span>
</td>
<td class="nump">197<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForNetIncreaseDecreaseInLiabilities', window );">Net increase (decrease) in liabilities</a></td>
<td class="num">(3,191)<span></span>
</td>
<td class="num">(1,435)<span></span>
</td>
<td class="num">(1,354)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Total cash flows provided by operating activities</a></td>
<td class="nump">42,426<span></span>
</td>
<td class="nump">22,808<span></span>
</td>
<td class="nump">25,984<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Property, plant and equipment acquisitions</a></td>
<td class="num">(39,574)<span></span>
</td>
<td class="num">(19,116)<span></span>
</td>
<td class="num">(19,404)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities', window );">Intangible asset acquisitions</a></td>
<td class="num">(2,906)<span></span>
</td>
<td class="num">(807)<span></span>
</td>
<td class="num">(24)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities', window );">Acquisition in shareholdings</a></td>
<td class="num">(244)<span></span>
</td>
<td class="num">(33)<span></span>
</td>
<td class="num">(4,040)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceivedClassifiedAsInvestingActivities', window );">Proceeds from dividends</a></td>
<td class="nump">56<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProceedsFromMergerTransactions', window );">Cash incorporated by the merger</a></td>
<td class="nump">4,180<span></span>
</td>
<td class="nump">393<span></span>
</td>
<td class="nump">324<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities', window );">Proceeds from the sale of property, plant and equipment and intangible assets</a></td>
<td class="nump">6<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="nump">16<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments', window );">Investments not considered as cash and cash equivalents</a></td>
<td class="nump">7,197<span></span>
</td>
<td class="nump">2,467<span></span>
</td>
<td class="num">(833)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Total cash flows used in investing activities</a></td>
<td class="num">(31,285)<span></span>
</td>
<td class="num">(17,083)<span></span>
</td>
<td class="num">(23,920)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from financial debt</a></td>
<td class="nump">27,769<span></span>
</td>
<td class="nump">1,264<span></span>
</td>
<td class="nump">15,305<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of financial debt</a></td>
<td class="num">(4,512)<span></span>
</td>
<td class="num">(1,623)<span></span>
</td>
<td class="num">(12,679)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Payment of interests and related expenses</a></td>
<td class="num">(3,724)<span></span>
</td>
<td class="num">(1,292)<span></span>
</td>
<td class="num">(1,834)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Payment of cash dividends</a></td>
<td class="num">(34,130)<span></span>
</td>
<td class="num">(2,454)<span></span>
</td>
<td class="num">(3,005)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Total cash flows used in financing activities</a></td>
<td class="num">(14,597)<span></span>
</td>
<td class="num">(4,105)<span></span>
</td>
<td class="num">(2,213)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges', window );">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</a></td>
<td class="num">(3,456)<span></span>
</td>
<td class="nump">1,620<span></span>
</td>
<td class="num">(149)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</a></td>
<td class="nump">6,517<span></span>
</td>
<td class="nump">4,840<span></span>
</td>
<td class="nump">4,065<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents', window );">NET FOREIGN EXCHANGE DIFFERENCES AND RECPAM ON CASH AND CASH EQUIVALENTS</a></td>
<td class="nump">3,830<span></span>
</td>
<td class="nump">57<span></span>
</td>
<td class="nump">924<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR</a></td>
<td class="nump">$ 6,891<span></span>
</td>
<td class="nump">$ 6,517<span></span>
</td>
<td class="nump">$ 4,840<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Depreciation and amortisation expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for losses (gains) on disposal of non-current assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Non-current assets; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 14<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_14&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for undistributed profits of associates to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Associates [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) due to a decrease (increase) in short-term deposits and investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsReceivedClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from dividends received, classified as investing activities. [Refer: Dividends received]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsReceivedClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for income taxes paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire equity or debt instruments of other entities (other than payments for those instruments considered to be cash equivalents or those held for dealing or trading purposes), classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_16_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForAllowancesDeductedFromAssetsAndProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for allowances deducted from assets and provisions to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForAllowancesDeductedFromAssetsAndProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForFinancialResultsAndOthers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for financial results and others to reconcile profit (loss) to cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForFinancialResultsAndOthers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForNetDecreaseIncreaseInAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net decrease (increase) in assets to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForNetDecreaseIncreaseInAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForNetIncreaseDecreaseInLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net increase (decrease) in liabilities to cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForNetIncreaseDecreaseInLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProceedsFromMergerTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from merger transactions</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProceedsFromMergerTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales of property, plant and equipment and intangible assets, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of license intangible assets, classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PurchaseOfIntangibleAssetsLicensesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6978029584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsAbstract', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsTextBlock', window );">DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 1 -- DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">a)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">The Company and its Operations</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom Argentina was created through the privatization of ENTel, the state-owned company that provided telecommunication services in Argentina.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom Argentina&#x2019;s license, as originally granted, was exclusive to provide telephone services in the northern region of Argentina since November&nbsp;8, 1990 through October&nbsp;10, 1999. As from such date, the Company also began providing telephone services in the southern region of Argentina and competing in the previously exclusive northern region.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company provides mainly fixed-line public and mobile telecommunication services, international long-distance service, data transmission and Internet services in Argentina and through its subsidiaries, mobile telecommunications services in Paraguay and international wholesale services in the United States of America.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As a consequence of the merger between the Company and Cablevisi&#xF3;n (Note 4.a), Telecom Argentina, as surviving entity, develops, as from January 1, 2018, the operations of Cablevisi&#xF3;n.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The core business of Cablevisi&#xF3;n and some of its subsidiaries was the operation of the cable television networks installed in different regions of Argentina and Uruguay and the provision of telecommunication services and data transmission.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Cablevisi&#xF3;n exploited cable television services through licenses original granted by the Federal Broadcasting Committee (COMFER) and telecommunication services through licenses granted by the SC.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Information on Telecom&#x2019;s licenses and on the regulatory framework is described under Note 2.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, the following are the subsidiaries included in the consolidation process and the respective equity interest owned by Telecom Argentina:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Telecom&nbsp;Argentina's</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">direct/indirect&nbsp;interest</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">in&nbsp;capital&nbsp;stock&nbsp;and</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Company</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Main&nbsp;Activity</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Country</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">votes</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile telecommunications Services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 67.50</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Personal Env&#xED;os</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile financial services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 67.50</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tuves Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Telecommunications services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 67.50</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Microsistemas</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Services related to the use of electronic payment media</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Pem</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Investment</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">CV Berazategui (a)</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Closed-circuit television</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cable Imagen (b)</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Closed-circuit television</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Televisi&#xF3;n Dirigida</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cable television services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Adesol (c)</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Holding</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Uruguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&#xDA;ltima Milla</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Services for telecommunication </font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">AVC Continente Audiovisual</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Broadcasting services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 60.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inter Radios</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Broadcasting services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Telecom USA</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Telecommunication services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">USA</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (a)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">The Company owned 70% indirectly through Pem until April 4, 2018 when the remaining 30% was acquired directly (See Note 3.d.6).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (b)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">The data about the issuer arise from non-accounting information.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (c)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:8pt;">Includes the interest in the following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel S.A. and Visi&#xF3;n Satelital S.A. See Note 3 d.4).</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The information presented on a comparative basis of the fiscal years ended December 31, 2017 and 2016 corresponds to the consolidated information of Cablevisi&#xF3;n, due to the treatment of the &#x201C;reverse acquisition&#x201D; described under Note 1.c), therefore:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="right" style="width: 21.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;">i.</font>
			</p>
		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">NEXTEL Communications Argentina S.R.L. (&#x201C;Nextel&#x201D;) is included in the consolidation until it was merged into Cablevisi&#xF3;n, effective as of October 1, 2017 (See Note 4.d), and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="right" style="width: 21.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;">ii.</font>
			</p>
		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">Telecom USA, N&#xFA;cleo, Personal Env&#xED;os, Tuves Paraguay and Microsistemas (subsidiaries of Telecom before its merger with Cablevisi&#xF3;n) are not included in the consolidation of the comparative amounts.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 39.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">b)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;color:#000000;text-decoration:underline;">Segment information</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">An operating segment is defined as a component of an entity or a Group that engages in business activities from which it may earn revenues and incur expenses, and whose financial information is available, held separately, and evaluated regularly by the chief operating decision maker. In the case of the Company, the Executive Committee and the Chief Executive Officer (&#x201C;CEO&#x201D;) are responsible for controlling recourses and for the economic and financial performance of Telecom.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Executive Committee and the CEO have a strategic and operational vision of Telecom as a single business unit in Argentina, according to the current regulatory context of the converged ICT services industry (adding to the same segment both the activities related to the mobile services, internet services, cable television and fixed telephony services, services governed by the same regulatory framework of ICT services). To exercise its functions, both the Executive Committee and the CEO receive periodically the economic-financial information of Telecom and its subsidiaries (in historical values), that is prepared as a single segment and evaluate the evolution of business as a unit of generation of results, administrating the resources in a unique way to achieve the objectives. Regarding to costs, they are not specifically appropriate to a type of service, considering that the Company has a single payroll and operating expenses that affect all services in general (non-specific). On the other hand, decisions on CAPEX affect all the types of services provided by Telecom in Argentina and not specifically to one of them. Based on what was previously described and under the current accounting principles (IFRS as issued by the IASB), it is defined that the Company has a single segment of operations in Argentina.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the other hand, Telecom carries out its activities abroad (Paraguay, United States of America and Uruguay). These operations are not analyzed as a separate segment by the Executive Committee and the CEO, who analyze the consolidated information of companies in Argentina and abroad (in historical values), taking into account that the activities of foreign companies are not significant for Telecom. The operations that Telecom carries out abroad do not meet the aggregation criteria established by the standard to be grouped within the "Services rendered in Argentina" segment, and considering that they do not exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments, they are grouped within the category "Other abroad segments".</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Presented below is the Segment financial information for the years ended December 31, 2018, 2017 and 2016. The following tables include segment results presented to the chief operating decision maker in millions of nominal Argentine pesos, together with a reconciliation to such amounts on a price level adjusted basis restated in accordance with the provisions of IAS 29:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">&#x2610;</font><font style="display:inline;font-weight:bold;font-style:italic;">&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Consolidated Income Statement as of December 31, 2018</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services&nbsp;rendered&nbsp;in</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other abroad</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Eliminations</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Total&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other&nbsp;abroad&nbsp;segments&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">abroad</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement </font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Revenues </font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 129,836</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 29,165</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 159,001</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 7,894</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 1,855</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 9,749</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> (704)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 168,046</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Operating costs without depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (85,942)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (19,753)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (105,695)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (5,414)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (1,273)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (6,687)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 704</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (111,678)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (20,416)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (12,478)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (32,894)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (1,753)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (464)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (2,217)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (35,111)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Operating income</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 23,478</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> (3,066)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 20,412</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 727</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 118</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 845</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 21,257</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Earnings from associates</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 236</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Debt financial expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (33,972)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Other financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 15,177</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Income before income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 2,698</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 2,838</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Net income</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 5,536</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Attributable to:</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Controlling Company</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 5,294</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 242</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 5,536</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">&#x2610;</font><font style="display:inline;font-weight:bold;font-style:italic;">&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Consolidated Income Statement as of December 31, 2017</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services&nbsp;rendered&nbsp;in</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other abroad</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Eliminations</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Total&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other&nbsp;abroad&nbsp;segments&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">abroad</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement </font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Revenues </font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 39,870</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 25,596</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 65,466</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 1,074</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 117</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 1,191</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> (8)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 66,649</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Operating costs without depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (25,082)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (16,673)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (41,755)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (711)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (78)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (789)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> &nbsp;8</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (42,536)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (3,880)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (5,806)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (9,686)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (106)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (12)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (118)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (9,804)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Operating income</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 10,908</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 3,117</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 14,025</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 257</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 27</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 284</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 14,309</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Earnings from associates</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 353</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Debt financial expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (217)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Other financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 930</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Income before income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 15,375</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (5,516)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Net income</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 9,859</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Attributable to:</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Controlling Company</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 9,731</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 128</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 9,859</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">&#x2610;</font><font style="display:inline;font-weight:bold;font-style:italic;">&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Consolidated Income Statement as of December 31, 2016</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services&nbsp;rendered&nbsp;in</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other abroad</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Eliminations</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Total&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other&nbsp;abroad&nbsp;segments&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">abroad</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement </font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">Revenues </font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 29,726</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 29,804</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 59,530</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 819</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 62</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 881</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> (6)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 60,405</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Operating costs without depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (19,106)</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (20,483)</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (39,589)</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (579)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (44)</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (623)</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> &nbsp;6</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (40,206)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (2,519)</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (5,285)</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (7,804)</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (73)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (6)</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (79)</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (7,883)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">Operating income</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 8,101</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 4,036</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 12,137</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 167</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 179</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 12,316</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Earnings from associates</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> 221</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Debt financial expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (595)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Other financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> 4,619</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">Income before income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 16,561</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (6,015)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">Net income</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 10,546</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">Attributable to:</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Controlling Company</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> 10,457</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> 89</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 10,546</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additional information per geographical area required under IFRS 8 (Operating Segments) is disclosed below:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">i)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>Sales revenues from customers located in Argentina amounted to $158,221, &nbsp;$64,891 and $58,783 during the years ended December 31, 2018, 2017 and 2016, respectively; while sales revenues from foreign customers amounted to $9,825, &nbsp;$1,758 and $1,622 for the years ended December 31, 2018, 2017 and 2016, respectively;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">ii)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font>PP&amp;E, Goodwill and Intangible assets corresponding to the segment &#x201C;Services rendered in Argentina&#x201D; amounted to $319,014 and $80,817 as of December 31, 2018 and 2017, respectively; while PP&amp;E, Goodwill and Intangible Assets corresponding to the segment &#x201C;Other abroad segments&#x201D; amounted to $11,781 and $1,475 as of December 31, 2018 and 2017, respectively.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">c)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;color:#000000;text-decoration:underline;">Basis of Presentation</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As required by the CNV, the Company&#x2019;s consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB, and in accordance with RT 26 (as amended by RT 29 and RT 43) of FACPCE as adopted by the CPCECABA. IFRS also includes the International Accounting Standards or &#x201C;IAS&#x201D;; the International Financial Reporting Interpretations Committee or &#x201C;IFRIC&#x201D;, the Standard Interpretations Committee or &#x201C;SIC&#x201D; and the conceptual framework modified in March 2018. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The preparation of these consolidated financial statements in conformity with IFRS requires that the Company's Management make estimates that affect the figures disclosed in the financial statements or its supplementary information. Actual results may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where estimates are significant are disclosed under Note 3.w).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These consolidated financial statements (except for the statement of cash flows) are prepared on an accrual basis of accounting. Under this basis, the effects of transactions are recognized when they occur. Therefore, income and expenses are recognized at fair value on an accrual basis regardless of when they are received or paid. When significant, the difference between the fair value and the nominal amount of income and expenses is recognized as finance income or expense using the effective interest method.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These consolidated financial statements as of December 31, 2018, were approved by resolution of the Board of Directors&#x2019; meeting held on March 19, 2019.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;text-decoration:underline;">Effect of the Merger between Telecom and Cablevisi&#xF3;n under IFRS 3 (Business Combinations) on the Basis of Presentation</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">According to the provisions of the final merger agreement executed between Telecom and Cablevisi&#xF3;n in October 31, 2017 and effective as of January 1, 2018 (Note 4.a) and the shareholder agreement executed between Fintech and CVH in July 7, 2017 (Note 27.a), Telecom Argentina (surviving company for legal purposes) is deemed the acquiree for accounting purposes and Cablevisi&#xF3;n (the absorbed company for legal purposes) is deemed the acquirer for accounting purposes, which qualifies as a &#x201C;reverse acquisition&#x201D; pursuant to IFRS 3.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The grounds used to determine that Cablevisi&#xF3;n is to be considered the acquirer for accounting purposes under IFRS 3 in this merger were the following:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">1)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>Relative voting rights in the surviving company (55% for the former shareholders of Cablevisi&#xF3;n S.A. and 45% for the former shareholders of Telecom Argentina S.A.),</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">2)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>the composition of the Board of Directors of the surviving company and other committees (Audit Committee, Supervisory Committee and Executive Committee),</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">3)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>The relative fair value allocated to Telecom Argentina and Cablevisi&#xF3;n and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">4)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>The composition of the key senior management of the surviving company. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Consequently, for the purposes of preparing these consolidated financial statements: i) the figures disclosed on a comparative basis as of December 31, 2017 and 2016 arise from the consolidated financial statements of Cablevisi&#xF3;n as of the respective dates restated for inflation as indicated in Note 1.e); and ii) the consolidated information as of and for the year ended December 31, 2018 incorporates, based on the consolidated figures corresponding to Cablevisi&#xF3;n, the effect of applying the acquisition method concerning Telecom Argentina to its fair value in accordance with IFRS 3 and the consolidated operations of Telecom Argentina as from January 1, 2018. Note 4.a) describes specific matters related to the accounting treatment of this merger.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Consistently, certain comparative information that arises from the consolidated financial statements of Cablevisi&#xF3;n corresponding to the fiscal years ended December 31, 2017 and 2016 restated for inflation as indicated in Note 1.e), was adequated to ensure the uniform reporting criteria with those used for 2018 for help the comprehension of the users of these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">d)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;color:#000000;text-decoration:underline;">Consolidated Financial Statement Formats</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The financial statement formats adopted are consistent with IAS 1. In particular:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;color:#000000;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;text-decoration:underline;">the consolidated statements of financial position</font><font style="display:inline;color:#000000;"> have been prepared by classifying assets and liabilities according to the &#x201C;current and non-current&#x201D; criterion. Current assets and liabilities are those that are expected to be realized/settled within twelve months after the year-end;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;color:#000000;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;text-decoration:underline;">the consolidated income statements</font><font style="display:inline;color:#000000;"> have been prepared by classifying operating expenses by nature of expense as this form of presentation represents the way that the business is monitored by the Executive Committee and the CEO and, additionally, are in line with the usual presentation of expenses in the ICT services industry;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;color:#000000;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;text-decoration:underline;">the consolidated statements of comprehensive income</font><font style="display:inline;color:#000000;"> include the profit (or loss) for the year as shown in the consolidated income statement and all components of other comprehensive income;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;color:#000000;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;text-decoration:underline;">the consolidated statements of changes in equity</font><font style="display:inline;color:#000000;"> have been prepared showing separately (i) income (loss) for the year, (ii) other comprehensive income (loss) for the year, and (iii) transactions with shareholders (owners and non-controlling interest);</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;color:#000000;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;text-decoration:underline;">the consolidated statements of cash flows</font><font style="display:inline;color:#000000;"> have been prepared by presenting cash flows from operating activities according to the &#x201C;indirect method&#x201D;, as permitted by IAS 7.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These consolidated financial statements contain all material disclosures required under IFRS as issued by the IASB and in accordance with the accounting framework established by the CNV. Some additional disclosures required by the LGS and/or by the CNV have been also included, among them, complementary information required in the last paragraph of Section 1 Chapter III Title IV of the CNV General Resolution No. 622/13. Such information is disclosed in Notes 5, 6, 7, 8, 10, 11, 18, 23 and 26 to these consolidated financial statements, as admitted by IFRS.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">e)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Measuring Unit - IAS 29 (Financial reporting in hyperinflationary economies)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">IAS 29 establishes the conditions under which an entity shall restate its financial statements if it is located in an economic environment considered hyperinflationary. This Standard requires that the financial statements of an entity that reports in the currency of a highly inflationary economy shall be stated in terms of the measuring unit current at the closing date of the latest reporting period, regardless of whether they are based on a historical cost approach or a current cost approach. To this end, in general terms, the inflation rate must be computed in the non-monetary items as from the acquisition date or the revaluation date, as applicable. These requirements also comprise the comparative information of the financial statements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">To determine the existence of a highly inflationary economy under the terms of IAS 29, the standard details a series of factors to consider, including a cumulative inflation rate over three years that is close to or exceeds 100%.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It is important to highlight that the three-year accumulated inflation rate as of December 31, 2018 reached 147.8%. On the other hand, the macroeconomic events that have taken place in the country during the year show that the country is complying with the qualitative factors provided for in IAS 29 to consider Argentina as a highly inflationary economy for accounting purposes. All this, consequently, originates the need to apply the restatement for inflation of the financial statements in the terms of IAS 29 for the year ended December 31, 2018. The FACPCE issued Resolution No. 539/18 dated September 29, 2018 which defines the need to restate the financial statements of Argentine companies for reporting periods ended after July 1, 2018, establishing specific issues in relation to the restatement for inflation such as, for example, the indexes to be used. This Resolution was approved, on October 10, 2018, by the CPCECABA through Resolution No. 107/2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018) amended Section 10 of Law No. 23,928, as amended, providing that the repeal of all the laws and regulations that establish or authorize price indexation, currency restatement, cost variance and any other form of restatement of debts, taxes, prices or fees related to property, works or services does not apply to financial statements, which remain subject to Section 62 of the General Associations Law, as amended. In addition, it repealed Decree No. 1,269/2002, as amended, and delegated on the PEN, through its oversight agencies, the power to set the date as from which those regulations will come into effect in relation to the financial statements that are presented to them.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Therefore, through Resolution No. 777/18 (published in the Official Gazette on December 28, 2018), the CNV, the local regulatory agency, established the method to restate financial statements in current currency to be applied by issuers subject to its oversight, in accordance with IAS 29 for years/periods ended as of December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In relation to the inflation index to be used, according to Resolution No. 539/18, it will be determined according to the Internal Wholesale Price Index (IWPI) until the year 2016, considering for the months of November and December 2015 the average variation of the Consumer Price Index (CPI) of the City of Buenos Aires, due to the fact that during those two months there were no IWPI measurements at national level. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The index as of December 31, 2018 amounts to 2,443.16. The tables below show the evolution of these indexes in the last three years and as of December 31, 2018 according to official statistics (INDEC) following the guidelines described in Resolution No. 539/18:</font>
		</p>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
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				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December</font></p>
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				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">31,&nbsp;2015</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">31,&nbsp;2018</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
			</tr>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Variation in Prices</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Annual </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17.2</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34.6</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 24.7</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 47.6</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Accumulated 3 years</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 72.5</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 102.2</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 96.6</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 147.8</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As a consequence of the aforementioned, these Financial Statements as of December 31, 2018 were restated in accordance with the provisions of IAS 29.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company restated all the non-monetary items in order to reflect the impact of the inflation restatement reporting in terms of the measuring unit current as of December 31, 2018. Consequently, the main items restated were Property, Plant and Equipment, Intangible assets, Goodwill, Inventories, certain Investments in associates and the Equity items. Each item must be restated since the date of the initial recognition in the Company's Equity or since the last revaluation. Monetary items have not been restated because they are stated in terms of the measuring unit current as of December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Comparative figures must also be presented in the current currency of December 31, 2018 and are restated using the general price index of the current year. Therefore, comparative figures for the previous reporting periods have been restated by applying a general price index, so that the resulting comparative financial statements are presented in terms of the current unit of measurement as of the closing date of the reporting period.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As far as results are concerned, there was an increase in Amortization and depreciation arising from the restatement of non-monetary assets, and an improvement in financial income and expense due to the positive result of the exposure to inflation from the excess of monetary liabilities over monetary assets, with the consequent impact on income tax.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;text-decoration:underline;">Restatement of the Income Statement and the Statement of Cash Flows</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the Income Statement, items shall be restated from the dates when the items of income and expense were originally recorded. To this end, the Company shall apply the variations in a general price index. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The effect of inflation on the monetary position is included in the Income Statement under Other financial results, net.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The items of the Statement of Cash Flows must also be restated in terms of the measuring unit current at the closing date of the Statement of Financial Position. IAS 29 para 33 states that all items in the statement of cash flows are expressed in terms of the measuring unit current at the end of the reporting period. The gain arising from the restatement has an impact on the Income Statement and must be eliminated from the Statement of Cash Flows because it is not considered cash or cash equivalent.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;text-decoration:underline;">Restatement of the Statement of Changes in Equity</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">All components of the Statement of Changes in Equity, except reserves and retained earnings, must be restated from the dates on which the items were contributed or otherwise arose. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;text-decoration:underline;">Investments in Foreign Companies</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The subsidiaries, associates and companies under common control that use functional currencies other than the Argentine peso (mainly foreign companies with economies that are not considered to be hyperinflationary), must not restate for inflation their financial statements, in accordance with IAS 29.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Notwithstanding, and only for reporting and consolidation purposes, the comparative figures presented in Argentine pesos in the Income Statement corresponding to the current year and the previous year must be stated using the exchange rates at the transaction date. In addition, the initial items of the Statement of Changes in Equity must be reported at the closing rate without modifying the total figure due to the fact that it is translated into the closing exchange rate, which implies that a translation adjustment is recognized against Retained Earnings and Other Comprehensive Results.</font>
		</p><div /></div> </div><span></span>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966799392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkAbstract', window );"><strong>REGULATORY FRAMEWORK</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkTextBlock', window );">REGULATORY FRAMEWORK</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE</font><font style="display:inline;text-transform:uppercase;">&nbsp;2&nbsp;&#x2013; Regulatory framework</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">a)&nbsp;</font><font style="display:inline;">Regulatory Authority</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The activities of the Company that provides Information and Communication Technologies Services (&#x201C;ICT&#x201D;) are regulated by a set of rules and regulations that comprise the regulatory framework of the telecommunication sector. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Until the issuance of the LAD, which was published in the Official Gazette on December 19, 2014 and has been in force since its publication, the telecommunication services provided by Telecom Argentina and its domestic subsidiaries were regulated by the CNC, a decentralized agency within the scope of the SC, which was also under the scope of the Ministry of Federal Planning, Public Investment and Services. Subsequently, through the LAD it was created the Federal Authority of Information and Communication Technologies (&#x201C;AFTIC&#x201D;), as a decentralized and autonomous agency within the scope of the PEN, which would act as the regulatory authority of the LAD and would replace, for all purposes, of the SC and the CNC.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The LAD conferred the AFTIC the regulation, control, supervision and verification functions concerning ICT in general, and in particular of the telecommunications, postal service and all those matters integrated to its field in accordance with the provisions of the LAD.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In relation to the exploitation of subscription broadcasting services by physical and/or radioelectric link that were originally awarded under the regime established by Law No. 22,285, the COMFER was the enforcement authority established by that law. Under Law No. 22,285, subscription broadcasting companies in Argentina required a non-exclusive license from the COMFER in order to operate. Other approvals were also required, including, for some services, authorization by municipal agencies.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Audiovisual communication services Law (Law No. 26,522, &#x201C;LSCA&#x201D;) was passed and enacted on October 10, 2009. Law No. 26,522 provided for the replacement of the COMFER with the Audiovisual Communication Services Law Federal Enforcement Authority (&#x201C;AFSCA&#x201D;) as a decentralized and autonomous agency within the scope of the National Executive Branch, and vests the new agency with authority to enforce the law.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">By the end of December 2015, the PEN issued the Decree of Need and Urgency (&#x201C;</font><font style="display:inline;font-style:italic;">Decreto de Necesidad y Urgencia</font><font style="display:inline;">&#x201D; or hereinafter the &#x201C;DNU&#x201D;) No. 267/15 (&#x201C;DNU No. 267/15&#x201D; published in the Official Gazette on January 4, 2016). The DNU substantially amends Laws LSCA and LAD and also creates the ENACOM as a new regulatory authority of those laws. The ENACOM replaces the AFTIC and AFSCA. This new Authority acts as an autonomous agency within the scope of the Ministry of Communications.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Subsequently, and from Decree No. 632 of August 11, 2017 the ENACOM was within the scope of the Ministry of Modernization. On September 5, 2018, the PEN issued Decrees No. 801 and 802 through which the Law on Ministries was modified again and the organizational structure of the Public Administration, and it is established that the Ministry of the Chief of the Cabinet replaces of the Ministry of Modernization and the ENACOM continues within the scope. In addition, the Government created the office of Secretary of Modernization, who will act as Deputy Chief of Cabinet to assist the Chief of the Cabinet of Ministers in the establishment of cross-cutting modernization policies for the administration of the National Government.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the other hand, the subsidiary N&#xFA;cleo, with operations in the Republic of Paraguay, is supervised by the CONATEL and N&#xFA;cleo&#xB4;s subsidiary Personal Env&#xED;os is supervised by the Banco Central de la Rep&#xFA;blica del Paraguay. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom USA, Telecom Argentina&#x2019;s subsidiary in the United States, is supervised by the Federal Communications Commission (the &#x201C;FCC&#x201D;). </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Adesol is a subsidiary of the Company organized in the Oriental Republic of Uruguay, which is a related party of Bersabel S.A. and Satelital Visi&#xF3;n S.A., two licensees that provide subscription broadcasting services in such country and are subject to the control of the Communication Services Regulatory Unit (&#x201C;URSEC&#x201D;).</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">b) Licenses</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="background-color: #FFFFFF;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Wingdings;background-color:#FFFFFF;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="background-color: #FFFFFF;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">The Company</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">, under the unique Argentina Digital license, currently provides the following services:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">Local fixed telephony,</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">Public telephony,</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">Domestic and international long-distance telephony,</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">Domestic and international point-to-point link services,</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">VAS, data transmission, videoconferencing, transportation of audio and video signals and Internet access,</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">STM, SRMC, PCS and SCMA. These services are also denominated Mobile Advanced Communications Services (&#x201C;SCM&#x201D;),</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">SRS,</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">SRCE.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Licenses for the provision of SCM services were originally granted to Personal and were transferred to Telecom since the Reorganization according to the terms of the ENACOM Resolution No. 4,545-E/2017. Such licenses have been granted to provide STM in the Northern Region of Argentina, SRMC in the AMBA area, the PCS service and the SCMA, throughout the national scope.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">SRCE licenses and authorizations were transferred to the Company, within the framework of the merger with Cablevisi&#xF3;n, pursuant to the terms of Resolution ENACOM No. 5,644-E/2017 (see point f) of this Note).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Registry for the provision of Physical and/or Radioelectric Link Subscription Broadcasting and their respective area authorizations were transferred to the Company within the framework of the merger with Cablevisi&#xF3;n pursuant to the terms of Resolution ENACOM No. 5,644-E/2017.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">Licenses to Telecom Argentina&#x2019;s subsidiaries</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">N&#xFA;cleo</font><font style="display:inline;"> has been granted a license to provide mobile telecommunication services (STM and PCS) throughout Paraguay. In addition, N&#xFA;cleo has been granted a license for the installation and provision of Internet and Data services throughout Paraguay. All these licenses have been granted for renewable five-year periods. See additional information in Note 2.e), regarding the adjudication of the auction for 700 MHz band spectrum in Paraguay.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Personal Env&#xED;os</font><font style="display:inline;">, a company controlled by N&#xFA;cleo, is authorized by the Central Bank of the Republic of Paraguay to operate as an Electronic Payment Company (&#x201C;EMPE&#x201D;) through Resolution No. 6 issued on March 30, 2015, and its corporate purpose is restricted to such service.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Tuves Paraguay</font><font style="display:inline;">, a company controlled by N&#xFA;cleo, has a license for the provision of services of distribution of digital audio and television signals to homes (&#x201C;DATDH&#x201D;), for the term of five years. The license was granted in March 2010 and renewed in March 2015 for a term of five years.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">c)&nbsp;</font><font style="display:inline;">Regulatory framework of the services provides by the Company</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Among the main rules that govern the services of the Company, it is worth mentioning:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">The LAD, as amended by Decree of Need and Urgency No. 267/15 and Decree No. 1,340/16.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">Law No. 19,798 remains in force only to the extent that it does not conflict with the provisions set out under the LAD.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">The Privatization Regulations that regulates the process.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">The Transfer Agreement.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">The Licenses for providing telecommunication services granted to the Company and the List of Conditions and their respective regulations.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">Law No. 22,285 and the different Bidding Terms and Conditions for the provision of Subscription Broadcasting Services during the term thereof.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the other hand, the exploitation of physical and/or radioelectric link subscription broadcasting services licenses held by the Company, granted in due time under the regime of Law No. 22,285, are currently governed by the LAD, as from the issue of DNU No. 267/15.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The only service that could be considered under the purview of the LSCA is the registration of the signal METRO, as this signal is marketed to be broadcasted through other services that acquire it for such purpose, and therefore it has a registration number issued by ENACOM that must be renewed on an annual basis.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Likewise, the Company annually renews with the ENACOM its Certificate to operate as Advertising Agency, Direct Advertiser and Advertising Producer.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">Law No. 27,078 &#x2013; Argentine Digital Law </font><font style="display:inline;">(LAD)</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Enacted in December 2014, the LAD maintained the single country-wide license scheme and individual registration of the services to be provided, but replaced the term telecommunications services for ICT Services.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The LAD incorporated several modifications to the regulatory framework in force until December 19, 2014, as regards telecommunications, among those that stand out:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">the rule on prices and rates establishing that the licensees of ICT Services shall set their prices which shall have to be fair and reasonable, cover the exploitation costs and tend to the efficient supply and reasonable operation margin.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">the amendments as regards Universal Service.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">the declaration of public interest the development of ICT and its associated resources in order to establish and ensure complete neutrality of networks and to guarantee every user the right to access, use, send, receive or offer any content, application, service or protocol through Internet without any restrictions, discrimination, distinction, blocking, interference, obstruction or degradation. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">the possibility that the licensees of the ICT Services can supply audiovisual communication services (including the licensees included in the restrictions of the LSCA, among which was Telecom), with the exception of those provided through satellite link, in which case, the corresponding license must be requested from the proper authority. </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On the other hand, Law No. 19,798 Telecommunications Act (passed in 1972), and its amendments, will continue in effect only with respect to those provisions that do not contradict the provisions of the new LAD (including, for example, Section 39 of Law No. 19,798 referred to exemption from all taxes on the use of soil, subsoil and airspace for telecommunications services).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The LAD also revoked Decree No. 764/00, and its amendments, but provisions of the Decree that do not contradict the LAD will remain in effect during the time it takes to the regulatory authority to issue new licensing, interconnection services, universal service and spectrum regulations (see New Regulations in Note 2.f).</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;">
			<font style="display:inline;color:#000000;">Decree No. 267/15 &#x2013; Amendments to the LAD</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 4, 2016, Decree No. 267/15 was published in the Official Gazette, amending Law No. 26,522 (Audiovisual Communication Services) and Law No. 27,078 (LAD). As mentioned above, ENACOM was created as the regulatory authority applicable of these laws. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The main amendments to the LAD consist of:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">The incorporation of Broadcasting Services provided by subscription (physical or radioelectric link, such as Cable TV) as an ICT service within the scope of the LAD, and excluding it from Law No. 26,522. Satellite Television Services will remain within the scope of Law No. 26,522. Furthermore, Decree No. 267/15 states that the ownership of a satellite television license provided by subscription is incompatible with having any other kind of ICT Services license. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">Broadcasting supplied by subscription licenses (such as Cable TV) issued before the application of Decree No. 267/15 will be considered for all purposes as in compliance with LAD upon the respective registration for such service provision. Furthermore, also states a 10 years extension from January 1, 2016, for the use of frequency spectrum to radioelectric link provided by subscription license holders.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">Decree No.267/15 replaced the LAD&#x2019;s Section No. 94, and states that SBT suppliers, fixed telephony license holders within the scope of Decree No.264/98, and mobile telecommunication license holders within the scope of Decree No.1,461/93 are prohibited from providing Broadcasting under subscription services (defined as any form of communication, primarily one-way, for the transmission of signals to be received by a determinable public, either by physical or by radio connection, for example, video cable and IPTV services) until January 1, 2018 (this term can be extended by 1 additional year). Also, replaces Section 95 of the LAD and provides several obligations for fixed telephony licensees granted by Decree No.264/98 and mobile services providers with licenses granted by Decree No.1,461/93, which choose to provide broadcasting under subscription services. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">In addition, shareholders of a 10% or more interest in companies that provide public services may not be holders of a subscription radio record. However, this will not apply in the following cases: (i) non-profit companies to whom the national, provincial or municipal State has granted the license, concession or permission to provide a public service (such as telecommunications cooperatives); (ii) those mentioned in section 94 (including the Company) who will be only able to provide the service after the expiration of the period specified therein.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Section 28 of Decree No. 267/15 created, in the field of the Ministry of Communications, the Commission for the Elaboration of the Draft Law for the Reform, Updating and Unification of Laws LSCA and LAD. The Commission is responsible for the study of the reform of both laws under the principles set out herein.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through Resolution No. 1,098-E/16 published on October 31, 2016, the Ministry of Communications extended for 180 days the deadline for the preparation of the draft reform of Laws LSCA and LAD.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Subsequently, through MIDMOD Resolution No. 490/2018, published in the Official Gazette on August 13, 2018, the deadline for the analysis and publication of the ICT Project Law was extended for 90 days.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Finally, the Secretariat of Modernization, which reports to the Chief of the Cabinet of Ministers, issued Resolution RESOL-2018-131-APN-SGM#JGM, whereby it provided for a 1-year extension, counted as from the date of publication, or 90 business days subsequent to the final enactment of the Bill for the Promotion of Deployment of Infrastructure and Competition of Information Technology and Communication Services (ITCS), whichever occurs first, for the review process conducted for the creation and publication of the final bill for the amendment, updating and unification of Laws Nos. 26,522 and 27,078, to be submitted to the National Executive Branch.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Furthermore, the Decree provides that the transfers of licenses and equity interests involving the loss of company control must be approved by the ENACOM, stating a new procedure provided by section 8 of Decree No. 267/15. Those transfers of licenses and equity interests or shares in licensees will be considered ad referendum of ENACOM approval. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Decree No. 267/15 repealed Section 15 and Section 48 (second paragraph) of the LAD thus revoking: (i) the essential and strategic nature of public ICT services to be provided on a competitive basis regarding the use and access to telecommunications networks for and between ICT Services licensees; and (ii) the Regulatory Authority&#x2019;s power to regulate tariffs based on reasons of public interest.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On April 8, 2016, the Chamber of Representatives voted in favor of the validity of DNU No. 267/15. According to this, it acquired the status of Law.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It should be noted that pursuant to Section 21 of Decree No. 267/15 and until the enactment of a law that will unify the fee regime provided under Laws LSCA and LAD, the physical link and radio-electric link subscription broadcasting services will continue to be subject only to the fee regime provided under LSCA. Therefore, they shall not be subject to the investment contribution or the payment of the Control, Oversight and Verification Fee provided under Sections 22 and 49 of LAD.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Wingdings;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 6pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Decree No. 1,340/16 - Amendments to DNU No. 267/15</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">Decree No. 1,340/16 issued by PEN and published in the Official Gazette on January 2, 2017 provides the rules for achieving a greater convergence of networks and services under competitive conditions, promoting the deployment of next generation networks and the penetration of Broadband Internet access throughout the national territory, in accordance with the provisions of Laws LSCA and LAD. This Decree complements to DNU No. 267/15, which has the status of Law.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">Among the most relevant provisions, it establishes:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">Fixing the 15-year-term, as from the publication of the Decree, as differential condition in the terms provided by section 45 of LAD, for the protection of last-mile fixed of new generation networks deployed by ICT licensees for Broadband regarding the regulations of open access to Broadband and infrastructure to be stated, notwithstanding the provisions of section 56 of LAD.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">That the Ministry of Communications or ENACOM, as appropriate, shall establish the rules for the administration, management, and control of the radio spectrum.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">That Operators included in section 94 of the LAD (among them, Telecom Argentina), may register the Broadcasting Service by subscription, by physical or radio connection as of the enforcement of this Decree, setting January 1, 2018 as initial date for the provision of such service in the AMBA (and extended AMBA), and in the cities of Rosario (Santa Fe Province) and C&#xF3;rdoba (C&#xF3;rdoba Province). The Decree provides that, for the rest of the country, the initial date for the provision of the services of these operators shall be determined by the ENACOM (see ENACOM Resolution No. E 5,641 E/ 2017 in Note 2.f)).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">That ICT&#x2019;s licensees and Satellite Link Subscription Broadcasting licensees, who as of December 29, 2016 simultaneously provided both services, may retain ownership of both types of licenses.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">That for the purposes of the provisions of section 92 of LAD and section 2, paragraph g) of Decree No. 798 issued on June 21, 2016, Ministry of Communications shall ensure the following principles on interconnection matters:</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">a)&nbsp;&nbsp;&nbsp;until the interconnection prices determination systems provided by the National Interconnection Regulation are implemented, averages of regional Latin America prices shall be considered for similar functions and facilities, corrected by parameters which comply with the conditions of the sector, as determined by the authority of application; </font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">b)&nbsp;&nbsp;&nbsp;in accordance with section 46 of LAD, the National Interconnection Regulation shall provide asymmetric interconnection rates for mobile services for a 3 years period from the effective service implementation, extendable for a maximum of 18 months;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">c)&nbsp;&nbsp;&nbsp;the National Interconnection Regulation shall provide rules concerning the automatic national roaming service, forcing mobile services providers, for a maximum period of 3 years, to make such service available to other providers in areas where they do not have their own network coverage.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">The temporary limitation provided in the previous paragraph shall not be enforceable in those cases in which mobile services are provided by cooperatives and small and medium-sized companies with exclusively regional coverage.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">Mobile service providers shall freely enter into agreements to secure, among other issues, technical, economic, operational and legal conditions. Such agreements may not be discriminatory or may not establish technical conditions that prevent, delay or obstruct interconnection services.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:normal;">The National Interconnection Regulation will enable ENACOM to define reference prices for a maximum period of 3 years, taking into consideration the costs of the assets involved subject to exploitation and a reasonable return rate to ensure speed, neutrality, non-discrimination and balanced competition between mobile service providers. Likewise, they shall not contain technical, interconnection, operational or other conditions that delay, obstruct or create barriers for the remaining mobile services providers to access the market.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">d)&nbsp;Universal Service Regulation </font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Decree No. 764/00</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">With respect to Universal Service Regulation, Annex III of Decree No. 764/00 required entities that receive revenues from telecommunications services to contribute 1% of these accrued revenues (net of taxes) to the Universal Service Fiduciary Fund (the &#x201C;SU Fund&#x201D;). The regulation also adopted a &#x201C;pay or play&#x201D; mechanism for compliance with the mandatory contribution to the SU Fund. The regulation also established the exemption to contribute to the FSU in the following events: (i) for local services provided in areas with teledensity lower than 15%, and ii) when certain conditions exists in connection with a formula which combines the foregone revenues and the market share of other operators than Telecom Argentina and Telef&#xF3;nica who provide local telephony. Likewise, the regulation created a committee responsible for the administration of the SU Fund and the development of specific SU programs. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The SC issued Resolution No. 80/07 which stipulated that until the SU Fund was effectively implemented, telecommunication service providers must open an account at Banco de la Naci&#xF3;n Argentina to deposit monthly the corresponding amounts. In August 2007, Resolution No. 2,713 of the former CNC was published, which provided details regarding the concepts that have been achieved and those that are deductible for the purpose of calculating the contribution obligation to the FFSU.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-weight:bold;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;text-decoration:none;">Decree No.&nbsp;558/08</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Decree No. 558/08, published on April 4, 2008, introduced certain changes to the SU Fund regime, replacing the Annex III of the Decree No. 764/00. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Decree No. 558/08 established that the SC would assess the value of service providers&#x2019; direct program contributions in compliance with obligations promulgated by Decree No. 764/00. It would also determine the level of funding required in the SU Fund for programs pending implementation. In the same manner, in order to guarantee the continuity of certain projects, the SC was given the choice to consider as SU contributions certain other undertakings made by telecommunication services providers and compensate providers for these undertakings.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It also established that the SC would review SU programs which were established under the previous regulation, guaranteeing the continuity of those already being administered and implementing those that had been under review. The financing of SU ongoing programs which were recognized as such were determined by the SC, whereas telecommunications providers appointed to participate in future SU Programs were selected by competitive auction.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Decree required telecommunications service providers to contribute 1% of their total revenues (from telecommunication services, net of taxes) to the SU Fund and kept the &#x201C;pay or play&#x201D; mechanism for compliance with the mandatory monthly contribution to the SU Fund or, to claim the corresponding receivable, as the case may be.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On November 11, 2010, the SC issued Resolution No. 154/10 adopted the methodology for the deposit of the SU contributions to the trustee&#x2019;s escrow account. The Resolution included several provisions related to the determination of the contributions that correspond to the periods before and after Decree No. 558/08 was issued. It also provided that until the SC determined the existence of programs, the amounts that would correspond to their implementation would be discounted by the telecommunication providers when determining their contribution to the SU Fund. If completed the verification from the SC there were unrecognized amounts, they should be contributed into the SU Fund or for the development of new works of the SU, with the approval of the SC.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-weight:bold;font-style:italic;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;text-decoration:none;">Amendments of the LAD to the SU Regulation</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The LAD introduced substantial modifications to the regulations of the SU issued by Decree No. 558/08. Among its provisions, the LAD provides for the creation of a new FFSU and that the investment contributions corresponding to the SU programs are managed through such fund, whose patrimony is the National State.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The licensees of ICT Services are obliged to make investment contributions to the SU Fund equivalent to one per cent (1%) of the total accrued revenues for the provision of the ICT Services included in the scope of application of the law, net of imposed taxes and charges. The investment contribution shall not be transferred to the users whatsoever. In turn, the regulatory authority may dispose, once the SU objectives are reached, the total or partial, permanent or temporary exemption, of the obligation to perform said investment contributions.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This law also establishes that by virtue of that set forth by Sections 11.1 and 11.2 of the Management Trust Agreement of the SU Fund of Decree No. 558/08, the resources therein foreseen in section 8 of Annex III of Decree No. 764/00 and its amendments shall be integrated to the SU Fund created by the LAD in the conditions determined by the regulatory authority.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The SU Funds shall be applied by means of specific programs defined by the regulatory authority who may entrust the execution of these plans directly to the entities included in Section 8, paragraph b), of Law No. 24,156, or, complying with the selection mechanisms that may correspond, respecting publication and competition principles, to other entities.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On September 10, 2015 Telecom Argentina and Personal filed before the AFTIC their respective SU contribution affidavits corresponding to the revenues recorded in July 2015, clarifying that these presentations were made with the understanding that the operational rules related to the SU Fund contribution, regulated by Decree No. 558/08 and related provisions, are in force. Additionally, Personal proceeded to deposit the corresponding contribution in the new SU Fund account reported through the Official Notice published by the AFTIC.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In its filings, Telecom Argentina and Personal had stated that the filing of the affidavits and, in the case of Personal, the deposit did not imply explicit or implicit consent of the regulations issued by the LAD and expressly reserved their rights in relation to the unconstitutionality of the provisions set forth in Sections 21, 22, 91 and related provisions of said law, as well as the claim of any rights arising from the acknowledgement of this argument.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of the date of&nbsp;issuance of these consolidated financial statements, the Company has not received any response to its filings.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">ENACOM Resolution No. 2,642/16 approved the new SU Regulation, which was published on May 31, 2016, in the context of the new disposals established by the LAD. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The new regulation retains the obligation of contributing 1% of total income related to the provision of ICT services net of taxes and fees, anticipating the possibility of granting exemptions, in which case the subjects liable for payment, must comply with the obligations established by the Regulatory Authority.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In accordance with ENACOM Resolution No. 6,981-E/16 issued on October 19, 2016, the FFSU and the FFSU Investment Contribution Settlement and Interest Report forms were approved and are in force since January 1, 2017, being operationally implemented since March 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On May 4, 2017, ENACOM Resolution No. 2,884/17 was published in the Official Gazette. This Resolution amends the Form of the FFSU contributions, adding, within the possible deductions, the &#x201C;Discount Annex. SC Resolution No. 154/10 Section 1, Sub-section B) i), second paragraph&#x201D;. Such Resolution allows deducting, until the regulatory authority expresses its opinion, any amounts that eventually may correspond to SU Initial Programs or other than those provided for in Annex III of Decree No. 764/00, in accordance with the provisions of Section 2 of Decree No. 558/08 and Section 6 of Annex III of Decree No. 764/00, replaced by Decree No. 558/08.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;background-color:#FFFFFF;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">SU Fund in Telecom Argentina in relation to its original license for the provision of the SBT</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Several years after the market&#x2019;s liberalization and the effectiveness of the SU regulations subsequently replaced by Decree No. 558/08 and by the LAD, incumbent operators have not received any set-offs for providing services as required by the SU regime.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of the date of issuance of these consolidated financial statements and in compliance with SC Resolution No. 80/07 and No. 154/10 and CNC Resolution No. 2,713/07, the Company has filed its monthly calculations since July 2007 which estimated a receivable of $3,998 (unaudited) being both the programs and the valuation methodology that originates this receivable, pending approval by the Regulatory Authority. This receivable has not yet been recorded in these consolidated financial statements as of December 31, 2018 since it is subject to the approval of the SU programs, the review of the Regulatory Authority and the availability of funds in the SU Trust as to compensate the incumbent operators.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On April 8, 2011, the SC issued Resolution No. 43/11 notifying Telecom Argentina that investments associated with &#x201C;High-Cost Areas&#x201D; &#x2013; amounting to approximately $3,849 since July 2007 to date and which are included in the abovementioned receivable - did not qualify as an Initial Indicative Program. Telecom Argentina filed a claim on this resolution. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom Argentina was notified of SC Resolutions No. 53, 54, 59, 60, 61, 62, 69 and 70/12, pursuant to which the &#x201C;Special Service of Information 110&#x201D;, the &#x201C;Discounts for Retired People, Pensioners and Low Consumption Households&#x201D;, the services of &#x201C;Social Public Telephony and Loss-Making Public Telephony&#x201D;, the &#x201C;Services and Discounts relating to the Information Society Program argentin@internet.todos&#x201D;, the &#x201C;Services for Deaf-Mute People&#x201D;, the &#x201C;Free Access to Special Emergency Services and Special Community Services&#x201D;, the &#x201C;Value Added Service 0611 and 0612&#x201D; and the &#x201C;Long Distance Semipublic Service &#x201D;, respectively, did not qualify as an Initial Indicative Program, pursuant to the terms of Section 26 of Annex III of Decree No. 764/00, and that, they did not constitute different services involving a SU provision, and therefore they cannot be financed with SU Funds, pursuant to the terms of Section 2 of Decree No. 558/08.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom Argentina&#x2019;s Management, with the advice of its legal counsel, has filed appeals against SC Resolutions aforementioned presenting the legal arguments based on which such resolutions should be revoked. The deductions that were objected by the SC Resolutions amount to approximately $1,194 and are included in the credit balance mentioned in the second paragraph. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of the date of issuance of these consolidated financial statements the resolution of this appeal is still pending.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On September 13, 2012, the CNC required Telecom Argentina to deposit approximately $208. Telecom Argentina has filed a recourse refusing the CNC&#x2019;s request on the grounds that appeals against the SC Resolutions are still pending of resolution.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Although it cannot be assured that these issues will be favorably resolved at the administrative stage, Telecom Argentina&#x2019;s Management, with the assistance of its legal advisors, considers that it has strong legal and de facto arguments to support the position of Telecom Argentina.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;background-color:#FFFFFF;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">SU Fund in Telecom Argentina in relation to the SCM originated in Personal</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Since January 2001, Personal has recorded a liability related to its obligation to make contributions to the SU Fund. In addition, since July 2007 and in compliance with SC Resolution No. 80/07 and No. 154/10 and CNC Resolution No. 2,713/07, Personal has filed its calculations and deposited the correspondent contributions of approximately $112 into an account held under their name at the Banco de la Naci&#xF3;n Argentina in January 2011.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 26, 2011, the SC issued Resolution No. 9/11 establishing the &#x201C;Infrastructure and Facilities Program.&#x201D; The Resolution provided that telecommunication service providers could contribute to investment projects under this program, exclusively the amounts corresponding to their pending obligations of investment contributions born under Annex III of Decree No. 764/00, before the effective date of Decree No. 558/08.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On July 5, 2012, the SC issued Resolution No. 50/12 pursuant to which it notified that the services referred to by the SCM Providers, which were filed as High Cost Areas or services provided in non-profitable areas, services provided to clients with physical limitations (deaf-mute and blind people), rural schools, and the request relating to the installation of radio-bases and/or investment in the infrastructure development in various localities, did not constitute items that may be discounted from the amount of contributions to the SU pursuant to the last part of Section 3, of Resolution No. 80/07, or Section 2 of Decree No. 558/08. It also provided that certain amounts already deducted would be used for investment projects within the framework of the Program of SC Resolution No. 9/11, or deposited in the SU Fund, as applicable.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Personal has filed an administrative action against SC Resolution No. 50/12 requesting its nullity. As of the date of issuance of these consolidated financial statements, this matter is still pending.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On October 1, 2012, responding to an SC&#x2019;s requirement, Personal deposited under protest approximately $23 in the SU Fund, corresponding to the assessment of the SU services provided by Personal since the issuance of Decree No. 558/08, reserving its right to take all actions it may deem appropriate to claim its reimbursement, as informed to the SC and the CNC on October 15, 2012. Since August 2012, Personal is paying under protest of those concepts in their monthly affidavits.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom Argentina&#x2019;s Management cannot assure that this issue would be favorably resolved in the administrative stage.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;background-color:#FFFFFF;font-size:11pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="background-color: #FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:11pt;">FFSU &#x2013; </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">SU Fund in Telecom Argentina in relation to the services originated in Cablevisi&#xF3;n</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Cablevisi&#xF3;n was not able to meet its contribution obligations during the period in which its license was revoked, but made the corresponding payment as soon as the revocation was declared null and void, for which no amount is owed by it on such account. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Regulatory Authority has yet to decide on the approval of the Project submitted by Cablevisi&#xF3;n on June 21, 2011, within the framework of SC Resolution No. 9/11, in order to meet the contribution obligation to the SU for the amounts accrued between January 2001 and the effective date of Decree No. 558/08.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">e)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>Spectrum</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">SC Resolution No.&nbsp;38/14</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On October 31, 2014, the Public auction process approved by SC Resolution No. 38/14 for the awarding of the remaining frequencies of the Personal Communication Services (PCS), of the SRMC, as well as those of the new spectrum for the SCMA were carried out. Personal presented its economic bids and was awarded Lots 2, 5, 6 and 8 by Resolution SC N&#xB0; 79/14 (SCMA) and Resolutions SC N &#xB0;80/14, 81/14, 82/14 and 83/14 (PCS and SRMC).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through SC Resolution No. 25/15, issued on June 11, 2015, Personal was assigned the rest of Frequency Bands which composed Lot No. 8. Personal stated that such Lot formed a unique and comprehensive block for purposes of complying with the obligations undertaken in connection with the deployment of the SCMA, also expressing that the Federal Government has the obligation to cause the awarded bands to be free from occupants and interferences.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Auction Terms and Conditions also established demanding coverage and network deployment obligations, demanding significant investments by the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Auction Terms and Conditions provided authorizations for the use of the auctioned frequency bands for a period of fifteen (15) years from the notification of the award. After this deadline the Regulatory Authority could extend the terms of use upon formal request of the awarded operator (which price and conditions would be set forth by the Regulatory Authority). Subsequently, in Decree No. 1,340/16, it was established that the term of authorizations for the use of frequencies of the SCMA, as well as the corresponding deployment obligations, will be computed from the actual migration of the services currently operating in such bands in the area of Area II (AMBA). On August 30, 2018, the Resolution No. 528/18 was issued, in which it was stated that on February 27, 2018, the effective migration of such services has been verified. </font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Regulations of Refarming with Financial Compensation and Shared Use of Frequencies</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On January 31, 2017, Resolution of the Ministry of Communications 171-E 2017 was issued, approving the &#x201C;Regulations of Refarming with Financial Compensation and Shared Use of Frequencies&#x201D; (Reglamento de Refarming con Compensaci&#xF3;n Econ&#xF3;mica y Uso Compartido de Frecuencias) and modifies the spectrum cap, setting it in 140 MHz per provider for each area and/or operating location. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On the other hand, ENACOM Resolution No. 1,033-E/17, issued on February 20, 2017 provided to allocate the frequency bands between 905-915 MHz, and 950-960 MHz to the Mobile Service with primary status, for the provision of SCMA, and throughout ENACOM Resolution No. 1,034-E/17, also issued on February 20, 2017, allocated the frequency band between 2,500-2,690 MHz to the Mobile Service with primary status, for the provision of SCMA in addition to current services when their coexistence is possible.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On March 7, 2017 ENACOM Resolution No. 1,299-E/17 was published in the Official Gazette. This Resolution approved the Refarming Project with Financial Compensation and Shared Use of Frequencies to Nextel Communications Argentina SRL (&#x201C;Nextel&#x201D;), currently Telecom since the merger with Cablevisi&#xF3;n S.A. &#x2013;See Note 32 to our Consolidated Financial Statements, to provide the Advanced Mobile Communications Service, granting this company the registration for the provision of such service, and authorizing it to:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:18pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"> &#xB7;</font>
			<font style="display:inline;">Use frequencies between 905-915 MHz and 950-960 MHz in accordance with the provisions of ENACOM Resolution No. 1,033-E/17 and channels 7 to 10, and 7&#x2019; to 10&#x2019; in FDD mode, provided in the Annex of Resolution No. 1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project approved by the Resolution.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:18pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"> &#xB7;</font>
			<font style="display:inline;">Use frequencies between 2,550-2,560 MHz, and between 2,670-2,680 MHz exclusively for migrating users from pre-existing services, for a 2-year period, term in which it should additionally resolve the final destination of those users. Once the migration is completed, or the 2-year term expires, whichever occurs last, Nextel may use channels 11 and 12, and the corresponding 11&#x2019; and 12&#x2019; in FDD mode, provided in the Annex to Resolution No. 1,034-E/17, for the provision of the Advanced Mobile Communications Service in locations and areas described in the Project hereby approved.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The implementation of the Project is subject to the issuance of the agreement specifying the terms, conditions, goals, obligations and other issues inherent to the provision of Advanced Mobile Communications Service</font><font style="display:inline;">.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">ENACOM Resolution No. 3,687-E/17 call for the on-demand frequency allocation</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">ENACOM Resolution No. 3,687-E/17, published in the Official Gazette on May 12, 2017, provided the call for the on-demand frequency allocation of the 2,500 to 2,690 MHz radio spectrum, stating the procedure, obligations and compensations to be fulfilled by the Mobile Communications Service providers who qualify to participate, in accordance with the provisions of Section 4 of Decree No. 1,340/17. According to the characteristics of the 2,500 to 2,690 MHz band, the authorization of use of the frequency channels that compose each Lot must be issued by each locality.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On May 24, 2017, Personal filed to ENACOM the Envelope with its On-demand Allocation Request, according to the provisions of Resolution No. 3,687-E/17.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On July 5, 2017, ENACOM notified Personal of its Resolution No. 5,478-E/17 through which the frequencies included in Lot A were assigned to Telef&#xF3;nica M&#xF3;viles Argentina S.A., the frequencies included in Lot B were assigned to Am&#xE9;rica M&#xF3;vil S.A. and the frequencies included in Lot C were assigned to Personal (all of them stated in Annex I of ENACOM Resolution No. 3,687 E/17), in the locations detailed in the respective Annexes (attached to Resolution No. 5,478-E/17) as requested by each provider. The Resolution provides that the enforcement of its provisions will be operative, within the Departments of San Rafael, General Alvear and Malarg&#xFC;e, of the Province of Mendoza, once the judicial decision ordered by the Federal Court of San Rafael in the legal process entitled "CABLE TELEVISORA COLOR S.A. c/ PEN AND OTHER S/ AMPARO Ley 19,986-File No. 5,472/17&#x201D; had been revoked.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The spectrum allocation will last 15 years since CABA plus other 13 areas are free of interference over a total of 18 provincial capitals plus Rosario, Mar del Plata and Bahia Blanca and will demand payment of up to approximately US$55.9 million. The conditions for the spectrum allocation include certain obligations regarding the service launch by localities, penalty clauses for non-compliance with the deadlines established by localities (which would involve the frequency return plus a fine equivalent to 15% of the spectrum value of the locality involved) and certain guarantees required, among them, the deployment.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Spectrum in 700 MHz Band licenses (Paraguay)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On September 2017 the public consultation process was started for the auction of 700 MHZ band spectrum. The list of conditions was issued on October 30, 2017 and in December of the same year the prequalification of offerers was done being N&#xFA;cleo one of the prequalified and having to pay a deposit of US$15 million in December 2017. The process finished on January 4, 2018 with the simultaneous auction of 7 sub-bands of 5 + 5 MHz each one, N&#xFA;cleo was awarded with two of them for an amount of US$12 million for each sub-band subject to the compliance with certain conditions provided by CONATEL&#x2019;s resolution.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On February 27, 2018 the auction&#x2019;s price was cancelled for the remaining US$9 million in compliance with CONATEL&#x2019;s resolution.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On March 6, 2018, by Resolution No. 375/2018, CONATEL decided to grant the license for the provision of "Cellular Mobile Telephony and Internet Access and Data Transmission Services" in the 700 MHz frequency band, with coverage national, for a period of 5 years, renewable for an equal period.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> f)</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">OTHER RELEVANT REGULATORY MATTERS</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;">
			<font style="display:inline;text-transform:uppercase;">ENACOM Resolution No. 5,641-E/17</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through this Resolution, published on December 22, 2017, the ENACOM decided:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">To extend until January 1, 2019 the term for the Licensees referred to in Section 94 of Law No. 27,078 to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section 5 of Decree No. 1,340/16, which have less than 80,000 inhabitants. To extend until January 1, 2019 the term for the Licensees referred to in Section 94 of LAD to start providing subscription broadcasting services by means of physical or radio-electric link in those locations in Argentina that do not fall within the scope of the second paragraph of Section 5 of Decree No. 1,340/16, which have more than 80,000 inhabitants and where those services are rendered only by Cooperatives and Small-and-Medium Sized Companies. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">To provide that in all those locations in Argentina that do not fall within the scope of the second paragraph of Section 5 of Decree No. 1,340/16, whatever the size of their population, where the Subscription Broadcasting Service by means of physical or radio-electric link is rendered by, at least, a licensee that has more than 700,000 subscribers nationwide, the Licensees mentioned in Section 94 of LAD may start providing services as from January 1, 2018. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">The Licensees mentioned in Section 94 of LAD (among them, Telecom) that are authorized to provide Subscription Broadcasting Service by means of physical or radio-electric link may not make an integrated offering to provide said service with the rest of the services that they are currently providing in those locations until January 1, 2019.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">To provide that in those locations in Argentina where subscription broadcasting services by means of physical or radio-electric link are not provided, the Licensees mentioned in Section 94 of LAD may, as from January 1, 2018, request authorization to provide services in the respective coverage areas, subject to an evaluation by the ENACOM.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;">
				<font style="margin:0pt 0pt 6pt;font-family:Wingdings;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 6pt;">
			<font style="display:inline;text-transform:uppercase;">GriD OF SIGNALS OF physical and/or radioelectric link BROADCASTING SERVICEs</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The General Rules approved by Resolution ENACOM No. 1,394/16 order providers of both types of services (physical and radio-electric link) to guarantee their compliance with a programming grid in each Coverage Area. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Later, by means of Resolution No. 5,160/2017, the ENACOM provided that the inclusion of broadcast television signals within the coverage area by the holders of a physical or radioelectric link subscription television registry will be subject to the conditions agreed upon with the holder of the broadcast television service and its retransmission will be mandatory only if they are delivered by its holders free of charge. In addition, the Resolution sets forth that the retransmission of cable news signals will only be mandatory for 24-hour news signals provided that they broadcast live programming during 12 of those 24 hours.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:7pt;"><p style="width:7pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Wingdings;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;text-transform:uppercase;">Regulatory matters in Uruguay</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Migration of services&nbsp; </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Adesol S.A. is a subsidiary of the Company organized in the Oriental Republic of Uruguay, which is contractually related to Bersabel S.A. and Satelital Visi&#xF3;n S.A., two licensees that provide subscription television services in such country and are subject to the control of the Communication Services Regulatory Unit (&#x201C;URSEC&#x201D;).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 11, 2018, Decree No. 387/017 dated December 28, 2017 was published in the Official Gazette. The Decree provides that all the subscription television services provided through the Codified UHF system shall be migrated to the TDH Satellite system without it entailing any changes to the original authorizations to operate or in the rest of the conditions established in the respective licenses. Such authorizations shall not undergo any changes in the authorized service areas for 18 months.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On February 9, 2018, Bersabel S.A. and Visi&#xF3;n Satelital S.A., two of the licensees contractually linked to Adesol who use UHF systems coded for the provision of their services, submitted to the URSEC the migration plan relating to their subscribers. In view of the foregoing, as well as the contractual relationship that binds Adesol to the provision of said services, the Company&#x2019;s subsidiary is, at the date of issuance of these consolidated financial statements, executing the technical plan for migration presented.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Audiovisual Communications Law of Uruguay </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 14, 2015, Law No. 19,307 was published in the Official Gazette of the Republic of Uruguay, which regulates the provision of radio, television, and other audiovisual communication services (hereinafter, the &#x201C;Audiovisual Communications Law&#x201D;). Section 202 of such law provides that the Executive Branch shall issue the implementing regulations for this law within a 120-day term as from the day following the publication of this law in the Official Gazette. As of the date of issuance of these consolidated financial statements, only Decree No. 45/015 has been issued, and the implementing regulations for most of the sections of this law are still pending. Such Decree provides that the concession for the use and allocation of the radio-electric spectrum for non-satellite audiovisual communication services shall be granted for a term of 15 years.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Section 54 of the Audiovisual Communications Law sets forth that an individual or legal entity cannot be allocated the full or partial ownership of more than six authorizations or licenses to provide television services to subscribers in the national territory of the Oriental Republic of Uruguay, which limit is reduced to three if one of the authorizations or licenses includes the district of Montevideo. Section 189 of this law sets forth that should such limits be exceeded as of the coming into force of the Law, the owners of those audiovisual communication services shall have to transfer the necessary authorizations or licenses so as not to exceed such limits within a term of 4 years as from the coming into effect of the Audiovisual Communications Law.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The subsidiary Adesol is analyzing the possible impact on its business that could be derived from the change in the regulatory framework and the eventual legal actions it may bring to safeguard its rights and those of its shareholders. That company is also monitoring the different unconstitutionality claims filed by other companies against certain sections of the above-mentioned law to consider if the decisions to be issued by the Supreme Court of Uruguay in those proceedings may be favorable to the position of Adesol in the future. As of April 7, 2016, 28 unconstitutionality claims had been brought against the above-mentioned law. As of the date of issuance of these consolidated financial statements, the Supreme Court of Uruguay has issued 28 decisions, whereby it declared the unconstitutionality of Section 39 subsection 3, Section 55, Section 56 subsection 1, Section 60 paragraph C, Section 98 subsection 2, Section 117 subsection 2, Section 143 and Section 149 subsection 2 of Law No. 19,307. It should be noted that in some of these judgments the Supreme Court dismissed the unconstitutionality claim filed by the claimant with respect to Section 54 of that Law.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:7pt;"><p style="width:7pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;text-transform:uppercase;">NEW GENERAL RULES</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 21.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">New General Rules Governing ICT Services Licenses</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 2, 2018, the Ministry of Modernization issued Resolution No. 697/2017, whereby it approved the new General Rules Governing ICT services Licenses. This Resolution repealed the General Rules approved through Annex I of Decree No. 764/2000, as from the date it became effective (February 1, 2018), and it also repealed ENACOM Resolutions No. 2,483/2016 and No. 1,394/2016 (except for Section 12 of its Annex I, which will remain in effect). The Company has made presentations appealing to some aspects of this Resolution, appeal which, to date, is still pending resolution.</font>
		</p>
		<p style="margin:0pt 0pt 6pt 18pt;text-align:justify;text-justify:inter-ideograph;line-height:200%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">New General Rules Governing ICT Services Customers</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 4, 2018, the Ministry of Modernization issued Resolution No. 733/2017, whereby it approved the new General Rules Governing ICT Services Customers. This Resolution became effective on March 5, 2018, repealing SC Resolutions No.490/1997, and Annexes I and III of SC Resolution No. 10,059/1999 and its supplementing regulations. Annex II of SC Resolution No. 10,059/1999 shall remain in effect, as applicable, until the enactment of the penalty regime provided under Section 63 of LAD. Such New General Rules repealed the general rules governing mobile and basic telephony services customers, thus becoming the only general rules that govern ICT services customers, including Internet access services and subscription broadcasting services.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company has made a presentation to the Ministry of Modernization in relation to some disposals that affect their rights in the marketing of services under their responsibility (such as the 180-day period during which prepaid credit can be used, Section 56, which provides for compensation in favor of the customer, and Section 79, which establishes the obligation to replace any channels eliminated from the programming grid with other channels of similar quality).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">MINMOD Resolution No. 363/2018, published in the Official Gazette on June 27, 2018, provided for amendments to the General Rules. Some of those amendments were related to the provisions challenged by Telecom in its filing. As of the date of issuance of these consolidated financial statements, the appeal filed by the Company is pending resolution.</font>
		</p>
		<p style="margin:0pt 0pt 6pt 18pt;text-align:justify;text-justify:inter-ideograph;line-height:200%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Number Portability Regulation</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On April 4, 2018, the Ministry of Modernization issued Resolution No. 203/2018, whereby it approved the new General Rules Governing Number Portability, including fix telephony services, and approves the schedule of implementation of such services. This Resolution repeals Resolutions N&#xB0; SC 98/2010, SC 67/2011 y SC 21/2013 and the Ministry of Communications Resolution E-170/2017, and its supplementing regulations. Through Resolution No. 401/2018, published on July 11, 2018, the Ministry of Modernization decided to extend for ninety&nbsp;(90) business days the term for the implementation of &#x201C;Stage 1&#x201D; provided under the implementation schedule for fixed telephony service number portability. Said Resolution also provided that the ENACOM shall determine the way in which the Committee on Number Portability will be constituted and implemented.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through Resolution No. 4,950/18 of August 14, 2018, the Board of the ENACOM decided to delegate to the owner of the first operational level of the National Directorate of Planning and Convergence of that Agency, the powers to: (i) approve the Processes and Technical and Operational Specifications of the Number Portability, (ii) approve the specification model for the selection of the Administrator of the Contract Database to be held between the Portable Service Providers and the Database Administrator and propose the modifications pertinent to the Committee on Number Portability, (iii) intervene with binding character in the procedure of contracting the Administrator of the Database.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This Resolution also provided that the Committee on Number Portability shall be composed of two representatives, a holder and an alternate, and approved the work schedule in order to carry out the correct implementation of the Number Portability.</font>
		</p>
		<p style="margin:0pt 0pt 6pt 18pt;text-align:justify;text-justify:inter-ideograph;line-height:200%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Regulations Regarding New Interconnections and Accesses</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On May 18, 2018, the Resolution No. 286/18 of the Ministry of Modernization was published in the Official Gazette, approving the new interconnection and access regulations, effective as of July 3, 2018, repealing the one approved by Decree 764/00.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">According to the new Regulation, the terms, conditions and prices of interconnection and access may be freely set by the parties. These agreements cannot be discriminatory or set technical conditions that prevent, delay or hinder interconnection. Notwithstanding the foregoing, within 60 working days from the effective date, ENACOM will set provisional interconnection charges, in accordance with the provisions of Decree 1,340/16.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, ICT service providers will be obliged to provide interconnection at the request of another ICT service provider, under technical and economic conditions no less favorable than those granted to themselves or to third parties. Also, the same quality of services as the one provided must be guaranteed.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Transparency in compensation must be guaranteed and ICT Providers of Services must not pay for functions or services that they do not need for the provision of their services.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Finally, the following are considered Essential Facilities: a) Origination or Local Termination; b) Co-location; c) Local Transit Service; d) Port; e) Signaling Function; f) Loop and Local Customer Sub-loop; g) the Transportation Service (LD), when there is no substitute offer for contracting; and h) any other function or network element that the authority determines as such, ex officio or at the request of a party. These facilities must be provided separately and respecting the charges that the authority establishes. For this purpose, ENACOM will establish reference values, which will function as maximum values, and lower values, which may be agreed between the parties.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">From the entry into force of the regulation, on July 4, 2018, Telecom had a period of 90 business days to present the Reference Offer to ENACOM, presentation that was duly made.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On August 14, 2018, ENACOM issued Resolution No. 4,952/18, establishing a provisional charge equivalent to US$0.0108 per minute of communication, without considering the different taxes and charges that may be applicable for the origination services or local termination in the mobile communications service networks. Likewise, it is established that for the purposes of applying the fixed charge, the unit of measurement will be the second. Through ENACOM Resolution No. 1,161/2018 dated November 27, 2018, the ENACOM set the same charge for SRCE network termination.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On this same date, ENACOM Resolution No. 1,160/2018 was published in the Official Gazette, whereby the ENACOM set: (i) a provisional charge equivalent to forty-five ten-thousandths US dollars (US$ 0.0045) for local origination or termination services over fixed telephony service networks per minute of communication (ii) a provisional charge equivalent to ten ten-thousandths US dollars (US$ 0.0010) for local transit service per minute of communication (iii) a provisional charge equivalent to twenty-seven ten-thousandths US dollars (US$ 0.0027) for long distance transport service per minute of communication (iv) the second as the measuring unit for the purposes of applying the charges set under this Resolution.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom filed an appeal with the ENACOM challenging those charges with the respective legal grounds to request the review of the above-mentioned Resolution by that agency. As of the date of issuance of these financial statements such appeal is still pending resolution.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">Quality Rules for ICT Services.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through Resolution No. 580/18, published in the Official Gazette on September 6, 2018, the Ministry of Modernization approved the Quality Rules for ICT Services which came into force on January 4, 2019. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This Resolution repeals Resolution No. 5/2013 issued by the former SC and Resolution No. 3,797/2013 issued by the former CNC. In addition, the ENACOM is instructed to issue the implementing regulations within a term of 90 calendar days, which as of the date of issuance of these consolidated financial statements are still pending of resolution.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Likewise, the Company is still analyzing the impact of the new rules issued on its operations.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;line-height:100%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">National Rules for Contingencies.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through Resolution No. 51/18, published in the Official Gazette on November 6, 2018, the Secretariat of Modernization approved the National Rules for Contingencies and ordered the ENACOM to issue the implementing procedures or Contingency Plan within a term of 90 calendar days as from its publication in the Official Gazette.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Although the term has expired, as of the date of issuance of these consolidated financial statements, such procedure has not been issued.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;">Single Desk System.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through Decree No. 997/2018, published on November 6, 2018, the Secretariat of Modernization established a single desk system for the installation of antenna support structures of any kind for rendering SCMA services in order to expedite the granting of authorizations and permits for the construction and installation of structures for the deployment of mobile services.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;">Implementation of the Online Proceedings (&#x201C;IOP&#x201D;) Platform for notices issued by the ENACOM</font><font style="display:inline;">.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through Resolution No. 4,703/18, published on July 24, 2018, the ENACOM provided for the use of the IOP Platform for requests and notices. In view of the legal and operating implications of this implementation, on August 8, 2018, Telecom filed with the ENACOM an appeal against said resolution, which, to date, is still pending resolution.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;">Implementation of the Rules for the Registration of SCM Customers.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On December 2, 2016, the ENACOM published Resolution No. 8,507 - E/2016, whereby it approved the Rules for the Registration and Validation of the Identity of the Account Holder Users of Mobile Communication Services. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through Resolution No. 466/2018, published in the Official Gazette on October 19, 2018, the ENACOM extended until October 31, 2018 the term for the registration and validation of all the preexisting prepaid customers.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company has conducted all the necessary actions and implementations required to fulfill the guidelines for the registration of its customers, as ordered by said regulations.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">CONSULTATION DOCUMENT UNDER THE PROCEDURE FOR THE &#x201C;GENERAL RULES GOVERNING PUBLIC HEARINGS AND CONSULTATION DOCUMENTS FOR COMMUNICATIONS&#x201D; AND THE &#x201C;GENERAL RULES FOR THE PARTICIPATORY DEVELOPMENT OF RULES&#x201D;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"> &#xB7;</font>
			<font style="display:inline;font-weight:bold;">Procedure for the Public Consultation on Allocation of Shared-Use Frequency Bands </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through Resolution No. 2/18, the SETIC ordered the beginning of the procedure provided under Article 44 et seq of the General Rules Governing Public Hearings and Consultation Documents for Communications, with respect to the document &#x201C;Public Consultation on Allocation of Shared-Use Frequency Bands.&#x201D; </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom submitted its opinions and observations about the Document under consultation on January 10, 2019.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"> &#xB7;</font>
			<font style="display:inline;font-weight:bold;">Public consultation procedure on Infrastructure Sharing</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through Resolution of the SETIC No. 18/18, it was declared the opening of the procedure provided for in Article 44 and following of the General Rules of Public Hearings and Consultation Documents for Communications, regarding the document "Public Consultation on Infrastructure Sharing".</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On October 8, 2018, Telecom presented its opinions and observations on the document in consultation.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 29, 2019, Resolution-2019-3-APN-STIYC # JGM is published in the Official Gazette, which establishes the opening of the procedure settled in Article No. 44 et seq of the General Rules Governing Public Hearings and Consultation Documents for Communications, "The Regulation of Infrastructure Sharing". As of the date of issuance of these consolidated financial statements, the Company is analyzing the document in order to present pertinent opinions and observations.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"> &#xB7;</font>
			<font style="display:inline;font-weight:bold;">Procedure for the Public Consultation on Update of the Main Signaling Plan.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through Resolution No. 2/18, the SETIC ordered the beginning of the procedure provided under Article 44 et seq of the General Rules Governing Public Hearings and Consultation Documents for Communications, with respect to the document &#x201C;Public Consultation on Update of the Main Signaling Plan.&#x201D; </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 10, 2019, Telecom submitted its opinions and observations about the Document under consultation.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:0pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;;padding:0pt 13pt 0pt 0pt;"> &#xB7;</font>
			<font style="display:inline;font-weight:bold;">Procedure for Public Consultation on the Most Beneficial Conditions for Network Access and Use</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Through Resolution No. 4/18, published in the Official Gazette on December 18, 2018, the Secretariat of Modernization ordered the beginning of the procedure provided under Article 44 et seq of the General Rules Governing Public Hearings and Consultation Documents for Communications, with respect to the document &#x201C;Public Consultation on the Most Beneficial Conditions for Network Access and Use.&#x201D; </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company submitted its opinions and observations about the Document under consultation.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:7pt;"><p style="width:7pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:bold;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;text-transform:uppercase;">Decree No. 1,060/2017 - Development of mobile communication services networks</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This Decree, published in the Official Gazette on December 21, 2017, provides for the facilitation of the development of mobile communication services networks, establishing, among other provisions, that the jurisdictions and agencies comprised in subsections a) and b) of Section 8 of Law No. 24,156 shall ensure TIC services and independent operators of passive infrastructure multiple or shared access, for consideration, to passive infrastructures for the deployment of networks under neutral, unbiased, transparent, fair and non-discriminatory conditions, without the possibility of granting any exclusiveness or preference whatsoever, in fact or in law, provided that such access does not compromise the continuity and security of the services provided by its holder.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Decree also provides, among other issues, that:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">1)&nbsp;&nbsp;&nbsp;The Ministry of Modernization:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> a.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">shall issue comprehensive general rules with supplementary regulations for infrastructure sharing; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> b.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">shall develop, within a term of 180 days, a multi-year spectrum plan in order to maximize and&nbsp;&nbsp;&nbsp;&nbsp;increase the radioelectric resources for the deployment of next-generation mobile networks and SCM in order to support traffic growth and improve service quality;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> c.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">shall issue supplementary or clarifying regulations relating to Section 29 of LAD, establishing efficient procedures and avoiding distortions in competition; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> d.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">shall identify radioelectric spectrum frequency bands for the development of new services and wireless applications and issue regulations allowing for their shared and unauthorized use.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">2)&nbsp;The frequencies that are allocated and authorized to SRCE may only be used to provide those services. The ENACOM may allocate frequencies to provide SCM and demand the return of the frequencies and migration of services pursuant to Section 28 and 30 of LAD, and its regulations, or, at the request of the interested party, apply Section 4, subsection b) of Decree No. 1,340 dated December 30, 2016, and its regulations, establishing an economic compensation in favor of the National Government.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">3)&nbsp;SBT licensees may provide this service through the use of radioelectric spectrum frequencies using those allocated for the provision of 4G mobile services, notwithstanding the provision of fixed telephone service pursuant to Section 2, subsection a) of the PCS General Rules approved as an annex to Section 1 of Decree No. 266 dated March 10, 1998, through the execution of agreements with the licensees of those frequencies, which shall be reported to the ENACOM.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">4)&nbsp;Delegate on the Ministry of Modernization the power to issue the penalty rules provided under Section 63 of LAD, which shall repeal the current rules approved under Decree No. 1,185 dated June 22, 1990, as amended and supplemented.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:7pt;"><p style="width:7pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:bold;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;text-transform:uppercase;">Registrations and authorizations to use the spectrum that are now held by the Company as a result of corporate reorganizations OF TELECOM AND MERGER BY ABSORTION OF CABLEVISION (NOTES 4.</font><font style="display:inline;font-weight:bold;">f</font><font style="display:inline;font-weight:bold;text-transform:uppercase;">) and 4.</font><font style="display:inline;font-weight:bold;">a</font><font style="display:inline;font-weight:bold;text-transform:uppercase;">) respectively):</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 37.45pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">1)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>Personal:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On November 24, 2017, Telecom Argentina and Personal were served with ENACOM Resolution No. 4,545-E/2017, whereby that agency decided:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(i)&nbsp;to authorize Telecom Personal to transfer in favor of Telecom Argentina the registrations of Mobile Telephone Services, Cellular Mobile Radiocommunications Services; Personal Communications Services Area I, II, III, and Mobile Advanced Communications Services, as well as the resources, permits and frequencies granted in its name;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(ii)&nbsp;to revoke the licenses granted to Personal to render Data Transmission, Value Added and National and International Long-Distance Telephone Services;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(iii)&nbsp;to authorize the transaction reported by Telecom whereby the controlling companies Sofora Telecomunicaciones S.A. and Nortel Inversora S.A. are dissolved without liquidation pursuant to the Bidding Terms and Conditions approved under Decree No. 62/1990.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 37.45pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">2)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>Cablevisi&#xF3;n:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On December 22, 2017, the Company and Cablevisi&#xF3;n S.A. were served with ENACOM Resolution No. 5,644-E/2017, whereby that agency decided, among other things, to authorize Cablevisi&#xF3;n S.A. to transfer in favor of Telecom Argentina:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 37.45pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(i)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font>The Registration of physical and/or radioelectric link broadcasting services, including the permits/frequencies required to provide radioelectric link broadcasting services, as well as the area authorizations to provide those services (via physical and radioelectric link), which may operate in Area II, defined as provided under Decree No. 1,461/93, as amended, and the city of Rosario, Province of Santa Fe, and the city of C&#xF3;rdoba, Province of C&#xF3;rdoba, as from January 1, 2018, as provided under Section 5 of National Decree No. 1,340/2016, and in the rest of the areas authorized on the dates and in the modalities provided by ENACOM Resolution No. 5641/2017 dated December 20, 2017; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 37.45pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(ii)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 6pt 0pt 0pt;"></font>The Radioelectric Service of Concentration of Links (&#x201C;SRCE&#x201D;); and; </font>
		</p>
		<p style="margin:0pt 0pt 12pt 37.45pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(iii)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 3pt 0pt 0pt;"></font>The authorizations and permits to use frequencies and allocations of numbering and sign-posting resources to provide the above-mentioned services held by Cablevisi&#xF3;n S.A., pursuant to effective regulations, and the agreement executed by Nextel Communications Argentina S.R.L., on April 12, 2017 (IF-2017-08818737-APN-ENACOM#MCO), whereby Telecom Argentina, in its capacity as absorbing company of Cablevisi&#xF3;n S.A., shall, within a term of two years as from the date on which the merger is approved by the CNDC and the ENACOM or any agency that may substitute them in the future, return the radioelectric spectrum that exceeds the limit set under Section 5 of Resolution No. 171-E/17 issued by the Ministry of Communications and/or any regulation that may repeal it in the future. To those effects, the Company shall file with the ENACOM, no later than one year in advance upon the expiration of the two-year term, a proposal to conform to that limit. The ENACOM may accept the proposal, reject it and/or request a new filing with any changes it may deem appropriate.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, through that Resolution, the ENACOM authorized the change of corporate control, pursuant to Section 33 of the LGS, in Telecom Argentina once the merger became effective and the shareholders agreement dated July 7, 2017 became effective, as a result of which CVH became the legal controlling company of Telecom Argentina as surviving company of Cablevisi&#xF3;n.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Such Resolution also approved:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 55.45pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(i)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"></font>The relinquishment of the services registrations that are currently non-operative that had been requested by Cablevisi&#xF3;n S.A. People Notice service (&#x201C;SAP&#x201D;), Community Repeater (&#x201C;SRC&#x201D;), Public Telephony (&#x201C;STP&#x201D;), Location of Vehicles (&#x201C;SLV&#x201D;) and Alarm by radioelectric link (&#x201C;SAVR&#x201D;) and by Telecom (SRC); and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 55.45pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(ii)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 24pt 0pt 0pt;"></font>The revocation of the licenses and registrations granted to Cablevisi&#xF3;n S.A., now held by&nbsp;&nbsp;&nbsp;Telecom.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 19.45pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, the Resolution provides that: </font>
		</p>
		<p style="margin:0pt 0pt 12pt 55.45pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(i)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 27pt 0pt 0pt;"></font>Telecom shall comply with Section 95 of Law No. 27,078, which provides for the conditions under which it may operate the physical and/or radioelectric link subscription television service, transcribed below: </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">a.<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>The Company shall create a business unit to provide the audiovisual communication service and manage it separately from the public utility business unit;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">b.<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>It shall keep separate accounting records and bill the licensed services separately;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">c.<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>It shall not conduct anti-competitive practices such as tie-in practices and cross subsidies with funds from public utilities to licensed services;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">d.<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>It shall provide - when requested- to the competitors in licensed services access to its own support infrastructure, especially, posts, masts and ducts under market conditions. In the absence of agreement between the parties, the ENACOM shall intervene;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">e.<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>It shall not conduct anti-competitive practices concerning the rights to broadcast contents over its networks and facilitate a growing percentage to be established by the ENACOM to the distribution of contents from independent third parties; and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">f.<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>It shall respect the professional competences and job classifications of the workers in the different activities it is engaged in.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 55.45pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(ii)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 24pt 0pt 0pt;"></font>Telecom is declared to be an operator with a significant position in the retail market of Fixed Internet Access market in the locations detailed in the Report prepared by the National Directorate for the Development of Competition in Networks and Services of the ENACOM. As a result, it decided that:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">a.<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>Telecom shall, within 60 days as from the date the Resolution was issued, offer the Fixed Internet Access service in those locations at a price that may not be higher than the lowest price offered by the company in Area II for that service. If a similar service is not provided in that Area, it shall apply the lowest price offered at national level by the licensee for a similar service.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">b.<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>Telecom shall, within 60 days as from the date the Resolution was issued, report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service. Telecom shall ensure to other providers, under transparent, non-discriminatory and cost-oriented conditions, access to its own support infrastructure, especially, posts, masts and ducts.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of the date of issuance of these consolidated financial statements, the Company has complied with such provisions.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">All the provisions mentioned above shall be in effect for a term of 2 years as from the notice of the authorization granted by ENACOM, or until it has been verified that there is effective competition in all or in some of the locations involved. The ENACOM may extend or revoke that term.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">With regard to the provision of Quadruple Play services, Section 7 of Decree No. 1,340 shall apply:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">SECTION 7 - The providers of Information Technology and Communications Services that make joint service offerings shall detail the price of each of those services, including the breakdown of those prices and discounts or benefits applied to each service or product for the above-mentioned offerings. Pursuant to Section 2, subsection i) of Law No. 25,156 and to Section 1,099 of the Civil and Commercial Code of Argentina, those providers may not subject, in any way and under any condition, the purchase of any service to the purchase of another service, thus preventing the customer from purchasing any service separately or individually.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On June 29, 2018, the Secretary of Commerce issued Resolution No. 374/18, whereby it authorized the merger transaction in the terms of paragraph a) of Article 13 of Law No. 25,156. (For more information, see Note 4.a).</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:7pt;"><p style="width:7pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:bold;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;text-transform:uppercase;">&#x201C;ENACOM Resolutions No. 840/18, No. 1,196/18 and No. 4,353/18 &#x2013; New regime for Radioelectric Spectrum Fees&#x201D;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On February 27, 2018, Resolutions Nos. 840/18 and No. 1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In accordance with the provisions of Resolution No. 4,353/18, published in the Official Gazette on May 24, 2018, the new Regime for Radio-electric Rights and Tariffs will not have an impact until August 31, 2018. This Resolution suspends the effects of Resolutions No. 840/18 and No. 1,196/18, from its publication until August 31, 2018. During this period, the Radioelectric Rights corresponding to the Mobile Communications Services (SRMC, STM, PCS and SCMA) that are accrued will be paid in accordance with the regime prior to the one established by Resolutions No. 840/18 and No. 1,196/18. The affidavits corresponding to the Mobile Communications Services (SRMC, STM, PCS and SCMA), which expire in the months of April and May 2018, that had not been prepared in accordance with the provisions of Resolution ENACOM No. 840/2018, must be submitted rectified and pay the resulting differences on October 10, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of the date of issuance of these consolidated financial statements Telecom has submitted the rectifying affidavits corresponding to the months of March and April 2018 (due in April and May), and has paid (under protest) the respective amounts. It also started to comply with, as from September 2018, the filing and payment (under protest) of the corresponding affidavits.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:7pt;"><p style="width:7pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-size:10pt;;"> &#xFC;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;">BUY ARGENTINE ACT</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">According to the provisions of Article 1 of Law No. 27,437, which is regulated by Decree No.800/2018 and Resolution No. 91/2018 of the Secretariat of Industry, Telecom Argentina - as a public fixed telephone service licensee - and their respective direct subcontractors, in the procurement of provisions and public works and services shall give preference to the purchase or lease domestic goods and services.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Article 2 of the mentioned law provides that the preference established in Article 1 to domestic goods or services will apply when, for identical or similar goods or services, under cash payment terms, the price is equal to or lower than the price of imported goods or services, increased by 15% when the offering of the good or services is carried out by companies qualified as Micro and SME, and 8% when the offering of the good or services is carried out by other companies. For comparison purposes, the price of imported goods shall include current import duties and taxes and all expenses required for its nationalization.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Article 5 of the mentioned law establishes that a good is of national origin when it has been produced or extracted in Argentina, provided that the cost of imported raw materials, inputs or imported materials does not exceed 40% of its gross value of production.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Relating to services acquisitions, Law No. 18,875 applies, which provides the obligation to hire only companies, consultants and domestic professionals, as defined in the mentioned Law. Any exceptions must be approved by the competent Ministry.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additionally, Resolution No. 2,350/04 of the former CNC, approves the &#x201C;Procedure for the accomplishment of the Buy Argentine Act&#x201D;, which includes the obligation to submit semiannual affidavits related to the compliance with the Act. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The regulatory body establishes economic, administrative and criminal sanctions for the alleged breach of the obligations of Buy Argentine Act.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It is worth mentioning that this Act provides to Telecom Argentina less operational flexibility related to, among other matters, authorizations management prior to acquisitions, investment of time in the assembly of the required presentations with respect to the obligation to inform the semiannual affidavits of compliance of the Buy Argentine Act and associated administrative expenses.</font>
		</p><div /></div> </div><span></span>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6977982080">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These consolidated financial statements have been prepared by applying the restatement criteria of financial statements established in IAS 29. For more information, see Note 1.e).</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">a)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Going Concern</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The consolidated financial statements as of December 31, 2018 and 2017 have been prepared on a going concern basis as there is a reasonable expectation that Telecom Argentina and its subsidiaries will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months from the end of the reporting period).</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">b)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Foreign Currency Translation</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Items included in the financial statements of each of the entities of Telecom are measured using the currency of the primary economic environment in which the entity operates (&#x201C;the functional currency&#x201D;). The consolidated financial statements are presented in Argentine pesos, which is the functional currency of all Telecom&#x2019;s companies located in Argentina. The functional currency for the foreign subsidiaries of Telecom is the respective legal currency of each country.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The financial statements of the Company&#x2019;s foreign subsidiaries are translated using the exchange rates in effect at the reporting date; for assets and liabilities while income and expenses are translated at the average exchange rates for the year. Exchange differences resulting from the application of this method are recognized in Other Comprehensive Income. The cash flows of foreign consolidated subsidiaries expressed in foreign currencies included in the consolidated financial statements are translated at the average exchange rates for each year.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">c)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Foreign Currency Transactions</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Transactions in foreign currencies are translated into the functional currency using the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate prevailing at the reporting date. Exchange differences are recognized in the consolidated income statement and are included in Debt financial costs and Other financial results, net.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">d)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Consolidation</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These consolidated financial statements include the consolidation of the assets, liabilities, results and cash flows of Telecom Argentina and its subsidiaries, as well as the consolidation in its financial statements of the assets, liabilities and results under joint control, according to the percentage of interest in the arrangements of the companies and joint ventures (&#x201C;Interests in joint operations,&#x201D; point d.2) jointly controlled by it; and, the interest owned by the Company in associates is recognized in one item (companies in which it exercises significant influence, see d.3) Investments in Associates.) Finally, structured entities with the specifications mentioned in point d.4) are included in these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.1) Control</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Control exists when the investor has substantive power over the investee; exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power to affect the amount of returns. Subsidiaries are fully consolidated from the date on which control is transferred to the controlling company. They should be deconsolidated from the date that control ceases.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the preparation of these consolidated financial statements, assets, liabilities, revenues and expenses of the consolidated subsidiaries are consolidated on a line-by-line basis. Non-controlling interests in the equity and in the profit (loss) for the period are disclosed separately under appropriate captions, respectively, in the consolidated statement of financial position, in the consolidated income statement and in the consolidated statement of comprehensive income.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">All intercompany accounts and transactions between Telecom and its subsidiaries have been eliminated in the preparation of these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial statements of controlled companies are for the same period and has the same closing date of the parent&#x2019;s financial statements and are made using the same accounting policies of the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Note 1.a) details the consolidated subsidiaries, together with the interest percentages held directly or indirectly in each subsidiary&#x2019;s capital stock and votes as of December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company considers transactions with non-controlling companies that do not result in a loss of control as transactions among shareholders. A change in the equity interests held by the Company is considered as an adjustment in the book value of controlling interests and non-controlling interests to reflect the changes in its relative interests. The differences between the amount for which non-controlling interests is adjusted and the fair value of the consideration paid or received and attributed to the shareholders of the controlling company will be directly recognized in equity under a specific reserve in the equity attributed to the parent company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.2) Interests in Joint Operations</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">A joint operation is a contractual arrangement whereby two or more companies undertake an economic activity that is subject to joint control, i.e., when the financial strategy and the operating decisions related to the company&#x2019;s activities require the unanimous consent of the parties sharing control.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the cases of joint business arrangements executed through </font><font style="display:inline;font-style:italic;">Uniones Transitorias de Empresas</font><font style="display:inline;"> ("UTE"), considered joint operations under IFRS 11, the Company recognizes in its financial statements on a line-by-line basis the assets, liabilities and net income subject to joint control in proportion to its share in such arrangements. Telecom, upon absorbing the operations of Cablevisi&#xF3;n, holds a 50% share in the UTE Ertach &#x2013; Cablevisi&#xF3;n.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The UTE Ertach &#x2013; Cablevisi&#xF3;n is engaged in the provision of data transmission services and the order channels required to integrate the public administration agencies of the Province of Buenos Aires and its municipal agencies in a single data communication provincial network.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The UTE was created in April 2005 by the Board of Directors of Prima (absorbed by Cablevisi&#xF3;n in 2016) and currently has an agreement, with the Ministry of the Chief of the Cabinet of Ministers of the Province of Buenos Aires which was approved under Decree No. 2017-166-E-GDEBA-GPBA, that provides for the data transmission services for the Single Provincial Data Communication Network implemented under the original Bid for a term of 24 months since May 1, 2017. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.3) Investments in Associates</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">An associate is an entity over which the Company has significant influence, without exercising control, generally accompanied by equity holdings of between 20% and 50% of voting rights.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The associates&#x2019; assets, liabilities and net income are disclosed in the financial statements using the equity method. Under the equity method, the investment in an associate is initially recorded at cost and the book value will be increased or decreased to recognize the investor&#x2019;s share in the statement of income for the year or in other comprehensive income obtained by the associate, after the acquisition date. The dividends distributions received from the associate will reduce the book value of the investment. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company's investment in associates includes the goodwill identified at the time of the acquisition, net of any impairment losses. Goodwill is the excess of the acquisition cost over the Company&#x2019;s share in the net fair value of the associate&#x2019;s identifiable assets and liabilities (including contingent ones) measured at the acquisition date. Goodwill is included in the book value of the investment and tested for impairment as part of the investment.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Unrealized gains or losses on transactions between the Company (and its subsidiaries) and the associates are eliminated considering the Company&#x2019;s interest held in the associates.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If necessary, adjustments are made, to the associates&#x2019; financial statements so that their accounting policies are in line with those used by the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.4) Consolidation of structured entities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company, through one of its subsidiaries, has executed certain agreements with other companies for the purpose of rendering on behalf of and by order of such companies certain installation services, collections, administration of subscribers, marketing and technical assistance, financial and general business advising, with respect to cable television services in Uruguay. In accordance with IFRS 10 &#x201C;Consolidated Financial Statements&#x201D;, these consolidated financial statements include the assets, liabilities and results of these companies. Since the Company does not hold an equity interest in these companies, the offsetting entry of the net effect of the consolidation of the assets, liabilities and results of these companies is disclosed under the line items "Equity attributable to non-controlling interests" and "Net Income attributable to non-controlling interests".</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;text-decoration:underline;">Call Option Agreement of Adesol</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On December 22, 2016, Adesol S.A. entered into a call option agreement (the &#x201C;Call Option Agreement&#x201D;) with the majority shareholder of the special purpose entities, whereby, Adesol has the right to exercise, until December 31, 2021, the irrevocable call option on the shares of those companies (the &#x201C;Call Option&#x201D;). If it exercises the Call Option, the purchase price has been preliminarily established in the amount of $128, subject to an eventual adjustment in case certain circumstances provided under the Call Option Agreement occur.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition to the execution of the Call Option Agreement, Adesol S.A. paid to the grantor of the call option an option premium the amount of $45 (the amount restated to current currency of December 31, 2018 amounts to $83 ). If Adesol S.A. does not exercise the Call Option, the seller shall irrevocably retain the amount paid by Adesol S.A., and the agreement will be terminated.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If it exercises the Call Option, the assignment, sale and transfer of the shares to Adesol shall be subject, as condition precedent, to the approval by the Communication Services Regulatory Agency of the Republic of Uruguay.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, on December 28, 2017, the parties executed an amendment to the Option Agreement and the Seller sent a notice to Adesol, whereby: (i) the Call Option Period was extended for two additional years, thus the expiration date is December 31, 2023; (ii) the Purchase Price of the Shares was set precisely and definitively US$ 5,011,747 and $45; (iii) Adesol undertook to pay, within ten business days as from December 30, 2017, a Supplement to the Option Premium in the amount of US$ 4,500,000; and (iv) in the event that Adesol S.A. has paid the Seller the Supplement to the Option Premium and Adesol S.A. does not exercise the Call Option within the Call Option Period, the Seller undertakes to return to Adesol S.A., within ten business days as from the expiration of the Call Option Period, the amount of US$ 2,500,000 received as partial payment of the Supplement to the Call Option Premium. In view of the above, on January 16, 2018, Adesol S.A. paid to the Seller the Supplement to the Call Option Premium. Such amount was allocated under &#x201C;Other deferred&#x201D; in the statement of changes in equity and amounts to $91 at the exchange rate prevailing at the time of its payment (the amount restated to current currency of December 31, 2018 amounts to $132).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.5) Business Combinations</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company applies the acquisition method of accounting for business combinations. The consideration for each acquisition is measured at fair value (on the date of exchange) of the assets given, the liabilities incurred or assumed, and the equity instruments issued by the Company in exchange for the control of the acquired company. The costs related to the acquisition are expensed as incurred.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The consideration for the acquisition, if any, includes any asset or liability arising from a contingent consideration arrangement, measured at fair value at the acquisition date. Subsequent changes to such fair value, identified during the measurement period, are adjusted against the acquisition cost. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The identifiable assets, liabilities and contingent liabilities of the acquired company that meet the conditions for recognition under IFRS 3 are recognized at fair value at the acquisition date, except for certain particular cases provided by such standard.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Any excess of the acquisition cost over the Company&#x2019;s share in the net fair value of the acquired&#x2019;s identifiable assets, liabilities and contingent liabilities measured at the acquisition date is recognized as goodwill. Any excess of the Company&#x2019;s share in the net fair value of the identifiable assets, liabilities and contingent liabilities over the acquisition cost, after its measurement at fair value, is immediately recognized in the income statement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.6) Accounting treatment for the acquisition of the remaining shareholding (30%) of the subsidiary CV Berazategui</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On April 4, 2018, the Company acquired shares representing 30% of the capital stock and votes of CV Berazategui for a total amount of US$ 8,968,000, equivalent to $181 at the date of the transaction.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The remaining 70% of the capital stock and votes of CV Berazategui are owned by Pem, a company controlled by Telecom Argentina.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This operation represents a transaction between the controlling and non-controlling shareholders in the consolidated financial statements. For this reason, the non-controlling interest of $5, which represents 30% of the equity value of CV Berazategui, was adjusted and the difference between the purchase price of $181 and the non-controlling interest was recorded in "Other deferred" within Net Equity attributable to controlling shareholders as of December 31, 2018, in accordance with IFRS 10 (the amount restated to current currency of December 31, 2018 amounts to $237).</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">e</font><font style="display:inline;">)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Revenues</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues are recognized to the extent the sales agreement has commercial substance, provided it is considered probable that economic benefits will flow to the Company and their amount can be measured reliably. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues are stated net of discounts and returns (such as handset returns). The Company discloses its revenues into two large groups: Services and equipment. Revenues from services are recognized over the time services are rendered to the customers. Revenues from sales of equipment are recognized at the point in time when the control is transferred and the performance obligation is performed.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues from transactions that include more than one item have been recognized separately to the extent they have commercial substance on their own.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The sale prices identified in the different sales transactions are net prices of discounts (list price less discounts or bonifications if applicable). In those cases in which the payment is delayed over time, as for example in construction contracts, the effect of the time value of money must be withdrawn.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financed sales are recognized at the value of future income discounted at a market rate assessed at the beginning of the transaction.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The main performance obligations of Telecom and its subsidiaries are the following:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Mobile Services</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom provides mobile services in Argentina and Paraguay through wireless networks. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Services revenues consist of monthly basic fees, airtime usage charges, roaming, TLRD, CPP charges (as from October 1 these charges were no longer recognized as CPP and began to be recognized as a call termination charge), charges for VAS (among them, call waiting, voicemail, SMS and multimedia) and other services. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Basic fees are generally billed monthly in advance, disclosed net of trade receivables until services are rendered.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues from the sale of prepaid calling cards are recognized in the period during which traffic is used, or when the card expires, whichever occurs first. Remaining unused traffic for unexpired calling cards is shown as &#x201C;Deferred revenue on prepaid calling cards&#x201D; under Other liabilities.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues from sales of mobile equipment consist mainly of the sale of handsets to customers and own agents. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Generally, in cases of combined sales, the handset is sold with a discount in the price, but not when the handset is sold separately. In connection with mobile telephony service, it is generally offered at the same selling price, without any discount in case it is offered together with a handset. In those cases of combined sales, IFRS 15 (Revenue from Contracts with Customers), adopted by Telecom as from January 1, 2018, requires to allocate the selling price to each performance obligation according to its proportional standalone selling price for the agreed-upon stipulated contractual term.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Taking into consideration that the customer pays for the handset the price net of the discount and that, under the application of the method detailed in the previous paragraph, the discount applied to the handset is assigned between handset sale revenues and service revenues, a contractual asset will be initially recognized. The contract of individuals is a contract for an indeterminate period and the payment of the handset is net of discounts. In such cases, the contractual asset will be reversed within a period of one month. In the case of large customers, the contractual asset will decrease to the extent service revenues are recognized, and will be fully derecognized in the 24th month, that is the stipulated contractual term for this type of customers. The method used provides a faithful representation of the transfer of goods or services in mobile services contracts in which more than one good or service is offered.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Internet Services</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Internet revenues mainly consist of monthly fees received from residential and corporate customers for data transmission (including private networks, dedicated lines, broadcasting signal transport and videoconferencing services) and Internet services (mainly high-speed subscriptions - broadband).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Non-refundable up-front connection fees (revenues at a point in time), generated at the beginning of the relationship with the customers, are deferred and charged to income over the term of the contract or, in the case of indefined period contracts, over the average period of the customer relationship.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Cable Television Services</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Cable Television Services comprise the operation of cable television networks installed in different locations of Argentina and Uruguay. In addition, Tuves holds a license for the provision of DATH services in Paraguay.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Cable television basic fees are billed in advance and are recognized as revenues when services are provided.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues from the installation (&#x201C;one-time&#x201D; revenues) non-refundable of these services are deferred and charged to income in the estimated average term of the relationship with the customer.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Fixed Telephony and Data services</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Domestic fixed telephony services revenues mainly consist of monthly fees, measured service and monthly fees for additional services (among others, call waiting, itemized billing and voicemail).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Basic fees are generally billed monthly in advance, disclosed net of trade receivables, and are recognized as revenues when services are provided. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Non-refundable up-front connection fees for fixed telephony and data services (one-time revenues), generated at the beginning of the relationship with the customers, are deferred and charged to income over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">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 up to an amount equal to or less than the amount of deferred revenues. Generally, reconnection revenues are higher than its associated direct expenses.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues on construction contracts are recognized based on the stage of completion (percentage of completion method). This method provides a faithful representation of the transfer of assets in construction contracts, given that revenues are recognized to the extent of the progress of the construction. When the outcome of a construction contract can be estimated reliably, the revenues and costs associated with the construction contract are recognized as revenues and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. When it is probable that total contract costs will exceed total contract revenues, the expected losses are immediately recognized as expenses. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018 revenues from construction contracts were recognized for $160 and cost of construction contracts were recognized for $155. In relation to construction contracts; $322 of deferred revenues and $537 of inventories were recognized as of December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">f)</font><font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Financial Instruments</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">f.1) Financial Assets</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Upon initial recognition, in accordance with IFRS 9, financial assets are subsequently measured at either amortized cost, or fair value, on the basis of:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(a)&nbsp;the Company&#x2019;s business model for managing the financial assets; and </font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(b)&nbsp;the contractual cash flow characteristics of the financial asset.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">A financial asset shall be measured at amortized cost if both of the following conditions are met:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(a)&nbsp;the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(b)&nbsp;the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">A financial asset that is not measured at amortized cost according to the paragraphs above is measured at fair value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial assets include:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;font-style:italic;text-decoration:underline;">Cash and Cash Equivalents</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three&nbsp;months.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Time deposits are valued at their amortized cost.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net - Interest and Gains on investments. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Investments in Government Bonds were valued at amortized cost or at fair value, depending on the business model established by the Company&#xB4;s Management. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Trade and Other Receivables</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for doubtful accounts.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As mentioned in section e) Revenues, contractual assets originated by the application of IFRS 15, either current or non-current, are initially recognized at fair value and subsequently measured at amortized cost, less allowances for doubtful accounts, if any.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;font-style:italic;text-decoration:underline;">Investments</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Government Bonds include the Bonds issued by National, Provincial and Municipal Governments. Depending on the business model adopted by Management, Bonds may be valued at amortized cost or at fair value and its results are recognized under Other Financial Results, net - Interest and Gains on other investments.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Time deposits are valued at amortized cost.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net - Interest and Gains on investments. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Those National, Provincial and Municipal Governments bonds denominated in foreign currency whose initial intention is to keep them until their maturity, are measured at amortized cost and bear an interest in foreign currency. In this particular case, Management estimated the US Dollar denominated cash flows to be generated until maturity and compared that amount to the fair value of the instrument in US Dollars at the acquisition date. The acquisition cost in US Dollars has been adjusted by applying the Internal Rate of Return (IRR) and the resulting value was converted to Argentine pesos using the exchange rate as of the date of measurement. The exchange differences generated by these bonds are included in Other financial results, net - Foreign currency exchange gain (loss).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Other investments in Government Bonds are valued at fair value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The 2003 telecommunications fund was recorded at fair value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Impairment of Financial Assets</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">At the time of initial recognition of financial assets (and at each closing), the Company estimates the expected losses to be generated by the assets, with an early recognition of a provision, pursuant to IFRS 9.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">With regard to trade receivables, and using the simplified approach provided by such standard, the Company measures the allowance for doubtful accounts for an amount equal to the lifetime expected credit losses. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The expected losses to be recognized are calculated based on a percentage of uncollectibility per maturity ranges of each financial credit. For such purposes, the Company analyzes the performance of the financial assets by type of market. Such historical percentage must contemplate the future collectibility expectations regarding those credits and, therefore, those estimated changes in performance.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Derecognition of Financial Assets</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company derecognizes a financial asset when the contractual rights to the cash flows of such assets expire or when it transfers the financial asset and, therefore, all the risks and benefits inherent to the ownership of the financial asset are transferred to another entity. If the Company retains substantially all the risks and benefits inherent to the ownership of the transferred asset, it will continue to recognize it and will recognize a liability for the amounts received.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">f.2)&nbsp;Financial Liabilities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial liabilities comprise trade payables (excluding Derivatives, if applicable), financial debt, salaries and social security payables (see point n) below), Dividends payable and certain liabilities included in Other Liabilities.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made, adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Derecognition of Financial Liabilities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company shall derecognize a financial liability (or part of it) when it has been extinguished, i.e., when the obligation specified in the corresponding agreement is discharged, cancelled or expires.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">f.3)&nbsp;Derivatives</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Derivatives are used by Telecom and its subsidiaries to manage its exposure to exchange rate and interest rate risks and to diversify the parameters of debt so that costs and volatility can be reduced to pre-established operational limits.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">All derivative financial instruments are measured at fair value in accordance with IFRS 9. Derivative financial instruments qualify for Hedge Accounting if and only if all of the following conditions are met:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">a)&nbsp;&nbsp;The hedging relation consists only of hedging instruments and eligible hedged items;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">b)&nbsp;&nbsp;The hedging relation and the risk management strategy and purpose are formally designated and documented since its inception; and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">c)&nbsp;&nbsp;the hedge is expected to fulfill the efficacy requirements described in Note 21.c &#x2013; Hedge Accounting.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">When a derivative financial instrument is designated as a cash flow hedge the effective portion of any gain or loss on the derivative financial instrument is recognized directly in Other Comprehensive Income. The cumulative gain or loss is removed from OCI and recognized in the consolidated income statement at the same time as the hedged transaction affects the consolidated income statement. The gain or loss associated with the ineffective portion of a hedge is immediately recognized in the consolidated income statement. If the hedged transaction is no longer probable, the cumulative gains or losses included in OCI are immediately recognized in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If the hedged item is a prospective transaction that results in the recognition of a non-financial asset or liability or a firm commitment, the cumulative gain or loss that was initially recognized in OCI is reclassified to the carrying amount of such asset or liability.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If Hedge Accounting is not appropriate, gains or losses arising from the fair value measurement of derivative financial instruments are immediately recognized in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For additional information about derivatives operations during the years ended December 31, 2018 and 2017, see Note 21.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">g)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Inventories</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Inventories are measured at the lower of restated cost and net realizable value. The cost is determined under the weighted average price method. The net realizable value represents the estimated selling price in the ordinary course of business less the applicable variable selling expenses. In addition, the Company estimates and records allowances for obsolete and slow-moving inventories.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The value of inventories does not exceed its recoverable value at the end of the year.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">h)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">PP&amp;E</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">PP&amp;E is stated at restated acquisition or construction cost. Subsequent expenditures are capitalized only when they represent an improvement, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The other subsequent costs are recognized as expenses for the period in which they are incurred. When a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items if they are significant.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">PP&amp;E cost also includes the expected costs of dismantling the asset and restoring the site if a legal or constructive obligation exists. The corresponding liability is recognized under Provisions line item at its present value. These capitalized costs are depreciated and charged to the consolidated income statement over the useful life of the related assets in the Depreciation, amortization and impairment of PP&amp;E and Intangible assets item line.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed on an annual basis. Changes in the above liability are recognized as an increase or decrease of the cost of the related asset and are depreciated prospectively.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, PP&amp;E costs include those related to the installation that allows the customer to connect to the service, in Fixed network and transportation. Those costs comprise labor costs and the materials required to install wiring.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Borrowing costs attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of these assets until they are ready for their intended use or sale, under IAS 23 (&#x201C;Borrowing Costs&#x201D;.) The assets in respect of which borrowing costs are capitalized are those that necessarily take a substantial period of time to get ready for their intended use (qualifying assets under IAS 23).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The value of PP&amp;E does not exceed its recoverable value estimated at the end of the year.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Depreciation of PP&amp;E owned is calculated on a straight-line basis over the ranges of estimated useful lives of each class of assets. The ranges of the estimated useful lives of the main classes of PP&amp;E are the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Estimated&nbsp;Useful</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Life&nbsp;(in&nbsp;years)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Real Estate</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">50</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fixed Network and Transportation</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5 &#x2013; 10</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile Network Access</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">3 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tower and Pole</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">10 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Switching Equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Computer Equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">3 &#x2013; 5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Goods lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2 &#x2013; 4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Power Equipment and Installations</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2 &#x2013; 12</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Machinery, diverse equipment and tools</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5 &#x2013; 10</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The depreciation rates are reviewed annually and revised if the current estimated useful life is different from that estimated previously taking into account, among others, technological obsolescence, maintenance and condition of the assets and different intended use from previous estimates. The effect of such changes is recognized prospectively in the income statement in the corresponding period.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">i)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Intangible Assets</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets are recognized if and only if the following conditions are met: The asset is separately identifiable, it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and the cost of the asset can be measured reliably.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets with a finite useful life are stated at restated cost, less accumulated amortization and impairment losses, if any.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets with an indefinite useful life are stated at restated cost, less accumulated impairment losses, if any.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets comprise the following:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:11pt;">- Incremental Costs from the Acquisition of Contracts</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Certain direct incremental costs incurred for the acquisition of new subscribers are capitalized as intangible assets to the extent the conditions for the recognition of an intangible asset are met, pursuant to IFRS 15, i.e. provided the Company expects to recover those costs and provided they are costs that the Company would not have incurred if the contract had not been successfully obtained.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Subsequently, said assets will be amortized under the straight-line method over the contractual relationship of the related transferred service. These costs are amortized over a period of two years.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;">
			<font style="display:inline;">- &nbsp;3G/4G licenses</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As described in Note 2.e Spectrum, it includes 3G and 4G frequencies awarded by the SC to Personal in November 2014 and June 2015. In accordance with Section 12 of the Auction Terms and Conditions, they were granted for a period of 15 years as from the date of awarding notification.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Consequently, the Company's management has concluded that the 3G and 4G licenses have a finite useful life and, therefore, they are amortized under the straight-line method over 180 months as from their award.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Pursuant to Section 4.d) of PEN Decree No. 1,340/16 and Resolution No. 528/2018, which is described in Note 2.e), the remaining useful life of the frequencies included in Lot 8 of the auction was re-estimated. In consequence, the 700Mhz bands will finish amortizing in January 2033.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, the licenses that had been previously awarded to Nextel whose useful life is calculated as from the beginning of the provision of the Advanced Mobile Communication Services SCMA or upon expiration of the 18-month term provided under Section 10.1, subsection a), Annex I, Decree No. 764/2000 for the beginning of the provision of the Services, whatever occurs first.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- PCS license (Argentina)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company&#x2019;s Management, based on an analysis of the relevant characteristics of this license, has considered the license having an indefinite useful life since there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. Therefore, this license is subject to a recoverability assessment at least on an annual basis.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">No impairment losses have been recorded for those intangible assets for any of the three years presented. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- N&#xFA;cleo&#xB4;s licenses</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">PCS license is amortized under the straight-line method over 60 months, ending its amortization in fiscal year 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On June 2017, N&#xFA;cleo required the renovation of that license. Finally, and after that the CONATEL issued, according to the Telecommunication law, resolutions of precarious extensions in the second quarter 2018, the PCS license was renewed for approximately $64, which amortizes in 60 months.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The 700 MHz- band spectrum licenses acquired by N&#xFA;cleo during the first quarter of 2018 for US$24 million are amortized over a term of 10 years.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- SRCE License</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">SRCE License has indefinite useful life. At the end of the year, no impairment losses have been recognized on these intangible assets.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- Customer relationship</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It comprises mainly contracts with Telecom&#x2019;s and Tuves Paraguay&#x2019;s customers that were incorporated as a result of the merger between Telecom and Cablevisi&#xF3;n (see Note 4.a)). They are amortized over the estimated term of the relationship with the acquired customers: for fixed-telephony customer such term was estimated at 10 years, for mobile telephony customers in Argentina it was estimated at 6 years, and for mobile telephony customers in Paraguay it was estimated at 5 years.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- Brands</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It includes the Brand Cablevisi&#xF3;n, which is amortized over 50 years, and the Brand Flow, which is amortized over 3 years. In addition, as a result of the Merger described under Note 4.a), the brands of Telecom (&#x201C;Telecom&#x201D;, &#x201C;ARNET&#x201D; and &#x201C;Personal&#x201D;, both in Argentina and in Paraguay) which are not amortized because they have been considered of indefinite useful life.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- Other</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It includes Exclusivity Rights, Rights of Use, among others. The average useful life is estimated at 5 and 28 years.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">j)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Goodwill</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Goodwill is recognized as a difference between the fair value of the consideration paid and the amount of the non-controlling interest, if any, less the fair value of the net assets identified in each business combination. Goodwill has indefinite useful life and its recoverable value must be assessed at least once a year.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">No impairment losses have been recorded for goodwill at year-end.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">k)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Leases</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;">
			<font style="display:inline;">Finance Leases</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Leases that transfer substantially all the risks and benefits incidental to ownership of the leased asset are classified as finance leases. All other leases are classified as operating. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018 Telecom and its subsidiaries do not have current financial lease agreements or residual value of fixed assets acquired by financial leases.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Operating Leases</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Lease payments under an operating lease are recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the normal course of business, the Company leases cell sites, switch sites, satellite capacity and circuits, among others, under various non-cancellable operating leases. Rental expenses are included under Interconnection and transmission costs and Other operating income and expenses items lines in the consolidated income statement during the term of the lease.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">l)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Impairment of PP&amp;E, Intangible Assets and Goodwill</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company assesses whether there are any indicators of impairment of the assets that are subject to amortization. Both internal and external factors are considered for this purpose. Internal factors include, among others, obsolescence or physical damage of the asset, and significant changes in the extent to which, or manner in which, an asset is used or expected to be used and internal reports that may indicate that the economic performance of the asset is, or will be, worse than expected. External sources include, among others, the market value of the asset, significant changes in the legal, economic, technological or markets environment, increases in market interest rates and the cost of capital used to evaluate investments, and an excess of the carrying amount of the net assets of Telecom over market capitalization.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The carrying value of an asset is considered impaired by the Company when it is higher than its recoverable amount. In that event, a loss shall be immediately recognized in the statement of income.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The recoverable value of an asset is the higher of its fair value (less selling costs) or its value in use. In calculating the value in use of an asset, the estimated future cash flows are discounted to present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the evaluated asset.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit to which the asset belongs. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets with an indefinite useful life and goodwill are not subject to amortization and are tested at least annually for impairment. The intangible assets with an indefinite useful life held by the Company as of December 31, 2018 are the PCS license in Argentina, the brands acquired with the business combination (see Note 4.a) and the SRCE license. The intangible asset with indefinite useful life held by the Company as of December 31, 2017 is the SRCE license. Its recoverable amount is determined based on the value in use, which is estimated using discounted net cash flows projections.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For the years presented, the Company estimates that there is no indication of impairment of the assets that are subject to amortization, with the exception of, mainly, the impairment recognized for the brand Arnet for $1,623. The Company decided, in the fourth quarter of 2018, to discontinue the use of the trademark Arnet for the commercialization of its broadband product during the year 2019. The customers that currently use said brand will now use said service under the brand Fibertel. This will allow the Company to simplify its brand portfolio completing the alignment of products, and to establish a better and more direct communication with our customers.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The net effects of the constitution and recovery of the above-mentioned impairments are recorded under &#x201C;Impairment of PP&amp;E&#x201D;, which is described under Note 23.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">m)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Other Liabilities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Pension Benefits</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Pension benefits shown under Other liabilities represent accrued benefits under collective bargaining agreements for employees who retire upon reaching normal retirement age, or earlier due to disability in Telecom Argentina. Benefits consist of the payment of a single lump sum equal to the salary of one month for each five years of service at the time of retirement due to retirement age or disability. The collective bargaining agreements do not provide for other post-retirement benefits such as life insurance, health care, and other welfare benefits. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The net periodic pension costs are recognized in the income statement, segregating the financial component, as employees render the services necessary to earn pension benefits. However, actuarial gains and losses should be presented in the statements of comprehensive income. Actuarial assumptions and demographic data, as applicable, were used to measure the benefit obligation as required by IAS 19 revised. The Company does not make plan contributions or maintain separate assets to fund the benefits at retirement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The actuarial assumptions used are based on market interest rates, past experience and Management&#x2019;s best estimate of future economic conditions. Changes in these assumptions may impact future benefit costs and obligations. The main assumptions used in determining expense and benefit obligations are the:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Discount Rate (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">6.4 % - 15.2</font></p>
				</td>
				<td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">4.6 % - 9.2</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Projected&nbsp;increase&nbsp;rate&nbsp;in&nbsp;compensation&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">10.0 % - 31.2</font></p>
				</td>
				<td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">8.0 % -16.3</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(1)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.8pt 0pt 0pt;"></font></font><font style="display:inline;font-size:8pt;">Represents estimates of real interest rate rather than nominal rate.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additional information on pension benefits is provided in Note&nbsp;17.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Deferred revenues on prepaid calling cards</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues from unused traffic and data packs for unexpired calling cards are deferred and recognized as revenue when the minutes and the data are used by customers or when the card expires, whichever happens first. For more information, see Note 3.e) Revenues &#x2013; Mobile services.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Deferred revenues on connection fees</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Non-refundable up-front connection or installation fees for fixed telephony, data, cable and Internet services are deferred over the term of the contract, or in the case of indefinite period contracts, over the average period of customer relationship. For more information, see Note 3.e) Revenues &#x2013; Fixed Telephony and Data services, Internet services and Cable television services.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Deferred Revenues related to Customer Loyalty Programs</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The fair value of the award credits regarding the Company and N&#xFA;cleo&#x2019;s customer loyalty program is accounted for as deferred revenue and recognized as revenue until the award credits are redeemed or expire, whichever occurs first.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Deferred Revenues on International Capacity Leases</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Under certain network capacity purchase agreements, the Company sells excess purchased capacity to other carriers. Revenues are deferred and recognized as services are provided.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Government grants for the acquisition of PP&amp;E</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Government grants for the acquisition of PP&amp;E must be recognized on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. In accordance with IAS 20 the government grants related to assets can be presented either as deferred income or as a reduction of the carrying amount of related asset. The Company, in relation to subsidies received by its subsidiaries, elected the first alternative provided by the standard considering that recognition as deferred income adequately reflects the business purpose of the transaction. Therefore, the related assets are recognized at the cost incurred in the construction of the engaged infrastructure and the government grant was accounted for as deferred income in Other liabilities - Other and recognized in profit or loss starting at the time the infrastructure becomes operative and throughout its useful life.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">n)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Salaries and Social Security Payables</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Include unpaid salaries, vacation and bonuses and its related social security contributions, as well as termination benefits. See Note f.2) for a description of the accounting policies regarding the measurement of financial liabilities.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Termination benefits represent severance indemnities that are payable when employment is terminated in accordance with labor regulations and current practices, or whenever an employee accepts voluntary redundancy in exchange for these benefits. In the case of severance compensations resulting from agreements with employees leaving the Company upon acceptance of voluntary redundancy, the compensation is usually comprised of a special cash bonus paid upon signing the severance agreement, and in certain cases may include a deferred compensation, which is payable in monthly installments calculated as a percentage of the prevailing wage at the date of each payment (&#x201C;prejubilaciones&#x201D;). The employee&#x2019;s right to receive the monthly installments mentioned above starts on the date they leave the Company and ends either when they reach the legal mandatory retirement age or upon the decease of the beneficiary, whichever occurs first.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">o)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Taxes Payable</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Includes mainly: Income Tax, Other National Taxes, Provincial Taxes and Municipal Taxes. The main taxes that represent an expense for the Company are the following:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Income Tax</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Income tax (national tax) is recognized in the consolidated income statement, except to the extent that they relate to items directly recognized in Other comprehensive income or directly in equity. In this case, the tax is also recognized in Other comprehensive income or directly in equity, respectively. The income tax expense for the period/year comprises current and deferred tax.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If the income tax payments and withholdings exceed the amount to pay for the current tax, the excess shall be recognized as a tax credit, only if it is recoverable.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As per Argentinean Tax Law, income taxes payables have been computed on a separate return basis (i.e., the Company is not allowed to prepare a consolidated income tax return). </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company records income taxes in accordance with IAS 12. Deferred taxes are recognized using the liability method, which provides for the assessment of net deferred tax assets or liabilities based on temporary differences. Temporary differences arise when the tax base of an asset or liability differs from their carrying amounts in the statement of financial position, whose future reversal affects tax results. The deferred tax asset / liability is disclosed under a separate item of the Consolidated Financial Statements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">A deferred income tax asset or liability is recognized on those differences, except for those differences related to investments in subsidiaries abroad that generate a deferred income tax liability due to the difference in the income tax rates, only in those cases where the timing of the reversal of the temporary difference is controlled by the Company and it is not probable that the temporary difference will reverse in the foreseeable future.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Deferred tax assets relating to unused tax carryforwards are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets that may arise from investment in subsidiaries are recognized when it is probable that the temporary differences will be reversed in the foreseeable future and when future taxable income would be sufficient to apply those temporary differences.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">A deferred tax asset shall be subjected to a recoverability test at the end of every reporting period. The company shall reduce the carrying amount of the deferred tax asset if it is probable that future taxable income will not be available before its prescription that allows applying the tax deductions of the deferred tax asset. This reduction could be reversed in future periods, to the extent that the Company recovers the expectation of enough future taxable income to apply these deductions.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The legal rate in force in the Argentine Republic for the current period is 30% (years beginning on January 1, 2018 to December 31, 2019, inclusive) established by Law No. 27,430 of December 29, 2017. This law establishes that from January 1, 2020 onward, the legal rate will be 25%. The current legal rate for years ended December 31, 2017 and 2016 was 35%.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For the determination of the deferred tax as of December 31, 2018, the Company has considered, according to the guidelines of IAS 12, the moments in which the temporary differences will be reversed in order to apply the corresponding rate based on the provisions by Law No. 27,430.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The collection of dividends from the investment in a foreign company is achieved by the income tax at the general tax rate. Likewise, the Argentine legislation allows computing as a tax credit the sums paid for analogous taxes abroad.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In Uruguay, the statutory income tax rate is 25% for the years presented.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The statutory income tax rate in Paraguay was 10% for the years presented. As per Paraguayan Tax Law, dividends paid are computed with an additional income tax rate of 5%, representing an effective tax rate of 15%. In addition, a deferred tax liability is recognized in Telecom Argentina due to the effect of the difference in the profit tax rates between Argentina and Paraguay on N&#xFA;cleo accumulated profits because it is probable that these accumulated results flow as dividends and generate a future payment of income tax in Telecom Argentina in accordance with the Argentine law principle of "worldwide income".</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The statutory income tax rate in the United States was 39.5% for the year ended December 31, 2017. Since January 1, 2018, a new Income Tax Law is applicable, which modifies the flat federal rate to 21% changing the total legal income tax rate from 39.5% to 26.5%. &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Tax on Minimum Presumed Income</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In Argentina, the tax on minimum presumed income (impuesto a la ganancia m&#xED;nima presunta) is supplementary to income tax. The Company assesses this tax at the effective rate of 1% on the taxable assets at year-end. The Company&#x2019;s tax liability for each year will be equal to the higher of the tax on minimum presumed income assessment or the income tax liability assessed at the legally effective rate on the estimated taxable income for the year. However, if the tax on minimum presumed income exceeds the income tax liability in any given fiscal year, the excess may be creditable against any excess of income tax liability over the tax on minimum presumed income in any of the following ten fiscal years.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Notwithstanding the provisions of the law, pursuant to AFIP Instruction No. 2/2017, companies shall not be subject to tax on minimum presumed income as long as they recognized accounting and tax losses in the relevant fiscal period. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, Law No. 27,260 establishes that tax on minimum presumed income will lose its effectiveness as from fiscal years beginning on or after January 1, 2019.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During fiscal year 2018 Telecom is subject to tax on minimum presumed income tax since it has recognized accounting gains but income tax losses.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, the tax on minimum presumed income balance has been capitalized in the consolidated financial statements because we estimate that the amounts paid and to be paid for this tax will be recoverable within the statute of limitations, based on the Telecom and its subsidiaries&#x2019; current business plans.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Declaration as Fulfilled Taxpayer </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Pursuant to Law No. 27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and have complied with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should be filed before March 31, 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom Argentina and Cablevisi&#xF3;n have already filed this request related to the payment of the tax on personal property as substitute taxpayer&#x2013; on behalf of Shareholders. The Company&#x2019;s Management believes that the requirements to obtain said exemptions were duly fulfilled. However, it cannot be assured that the Tax Authorities will not challenge said situation.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Provincial Taxes: Turnover Tax</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This tax is levied on companies based in Argentina for the activities carried out in each province of the country. Rates differ depending on the jurisdiction where revenues are earned for tax purposes and on the nature of revenues (for example, sale of services and equipment).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Other taxes and levies</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Since the beginning of 2001, telecommunication services companies have been required to make a SU contribution to fund SU requirements (Note 2.d). The SU tax is calculated as a percentage of the total revenues received from the rendering of telecommunication services, net of taxes and levies applied on such revenues. The rate is 1% of total billed revenues and adopts the &#x201C;pay or play&#x201D; mechanism for compliance with the mandatory contribution to the SU fund.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Audiovisual Communication Services Law No. 26,522 established a tax on audiovisual communication services. According to the law, the holders of those services must pay a tax proportional to the amount of gross revenues from the sale of traditional and non-traditional advertising, programs, signals, contents, subscriptions and any other item that arises from the exploitation. In the case of cable operators, the tax rate varies between 2% and 5% based on the number of inhabitants in the area where the service is rendered. In the case of licensees, permit holders, authorized entities and owners of the registered title of signals who are registered VAT payers and are also subject to the tax established by Law No. 26,522, 100% of the amounts effectively paid under the tax established by the new law may be creditable against VAT.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, the Company makes payments for copyrights to several institutions such as AADI-CAPIF, SADAIC, ARGENTORES. Those rights are calculated on similar bases as those indicated in the previous paragraph and the rates range between 0.1% and 1%.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Tax Reform and Consensus on - Laws No. 27,429, 27,430, 27,432, 27,467 and amendments </font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">1.<font style="display:inline;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-style:italic;text-decoration:underline;">Tax Reform</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On December 29, 2017, the PEN issued Law No. 27,430 - ruled through Regulatory Decree No. 1170/2018, which establishes a comprehensive reform of the tax system effective as from 2018. Some of the changes implemented by this law were modified by other regulations during 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Among other things, were introduced modifications to income tax (both corporate and individual matters), Value Added Tax (&#x201C;VAT&#x201D;), excise taxes, employer&#x2019; social security contributions, the tax procedure regime and the criminal tax regime.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The main changes that have an impact on corporate income tax are the following:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Income tax</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Changes to corporate income tax rate and withholding on distributed dividends</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law No. 27,430 reduced the corporate income tax rate from 35% to 30% for fiscal years beginning on or after January 1, 2018 up to and including December 31, 2019, and to 25% for fiscal years beginning on or after January 1, 2020. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, it was established a withholding tax regime on distributed dividends at a rate of 7% for distributions of profits generated during fiscal years beginning on or after January 1, 2018, and at a rate of 13% for those beginning on or after January 1, 2020. The earnings generated in fiscal years ended on or before December 31, 2017 do not fall within the withholding provision at the time of distribution. The withholding only applies to those shareholders that are individuals residing in Argentina and non-resident individuals.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additionally, the Law repeals the &#x201C;equalization tax&#x201D; (i.e., 35% withholding on dividend distributions exceeding accumulated taxable income) for distributions of profits generated during fiscal years beginning on or after January 1, 2018.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Gain/Loss on purchase-sale of shares</font><font style="display:inline;">.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law maintains the 15% capital gains tax rate for Argentine resident individuals or foreign beneficiaries (in the case of foreign beneficiaries, it is calculated on the presumed net gain equal to 90% of the sale price). In the case of local legal entities, the Law establishes a general rate of 30% for fiscal years ended December 31, 2018 and 2019, and 25% for the following years.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the case of individuals and undivided estates residing in Argentina, however, the results derived from transfers of shares are exempted from income tax to the extent that the transfer consists in a public placement authorized by the CNV or if the transactions were carried out in markets authorized by that agency under segments that guarantee price/time priority and by crossing of offers (such as the shares of Telecom Argentina) or carried out through a public tender offering and/or exchange authorized by the CNV. Decree No. 1,170/2018 provides that the conversion process whereby individuals or undivided estates residing in Argentina cease to be holders of non-exempted ADRs to become holders of the underlying exempted shares will be deemed a taxable transfer of ADRs at the fair value as of the conversion date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The foregoing exemption will also be applicable to foreign beneficiaries to the extent that such beneficiaries, or, in its case, depositors, do not reside in, and the funds do not come from, non-cooperative jurisdictions. In the case of foreign beneficiaries, the exemption will also be applicable, among other things, to income from depositary receipts or certificates issued abroad when those shares, were issued by entities domiciled in Argentina (ADRs).</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Assets - Tax Revaluation (optional)</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law No. 27,430 established the revaluation, on a general basis of the cost of several assets -in case of transfers- and the revaluation of the depreciation of property, plant and equipment, for all the acquisitions or investments made as from January 1, 2018 based on the variation of the IWPI. However, Law No. 27,468, published on December 4, 2018, provides that the adjustment must be made based on the variation of the CPI.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, an optional regime for the revaluation for tax purposes of assets located in Argentina that generate taxable income was established. In the case of the Company, the revaluation option is applicable to assets existing as of December 31, 2017. Pursuant to the Law, the new tax value of the assets will be determined by applying a "revaluation factor," set forth in the Law, according to the calendar year of the asset's acquisition or construction, on the tax value originally assessed, each year or period since the asset's acquisition or construction. In the case of real estate or movable property subject to amortization, the value may be assessed by an appraiser under certain conditions.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law imposes a one-time special tax on the amount of the revaluation. Such tax is not deductible from income tax. The applicable rate will vary depending on the type of assets: </font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">Real estate (qualifying as property, plant and equipment) 8%</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">Real estate (qualifying as inventories): 15%</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">Shares, quotas and other participations owned by resident individuals: 5%</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">All other assets: 10%&nbsp;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The option must be exercised on all the taxpayer&#x2019;s assets that integrate the same category of assets. Once the option is exercised, the taxpayer is able to calculate the amortization and cost in the income tax over the revalued assets. Likewise, such revaluation was updated since January 1, 2018 on the base of the variation of the CPI as provided by Law No. 27,468.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The law requires taxpayers that opt for the special asset revaluation regime to waive any judicial or administrative claims for the purpose of requesting the application, for tax purposes, of adjustments of any kind, with respect to the period of the option and those in which depreciation of the revaluation amount is computed. Any taxpayers that have filed such claims with respect to fiscal years closed before the Law becomes effective, required to withdraw such claims and rights invoked. (See Note 15).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company has conducted analyses and calculations in order to assess the convenience of opting for the application of the asset revaluation regime and decided not to join the regime.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Inflation Adjustment</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Notwithstanding the above-mentioned regime, Law No. 27,430 and its amendment and Law No. 27,468 provide that, effective as from fiscal years beginning on or after January 1, 2018, the inflation adjustment procedure set out in Title VI of the income tax law shall be applicable in fiscal years in which the variation of the accumulated CPI in the 36 months immediately preceding the end of the relevant fiscal year, is higher than 100%.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the first, second and third year as from its effectiveness, this procedure shall be applicable as long as the accumulated variation of the CPI, calculated from the beginning of the first year to the end of each year, is 55%, &nbsp;35% and 15% higher, respectively. Likewise, it is foreseen that the restatement for positive or negative inflation, depending on the case, corresponding to the first, second and third fiscal year beginning on January 1, 2018 that must be calculated in order to verify the anticipated assumptions, should be recognized one third in that fiscal period and the remaining two thirds, in equal parts, in the next two immediate fiscal periods.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">Internal Taxes and Tax Collection ENARD </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law No. 27,430 also provides for an increase in the effective internal tax rate applicable to mobile telephone services from 4.16% to 5.26% in force for the taxable events ocurred as of March 1, 2018. Likewise, such law repeals collection at source of the charge imposed for the benefit of the ENARD from the aforementioned date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, pursuant to Decree No. 979/2017, as from November 15, 2017, for the year ended December 31, 2018, the effective tax rate (for internal taxes) on the sale of imported mobile phones and other wireless network equipment is reduced from 20.48% to 11.73%. Such rate, pursuant to Law No. 27,430, will decrease gradually until its complete phase out as from January 1, 2024 (for the year 2019 the rate will be 9.89%). In the case of goods manufactured in Tierra del Fuego, the rate is set at 0% as from November 15, 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">Tax on deposits to and withdrawals from bank accounts</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Pursuant to Law No. 27,432, the PEN may establish that the percentage of the tax rate on bank credit and debits that, to date may not be creditable against income tax, be gradually reduced up to 20% per year as from January 1, 2018. The PEN may provide that, by 2022, it be fully creditable against income tax. On May 7, 2018, Decree 409/2018 was published. It established that for transactions reached at the general tax rate, it can be computed as an advance payment up to 33% of the tax originated in both the accredited amounts and the debited and for the other taxable events achieved by the tax. In the case of operations taxed at a reduced rate, the computation as credit of the tax will be 20%. &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These provisions are applicable to advances and balances of income tax corresponding to fiscal periods beginning on or after January 1, 2018, for tax credits originated in taxable events that occurred since that date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">Social Security </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Law No. 27,430 gradually reduces the percentage of employers&#x2019; contributions to be paid by large companies from 21% to reach 19.5% in 2022.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It establishes a non-taxable base for calculating employers&#x2019; contributions of 2,400 Argentine pesos for 2018, which will increase since January 2019 until reaching 12,000 Argentine pesos in 2022, based on the variations of the CPI. Pursuant to the provisions of RESOL-2018-3-APN-SESS#MSYDS the non-taxable base for 2019 will be 7,003.68 Argentine pesos. In addition, employer contributions that result in payment on account of VAT are gradually eliminated.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additionally, the National Budget Law for the year 2019, Law No. 27,467, provides that entities that provide broadcast television or physical link and/or radio electric link subscription television services, audio broadcasting, cable television signals, newspaper, magazine or periodical publishing companies or companies engaged in digital journalism, and the distributors of those publishing companies, may all calculate employer&#x2019;s contributions paid in connection with the personnel engaged in said activities as tax credit on VAT. These contributions must have been accrued in the fiscal period and effectively paid at the moment of submitting the VAT return. As provided above, where the salaries that give rise to the contributions which may be calculated as tax credit on VAT are indistinctly related to other activities outside the scope of this benefit, they will be subject to the apportionment procedure. During 2018, the Company has applied a regime similar to that provided under Law No. 27,467, based on final court decisions allowing its application.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Export duties</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law No. 27,467, granted to the PEN, until December 31, 2020, the power to apply export duties on the services carried out in Argentina whose utilization or effective exploitation is carried out abroad, with a rate of up to 30% of the value of such services. In this sense, Decree No. 1201/2018 established that such services are subject to an export duty at a rate of 12% with a with a maximum limit of $ 4 for each dollar of taxable value of said operation payable on a monthly basis according to the transactions billed.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This duty is applicable on export of services rendered and invoiced since January 1, 2019 until December 31, 2020, including services originated in contracts or transactions initiated before that date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Tax Consensus</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the other hand, on January 2, 2018, Law No. 27,429 - &#x201C;Tax Consensus&#x201D; was published in the Official Gazette. Said Law approves the Tax Consensus signed between the National Executive Branch and the representatives of the Provinces and the Autonomous City of Buenos Aires. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The tax consensus seeks to harmonize the tax structures of the different jurisdictions to promote employment, investment and economic growth and to promote uniform policies. In this sense, both the National State and the Provinces and the Autonomous City of Buenos Aires agree to comply with certain commitments. Among the commitments undertaken by the Provinces, the most relevant are, with respect to Turnover Tax, the immediate elimination of differential treatments based on the place of business or the location of the taxpayer's establishment or the location where goods are manufactured and the establishment of exemptions and the application of tax rates that shall not exceed those set forth for each activity and period in the Annex to the Consensus (in the case of communications 5% in 2018, which will decrease to 3% by 2022, and in the case of mobile telephony 7% in 2018 decreasing to reach 5% in 2022).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It was also ordered the repeal of all payroll taxes</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As to stamp tax rates, it was agreed for certain activities and contracts, the establishment of a maximum stamp tax rate of 0.75% as from January 1, 2019, with a gradual decrease until its complete phase out as from January 1, 2022. However, this point was postponed for a year through Law No. 27,469 &#x201C;2018 Tax consensus&#x201D; published in the Official Gazette on December 4, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">p)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Provisions</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom records provisions when it has a present, legal or constructive obligation, to a third party, as a result of a past event, when it is probable that an outflow of resources will be required to satisfy the obligation and when the amount of the obligation can be estimated reliably.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If the effect of the time value of money is material, and the payment date of the obligations can be reasonably estimated, provisions to be accrued are the present value of the expected cash flows, taking into account the risks associated with the obligation. The increase in the provision due to the passage of time is recognized as finance expenses. For more information, see Note 18.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Provisions also include the expected costs of dismantling assets and restoring the corresponding site if a legal or constructive obligation exists, as mentioned in h) above. The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed annually, at each financial year-end.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">q)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Dividends</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Dividends payable are reported as a change in equity in the&nbsp;year in which they are approved by the Shareholders&#x2019; Meeting.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">r)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Debt Financial Costs and Other Financial Results, net</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Debt Financial costs and other financial results, net, are recorded as incurred and include, among others:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">interest accrued on the related financial assets and liabilities using the effective interest rate method;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">financial discounts on debt;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">changes in fair value of derivatives and other financial instruments measured at fair value through profit or loss;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">results from operations with notes and bonds;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">gains and losses on foreign exchange and financial instruments; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">interest on provisions.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">s)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Acquisition of Treasury Shares</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In connection with the Treasury Shares Acquisition Process described in Note 20 d) to these consolidated financial statements, the Company has applied the guidance set forth in IAS 32, which provides, consistently with the CNV Regulations, that any instruments of its own equity acquired by the Company must be recorded at the acquisition cost and must be deducted from Equity under the caption &#x201C;Treasury shares acquisition cost&#x201D;. No profit or loss resulting from holding such instruments of own equity shall be recognized in the income statement. If the treasury shares are sold, the account &#x201C;Treasury shares acquisition cost&#x201D; shall be cancelled and the difference between the net realizable value of the treasury shares sold and its acquisition cost shall be recorded, if positive, within Equity under the &#x201C;Treasury shares negotiation premium&#x201D; caption. If such difference is negative, the resulting amount shall be recorded within Equity under the &#x201C;Treasury shares negotiation discount&#x201D; caption.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">t)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Earnings per Share</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Basic earnings per share are calculated by dividing the net income or loss attributable to owners of the Parent by the weighted average number of ordinary shares outstanding during the year (for more information, see Note 25).</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">u)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Adoption of IFRS 15 (Revenue from Contracts with Customers) </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As from January 1, 2018, the Company adopted IFRS 15 (Revenue from Contracts with Customers.) The Company opted for the modified retrospective application of IFRS 15, as provided under such standard. Though the application is retrospective, the accumulated impact of the initial application is recognized as an adjustment to retained earnings initial balance of the year of initial application (only for contracts that are not completed contracts as of the date of initial application).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The allocation of the transaction price among different performance obligations required by IFRS 15 is one of the main issues that telecommunications companies have to assess, mainly because of the great variety of plans they offer to their customers by combining different services and equipment, mainly in mobile telephony contracts. Another relevant issue to the telecommunications industry is the capitalization of incremental costs of obtaining a contract if the entity estimates that they will be recovered.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The standard requires assigning the total selling price to each performance obligation proportionally to its standalone selling price, being the main performance obligations of those contracts the handset and the service revenues, considering an estimated service term which varies depending on the contract's enforceability according to the type of customers (currently 24 months for large customers and indeterminate term for individuals).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These amendments introduced by the standard initially generated an early recognition of handset sales revenues with impact on retained earnings of $808, attributable to Telecom due to the partial retroactive application of the standard, against the recognition of an IFRS 15 contractual assets of $1,153 and deferred income tax liability of $345 as of January 1, 2018. Such increase is due to the fact that the discounts given to the customer on handsets is assigned between the sale of handsets and the services. Before the application of this standard, said discount was allocated to the sale of handsets.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additionally, this standard generated a reassignment of revenues, increasing equipment sales revenues $588 and reducing the recognition of services revenues $483, generating a net increase in revenues of $105 and a deferred income tax of $32&nbsp;($73 of net income, Argentine pesos 0.02 per share) for the year ended December 31, 2018. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The contractual asset as of December 31, 2018 amounts to $85, which is disclosed under current and non-current trade receivables will decrease as the revenue from services is recognized until the end of the stipulated contractual term.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the other hand, the capitalization of handset subsidies occasionally granted by Telecom and its subsidiaries to new postpaid subscribers was discontinued in light of the interpretations of the new standard maintaining the capitalization of the commissions paid for the acquisition of postpaid and &#x201C;Abono fijo&#x201D; customers in the mobile telephony and Internet segment as incremental costs of obtaining contracts under IFRS 15, because these costs are necessary to obtain new contracts with customers and only if they continue satisfying the capitalization conditions under the IFRS.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The decrease in the residual value of the capitalized handset subsidies generated an effect on Retained Earnings as of January 1, 2018 in the amount of $90 (corresponds to lower retained earnings of $125 net of income tax of $35), of which $83 is attributable to controlling shareholders (that corresponds to $117, net of income tax for $34) and $7 to non-controlling interest (that corresponds to $8, net of income tax for $1). The non-capitalization of handset subsidies as from the year ended December 31, 2018 generated an increase in the Cost of equipment and handsets of approximately $145 and a decrease in amortization of approximately $143 for year ended December 31, 2018 (impact of a loss of $2, which net of income tax of $1, would amount to $1).</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">v)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Adoption of the Amendments to IFRS 9 "Financial Instruments&#x201D;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As from January 1, 2018, the Company adopted the amendments to IFRS 9, which basically incorporate requirements related to the recognition of expected credit losses of financial assets, as follows:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">In the case of trade receivables, the allowance for doubtful accounts must be measured in an amount equal to the lifetime expected credit losses.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">For the rest of the financial instruments, the expected credit losses for the next 12 months must be recognized (lifetime expected losses over the contractual payments of the financial instrument of which the default is estimated in the next 12 months), except the case of significant increase in the financial instrument&#x2019;s credit risk so the lifetime expected credit losses must be recorded, i.e. The expected credit losses for the full term of the financial instrument.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Expected credit losses related to trade receivables generated an effect on Retained Earnings as of January 1, 2018 in the amount of $489 (an increase in the allowance of $982 - of which $245 correspond to previously existing receivables in Cablevisi&#xF3;n, net of income tax of $260), which at closing currency amounts to $722, of which $701 is attributable to controlling shareholders ($956, net of income tax of $255) and $21 to non-controlling shareholders ($25, net of income tax of $4).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the other hand, the effect of applying that standard for year ended December 31, 2018 generated an increase in bad debts expenses of $496, net of the tax effect of $149, amounted to a net loss of $347 (net loss attributable to controlling company amounted to approximately $348, Argentine pesos 0.16 per share).</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">w)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Use of Estimates</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The preparation of consolidated financial statements and related disclosures in conformity with IFRS requires Management to make estimates and assumptions based also on subjective judgments, past experience and hypotheses considered reasonable and realistic in relation to the information known at the time of the estimate.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Such estimates have an effect on the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of issuance of these consolidated financial statements as well as the amount of revenues and costs during the year. Actual results could differ, even significantly, from those estimates owing to possible changes in the factors considered in the determination of such estimates. Estimates are reviewed periodically.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The most important accounting estimates which require a high degree of subjective assumptions and judgments are addressed below:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Item or Account</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Estimates</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Revenues</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Revenue recognition is influenced by estimates on:</font></p>
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&#x2022;&nbsp;&nbsp;the expected duration of the relationship with the customer for deferred IFRS 15 contractual assets and revenues regarding upfront connection fees;</font></p>
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&#x2022;&nbsp;&nbsp;traffic and consumption measures.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Useful lives and residual value of PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E and intangible assets, except for indefinite useful life intangibles, are depreciated or amortized on a straight-line basis over their estimated useful lives. The determination of the depreciable amount of the assets and their useful lives involves significant judgment. The Company periodically reviews, at least at each financial year-end, the estimated useful lives of its PP&amp;E and amortizable intangible assets.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Recoverability of PP&amp;E and intangible assets with finite useful life</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">At least at every annual closing date, an assessment is made regarding whenever events or changes in circumstances indicate that PP&amp;E and amortizing intangible assets may be impaired. </font></p>
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The recoverable amount is the higher of the fair value (less costs to sell) and its value in use. The identification of impairment indicators and the estimation of the value in use for assets (or groups of assets or cash generating units) require management to make judgments concerning the validation of impairment indicators, expected cash flows and applicable discount rates. Estimated cash flows are based on Management&#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, capital cost and discount rates, among others. </font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">For the years presented, the Company estimated that there are no indicators of impairment of assets that are subject to amortization, with the exception of those mentioned in the point l) of this note and the adjustment for inflation recognized since 2018. For this reason, the recovery test of the total fixed assets was carried out estimating the value in use of the assets. However, changes in our current expectations and operating assumptions, including changes in our business strategy, technology, competition and changes in market conditions, could significantly impact these judgments and/or assumptions and could require future adjustments to the recorded assets.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Recoverability of Intangible assets with indefinite useful life and goodwill</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Telecom determined that the Company's PCS license, SRCE license and the brands acquired through the business combination described in Note 4.a) meet the definition of indefinite-lived intangible assets for the years presented, therefore they are subject to the evaluation of their recoverability, at least annually. In addition, the Company records goodwill that is not amortized and that should be tested for impairment on an annual basis. The recoverability assessment of an indefinite-lived intangible asset and goodwill requires our Management to make assumptions about the future cash flows expected to be derived from such asset.</font></p>
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Estimated cash flows are based on significant Management&#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, discount rate, among others. The discount rate used to determine the discounted cash flow is an annual real US dollar rate of approximately 9.66%.</font></p>
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Except for the specifically mentioned in point l of this Note, there has been no recognition of impairment of PP&amp;E and Intangible Assets.</font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Our judgments regarding future cash flows may change due to future market conditions, business strategy, the evolution of technology and other factors. These changes, if any, may require adjustments to the carrying amount of the PCS license, brands, SRCE license and Goodwill.</font></p>
				</td>
			</tr>
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				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Income Tax: recoverability assessment of deferred tax assets and other tax receivables</font></p>
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Deferred income tax measuring</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Income taxes (current and deferred) are calculated in Telecom and its subsidiaries according to a reasonable interpretation of the tax laws in effect in each jurisdiction where the companies operate. The recoverability assessment of deferred tax assets sometimes involves complex estimates to determine taxable income and deductible and taxable temporary differences between the carrying amounts and the taxable amounts. In particular, deferred tax assets are recognized to the extent that future taxable income will be available against which they can be utilized. The measurement of the recoverability of deferred tax assets takes into account the estimate of future taxable income based on the Company&#x2019;s projections and on conservative tax planning.</font></p>
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Additionally, by Law No. 27,430, the corporate income tax rate for argentine companies decreases as detailed under Note 3.o). Therefore, for the measuring of deferred tax, the fiscal year of future reversals of temporary differences that originate deferred tax/liability has been estimated, applying the income tax rate of each reversal period. The actual moment of the future income and tax deductions may differ from the estimated, and may produce impact in future income.</font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The recoverability assessment of the tax receivable related to the actions of recourse filed by the Company&#x2019;s related to income tax inflation adjustment (Note 15) is based on the existing legal arguments on this matter and the behavior of the National Tax Authority in revising the actions of recourse filed by the Company.</font></p>
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				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Receivables and payables valued at amortized cost</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Receivables and payables valued at amortized cost are initially recorded at their fair value, which is generally determined by using a discounted cash flow valuation method. The fair value under this method is estimated as the present value of all future cash flows discounted using an estimated discount rate, especially for long term receivables and payables. </font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The discount rate used to determine the discounted cash flow of long-term receivables is in a range of 29-40% for the year 2018. Adittionally, to discount long-term receivables in U.S. dollars it was used an approximate annual rate in dollars of 8.32% for the year 2018 and 13% for the year 2017. The discount rates for accounts receivables in Guaran&#xED;es were 9% and 9.8% for the years 2018 and 2017and the discount rates in Guaran&#xED;es for financial debt were 8.32 and 8.83% for the years 2018 and 2017, respectively.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Measurement of the fair value of certain financial instruments</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The fair value of a financial instrument is the amount at which the instrument could be purchased or sold in an orderly transaction between market participants and duly informed, based on mutual independence. If there is a quoted market price available for an instrument in an active market, the fair value is calculated based on that price.</font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">If there is not a quoted market price available for a financial instrument, its fair value is estimated based on the price established in recent transactions involving the same or similar instruments and, if not, based on valuation techniques regularly used in financial markets. The Company uses its judgment to select a variety of methods and makes assumptions based on market conditions at closing. For more information on the determination of those values, see Note 21.</font></p>
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				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provisions</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The Company is subject to proceedings, lawsuits and other claims related to labor, civil, tax, regulatory and other matters. In order to determine the proper level of provisions, Management assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. Internal and external legal counsels are consulted on these matters. A determination of the amount of provisions required, if any, is made after analysis of each individual issue. The determination of the required provisions may change in the future due to new developments in each matter, changes in jurisprudential precedents and tribunal decisions or changes in its method of resolving such matters, such as changes in settlement strategy.</font></p>
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				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Allowance for Doubtful Accounts</font></p>
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				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The recoverability of trade receivables is measured by considering the aging of the accounts receivable balances, the unsubscribe, historical write-offs, public sector and corporate customer creditworthiness and changes in the customer payment terms, as well as the estimates regarding future performance, determining the expected credit loss according to the guidelines of IFRS 9. If the financial condition of the customers were to deteriorate, the actual write-offs could differ than expected.</font></p>
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				<td valign="middle" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Business Combinations</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">In connection with the accounting treatment of the business combination referred to in Note 4.a), the Company has identified the assets and liabilities of the acquiree and the estimation of their fair value as of the date of the business combination. With regard to those assets that are subject to amortization or depreciation, the Company made an estimation of their useful lives.</font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Any change in the estimates made by the Company may affect the valuation of the identified assets and liabilities and could generate an impact in results of operations.</font></p>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the absence of a Standard or an Accounting Interpretation that specifically applies to a particular transaction, Management considers the IFRS general framework and valuation techniques generally applied in the telecommunication industry and uses its judgment to evaluate the accounting methods to adopt with a view to providing financial statements which faithfully represent the financial position, the results of operations and the cash flows of Telecom and its subsidiaries, reflect the economic substance of the transactions, be neutral, be prepared on a prudent basis and be complete in all material respects.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;text-decoration:none;">x)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;">New Standards and Interpretations issued by the IASB not in force</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">IFRS 16 (Leases)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In January 2016, IFRS 16 was issued, which replaces IAS 17, IFRIC 14 and SIC 15 and 27. This standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated impact mainly on the lessees accounting.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">IFRS 16 provides that the lessee recognizes a right of use asset and a liability at present value with respect to those contracts that meet the definition of leases under IFRS 16. According to the standard, a lease is a contract that provides the right to control the use of an identified asset for a specified time period. For a company having control of use of an identified asset it: </font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">a)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>must have the right to obtain substantially all the economic benefits of the identified assets and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">b)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>must have the right to direct the use of the identified asset.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The standard allows to exclude short-term contracts (less than 12 months) and those in which the underlying asset has low value </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The application of IFRS 16 will increase assets and liabilities and will generate a decrease in operating costs. In addition, there will be an increase in the balance of amortization and financial results generated by the adjustment of lease liabilities. It will also change the presentation of the income statement and the statement of cash flows.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The standard is effective for the years beginning on or after January 1, 2019. The approximate impact of this standard implementation at such date would be an increase in non-current assets by initial recognition of rights of use and current and non-current trade payables for $3.6 billion. Likewise, as a consequence of this initial recognition, there would be an approximate impact on the Statement of income for the year 2019 of: decrease in operating leases of $1.6 billion, increase in amortizations of $1.3 billion and increase in financial expenses of $0.3 billion.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">IFRIC 23 (Uncertainty over Income Tax Treatments)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On October 2017, IASB issued IFRIC 23. In case of uncertainty over tax treatments, this IFRIC provides that: (i) if uncertain tax treatments must be assessed separately; (ii) the assumptions used by the tax authority over the tax treatments (the company will have to assess if it&#x2019;s probable that the tax authority will accept the uncertain tax treatment assuming that the taxation authority is going to assess such uncertain tax treatment); (iii) how a company measures the tax income (loss), the tax bases, taxes and fiscal credits not deducted and tax rates (assessment&nbsp;&nbsp;of the probability of occurrence); and (iv) how the changes in facts and circumstances are considered. </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The new standard is effective for fiscal years beginning on or after January 1, 2019. The Company and its subsidiaries do not expect impacts on the application of this interpretation on their consolidated statements of financial position, results of operations or cash flows.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966646224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsAbstract', window );"><strong>Merger Information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsExplanatory', window );">ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">NOTE 4 &#x2013; ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Merger between Telecom Argentina (absorbing company for legal purposes) and Cablevisi&#xF3;n (absorbed company for legal purposes)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On June 30, 2017, the Boards of Directors of Telecom Argentina S.A. and Cablevisi&#xF3;n S.A. approved a pre-merger commitment whereby Telecom Argentina S.A., in its capacity as absorbing company, absorbed Cablevisi&#xF3;n S.A., pursuant to the provisions of Sections 82 and 83 of the General Corporations Law No. 19,550 and subject to corporate and regulatory approvals (the "Merger"). The Ordinary and Extraordinary Shareholders&#x2019; Meeting of Telecom Argentina S.A. and the Extraordinary Shareholders&#x2019; Meeting of Cablevisi&#xF3;n S.A. held on August 31, 2017 approved the pre-merger commitment and, in the case of Cablevisi&#xF3;n S.A., its consequent dissolution on the Effective Date of the Merger and, in the case of Telecom Argentina S.A., the amendment of the Bylaws and the increase of its capital stock.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The purpose of the Merger was for the Company, in its capacity as surviving company under the merger, to offer in an efficient manner, in line with the national and international trend, technological products for media and telecommunications that converge the different separate or independent modalities in which voice, data, sound and video transmission wired and wireless services are provided, into a single product or a series of products to be provided to users as a whole, for its own benefit and for the benefit of the users and consumers of those multiple individual services. Both companies understood that their respective operating and technical structures were highly complementary and could be optimized through a structural consolidation, achieving synergies and efficiencies in the development of convergence products along with the demand of the market.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Pursuant to Section 83, subsection c) of the LGS, the parties have set the following exchange ratio: 1 common share of Cablevisi&#xF3;n S.A. (either a Class A Share of Cablevisi&#xF3;n S.A. or a Class B Share of Cablevisi&#xF3;n S.A.) for each 9,871.07005 new shares of Telecom Argentina S.A. (the &#x201C;Exchange Ratio&#x201D;). This Exchange Ratio was deemed reasonable, from a financial standpoint, by the independent professional appraisers J.P Morgan Securities LLC and Lion Tree Advisors LLC.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October 31, 2017, the parties subscribed the Final Merger Agreement pursuant to Section 83, subsection 4) of the LGS, subject to the regulatory authorization from the ENACOM requested by Telecom Argentina S.A. and Cablevisi&#xF3;n S.A. on September 6, 2017. This authorization was granted through ENACOM Resolution No. 5,644-E/2017, notified to the Company on December 22, 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Having all the conditions to which the Merger was subject been met under the terms of Section Seven of the Pre-Merger Commitment and the Final Merger Agreement, on January 1, 2018, the parties signed the Minutes regarding the Transfer of Operations of Cablevisi&#xF3;n S.A. to Telecom Argentina S.A.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a result, the Effective Date of the Merger is January 1, 2018 with the consequent change of control in the Company, being Cablevisi&#xF3;n Holding S.A. the new controlling company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On August 22, 2018, through Resolution RESFC 2018-19688-APN-DIR-CNV 2018, CNV conformed the Merger, the amendment of the bylaw of Telecom Argentina and its increase in capital stock as a result thereof. The Merger, the amendment of the bylaw and the increase of capital stock of Telecom Argentina were registered before the General Board of Corporations on August 30, 2018 under No. 16,345, L&#xB0; 91, T&#xBA; Share Corporations.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, on July 7, 2017, Cablevisi&#xF3;n Holding S.A. accepted an offer for a call option granted by Fintech Advisory Inc. for the acquisition of an equity interest of 13.51% in Telecom Argentina (which represents approximately 6% of Telecom Argentina&#x2019;s post-merger capital stock) for US$ 634,275,282 (the &#x201C;Option&#x201D;). The maximum term to exercise the Option was one year as from July 7, 2017. Likewise, CVH had to pay to Fintech Advisory Inc., within a term of thirty days as from July 7, 2017, an option premium of US$ 3,000,000, which was settled on July 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On October 5, 2017, Cablevisi&#xF3;n Holding S.A. made a prepayment of the aggregate exercise price under the Option for US$ 634,275,282. On December 27, 2017, Cablevisi&#xF3;n Holding S.A. exercised the Option, choosing to receive, an additional equity interest in VLG of 21.55% (which represents an indirect interest of approximately 6% in Telecom as of the Merger Effective Date).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, within the framework of the option agreement, its price was finally established at US$ 628,008,363.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Under the Pre-Merger Commitment and the Final Merger Agreement and the notice received from Fintech Telecom LLC (&#x201C;Fintech Telecom&#x201D;) and Fintech Media LLC (&#x201C;Fintech Media&#x201D;) on December 29, 2017 informing about a corporate reorganization process whereby Fintech Telecom absorbed Fintech Media and VLG Argentina Escindida LLC (a company spun off from VLG) under a merger by acquisition process effective as of the Effective Date of the Merger, the shares which issuance was decided upon by the Board of Directors of Telecom Argentina on the Effective Date of the Merger as a consequence of the Merger were delivered: i) to Fintech Telecom LLC: 342,861,748 Class &#x201C;A&#x201D; shares; ii) to Cablevisi&#xF3;n Holding S.A.: 406,757,183 Class &#x201C;D&#x201D; shares; and iii) to VLG: 434,909,475 Class &#x201C;D&#x201D; shares.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">According to the resolutions of the Ordinary and Extraordinary and Special General Class &#x201C;C&#x201D; Shareholders&#x2019; Meetings held on December 15, 2011 and in compliance with the court order (as informed in the notice served on December 19, 2018), 23,882 Class &#x201C;C&#x201D; shares were converted into the same number of Class &#x201C;B&#x201D; shares on December 28, 2018.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Consequently, the capital stock of Telecom Argentina as of December 31, 2018 is now composed as follows:</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Class of Shares</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Outstanding Shares</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Treasury Stock</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total Capital Stock</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Class&nbsp;&#x201C;A&#x201D;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 683,856,600</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 683,856,600</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Class&nbsp;&#x201C;B&#x201D;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 627,953,887</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 15,221,373</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 643,175,260</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Class&nbsp;&#x201C;C&#x201D;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 210,866</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 210,866</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Class&nbsp;&#x201C;D&#x201D;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 841,666,658</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 841,666,658</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,153,688,011</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 15,221,373</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,168,909,384</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Fintech, controlling company of Telecom Argentina until December 31, 2017, a limited liability company incorporated in Delaware (United States of America), is a company fully and directly controlled by Fintech Advisory Inc. and its core business is the holding, directly and indirectly, of the interest in Telecom Argentina. Fintech Advisory Inc. is a company incorporated in Delaware (United States of America) fully controlled by Mr. David Mart&#xED;nez. Fintech Advisory Inc. is a company engaged in investing and managing equity interests and corporate and government debt securities, mainly in emerging markets.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">CVH, controlling company of Telecom Argentina as from January 1, 2018, is an Argentine sociedad an&#xF3;nima, a corporation with limited liability incorporated in Argentina, which is mainly engaged in investing in businesses and stock companies existing or to be created, which are mainly engaged in rendering Information Technology and Communication Services (&#x201C;ICT Services&#x201D;) and Audiovisual Communication Services. Its controlling shareholder is GC Dominio S.A.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As from the Effective Date of the Merger, (i) all the assets and liabilities, including the assets subject to registration, licenses, rights and obligations that belong to Cablevisi&#xF3;n S.A. are deemed to have been incorporated to the equity of Telecom Argentina S.A., (ii) Telecom Argentina S.A. continued with the operations of Cablevisi&#xF3;n S.A., thus generating the corresponding operating, accounting and tax effects, (iii) the management and representation of Cablevisi&#xF3;n S.A. was taken over by the management and representatives of Telecom Argentina S.A., iv) Cablevisi&#xF3;n S.A. was dissolved without liquidation.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Merger, the capital stock increase as a result of the Merger, and the amendment of the Bylaws of Telecom Argentina were administratively conformed by the CNV and later registered in the Public Registry of Commerce under the IGJ on August 30, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Resolution No. 374/2018 issued by the Secretary of Commerce - Approval of the merger between Telecom and Cablevisi&#xF3;n</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On June 29, 2018, through Resolution No. 374/2018, the Secretary of Commerce authorized under the terms of paragraph a), Article 13 of Law No. 25,156 the merger transaction whereby Telecom absorbed Cablevisi&#xF3;n. In said resolution, as part of the approval of the merger, the Secretary of Commerce also (i) approved the assignment of 143,464 residential subscribers of the Internet service rendered by Telecom under the brand ARNET to Universo Net S.A. (the aforementioned assignment was completed during the third quarter of 2018), (ii) accepted the conduct undertaking filed by Telecom, Cablevisi&#xF3;n, Cablevisi&#xF3;n Holding and Fintech, whereby Telecom undertook to limit the integrated marketing of subscription television services by physical link with the mobile communications service until certain conditions are fulfilled, and (iii) accepted the conduct undertaking filed by Telecom, Cablevisi&#xF3;n, Cablevisi&#xF3;n Holding and Fintech, whereby Telecom undertook to offer the possibility that any current or new Internet service provider may provide the retail broadband service by leveraging the use of its copper network under ADSL technology under the terms described in said resolution.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The Merger was accounted for under the acquisition method, as described under IFRS 3 and as a reverse acquisition whereby Cablevisi&#xF3;n (acquirer for accounting purposes) absorbs Telecom (acquiree for accounting purposes.)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Specific matters relating to the merger between Telecom Argentina and Cablevisi&#xF3;n</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Taking into consideration the information disclosed under Note 1.c), the merger between Telecom Argentina and Cablevisi&#xF3;n was accounted for under the acquisition method, as described under IFRS 3 and as a reverse acquisition whereby Cablevisi&#xF3;n (acquirer for accounting purposes) absorbs Telecom (acquiree for accounting purposes). Consequently, the assets and liabilities of Cablevisi&#xF3;n S.A. were recognized and measured in these consolidated financial statements at book value before the merger, while the identifiable assets and liabilities of Telecom Argentina S.A. were recognized at fair value as of the effective date of the merger (January 1, 2018). The goodwill obtained under the acquisition method was measured as the excess of the fair value of the consideration paid over the fair value of the net identifiable assets and liabilities of Telecom Argentina S.A. The retained earnings and other balances of shareholders&#x2019; equity recognized in the financial statements of the combined entity correspond to the sum of the respective balances of the individual financial statements of Telecom Argentina S.A. and Cablevisi&#xF3;n S.A. immediately before the Merger, excluding Other Comprehensive Income and the Cost from the increase in the interest held in the companies controlled by Telecom Argentina S.A., as approved by the shareholders at the Ordinary and Extraordinary Shareholders&#x2019; Meeting of Telecom Argentina and the Extraordinary Shareholders&#x2019; Meeting of Cablevisi&#xF3;n held on August 31, 2017. In addition, share capital of Telecom was maintained as of before the merger and then the shares of Telecom issued according to the exchange ratio were added to the Capital Stock of Telecom before the merger, and recorded the contribution surplus as mentioned in following paragraphs.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Since the Merger between Telecom and Cablevisi&#xF3;n was a business combination carried out through an exchange of interests in equity, the consideration was determined based on the fair value of the shares of Telecom as of the effective date of the merger. The consideration amounted, restated to current currency of December 31, 2018, amounts to $194,435, was calculated based on a) the market price of the ADR of Telecom on the New York Stock Exchange (NYSE) on the last business day before the effective date of the transaction (January 1, 2018) of US$ 36.63 per ADR and b) the equivalent outstanding ADR (193,831,921 ) as of the effective date, translated to Argentine pesos at the exchange rate prevailing on December 29, 2017, (last market day of 2017).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Pursuant to IFRS 3, the acquired net identifiable assets were measured at fair value, which value amounted to $108,324. Of this amount, $1,958 corresponded to the non-controlling interest (valued as the proportionate share in the recognized amounts of the acquiree&#x2019;s identifiable net assets), measuring the net identifiable assets under the equity method. The allocation of the purchase price of the acquired net assets attributable to controlling shareholders generated a goodwill with a value which amounts to $88,072.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The total fair value of the most important items transferred and the main adjustments to the book value as a result of the purchase price allocation are detailed below:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">The total fair value of the item Property, plant and equipment amounts to $92,637. Of this amount, $50,504 was the fair value adjustment allocated to buildings and automobiles based on the comparative market analysis and the adjusted estimated replacement cost to reflect the deterioration due to use of the telecommunications fixed assets;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">The total value of the item Intangible Assets measured at fair value amounts to $59,329. Of this amount, $22,046 was the fair value adjustment allocated to Licenses and corresponds to the amount paid in excess of the book value under the comparative market value method, $13,701 was the fair value adjustment allocated to customer relationship under the discounted cash flows method and $13,029 was the fair value adjustment allocated to Brands based on royalties on gross revenues.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The total value of the item Deferred income tax liabilities amounts to $24,716 mainly includes the effects of the fair value adjustments and was recognized using a rate between 25% and 30% on the temporary differences of the adjustments incorporated, taking into consideration the estimated time of reversal of each difference.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, the Company will disclose the new capital stock and generate the corresponding merger contribution surplus for $127,343 which will reflect mainly the difference between the fair value of the consideration transferred and the book value of the equity of Telecom Argentina before the effective date of the Merger.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The identifiable assets and liabilities of Telecom Argentina S.A. (acquiree for accounting purposes) incorporated on the Effective Date of the Merger and the impact of the purchase price allocation recorded in the consolidated statement of income for the year ended December 31, 2018, both considering the effect of the current currency restatement (See Note 1.e), are the following:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The identifiable assets and liabilities of Telecom Argentina (acquiree for accounting purposes) incorporated on the Effective Date of the Merger and the impact of the purchase price allocation recorded in the consolidated statement of income for the year ended December 31, 2018, considering the effect of the current currency restatement (see Note 1.e), are the following:</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total&nbsp;consolidated</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">identified&nbsp;assets</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">net&nbsp;in&nbsp;current</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">currency</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">ASSETS</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Cash and cash equivalents</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,180</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Trade receivables </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 12,013</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other current assets </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 10,044</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total current assets</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 26,237</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Deferred income tax assets</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,927</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Goodwill</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 88,072</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Property, plant and equipment </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 92,637</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 59,329</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other Non-current assets </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 636</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total non-current assets</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 244,604</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">TOTAL ASSETS</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 270,841</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">LIABILITIES</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total current liabilities</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 32,470</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Deferred income tax liabilities</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 24,716</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other non-current liabilities</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 17,262</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total non-current liabilities</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 41,978</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">TOTAL LIABILITIES</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 74,448</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Capital nominal value &#x2013; Outstanding shares</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 954</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Inflation adjustment &#x2013; Outstanding shares</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 39,559</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Capital nominal value - Treasury shares</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 15</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Inflation adjustment &#x2013; Treasury shares</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 152</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Treasury shares acquisition cost</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,795)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Contributed Surplus</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 127,343</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Legal reserve</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,819</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Special reserve for IFRS implementation</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 869</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Voluntary reserve for capital investments</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,300</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Reserve for future investments</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 22,414</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other comprehensive results</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Equity attributable to non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Retained earnings</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (195)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Equity Attribuibled to Telecom Argentina </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 194,435</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,958</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">TOTAL EQUITY</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 196,393</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">TOTAL LIABILITIES AND EQUITY</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 270,841</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Year &nbsp;ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Impact of the purchase price allocation recognized in the consolidated results</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December&nbsp;31,&nbsp;2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Revenues</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (30)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Operating costs without depreciation and amortization</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (187)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (11,414)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Operating loss</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (11,631)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 35</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Loss before income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (11,596)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Income tax </font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,479</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Net loss for the year</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (8,117)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Attribuibled to controlling Company</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (8,044)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (73)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Total revenues related to the business of the acquiree company amount to $88,020 for the year ended December 31, 2018.</font><font style="display:inline;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Disclosure of the profit or loss of the acquiree since the acquisition date included in the consolidated statement of comprehensive income for the year ended December 31, 2018 is not disclosed because costs are not specifically appropriated to a type of service, considering that the Company has a single payroll and operating expenses that affect all services in general (non-specific allocation between acquirer and acquiree).&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Acquisition of Nextel</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On September 10, 2015, the Board of Directors of Cablevisi&#xF3;n approved the assignment of the rights and obligations held by Grupo Clar&#xED;n S.A. (&#x201C;Grupo Clar&#xED;n&#x201D;) under an offer it had submitted to NII Mercosur Telecom, S.L.U. and NII Mercosur M&#xF3;viles, S.L.U. (hereinafter, the &#x201C;Sellers&#x201D;) for the acquisition of 49% of the capital stock of NEXTEL and an option to acquire, together with its subsidiary Televisi&#xF3;n Dirigida S.A., subject to certain conditions -among them, the regulatory approvals- 51% of the remaining capital stock. The price of the transaction was US$ 165 million (out of this amount, US$ 80 million accounts for 49% and US$ 85 million accounts for 51%) plus the right to collect an additional amount of up to US$ 13 million subject to the fulfillment of certain conditions. The offer submitted by Grupo Clar&#xED;n was subject to the acceptance of the Sellers. On September 11, 2015, the Sellers accepted the offer submitted by Grupo Clar&#xED;n and, on the same date, the Sellers accepted the assignment of the rights under such offer in favor of Cablevisi&#xF3;n, offering Cablevisi&#xF3;n the acquisition of 49 % of the capital stock of NEXTEL and the option to acquire the remaining 51%. In order to guarantee the rights and obligations under the offer, the capital stock owned by NII Mercosur M&#xF3;viles, S.L.U. was pledged (subject to registration with the Public Registry of Commerce). The transaction was completed on September 14, 2015, upon payment by Cablevisi&#xF3;n and its subsidiary of an aggregate US$ 159 million. The companies undertook to create a guarantee fund with the US$6 million balance to cover any potential liabilities of NEXTEL (this fund was set up on October 7, 2015). In addition, upon the fulfillment of certain conditions precedent, on October 1, 2015, Cablevisi&#xF3;n paid to the Sellers the additional amount of US$12.73 million. On June 3, 2016, the assignment of 49% of the capital stock of NEXTEL in favor of Cablevisi&#xF3;n was registered with the IGJ. Under the terms of the offer, NEXTEL would continue to be controlled and operated by the Sellers until the option to acquire the remaining 51% of the capital stock had been exercised.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As of December 31, 2015, the call option was not legally exercisable and uncertainties remained regarding the obtainment of the required regulatory authorization. As of December 31, 2015, Cablevisi&#xF3;n did not have control over NEXTEL taking into consideration the elements provided under IFRS 10. Therefore, it did not consolidate NEXTEL as of such date. In January 2016, the regulatory framework changed and the regulatory authorization of the transaction was no longer necessary.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Subsequently, on January 27, 2016, Cablevisi&#xF3;n and its subsidiary Televisi&#xF3;n Dirigida S.A. decided to exercise the option to acquire the remaining 51% of the capital stock and votes of NEXTEL, and, consequently, Cablevisi&#xF3;n became the holder of 51.4% of the capital stock and votes of NEXTEL and Televisi&#xF3;n Dirigida S.A. became the holder of the remaining 48.6%. To such effect, on the same date, NEXTEL&#x2019;s management took notice of the release of the pledge that had been set up to guarantee the rights and obligations under the offer. On July 26, 2016, the IGJ registered the assignment of the remaining 51% of the capital stock.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On June 30, 2016, Cablevisi&#xF3;n's subsidiary Televisi&#xF3;n Dirigida S.A. transferred to Cablevisi&#xF3;n 392,774,929 membership interests with nominal value of peso 1 each and entitled to a vote per membership interest, representing 48.5% of the capital stock of NEXTEL. Televisi&#xF3;n Dirigida S.A. also transferred to Pem 1,000,000 membership interests with nominal value of peso 1 each and entitled to one vote per membership interest, representing 0.1% of the capital stock. As a result of these transactions, the shareholders of NEXTEL hold the following interests: i) - Cablevisi&#xF3;n became the holder of 809,236,480 membership interests with nominal value of $1 and entitled to one vote per membership interest, representing 99.9% of the capital stock and votes; ii) PEM S.A. became the holder of 1,000,000 membership interests with nominal value of $1 and entitled to one vote per membership interest, representing 0.1% of the capital stock and votes. Those transactions were registered with the IGJ on November 25, 2016.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December 28, 2016, PEM S.A. transferred to Cablevisi&#xF3;n 1,000,000 membership interests with nominal value of peso 1 each and entitled to one vote per membership interest, representing 0.1% of the capital stock and votes of NEXTEL. As a result of the assignment of the membership interests described above, Cablevisi&#xF3;n became the holder of 810,236,480 membership interests with nominal value of $1 and entitled to one vote per membership interest, representing 100% of the capital stock and votes of NEXTEL. Said transfer was registered with the IGJ on March 27, 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">c)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Acquisition of companies, holders of radioelectric spectrum in the 900 Mhz and 2.5 Ghz bands</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In June 2016, Cablevisi&#xF3;n, with its subsidiary NEXTEL, acquired 100%&nbsp;(97% owned by NEXTEL and the remaining 3% owned by Cablevisi&#xF3;n) of the capital stock of Fibercomm S.A. and Gridley Investments S.A. both owners of 100% of the capital stock of Trixco S.A., holder of licenses for the use of the radioelectric spectrum in 900 Mh bands. NEXTEL acquired 100% of the capital stock of WX Telecommunications LLC (in accordance with the LGS, WX Telecommunications S.A.U.) and Greenmax Telecommunications LLC (in accordance with the LGS, Greenmax Telecommunications S.A.U), which are the controlling companies of Skyonline Argentina S.A., Netizen S.A., Infotel S.A. and Callbi S.A., among the most important subsidiaries. The latter render wireless telecommunications services and hold licenses for the use of the radioelectric spectrum in the 2.5 Ghz bands. The aggregate price for those transactions was US$ 138.2 million, equivalent to $3,978 in current currency as of December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">During the year ended December 31, 2016, Cablevisi&#xF3;n completed the process of allocating the acquisition cost of 100%&nbsp;(97% to Nextel and the remaining 3% to Cablevisi&#xF3;n) of the capital stock of Fibercomm S.A. and Gridley Investments S.A., both owners of 100% of the capital stock of Trixco S.A., and calculated goodwill from this acquisition in the amount of $1,475.9 in current currency as of December 31, 2018, included under Goodwill in the consolidated statement of financial position, taking into consideration that the valuation of the identifiable assets, liabilities and contingent liabilities at the interest percentage acquired is lower than the acquisition cost.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">d)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Corporate Reorganization of Cablevisi&#xF3;n</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">d.1)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> On March 31, 2017, Cablevisi&#xF3;n's Board of Directors approved the Pre-Merger Commitment executed among Cablevisi&#xF3;n, Nextel, Greenmax Telecommunications S.A.U., WX Telecommunications S.A.U., Gridley Investments S.A., Trixco S.A., Fibercomm S.A., Netizen S.A, Eritown Corporation Argentina S.A., Skyonline de Argentina S.A., Infotel Argentina S.A., Nextwave Argentina S.A. and Callbi S.A., whereby, as of the merger date, Cablevisi&#xF3;n, in its capacity as absorbing company, will continue with the operations of Nextel, Greenmax Telecommunications S.A.U., WX Telecommunications S.A.U., Gridley Investments S.A., Trixco S.A., Fibercomm S.A., Netizen S.A, Eritown Corporation Argentina S.A., Skyonline de Argentina S.A., Infotel Argentina S.A., Nextwave Argentina S.A. and Callbi S.A. (the &#x201C;Absorbed Companies&#x201D;) thus generating the corresponding operating, accounting and tax effects. That merger was approved by the shareholders of Cablevisi&#xF3;n at the Extraordinary Shareholders&#x2019; Meeting held on May 17, 2017. On July 11, 2017, the public deed related to the merger was issued.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On September 18, 2017, the ENACOM authorized, under Resolution No. 2017-1734 APN ENACOM# MM, the transfer of the registrations, numbering and sign-posting resources, authorizations and frequency use permits granted to Nextel, Trixco S.A., Callbi S.A., Infotel Argentina S.A., Skyonline de Argentina S.A., Netizen S.A. and Eritown Corporation Argentina S.A. in favor of Cablevisi&#xF3;n.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a result of the above-mentioned corporate reorganization process, the Absorbed Companies were dissolved without liquidation and Cablevisi&#xF3;n assumed all the activities, receivables, property and all the rights and obligations of the above-mentioned companies, existing as of the first day of October 2017, or any that may exist or arise due to previous or subsequent acts or activities.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December 1, 2017, the CNV issued Resolution RESFC-2017-19134-APN-DIR#CNV, whereby it granted the administrative approval of the above-mentioned merger and, on February 23, 2018, the merger was registered with the IGJ under No. 3,469, Book 88 Volume of Stock Companies.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">d.2)</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;"> On August 16, 2016, the Board of Directors of Cablevisi&#xF3;n approved the Pre-Merger Commitment executed between Cablevisi&#xF3;n, Copetonas Video Cable S.A., Dorrego Televisi&#xF3;n S.A., Fintelco S.A., Indio Rico Cable Color S.A., Primera Red Interactiva de Medios Argentinos (PRIMA) S.A. (&#x201C;Prima&#x201D;), Cable Video Sur S.A., Wolves Televisi&#xF3;n S.A. and Tres Arroyos Televisora Color S.A., whereby, on the effective date of the merger -October 1, 2016- (&#x201C;Effective Date of the Merger&#x201D;), Cablevisi&#xF3;n, as absorbing company, continued with the operations of Copetonas Video Cable S.A., Dorrego Televisi&#xF3;n S.A., Fintelco S.A., Indio Rico Cable Color S.A., Prima, Cable Video Sur S.A., Wolves Televisi&#xF3;n S.A. and Tres Arroyos Televisora Color S.A. (the &#x201C;Absorbed Companies&#x201D;), thus generating the corresponding operating, accounting and tax effects. As a result of the above-mentioned corporate reorganization process, the Absorbed Companies were dissolved without liquidation. That merger was approved by the shareholders of Cablevisi&#xF3;n at the Extraordinary Shareholders&#x2019; Meeting held on September 27, 2016, and on April 20, 2017 it was registered with the Public Registry of Commerce.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, at the Extraordinary Shareholders&#x2019; Meeting held on September 27, 2016, the shareholders also unanimously approved: (i) the amendment of Section Three of the Bylaws in order to conform the core business of Cablevisi&#xF3;n to the new regulatory framework of LAD and LSCA, and (ii) the amendment of Sections Nine and Ten of the Bylaws in order to eliminate the Executive Committee. Both amendments of the Bylaws were registered with the Public Registry of Commerce.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Cablevisi&#xF3;n made a filing with the ENACOM in order to inform that Agency of the corporate reorganization to be implemented, so that it would consequently register under the name of the absorbing company, the &#x201C;Area Authorizations&#x201D; required to exploit Cable Television Services corresponding to Copetonas Video Cable S.A., Dorrego Televisi&#xF3;n S.A., Indio Rico Cable Color S.A., Cable Video Sur S.A., and Tres Arroyos Televisora Color S.A. The license for Wolves Televisi&#xF3;n S.A. was abandoned because Cablevisi&#xF3;n already has an Area Authorization in the jurisdiction where Wolves Televisi&#xF3;n S.A. exploited the cable television service.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, Prima and Cablevisi&#xF3;n made a filing with the ENACOM in order to request that Agency to register the license that had been granted to Prima in favor of Cablevisi&#xF3;n as a consequence of the corporate reorganization process. On August 25, 2017, the ENACOM authorized, through Resolution No. 2017-339 APN ENACOM# MM, the transfer of the registrations of national and international long-distance telephony services, as well as the numbering and signposting resources, frequencies and radioelectric authorizations granted to it in favor of Cablevisi&#xF3;n.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">e)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Corporate Reorganization of the Shareholders of Cablevisi&#xF3;n</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">At the Extraordinary Shareholders' Meetings of CV B Holding S.A., Vistone S.A. and Southtel Holdings S.A. &#x2013;&#x201C;The Direct Shareholders of Cablevisi&#xF3;n&#x201D;- held on September 28, 2016, the shareholders approved the Pre-Merger Commitment executed between Grupo Clar&#xED;n, the Direct Shareholders of Cablevisi&#xF3;n and Compa&#xF1;&#xED;a Latinoamericana de Cable S.A. (&#x201C;CLC&#x201D;), whereby, on the Effective Date of the Merger - October 1, 2016- Grupo Clar&#xED;n, as absorbing company, continued with the operations of the &#x201C;Direct Shareholders of Cablevisi&#xF3;n&#x201D; and CLC, thus generating the corresponding operating, accounting and tax effects. As a result of the above-mentioned corporate reorganization process, the Direct Shareholders of Cablevisi&#xF3;n were dissolved without liquidation and Grupo Clar&#xED;n assumed all the activities, receivables, property and all the rights and obligations of the above-mentioned companies, existing on the Effective Date of the Merger, or any that may exist or arise due to previous or subsequent acts or activities.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Upon executing the corresponding Final Merger Agreement, Cablevisi&#xF3;n notified the ENACOM of the change of shareholder structure in Cablevisi&#xF3;n, which did not entail a change of control pursuant to Section 13 of Law No. 27,078 and, therefore, an authorization is not required.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On September 28, 2016, the shareholders of Grupo Clar&#xED;n approved the merger by absorption of the Direct Shareholders of Cablevisi&#xF3;n and CLC. In addition, at such Shareholders&#x2019; Meeting, the shareholders of Grupo Clar&#xED;n S.A. approved the partial spin-off for the creation of a new company domiciled in the City of Buenos Aires under the name Cablevisi&#xF3;n Holding S.A. The equity subject to the spin-off comprises the direct (upon the execution of the merger) and indirect equity interests of Grupo Clar&#xED;n in Cablevisi&#xF3;n and in GCSA Equity, LLC.</font>
		</p>
		<p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On April 27, 2017, both corporate reorganization processes (merger and spin-off-incorporation) were registered with the IGJ and, as from May 1, 2017, the controlling company of Cablevisi&#xF3;n (directly and indirectly) was Cablevisi&#xF3;n Holding S.A.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">f)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;text-decoration:underline;">Corporate Reorganization of Telecom Argentina</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">f.1) Redemption of the shares of Sofora</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In March 2017, WAI offered Sofora and, Sofora, with the consent of Fintech, its controlling shareholder, accepted an offer to redeem in two tranches all of the 140,704,640 shares issued by Sofora held by WAI pursuant to Sections 223 and 228 of the LGS. As a result of the redemption, Sofora agreed to pay to WAI an amount equal to the nominal value of the shares issued by Sofora, equivalent to $141 and issue in the name of WAI one or more dividend certificates (Class &#x201C;A&#x201D; &#x201C;Bono de Goce&#x201D;) which will serve as proof of the rights of WAI to collect dividends for a total amount of up to US$ 470 million less the amounts paid to redeem the shares of Sofora held by WAI (equivalent to US$ 8,683,596).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Subsequently, Dividend Certificates were issued in two tranches for a total of US$ 461,316,404 (the first tranche on May 23, 2017 for US$ 245,036,017, and the second tranche on June 22, 2017 for US$ 216,280,387), together with the respective agreed-upon stock redemption.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The main general terms and conditions of the dividend certificates (Class &#x201C;A&#x201D; &#x201C;Bono de Goce&#x201D;) provided that: (i) they will only grant rights to collect declared dividends at the sole discretion of Sofora for up to the maximum amount provided under the respective bond; (ii) they will be entitled to collect the amount of dividends provided for in the respective bond in preference to the other shareholders of Sofora; (iii) all the payments under those bonds shall be made with realized and liquid profits of Sofora; (iv) the maximum amount of dividends receivable under those bonds shall increase on June 1 of each year for an amount equivalent to 2% per annum applied to the outstanding balance as of May 31 of each year; (v) they may be redeemed by Sofora at any time after 36 months counted as from the date of issuance or after payment of 60% of its value at the time of issuance, whichever occurs later; and (vi) in the event Sofora is absorbed by another company that continues with the activities of Sofora, the preference under the dividend certificates (Class &#x201C;A&#x201D; &#x201C;Bono de Goce&#x201D;) will be maintained only with respect to those shares of the surviving company received by the shareholders of Sofora under the exchange ratio provided for under said merger so that this preference does not affect the other shareholders of the absorbing company, i.e., in the case of the reorganization mentioned in point f.2) of this note (the &#x201C;Reorganization of Telecom Group&#x201D;) the preference of the dividend certificates (Class &#x201C;A&#x201D; &#x201C;Bono de Goce&#x201D;) will only be verified with respect to Class A shares of Telecom Argentina received by Fintech and will not affect Class B shares or Class C shares of Telecom Argentina.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Taking into consideration that the Reorganization of Telecom Group, described in the following point, has entered into effect, Telecom Argentina assumed all the rights and obligations of Sofora as issuer of the Class A Exchange Bonds. Under no circumstance the rights to collect dividends under the dividend certificates (Class &#x201C;A&#x201D; &#x201C;Bono de Goce&#x201D;) shall affect the rights to collect dividends that belong to the holders of Class B Shares or Class C Shares or any other class of shares of Telecom Argentina.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The dividend certificates (Class &#x201C;A&#x201D; &#x201C;Bono de Goce&#x201D;) have been paid in full through the dividends in respect of which they were entitled to collect.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">f.2) Corporate Reorganization of the Telecom Group</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On March 31, 2017, each of the Boards of Directors of Sofora, Personal and Nortel and Telecom Argentina approved a pre-merger commitment, whereby Telecom Argentina would absorb Nortel, Sofora and Personal in accordance with the provisions of sections 82 and 83 of the LGS.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The General Ordinary and Extraordinary Shareholders&#x2019; Meetings of Telecom Argentina and Telecom Personal held on May 23, 2017, and the General Extraordinary Shareholders&#x2019; Meetings of Nortel and Sofora held on May 22, 2017 approved the Reorganization of Telecom Group.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, at the above-mentioned General Ordinary and Extraordinary Shareholders&#x2019; Meeting of Telecom Argentina, the shareholders approved:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="right" style="width: 18.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;">i.</font>
			</p>
		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">the conversion of up to 161,039,447 Class A Shares, with nominal value of $1 and entitled to one vote per share into the same number of Class B Shares, with nominal value of $1 and entitled to one vote per share to be delivered to the holders of Preferred Class &#x201C;B&#x201D; Shares of Nortel, as explained in Section 4th of the related pre-merger commitment (the conversion was effective on December 15, 2017); and&nbsp; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="right" style="width: 18.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;">ii.</font>
			</p>
		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">the amendment of the following sections of the Bylaws:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:43pt;"><p style="width:43pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> a.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">Section 4: to establish a dynamic conversion procedure for the shares representing capital stock from one Class to the other with equal political and equity rights; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:43pt;"><p style="width:43pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> b.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">Section 5: to allow the total or partial redemption of fully-paid shares in accordance with the provisions of Section 223 of LGS and allow the issuance of bonds given in exchange for redeemed shares according to the provisions of Section 228 on the mentioned Law.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="right" style="width: 18.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;">i.</font>
			</p>
		</td><td style="width:18pt;"><p style="width:18pt;width:18pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">The elimination of Section 9 of the Bylaws, which includes limitations for transferring Class &#x201C;A&#x201D; Shares, which is effective since the authorization by the ENACOM of the dissolution of Nortel under the Reorganization of the Telecom Group and the distribution to holders of Nortel&#x2019;s Class &#x201C;B&#x201D; Preferred Shares of a portion of Class &#x201C;A&#x201D; Shares of Telecom Argentina through its conversion to Class &#x201C;B&#x201D; Shares in accordance with the provisions of the corresponding pre-merger commitment.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On March 21, 2018, the amendment of the Bylaws mentioned in points ii) and iii) was registered with the IGJ.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">At the Shareholders&#x2019; Meetings of Telecom Personal, Nortel and Sofora, the shareholders approved the dissolution without liquidation of the respective companies pursuant to Section 94, subsection 7 of the LGS as a consequence of its incorporation to Telecom Argentina under the Reorganization of Grupo Telecom.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The companies involved in the Reorganization requested the ENACOM the following authorizations provided under the pre-merger commitment.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> a)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">ENACOM authorization for releasing the shares that comprised the second redemption tranche of Sofora's common shares (owned by WAI representing 15% of Sofora's capital stock) of the allocation to the main core of shares of the investment consortium for the acquisition, in the process of privatization of ENTel, of the Sociedad Licenciataria Norte (currently Telecom Argentina) pursuant to the provisions of Decree No. 62/90 issued on January 5, 1990 and the terms of such privatization and Resolution No. 111/2003 issued by the SC on December 10, 2003.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> b)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">ENACOM authorization for the dissolution of Nortel as a result of the Reorganization of the Telecom Group and the distribution to the holders of Nortel&#x2019;s Class &#x201C;B&#x201D; Preferred Shares of a portion of Telecom Argentina's Class &#x201C;A&#x201D; Shares through its conversion to Telecom Argentina&#x2019;s Class &#x201C;B&#x201D; Shares pursuant to the corresponding pre-merger commitment.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> c)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">ENACOM authorization for the transfer to Telecom Argentina, as a result of the Reorganization of the Telecom Group, of all licenses for the provision of ICT Services and the registrations of ICT Services, together with the corresponding permissions for the use of frequencies, which were granted or awarded to Telecom Personal.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On June 16, 2017, the ENACOM Authorization referred to in a) above was granted through Resolution No. RESOL-2017-5120-APN-ENACOM # MCO.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Since the Reorganization of the Telecom Group was approved at all the General and Special shareholders&#x2019; meetings of the companies involved, and since the term for the opposition of creditors in accordance with the applicable regulations has expired, on November 13, 2017, Telecom Argentina, Nortel, Sofora, and Telecom Personal executed the final merger agreement which was filed with the Argentine regulatory authorities in accordance with the respective applicable regulations. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On November 24, 2017, the Company, Personal, Nortel and Sofora were served with Resolution No. 2017-4545-APN-ENACOM#MM, whereby the ENACOM granted the authorizations mentioned in sections b) and c) mentioned above.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The effective date of the reorganization of Telecom Group began at 00.00 hs of December 1, 2017, date on which the Chairmen of the Boards of Directors of the companies that were part of the Telecom Group signed the Minutes regarding the Transfer of Operations. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a consequence of the reorganization and with effect as of the date thereof: (i) all the equities of Sofora, Personal and Nortel were fully transferred to Telecom Argentina at the book values of such items in the respective special-purpose unconsolidated financial statements. According to this, Telecom Argentina acquired all rights, obligations and responsibilities of any nature of Personal, Sofora and Nortel; (ii) Telecom Argentina is the surviving company of all the activities developed by Personal, Sofora and Nortel; (iii) Personal, Sofora and Nortel were dissolved without liquidation. On March 21, 2018, the Reorganization and the dissolution without liquidation of each of the absorbed companies was registered with the IGJ.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">As a consequence of the Reorganization of Telecom Group:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">A portion of the Class A Shares issued by Telecom Argentina was distributed to Fintech as the only holder of the common shares of Sofora;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">The remaining Class A Shares issued by Telecom Argentina were converted to Class B Shares of Telecom Argentina;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">All Class B Shares issued by Telecom Argentina held by Nortel (including Class B Shares as a result of the conversion mentioned above) were distributed to the holders of Nortel Class B Preferred Shares. </font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Telecom Argentina did not issue any new Class B Shares or Class A Shares in connection with the Reorganization of Telecom Group.</font>
		</p><div /></div> </div><span></span>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6977943152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract', window );"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfCashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsTextBlock', window );">CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">NOTE 5 &#x2013; CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">a)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Cash and cash equivalents and Investments</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Cash and cash equivalents and investments consist of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Cash and cash equivalents</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cash and Banks</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,878</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,121</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Time deposits</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,953</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 32</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mutual funds</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 60</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,354</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other investments at fair value</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 10</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total cash and cash equivalents</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,891</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,517</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Government bonds at fair value</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 727</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 50</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Government bonds at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 519</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mutual funds</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;2</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 109</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other investments at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 123</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total current investments</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,371</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 162</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non- current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Government bonds at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,627</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Investments in associates (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 967</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 735</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2003 Telecommunications Fund</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total non-current investments</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,595</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 735</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*) Information on Investments in associates is detailed below:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Financial position information:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Percentage&nbsp;of&nbsp;capital</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">stock&nbsp;owned&nbsp;and</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Valuation&nbsp;as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Valuation&nbsp;as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Companies</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:16.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Main&nbsp;activity</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Country</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">voting&nbsp;rights</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">12.31.2018</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">12.31.2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Ver T.V. S.A. (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Cable televisi&#xF3;n station</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 49.00</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 592</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 428</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Teledifusora San Miguel Arc&#xE1;ngel S.A. (1) (2) (3)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Cable televisi&#xF3;n station</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 50.10</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 226</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 161</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">La Capital Cable S.A. (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Closed-circuit television</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 50.00</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 143</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 137</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other minor investments in associates at equity method</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;6</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;9</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 967</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 735</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (1)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Data about the issuer arise from extra-accounting information.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Direct and indirect interest.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (3)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Despite owning a percentage higher than a 50% of interest, the Company does not have the control in accordance with the requirements of IFRS.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Earnings information:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:27.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Ver T.V. S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 142</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 247</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 120</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Teledifusora San Miguel Arc&#xE1;ngel S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 72</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 68</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 55</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 22</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 38</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 46</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 236</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 353</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 221</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">b)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Additional information on the consolidated statements of cash flows</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company applies the indirect method to reconcile the net income for the year with the cash flows generated by its operations.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For purposes of the statements of cash flows, cash and cash equivalents comprise cash, bank current accounts and short-term highly liquid investments (with a maturity of three months or less from the date of acquisition). Bank overdrafts are disclosed in the statement of financial position as financial debts and its flows in the cash flow statements as proceed and payment of financial debt, because they are part of the short-term financial structure of Telecom and its subsidiaries.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Changes in assets/liabilities components:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Net decrease (increase) in assets</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,092)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (406)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (164)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (894)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (737)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 346</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventories</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (11)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 30</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 15</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (4,997)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,113)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 197</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Net increase (decrease) in liabilities</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade payables</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 885</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 363</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 598</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Salaries and social security payables</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 283</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 362</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (98)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Taxes payables</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,030)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,425)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,606)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other liabilities and Provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,329)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (735)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (248)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (3,191)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,435)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,354)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">Main non-cash operating transactions</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Offsetting of dividends receivable with financial debt</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;5</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">Main Financing activities components</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The following table presents the main financing activities components:</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank overdrafts</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,176</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 25,593</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,229</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 15,305</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By purchase of equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 35</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total financial debt proceeds</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 27,769</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,264</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 15,305</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Notes</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (3,905)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (335)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,622)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (12,679)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By purchase of equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (272)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total payment of debt</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (4,512)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,623)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (12,679)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank overdrafts</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (94)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Notes - Interests and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,509)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans - Interests and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,388)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,264)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,890)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By NDF, purchase of equipment and others</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 267</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (27)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 56</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total payment of interest and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (3,724)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,292)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,834)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">Cash dividends from the Company</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 31, 2018, the Board of Directors of Telecom Argentina approved:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> 1.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">the reversal of 9,729,418,019 Argentine pesos, as of the date of the transaction,of the &#x201C;Reserve for future cash dividends&#x201D; of Telecom Argentina as of December 31, 2017, and its distribution as cash dividends in two installments: i) 2,863,000,000 Argentine pesos on February 15, 2018 and ii) 6,866,418,019 Argentine pesos on April 30, 2018, being the Board empowered to make such payment on an earlier date if it deemed it convenient; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> 2.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">the distribution of 5,640,728,444 Argentine pesos, as of the date of the transaction, as advance cash dividends under the provisions of Section 224, 2nd paragraph of the General Corporations Law, corresponding to the net profit (liquid and realized) of the period ranging from January 1, 2017 to September 30, 2017 as it arises from the special-purpose unconsolidated financial statements of Telecom Argentina as of September 30, 2017, which were settled on February 15, 2018; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> 3.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">the distribution of 4,502,777,155 Argentine pesos, as of the date of the transaction, as distribution of interim cash dividends under the provisions of Section 224, 2nd paragraph of the General Corporations Law, corresponding to the net profit (liquid and realized) of the period ranging from January 1, 2017 to September 30, 2017 as it arises from the special-purpose unconsolidated financial statements of Cablevisi&#xF3;n S.A.-absorbed by Telecom Argentina- as of September 30, 2017, which were settled on February 15, 2018.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Dividends mentioned in items 2 and 3 above, were subsequently ratified by the Ordinary General Shareholers Meeting of April 25, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In conclusion, the dividends distribution aforementioned in items 1, 2 and 3, for a total of $19,873, as of the date of the transaction, (approximately $28,822 in current currency of December 31, 2018) was paid on February 15, 2018 for $13,007 and on March 21, 2018 $6,866 (approximately $27,927 in current currency of December 31, 2018).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Payment by Telecom of the dividends declared by Cablevisi&#xF3;n S.A.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Fiscal Year 2018</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 8, 2018, Telecom Argentina, as surviving company of Cablevisi&#xF3;n S.A. paid the dividends declared by Cablevisi&#xF3;n S.A. on December 18, 2017 for 4,077,790,056 Argentine pesos, as of the date of the transaction, (approximately $6,021 in current currency of December 31, 2018).</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Fiscal Year 2017</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On March 30, 2017, the Ordinary and Extraordinary Annual General Shareholders Meeting of Cablevisi&#xF3;n decided to allocate the sum of 1,600,000,000 Argentine pesos, as of the date of the transaction (approximately $2,603 in current currency of December 31, 2018), to the distribution of cash dividends payable in pesos or US dollars in two installments of 800,000,000&nbsp;Argentine pesos. As of December 31, 2017, all distributed cash dividends were cancelled.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Cash dividends from associates</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Fiscal Year 2018</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Dividends paid by N&#xFA;cleo</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In May 2018, N&#xFA;cleo paid dividends to the non-controlling shareholders for a total of $161, as of the date of the transaction, (approximately $182 in current currency of December 31, 2018). These dividends were approved at the Ordinary General Shareholders Meeting of N&#xFA;cleo at its meeting held on April 24, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Dividends collected from Ver T.V.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During the first half of 2018, dividends were collected from Ver T.V. for $19, as of the date of the transaction. These dividends were declared during year 2017, and as of December 31, 2017, they were pending collection.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Dividends collected from Teledifusora San Miguel Arc&#xE1;ngel</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During the first half of 2018, dividends were collected from Teledifusora San Miguel Arc&#xE1;ngel for $8, as of the date of the transaction. These dividends were declared during year 2017, and as of December 31, 2017, they were pending collection. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Dividends collected from La Capital Cable</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In June 2018, dividends were collected from La Capital Cable for $15, as of the date of the transaction, of which $5 were offset with financial debt with the company. These dividends were approved at the Ordinary Annual General Shareholders Meeting of June 14, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In conclusion, during 2018 a total of $41 of dividends (approximately $56 in current currency of December 31, 2018) were collected from associates.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Fiscal year 2017</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Dividends paid by CV Berazategui</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During the first half of 2017, CV Berazategui paid dividends to non-controlling interests for a total of $6, &nbsp;as of the date of the transaction. These dividends were approved by the Ordinary General Shareholders Meeting at its meeting held on April 25, 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Dividends collected from Ver T.V.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In February 2017, Ver T.V. approved dividends for $77, as of the date of the transaction, of which $38 corresponded to Cablevisi&#xF3;n according to its interests. Such dividends were collected during the first quarter of 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During fiscal year ended December 31, 2017, Ver T.V. approved dividends for $198, as of the date of the transaction, of which $97 correspond to the Company according to its interests. As of December 31, 2017, $32 of such dividends were collected.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Dividends collected from La Capital Cable</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In May 2017, La Capital Cable voted dividends for $21, as of the date of the transaction, of which $10 corresponded to Cablevisi&#xF3;n according to its shareholdings. Such dividends were collected during the second quarter of 2017, of which $8 were offset with financial debt with said company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Dividends collected from Teledifusora San Miguel Arc&#xE1;ngel</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In June 2017, Teledifusora San Miguel Arc&#xE1;ngel approved dividends for $24, as of the date of the transaction, of which $12 corresponded to Cablevisi&#xF3;n according to its interests. As of December 31, 2017, such dividends were collected.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In August 2017, Teledifusora San Miguel Arc&#xE1;ngel approved dividends for $69, as of the date of the transaction, of which $34 corresponded to the Company according to its interests. As of December 31, 2017, $7 of such dividends were collected.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In conclusion, during 2017 a total of $99 of dividends (approximately $149 in current currency of December 31,2018) were collected from associates.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">Additional information required by IAS 7</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Exchange</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">differences</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Balances</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">and currency</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Balances</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Incorporation by</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">merger</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Cash</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">adjustments and</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(Note 4.a)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Flows (a)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Accrued</font><font style="display:inline;font-family:Calibri;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">interests</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Others (b)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank overdrafts</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 199</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,176</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (99)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,276</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans - principal</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 287</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 12,097</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 25,258</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 9,563</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 47,205</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Notes - principal</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 13,767</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,186</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (3,905)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,783</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 18,831</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">NDF</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 25</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (44)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 119</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By purchase of equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,943</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (256)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 35</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 357</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,079</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;6</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (6)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Accrued interests and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;6</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,597</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,100)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,395</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,923</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 8,821</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total current and non-current financial debt (Note 13)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 16,009</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 18,104</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 19,129</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,549</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 21,521</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 79,312</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (a)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Correspond to $27,769 of debt proceeds, $4,512 of principal payments, $3,724 of interest and related expenses payments and (404) that were reclassified to Other receivables.&nbsp; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (b)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Includes (5) that were offset with dividends receivable.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of the components of cash, cash equivalents, and investments and additional information on statement of cash flows.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966780432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TRADE RECEIVABLES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradeReceivablesAbstract', window );"><strong>TRADE RECEIVABLES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfTradeReceivablesTextBlock', window );">TRADE RECEIVABLES</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 6 &#x2013; TRADE RECEIVABLES</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Trade receivables consist of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Current Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Ordinary receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 19,910</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,242</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Contractual asset IFRS 15 (Note 3.u)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 62</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties (Note 27.c)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 92</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 59</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,649)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (713)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,415</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,588</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Non-current trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Ordinary receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"> 38</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Contractual asset IFRS 15 (Note 3.u)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 23</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 61</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total trade receivables, net</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,476</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,588</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the allowance for current doubtful accounts are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the fiscal&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (713)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (512)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">IFRS 9 retained earnings adjustment (Note 3.v)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (245)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Additions - Bad debt expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (3,527)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (901)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Uses and Currency translation adjustments</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,836</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 700</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (2,649)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (713)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
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</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure on trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TradeReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TradeReceivablesAbstract</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966884624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER RECEIVABLES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherReceivablesAbstract', window );"><strong>OTHER RECEIVABLES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOtherReceivablesTextBlock', window );">OTHER RECEIVABLES</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 7 &#x2013; OTHER RECEIVABLES</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Other receivables consist of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Prepaid expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,437</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 603</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tax credits</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,363</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 127</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Advances to suppliers</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 103</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 41</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Settlement Pendings accounts</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 217</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Guarantee deposits</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 24</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 112</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Expenditure reimbursement</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 109</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial NDF (Note 21) </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 750</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Restricted funds (Note 18)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 63</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 27</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties (Note 27.c)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 144</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 174</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Receivables from sale of customer relationship</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 72</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 806</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 139</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Subtotal</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,088</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,223</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Allowance for current other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (15)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,073</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,223</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Prepaid expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 450</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 45</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Advances to suppliers</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 71</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 244</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tax credits</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 703</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 61</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Restricted funds (Note 18)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 92</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial NDF (Note 21) </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 45</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Regulatory Credits (N&#xFA;cleo)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 156</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Guarantee deposits</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 46</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Credit of indemnity for Tuves Paraguay acquisition</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 55</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Receivables from sale of customer relationship</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 113</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Subtotal</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,734</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 353</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Allowance for non-current other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (12)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,722</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 353</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,795</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,576</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the Allowance for current other receivables are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Increases</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (18)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (15)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the Allowance for non-current other receivables are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Increases</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (12)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (12)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of other receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6978029584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVENTORIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>INVENTORIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInventoriesExplanatory', window );">INVENTORIES</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 8 &#x2013; INVENTORIES</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Inventories consist of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:23.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;As&nbsp;of&nbsp;December&nbsp;31,&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile handsets and others</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,254</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Radio equipment and others</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 64</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 189</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fixed telephones and equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 15</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventories for construction projects</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 537</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Subtotal</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,870</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 189</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Allowance for obsolescence of inventories</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (133)</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (53)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,737</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 136</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the allowance for obsolescence of inventories are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (53)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (82)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (70)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;2</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (133)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (53)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInventoriesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInventoriesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966899312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>GOODWILL<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillAbstract', window );"><strong>GOODWILL</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillExplanatory', window );">GOODWILL</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">NOTE 9 &#x2013; GOODWILL</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:19.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina business (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 119,678</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 31,273</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Uruguay business (2)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 771</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 681</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 120,449</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 31,954</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> (1)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;">I</font><font style="display:inline;font-size:8pt;">ncludes $88,068 corresponding to the Merger between Telecom and Cablevisi&#xF3;n (See Note 4.a)), $31,606 from Cablevisi&#xF3;n and $4 corresponding to the goodwill of Tuves Paraguay as of December 31, 2018.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-size:8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> (2)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:8pt;"> Telemas S.A. goodwill, indirect subsidiary throughout its participation in Adesol. The increase in the amounts with respect to balance as of December 31, 2017 corresponds to currency translation adjustments.</font><font style="display:inline;color:#000000;">&nbsp;</font></p></td></tr></table></div><div /></div> </div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the reconciliation of changes in goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillExplanatory</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6977982080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROPERTY, PLANT AND EQUIPMENT<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">PROPERTY, PLANT AND EQUIPMENT</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 10 &#x2013; PROPERTY, PLANT AND EQUIPMENT</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
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						&nbsp;</p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:22.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">PP&amp;E before allowances and impairment</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 151,168</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 45,885</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Valuation allowance for obsolecense and impairment of materials</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (359)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (184)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (333)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 150,476</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 45,701</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the valuation allowance for materials and impairment of materials are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (184)</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (153)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Additions&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (175)</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (31)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (359)</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (184)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the impairment of PP&amp;E are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (333)</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (333)</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Details on the nature and movements as of December 31, 2018 are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Incorporation by merger</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Transfers&nbsp;and</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">(Note 4.a)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">reclassifications</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Real estate</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,990</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 19,387</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;6</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 167</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 219</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (9)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 22,760</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,700</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 223</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 798</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 384</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,103</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Fixed network and transportation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 35,676</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 30,493</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 5,408</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 674</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 15,187</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,840)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 83,598</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 11,317</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 836</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,825</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (312)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 16,682</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 207</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,494</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 43</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 273</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 384</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,398</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Power equipment and Installations</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 5,472</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 233</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 705</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,410</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Computer equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,767</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 6,264</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,158</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,249</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 2,211</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (4)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 15,645</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Goods lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,282</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 223</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 5,010</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 361</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,396)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 7,484</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,477</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,187</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 376</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 21</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (74)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,987</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Machinery, diverse equipment and tools</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,946</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 226</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 194</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 98</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,476</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 259</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 473</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;5</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 42</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 83</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 863</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 10,377</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 5,818</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 24,138</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 95</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (23,144)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (38)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 17,246</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Materials</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,982</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,582</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,001</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 25</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (956)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (41)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 12,593</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 71,967</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 92,636</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 39,574</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,786</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (7,718)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 201,245</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Net&nbsp;carrying</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">and</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">reclassifications</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Real estate</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,087)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (966)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (178)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (2,228)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 20,532</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,032)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (681)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,713)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,390</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Fixed network and transportation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (15,959)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (12,450)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (657)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,018</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (25,048)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 58,550</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2,763)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (548)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 48</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,263)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 13,419</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (18)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (832)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (145)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (992)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,406</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Power equipment and Installations</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,062)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (156)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,218)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,192</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Computer equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (2,830)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,809)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,128)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (7,764)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 7,881</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Goods lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,234)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,886)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (296)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,397</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (2,019)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,465</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,085)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (428)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (20)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 33</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,500)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,487</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Machinery, diverse equipment and tools</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,656)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (266)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (15)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,937)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 539</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (213)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (149)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (33)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (395)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 468</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 17,246</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Materials</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 12,593</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (26,082)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (27,643)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,857)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 7,505</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (50,077)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 151,168</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Details on the nature and movements as of December 31, 2017 are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Transfers&nbsp;and</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">reclassifications</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Real estate</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,864</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 227</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 22</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (121)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,990</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Fixed network and transportation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 30,317</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,027</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (177)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,793</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,284)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 35,676</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 208</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 207</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Computer equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,577</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 574</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (4)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 616</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,767</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Goods lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,035</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 845</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,192</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2,790)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,282</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,384</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 195</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;2</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (103)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,477</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Machinery, diverse equipment and tools</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,805</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 22</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 120</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,946</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 260</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (6)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 259</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,879</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 2,169</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,329</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 10,377</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Materials</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 7,532</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 11,052</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (9)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (10,075)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,518)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,982</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 60,864</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 19,116</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (201)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (7,812)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 71,967</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Net&nbsp;carrying</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">and</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">reclassification</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Real estate</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,067)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (22)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,087)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,903</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Fixed network and transportation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (13,786)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (5,517)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 86</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,258</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (15,959)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 19,717</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (19)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (18)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 189</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Computer equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (2,002)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (831)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (2,830)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,937</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Goods lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,045)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2,979)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 2,790</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,234)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,048</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,033)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (134)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;2</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 80</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,085)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 392</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Machinery, diverse equipment and tools</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,473)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (184)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,656)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 290</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (206)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (12)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;5</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (213)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 46</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 10,377</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Materials</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,982</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (22,612)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (9,698)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 98</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,130</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (26,082)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 45,885</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967120240">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory', window );">INTANGIBLE ASSETS</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 11 &#x2013; INTANGIBLE ASSETS</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Intangible assets before impairment</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 61,493</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,635</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Impairment</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,623)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 59,870</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,635</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the impairment of Intangible assets are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,623)</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,623)</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets consist as of December 31, 2018 of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross&nbsp;value as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross&nbsp;value as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:16.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Incorporation by merger</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency translation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:16.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">(Note 4.a)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">3G/4G licenses </font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,635</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 17,713</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 21,348</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 10,538</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 10,538</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">N&#xFA;cleo&#xB4;s licenses</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 844</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 33</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 877</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">SRCE license</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 879</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 879</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Customer relationship</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 15,771</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 73</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (609)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 15,235</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Brands</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 249</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 13,030</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 13,279</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Incremental Cost from the adquisition of contracts</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,348</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;7</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,355</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 890</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 2,277</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 714</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 14</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,895</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,653</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">(*) </font></p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 59,329</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,906</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 127</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (609)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 67,406</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*) Includes $(125) Retained earnings adjustment. Note 3.u).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">amortization</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">amortization</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Net&nbsp;carrying</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Amortization</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">3G/4G licenses </font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,196)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,196)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 20,152</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 10,538</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">N&#xFA;cleo&#xB4;s licenses</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (70)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (4)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (74)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 803</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">SRCE license</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (72)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (72)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 807</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Customer relationship</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,574)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;8</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 494</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,072)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 12,163</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Brands</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (89)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (5)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (94)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 13,185</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Incremental Cost from the adquisition of contracts</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (378)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (15)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (393)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 962</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (857)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (155)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,012)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,883</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,018)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (5,378)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (11)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 494</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (5,913)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 61,493</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets consist as of December 31, 2017 of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.44%;">
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross&nbsp;value</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross&nbsp;value</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Net carrying</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">amortization as of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">amortization as of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Amortization</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">3G/4G licenses </font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,635</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,635</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,635</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">SRCE license</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 72</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 807</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 879</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (57)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (15)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (72)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 807</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Brands</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 249</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 249</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (83)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (6)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (89)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 160</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 890</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 890</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (772)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (85)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (857)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 33</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,846</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 807</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,653</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (912)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (106)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,018)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,635</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsAbstract">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967061920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TRADE PAYABLES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 12 &#x2013; TRADE PAYABLES</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Trade payables consist of the following:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;">purchase of materials and supplies;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;">purchase of handsets and equipment;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;">agent and retails commissions;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;">procurement of services; and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Symbol;">&#xF0B7;<font style="display:inline;font-family:Symbol;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;">purchase of goods included in PP&amp;E.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Suppliers and commercial accruals</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 22,286</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,299</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 568</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 438</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 22,854</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,737</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Suppliers and commercial accruals</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 570</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 570</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 21pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total trade payables</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 23,424</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,737</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6978025168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL DEBT<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 13 &#x2013; FINANCIAL DEBT</font>
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			<font style="display:inline;">Financial debt consists of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank overdrafts - principal</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,276</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans - principal</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 12,945</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 77</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By purchase of equipment</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,048</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,257</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">NDF</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Accrued interest and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,675</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 43</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;6</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 20,044</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,383</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Notes&nbsp;&#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 18,831</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 13,767</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans - principal</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34,260</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 210</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By purchase of equipment</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,031</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 686</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Accrued interest and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,146</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (37)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 59,268</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 14,626</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total financial debt</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 79,312</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 16,009</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;">
			<font style="display:inline;text-decoration:none;">Bank and other financing entities loans</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">IFC and IIC loans</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On July&nbsp;5, 2016, Personal accepted an offer from the International Finance Corporation (IFC) for the assessment and transfer of funds for purposes of financing investment needs, work capital and debt refinancing.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On October&nbsp;5, 2016 Personal and the IFC signed the loan agreement (&#x201C;IFC Loan&#x201D;) for an amount of US$ 400 million and for a six-year period, payable in 8 equal half-yearly installments since the 30</font><font style="display:inline;font-size:5pt;">th</font><font style="display:inline;">&nbsp;month, with a 6&nbsp;month LIBOR + 400bp. This loan will be used to deploy the 4G network and refinance short-term financial liabilities. The loan terms include standard commitments and limitations for this type of financial transactions.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On October&nbsp;26, 2016 Personal received the loan proceeds for an amount of US$ 392.5 million, net of expenses of US$ 7.5 million.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On April 7, 2017, Personal and the Inter-American Investment Corporation (&#x201C;IIC&#x201D;), a member of the Inter-American Development Bank (&#x201C;IDB&#x201D;) Group, signed a loan agreement (&#x201C;IIC Loan&#x201D;) for an amount of US$100 million maturing in September 2022, payable in 8 equal half-yearly installments since the 24th month, with a 6 month LIBOR + 400bp. The funds of this loan will be allocated to deploy the 4G network and for financing working capital and other financial needs. The loan terms include standard commitments and covenants for this type of financial transactions.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On September 18, 2017 Personal received the loan funds, net of issuance expenses for US $ 1.8 million.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On October 30, 2018, within the framework of its permanent optimization policy for the term, rate and structure of its financial liabilities Telecom Argentina has accepted a proposal from the International Finance Corporation (IFC) for the evaluation and mobilization of funds with for the purpose of financing investment needs, working capital and refinancing of liabilities. On March 4, 2019 The Company signed a loan agreement with IFC for a total amount of up to US$450 million, as requested in a timely manner by the Company in one or more disbursements (the "Loan"). The Loan will consist of a tranche "A", a tranche "B-1", a tranche "B-2", a tranche "B-3" and a tranche "B-4" which will accrue compensatory interest payables semiannually for periods that are due at an annual rate equal to LIBOR plus the following margins: 4.85 percentage points in the case of Tranche A, Tranche B-2 and Tranche B-4, and 4.60 percentage points in the case of Tranche B-1 and Tranche B-3. Likewise, the capital will be payable as follows: Tranche A, Tranche B-2, and Tranche B-4 in eight consecutive semi-annual equal installments from February 2021 and final maturity in August 2024 and Tranche B-1 and Tranche B-3 in six consecutive semi-annual equal installments from February 2021 and final maturity in August 2023. The proceeds from the loan will be used to finance capital investments for 2019.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Syndicated Loan</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">At its meeting held on January 31, 2018, the Board of Directors of the Company approved the execution of a syndicated loan agreement with several banks for up to a total of US$1,000 million, which will accrue compensatory interest at an annual rate equal to LIBOR for each period of interest accrual plus an applicable margin.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On February 2, 2018, the Company entered into a term loan agreement with Citibank, N.A., HSBC M&#xE9;xico, S.A., Multiple Banking Institution, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. y Banco Santander, S.A., in his capacity as a lender, Citigroup Global Markets Inc., HSBC M&#xE9;xico, S.A., Multiple Banking Institution, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. y Santander Investment Securities Inc. as organizers, Citibank N.A. as an administrative agent and the Branch of Citibank N.A. in Argentina, as a local custodian agent for an aggregate principal amount of US$1,000 million (the "Original Loan"). On February 9 and March 9, 2018, the Company borrowed US$650 million and US$350 million, respectively, under this agreement, that matures in February 2019. The proceeds of the Loans were used to finance capital expenditures, working capital and other general corporate purposes. The Loan bear interest at an annual rate equivalent to LIBOR plus the following margins: 1.25 percentage points during the first four months, 1.50 percentage points, during the following two months, 1.75 percentage points during the following three months and 2.25 percentage points during the last three months prior to the maturity date. Interest is payable quarterly or semiannually, at the Company's option. The Company is permitted to make voluntary prepayments at any time without premium or penalty. The Company is required to make prepayments under the Loans (without payment of a premium) with net cash proceeds from bilateral or syndicated bank financings in excess of US$500 million, or underwritten offerings or private placements of any non-Peso denominated debt securities of the Company governed by a law other than the laws of Argentina with a tenor of at least three years. The Company is also required to prepay the Original Loans upon the occurrence of a change of control, at each lender's option.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Subsequently, on October 8, 2018, the Company entered into a new agreement with Citibank, N.A., HSBC Mexico, S.A., Instituci&#xF3;n de Banca M&#xFA;ltiple, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A., in its capacity as lenders, Citibank, N.A., HSBC Mexico, S.A., Instituci&#xF3;n de Banca M&#xFA;ltiple, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. as organizers, Citibank N.A. as an administrative agent and the Citibank N.A. branch established in Argentina, as agent of local custody, for an aggregate principal amount of US$ 500 million (which can be increased, in accordance with the terms and conditions thereof) and to 48 months of term (the "Loan").</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company requested a disbursement of US$ 500 million on October 17, 2018. The funds were used to partially pre-pay the Original Loan.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The disbursed capital will accrue compensatory interest at an annual rate equivalent to LIBOR plus the following margin: 4.50 percentage points during the first year after the disbursement, 5.00 percentage points, during the second year and 5.25 percentage points from the date that is two years after the disbursement and until the expiration date; and will be payable quarterly in arrears.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additionally, in accordance with the provisions of the loan, the Company made an additional payment of US$ 100 million of the Original Loan, (as a condition precedent to the execution of the loan, the Company and the remaining parties of the Original Loan had agreed to a mandatory pre-cancellation amount equivalent to at least US$ 100 million).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Subsequently, in November 2018, the Company used all the funds from Deutsche Bank Loan for US$ 300 million to prepay this Original Loan. The balance owed by the Company of US $ 100 million was canceled on February 11, 2019, with its own funds.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Deutsche Bank Loan</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On November 8, 2018, the Company acknowledged the acceptance by Deutsche Bank AG, London Branch, as organizer of a syndicate of banks, of a loan facility for an amount of up to US$200 million (which might be increased up to US$300 million). On November 14, 2018 the Company acknowledged the acceptance of the extension of the loan offer by Deutsche Bank AG, London Branch, for US$100 million.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Deutsche Bank Loan has a term of 42 months counted from the date of the initial borrowing and will accrue compensatory interest at an initial rate per annum equivalent to LIBOR plus 4.5% that will be payable quarterly, in arrears. The capital will be payable in six consecutive semi-annual equal installments equivalent to 12.5% of the disbursed amount with a final payment on the maturity date equivalent to 25% of the initial borrowing.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The proceeds from the Deutsche Bank Loan were used by the Company only to partially prepay the Syndicated Loan.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Other bank loans</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, the Company mantains other bank loans for:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> a)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">US$4.5 million in a loan agreement with the Bank ICBC for financing imports, accruing interest at an annual rate of 6.0%, due in January 2022,</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> b)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">US$3.2 million in a loan agreement with the Bank Ita&#xFA; for financing imports, accruing interest at an annual rate of 5.0%, due in February 2020, and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> c)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">US$10.0 million in a loan agreement with the Bank Macro for financing imports accruing interest at an annual rate of 6.2%, due in August, 2019.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">N&#xFA;cleo</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The following table shows the outstanding loans with different local financing entities in Paraguay and their main terms as of December 31, 2018:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 87.14%;">
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Principal&nbsp;nominal value&nbsp;(in</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Book&nbsp;value</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;millions&nbsp;of Guaran&#xED;es)</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Maturity</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Amortization term</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Rate (%)</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(in millions of Argentine pesos)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Current</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Non-current</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 40,000</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">December 2019</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Semi-annually</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 8.75</font></p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 253</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 308,000</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">February 2024</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Semi-annually</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">8.20-9</font></p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 158</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,793</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 348,000</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 411</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,793</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The terms and conditions of N&#xFA;cleo&#x2019;s loans provide for certain events of default which are considered standard for these kinds of operations.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;">
			<font style="display:inline;font-style:normal;text-decoration:none;">Global Programs for the issuance of Notes</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">Cablevisi&#xF3;n</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;text-decoration:none;">On April 20, 2016, at the Annual General Ordinary and Extraordinary Shareholders&#x2019; Meeting of Cablevisi&#xF3;n, the shareholders of Cablevisi&#xF3;n approved, among other matters: i) the extension of the authorization of the Global Program for the Issuance of Notes (the &#x201C;Program&#x201D;), which had been granted at the Annual General Ordinary and Extraordinary Shareholders&#x2019; Meeting of Cablevisi&#xF3;n on April 28, 2014, increasing the maximum amount of the outstanding notes that may be issued under this Program from a nominal value outstanding at any time of US$ 500,000,000 (or its equivalent in other currencies) to US$ 1,000,000,000 (or its equivalent in other currencies). The Shareholders&#x2019; Meeting renewed the delegation on the Board of Directors of the broadest powers in connection with the Program. The Board of Directors may subdelegate all or some powers interchangeably to one or more directors or managers of the Company; and ii) the extension of the authorization of the Short-Term Debt Securities (&#x201C;VCPs&#x201D;) program under the terms that had been originally approved.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;text-decoration:none;">On June 1, 2016, pursuant to its delegated powers, the Board of Directors of Cablevisi&#xF3;n authorized the issuance of Class A Notes for a nominal value of US$ 500,000,000 (the &#x201C;Class A Notes&#x201D;), at a fixed annual nominal interest rate of 6.50%, interest payable semi-annually, with maturity in June 2021. Proceeds will be used for:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:10pt;;"> (i)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:normal;text-decoration:none;">The settlement of the outstanding debt as of that date;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:10pt;;"> (ii)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:normal;text-decoration:none;">The investment in fixed assets and other capital expenditures with the balance of the net proceeds (approximately US$ 89,100,000).</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;text-decoration:none;">On October 30, 2017, within the framework of the merger between Cablevision and Telecom Argentina (Note 4.a), Cablevision called for an Extraordinary Noteholders&#x2019; Meeting in order to request its holders of Class A Notes, the amendment and/or removal of certain clauses (or parts there of) of the Indenture Agreement executed on June 15, 2016 between Cablevision, Deutsche Bank Trust Company Americas, Deutsche Bank S.A. and Deutsche Bank Luxembourg S.A.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;text-decoration:none;">On December 11, 2017, the holders of Class &#x201C;A&#x201D; Notes held an Extraordinary Noteholders&#x2019; Meeting with a quorum of 81.8621626 % of the total capital and votes under the Notes. At that Shareholders&#x2019; Meeting, the shareholders unanimously decided to approve the amendment and/or removal of certain clauses (or parts thereof) of the Indenture Agreement executed on June 15, 2016 between the Company, Deutsche Bank Trust Company Americas, Deutsche Bank S.A. and Deutsche Bank Luxembourg S.A.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;text-decoration:none;">As a result of the amendment of the Indenture referred to above, the Company&#x2019;s covenants under the Notes include: (i) limitation on the issuance of guarantees by the Company and its subsidiaries; (ii) merger by acquisition and consolidation, (iii) limitation on incurring debt above certain approved ratios, and (iv) limitation on the issuance and sale of significant subsidiaries&#x2019; shares with certain exceptions, among others, certain clauses that restricted sales of assets under certain conditions, certain payments and related party transactions under certain circumstances and the distribution of dividends, were eliminated.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;text-decoration:none;">Cablevision Notes were assumed by the Company on January 1, 2018 due to the merger (Note 4.a).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;text-decoration:none;">For this purpose, Telecom Argentina, as successor of Cablevisi&#xF3;n, the Deutsche Bank Trust Company Americas, as Trustee and Banco Comafi S.A., as trustee representative in Argentina, have signed a supplement to the Trust Agreement formalizing the absorption of the Notes of Cablevisi&#xF3;n by Telecom Argentina.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:none;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;text-decoration:none;">Until December 31, 2018, the Company had repurchased approximately US$0.5 million (nominal value) of the Notes issued by Cablevisi&#xF3;n. These transactions were executed at the quoted market price prevailing on each repurchase date, which did not significantly differ from the book value as of that date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">Telecom Argentina</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On December 28, 2017, Telecom Argentina held an Ordinary Shareholders&#x2019; Meeting that approved a Notes Global Program for a maximum outstanding amount of US$3,000 million or its equivalent in other currencies. The delegation of powers in the Board of Directors was also approved to determine and modify the terms and conditions of the Program as well as to establish the issuance opportunities.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Under the aforementioned program, Telecom Argentina submitted a prospectus for the issuance of Notes to the CNV that was approved on April 24, 2018. Subsequently, on April 25, 2018, the CNV approved the prospectus supplement corresponding to the Notes. Class 1 for a nominal value of up to US$ 500,000,000 (extendable up to US$ 1,000,000,000). This supplement was extended several times, finally expiring on August 3, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In accordance with the provisions governing the placement mechanism of the Notes provided in the Prospectus Supplement, Telecom Argentina decided to temporarily suspend, until further notice, the period of placement of the Notes. Telecom Argentina will publish a complementary notice to the Prospectus Supplement, announcing the date on which the Offer Period will be resumed and the Award Date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">Personal</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Ordinary and Extraordinary Shareholders&#x2019; Meeting of Personal held on December&nbsp;2, 2010, approved the creation of a Medium Term Notes&nbsp;Global Program for a maximum outstanding amount of US$ 500 million or its equivalent in other currencies for a term of five&nbsp;years. On October&nbsp;13, 2011, the CNV authorized such Program, through Resolution No.&nbsp;16,670.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Personal&#x2019;s Ordinary Shareholders&#x2019; Meeting held on May&nbsp;26, 2016 authorized to extend the due date and expand the Program&#x2019;s maximum circulation amount up to US$ 1,000 million or its equivalent in other currencies. On October&nbsp;20, 2016, the CNV authorized the extension and expansion of the mentioned Program through Resolution No.&nbsp;18,277. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Under such Program, Personal issued four Series of Notes. The net proceeds obtained were used for debt refinancing.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Personal Notes were assumed by the Company on December 1, 2017 due to the Reorganization, Note 4.f.2).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of the date of issuance of these consolidated financial statements, Telecom has canceled all Series issued on their respective expiration dates.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Loans for purchase of equipment</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, the Company has debt agreements corresponding to financing for the purchase of equipment of Cisco Systems, the which amounts to approximately US$57.3 million. Such contracts have an average maturity term of between 36 and 49 months with partial repayments and accrue an average annual interest of 4.81%.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967061920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SALARIES AND SOCIAL SECURITY PAYABLES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract', window );"><strong>SALARIES AND SOCIAL SECURITY PAYABLES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory', window );">SALARIES AND SOCIAL SECURITY PAYABLES</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 14 &#x2013; SALARIES AND SOCIAL SECURITY PAYABLES</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Salaries and social security payables include unpaid salaries, vacation and bonuses and its related social security contributions and termination benefits.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The compensations policies for Directors and Managers of Telecom and its subsidiaries and its subsidiaries have a scheme that includes fixed and variable components. While fixed compensations are dependent upon the level of responsibility required for the position and its market competitiveness, variable compensations are driven by the goals established on an annual basis and also by the fulfillment of long and medium term goals.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company and its subsidiaries have no stock option plans for their employees.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Salaries and social security payables consist of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Salaries, annual complementary salaries, vacation&nbsp;&nbsp;and bonuses</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,371</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,677</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Social security payables</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,280</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 907</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 296</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;1</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,947</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,585</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 347</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 347</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total salaries and social security payables</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,294</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,585</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Compensation for the Key Managers of Telecom for the years ended December 31, 2018 and 2017 are shown in Note 27.e).</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for employee benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=sect_Scope&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfEmployeeBenefitsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6977962352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDeferredTaxesExplanatory', window );">DEFERRED INCOME TAX ASSETS/LIABILITIES</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 15 &#x2013; DEFERRED INCOME TAX ASSETS/LIABILITIES</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Deferred Income tax assets and liabilities, net and the actions for recourse tax receivable of Telecom are presented below:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tax carryforward</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,866)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (925)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (269)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,062)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (396)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventory</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (153)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Pension and termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (235)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 29,788</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,690</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cash dividends from foreign companies</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 418</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile handsets financed sales</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 169</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other deferred tax liabilities (assets), net</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 148</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (105)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total deferred tax liabilities, net</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 25,282</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 3,916</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Actions for recourse tax receivable</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (818)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total deferred tax liability, net </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 24,464</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 3,916</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Net deferred tax assets </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (78)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (66)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> Net deferred tax liabilities </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 24,542</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 3,982</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, the Company and some subsidiaries have a cumulative Tax carryforward of approximately $9,554, which calculated considering statutory income tax rate represent a deferred tax asset of approximately $2,866. Telecom and its subsidiaries estimate that non-recoverable cumulative Tax carryforward amounted to $0.4 as of that date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Following, the detail of the maturities of estimated Tax carryforward is disclosed:</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Tax&nbsp;carryforward&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Tax&nbsp;carryforward&nbsp;amount&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Tax&nbsp;carryforward&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Company</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">generation&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">as&nbsp;of&nbsp;12.31.2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">expiration&nbsp;year</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inter Radios</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2015</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;8</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2020</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Pem</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2021</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inter Radios </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2022</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Telecom Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 9,540</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2023</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inter Radios</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;4</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2023</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 9,554</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Income tax benefit (expense) consists of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.02%;">
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit&nbsp;(loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Current tax expense</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,819)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,405)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Deferred tax benefit </font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,838</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (697)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,610)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Income tax benefit (expense)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,838</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (5,516)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (6,015)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Income tax benefit (expense) differed from the amounts computed by applying the Company&#x2019;s statutory income tax rate to pre-tax income as a result of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:27.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:27.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit (loss)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Pre-tax income</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,698</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 15,375</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 16,561</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Non-taxable items - Earnings from associates</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (236)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (353)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (221)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Non-taxable items - Other</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 29</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (114)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (57)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Subtotal</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,491</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 14,908</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 16,283</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Weighted statutory income tax rate (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Income tax expense at weighted statutory tax rate</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (747)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (5,218)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (5,699)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tax carryforward prescription</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 33</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 31</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Changes in tax rates</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (272)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (45)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Actions for recourse</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 44</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Income tax on cash dividends of foreign companies</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (64)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inflation effect</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,605</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (59)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (302)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Income tax benefit (expense)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,838</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (5,516)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (6,015)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*)&nbsp;&nbsp;&nbsp;Effective income tax rate based on weighted statutory income tax rate in the different countries where the Company has operations. The statutory tax rate in Argentina was 35% for 2017, is 30% for the years 2018-2019 and will be 25% for the year 2020 and onwards (see Note 3.o). In Paraguay is 10% plus an additional rate of 5% in case of payment of dividends for all the years presented and in the USA the effective tax rate was 39.5% for 2017 and 2016 and 26.5% for 2018 onwards.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">Income tax&nbsp;- Actions for recourse filed with the Tax Authority</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Section 10 of Law No. 23,928 and Section 39 of Law No. 24,073 suspended the application of the provisions of Title VI of the Income Tax Law relating to the income tax inflation adjustment since April 1, 1992.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Accordingly, Telecom Argentina determined its income tax obligations in accordance to those provisions, without taking into account the income tax inflation adjustment.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">After the economic crisis of 2002, many taxpayers began to question the legality of the provisions suspending the income tax inflation adjustment. Also, the Argentine Supreme Court of Justice issued its verdict in the "Candy" case July 3, 2009 in which it stated that particularly for fiscal year 2002 and considering the serious state of disturbance of that year, the taxpayer could demonstrate that not applying the income tax inflation adjustment resulted in confiscatory income tax rates.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">More recently, the Argentine Supreme Court of Justice applied a similar criterion to the 2010, 2011 and 2012 fiscal years in the cases brought by "Distribuidora Gas del Centro", enabling the application of income tax inflation adjustment for periods not affected by a severe economic crisis such as 2002.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">According to the above-mentioned new legal background that the Company took knowledge during 2015, and after making the respective assessments, Telecom Argentina filed during 2015, 2016, 2017 and 2018 actions for recourse with the AFIP to claim the full tax overpaid for fiscal years 2009, 2010, 2011, 2012 and 2013 for a total amount of $722 plus interest, under the argument that the lack of application of the income tax inflation adjustment is confiscatory.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of the date of issuance of these consolidated financial statements, the actions for recourse filed are pending of resolution by the Tax Authority. However, the Company&#x2019;s Management, with the assessment of its tax advisor, considers that the arguments presented in those recourse actions follow the same criteria as the one established by the Argentine Supreme Court of Justice jurisprudence mentioned above, among others, which should allow the Company to obtain a favorable resolution of actions of recourse filed.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Consequently, the income tax determined in excess qualifies as a tax credit in compliance with IAS 12 and the Company recorded a non-current tax credit of $818 as of December 31, 2018. For the measurement and update of the tax credit, the Company has estimated the amount of the tax determined in excess for the years 2009-2017 weighting the likelihood of certain variables according to the jurisprudential antecedents known until such date. The Company&#x2019;s Management will assess Tax Authority&#x2019;s resolutions related to actions of recourse filed as well as the jurisprudence evolution in order to, at least annually, remeasure the tax credit recorded.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966900608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TAXES PAYABLES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxesPayableAbstract', window );"><strong>TAXES PAYABLES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfTaxesPayableTextblock', window );">TAXES PAYABLES</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 16 &#x2013;TAXES PAYABLES</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Taxes payables consist of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
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				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:19.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
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				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
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				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Income tax (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,122</font></p>
				</td>
			</tr>
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				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other national taxes</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 676</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 475</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Provincial taxes</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,451</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Municipal taxes</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 180</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 112</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,319</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,743</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current </font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other national taxes</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Provincial taxes</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 26</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 26</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total taxes payables</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,345</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,747</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*) Include 2 corresponding to Tax Regularization Regime - Law No. 26,476 as of December 31, 2018.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Information on the composition of Income tax benefit (expense) included in the consolidated financial statements is disclosed Note 15.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfTaxesPayableTextblock">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6977941376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER LIABILITIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsOtherLiabilitiesAbstract', window );"><strong>OTHER LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 17 &#x2013; OTHER LIABILITIES</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Other liabilities consist of the following:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">revenues received from connection fees for fixed telephony, cable television, data and Internet, nonrefundable;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">revenues collected by remaining traffic and packages of data from unexpired cards;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">the value assigned to the points delivered by customer loyalty programs in the mobile telephony;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">the advanced collection of revenues from services of international capacity;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">the advanced collection of construction projects;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">deferred revenue from government subsidies for the acquisition of PP&amp;E;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">pension benefits; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-decoration:none;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">any liability not included in the other liability items.</font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Deferred revenues on prepaid calling cards</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 710</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 30</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Deferred revenues on connection fees and international capacity leases</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 76</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 117</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Deferred revenues on construction projects</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 322</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile customer loyalty programs</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 173</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Compensation for directors and members of the Supervisory Committee</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 47</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 209</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;1</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,537</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 152</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Deferred revenues on connection fees and international capacity leases</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 254</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 198</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Pension benefits (Note&nbsp;3.m)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 245</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile customer loyalty programs</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 280</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 380</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,159</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 198</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total other liabilities</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,696</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 350</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*) Includes deferred revenue from subsidiaries for government subsidies for the acquisition of PP&amp;E.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the pension benefits are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Incorporation by merger (Note 4.a)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 316</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Service cost (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 23</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Interest cost (**)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 72</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Payments (***)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (166)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 245</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in Employee benefit expenses and severance payments.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(**)&nbsp;&nbsp;&nbsp;&nbsp;Included in Other Financial expenses, net.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(***)&nbsp;&nbsp;Include (158) corresponding to RECPAM.</font>
		</p><div /></div> </div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other liabilities. [Refer: Other liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966884624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROVISIONS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsAbstract', window );"><strong>PROVISIONS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfProvisionsExplanatory', window );">Provisions</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 18 &#x2013; PROVISIONS</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom and its subsidiaries are parties to several civil, tax, commercial, labor and regulatory proceedings and claims that have arisen in the ordinary course of business. In order to determine the proper level of provisions, Management of the Company, based on the opinion of its internal and external legal counsel, assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. A determination of the amount of provisions required, if any, is achieved after careful analysis of each individual case.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The determination of the required provisions may change in the future due to new developments or unknown facts at the time of the evaluation of the claims or changes as a matter of law or legal interpretation. </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Provisions consist of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-size:5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Balances</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="4" valign="bottom" style="width:17.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Balances</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-size:5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Incorporation</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="4" valign="bottom" style="width:17.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">as of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-size:5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">by merger</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Interest</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">December</font><font style="display:inline;font-family:Calibri;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-size:5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">(Note 4.a)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:08.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Capital</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">(i)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Reclassifications</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">Provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 599</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> 402</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> 1,745</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> (2,002)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 744</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Total current provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 599</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 402</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,745</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> (2,002)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 744</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;text-decoration:underline;">Non-Current</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">Provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,263</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,854</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> 864</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> 732</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> (1,741)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 2,972</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 348</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 547</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> 48</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> (128)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> (4)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> (315)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 496</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Total non-current provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,611</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 2,401</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 912</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 604</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> (1,745)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> (315)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 3,468</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Total provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,611</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 3,000</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">(ii)</font></p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,314</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 604</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> (2,317)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 4,212</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (i)</font>
			</p>
		</td><td style="width:4pt;"><p style="width:4pt;width:4pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Charged to finance costs, net, interest for provisions line item.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (ii)</font>
			</p>
		</td><td style="width:4pt;"><p style="width:4pt;width:4pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Charged $1,254 to Other operating income and expenses and $60 to currency translation adjustments.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Balances</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:16.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Balances</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Capital</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Interest</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">31,&nbsp;2016</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(iii)</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">31,&nbsp;2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non- Current</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Provisions</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,073</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 348</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 78</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (236)</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,263</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 337</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 11</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 348</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total non-current provisions</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,410</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 359</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 78</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (236)</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,611</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total provisions</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,410</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">(iv)</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 359</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 78</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">(v)</font></p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (236)</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,611</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (iii)</font>
			</p>
		</td><td style="width:4pt;"><p style="width:4pt;width:4pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Charged to finance costs, net, interest for provisions line item.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (iv)</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Charged to Other operating income and expenses.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (v)</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:8pt;">Include 90 corresponding to RECPAM.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Probable Contingent liabilities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Below is a summary of the most significant claims and legal actions for which provisions have been established:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">a)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Symbol;font-style:italic;"></font><font style="display:inline;font-style:italic;text-decoration:underline;">Profit sharing bonds</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Various legal actions are brought, mainly by former employees of the Company against the Argentine government and Telecom Argentina, requesting that Decree No.&nbsp;395/92&nbsp;&#x2013; which expressly exempted Telef&#xF3;nica and the Company from issuing the profit sharing bonds provided in Law No.&nbsp;23,696&nbsp;&#x2013; be struck down as unconstitutional. The plaintiffs also claim the compensation for damages they suffered because such bonds have not been issued.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In August&nbsp;2008, the Argentine Supreme Court of Justice found Decree No.&nbsp;395/92 unconstitutional when resolving a similar case against Telef&#xF3;nica.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Since the Argentine Supreme Court of Justice&#x2019;s judgment on this matter, the Divisions of the Courts of Appeal ruled that Decree No.&nbsp;395/92 was unconstitutional. As a result, in the opinion of the legal counsel of the Company, there is an increased probability that the Company has to face certain contingencies, notwithstanding the right of reimbursement that attends Telecom Argentina against the National State.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Said Court decision found the abovementioned Decree unconstitutional and ordered that the proceedings be remanded back to the court of origin so that such court could decide which defendant was compelled to pay&nbsp;&#x2013;the licensee and/or the Argentine government- and the parameters that were to be taken into account in order to quantify the remedies requested (percent of profit sharing, statute of limitations criteria, distribution method between the program beneficiaries, etc). It should be mentioned that there is no uniformity of opinion in the Courts in relation to each of those concepts.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Later, in &#x201C;Ramollino Silvana c/Telecom Argentina S.A.&#x201D;, the Argentine Supreme Court of Justice, on June&nbsp;9, 2015, ruled that the profit sharing bonds do not correspond to employees who joined Telecom Argentina after November&nbsp;8, 1990 and that were not members of the PPP.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This judicial precedent is consistent with the criteria followed by the Company for estimating provisions for these demands, based on the advice of its legal counsel, which considered remote the chances of paying compensation to employees not included in the PPP.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Legal action&#x2019;s statute of limitations criteria: Argentine Supreme Court of Justice ruling &#x201C;Dominguez c/ Telef&#xF3;nica de Argentina S.A.&#x201D;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In December&nbsp;2013, the Argentine Supreme Court ruled on a similar case to the above referred legal actions, &#x201C;Dom&#xED;nguez c/ Telef&#xF3;nica de Argentina S.A&#x201D;, overturning a lower court ruling that had barred the claim (as having exceeded the applicable statute of limitations since ten&nbsp;years had passed since the issuance of Decree No.&nbsp;395/92).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Argentine Supreme Court of Justice ruling states that the Civil and Commercial Proceedings Court must hear the case again to consider statute of limitations arguments raised by the appellants that, in the opinion of the Argentine Supreme Court of Justice, were not considered by the lower court and are relevant to the resolution of the case.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">After the Argentine Supreme Court of Justice&#x2019;s ruling and until the date of issuance of these consolidated financial statements, two chambers of the Civil and Commercial Federal Proceedings Court have issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice in its ruling, acknowledging that the statute of limitations must be applied periodically&nbsp;&#x2013;as of the time of each balance sheet- but limited to five&nbsp;years; and Chamber III ruled, by a majority of votes, that the statute of limitations must not be applied periodically, but that instead, was exceeded ten&nbsp;years after the issuance of Decree No.&nbsp;395/92.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Criteria for determining the relevant profit to calculate compensation: ruling of the Civil and Commercial Federal Proceedings Court in Plenary Session &#x201C;Parota c/ Estado Nacional y Telef&#xF3;nica de Argentina S.A.&#x201D;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On February 27, 2014, the Civil and Commercial Appeals Court issued its decision in plenary session in the case &#x201C;Parota, C&#xE9;sar c/ Estado Nacional&#x201D;, as a result of a complaint filed against Telef&#xF3;nica, ruling: </font><font style="display:inline;font-style:italic;">&#x201C;that the amount of profit sharing bonds the corresponding to former employees of Telef&#xF3;nica de Argentina S.A. should be calculated based on the taxable income of Telef&#xF3;nica de Argentina S.A. on which the income tax liability is to be assessed&#x201D;.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Court explained that in order to make such determination: </font><font style="display:inline;font-style:italic;">&#x201C;it is necessary to clarify that &#x201C;taxable income&#x201D; (pre-tax income) means the amount of income subject to the income tax that the company must pay, which generally means gross income, including all revenue obtained during the fiscal&nbsp;year (including contingent or extraordinary revenue), minus all ordinary and extraordinary expenses accrued during such fiscal&nbsp;year&#x201D;.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, the Company&#x2019;s Management, with the advice of its legal counsel, has recorded the provisions for contingencies that it estimates are sufficient to cover the risks associated with these legal actions, having considered the available legal background as of the date of issuance of these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Federaci&#xF3;n Argentina de las Telecomunicaciones and others against Telecom Argentina S.A. in relation to worker shareholding participation</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additionally, on June&nbsp;3, 2013 Telecom Argentina was notified of a lawsuit filed by four unions claiming the issuance of a profit sharing bonds (hereinafter &#x201C;the bonds&#x201D;) for future periods and for periods for which the statute of limitations is not expired. To enforce this claim, the plaintiffs require that Decree No.&nbsp;395/92 should be declared unconstitutional.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This collective lawsuit is for an unspecified amount. The plaintiffs presented the criteria that should be applied for the determination of the&nbsp;percentage of participation in the Company&#x2019;s profit. The lawsuit requiring the issuance of a profit sharing bond represents an obligation with potential future economic impact for Telecom Argentina.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In June&nbsp;2013, the Company filed its answer to the claim, arguing that the labor courts lack of jurisdiction. On October&nbsp;30, 2013, the judge rejected the lack of jurisdiction plea, established a ten&nbsp;year period as statute of limitation and deferred ruling on the defenses of res judicata, lis pendens and on the third party citation required after a hearing is held by the court. Telecom Argentina has appealed the judge&#x2019;s ruling.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On December&nbsp;12, 2013 this hearing took place and the intervening court differed the defense of statute of limitations filed by the Company to the moment of the final ruling, among other matters. It also ordered the plaintiff to establish that they have permission to bring the case on behalf Telecom Argentina&#x2019;s employees included in the claim; meanwhile the trial proceeding will be suspended. The plaintiff appealed the decision and the judge deferred this issue to the time of sentencing.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On December 20, 2017, the Court of First Instance on Labor Matters No. 19 dismissed the claim on the grounds that the claimant lacks of active legitimization because it is an individual claim, not a collective one. The claimant filed an appeal, which is pending before Chamber 7 of the Court of Appeals.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company, based on the advice of its legal counsel, believes that there are strong arguments to defend its rights in this claim based, among other things, in the expiration of the statute of limitations of the claim for the unconstitutionality of Decree No.&nbsp;395/92, the lack of active legal standing for collective claim for bonds issuance&nbsp;-due to the existence of individual claims-, among other reasons regarding lack of active legal standing.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">b)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Symbol;font-style:italic;"></font><font style="display:inline;font-style:italic;text-decoration:underline;">Former sales representative claims of Personal and Nextel</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Former sales representatives of Personal and Nextel have brought legal actions for alleged improper termination of their contracts and have submitted claims for payment of different items such as commission differences, value of the customers&#x2019; portfolio and lost profit, among other matters. The Company&#xB4;s Management believes, based on the advice of its legal counsel, that certain items included in the claims would not be sustained while other items, if sustained, would result in lower amounts than those claimed. As of the date of issuance of these consolidated financial statements, some legal actions are in the discovery phase and with expert opinions in progress.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company&#x2019;s Management, based on the advice of its legal counsel, has recorded provisions that it estimates are sufficient to cover the risks associated with these claims, which are considered that would not have a negative impact on the Company&#x2019;s results and financial position.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">c)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Symbol;font-style:italic;"></font><font style="display:inline;font-style:italic;text-decoration:underline;">Regulator&#x2019;s Penalty Activities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom Argentina is subject to various penalty procedures, in most cases promoted by the Regulatory Authority, for delays in the reparation and installation of service to fix-line customers. Although generally a penalty considered on an individual basis does not have a material effect on Telecom Argentina&#x2019;s equity, there is a significant disproportion between the amounts of the penalty imposed by the Regulatory Authority and the revenue that the affected customer has generated to Telecom Argentina.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In determining the provisions for regulatory charges and sanctions, the Telecom Argentina&#x2019;s Management, with the assessment of its legal counsel, determines the likelihood of such sanctions being imposed, the amount thereof based on historical information and judicial precedents, also contemplating various probable scenarios of statute of limitation for charges and sanctions received, the current levels of execution of sanctions and the eventual results of legal actions that Telecom Argentina has undertaken to demonstrate, among other things, the disproportionate sanctions imposed by the Regulatory Authority since 2013.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom Argentina has recorded provisions that it deems sufficient to cover the above mentioned sanctions and charges, estimating that they should not prosper in amounts individually higher than 200 thousand UT ( 9,380 argentine pesos) per each alleged violation against its clients in the normal course of business, in accordance with the legal and regulatory analysis performed as of December 31, 2018. If Telecom Argentina and its legal advisors&#x2019; arguments do not prevail, the Management of Telecom Argentina estimates that the amount of provisions for regulatory charges and sanctions might be increased in approximately $62 as of December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">d)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font><font style="display:inline;font-style:italic;"></font><font style="display:inline;font-style:italic;text-decoration:underline;">Task Solutions against/ Telecom Personal S.A. S/ Ordinario and Task Solutions against/Telecom Argentina S.A. S/ Ordinario</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Task Solutions S.A., a company whose main activity was the contact center, promoted a lawsuit against Telecom Argentina and Telecom Personal, claiming the amount of 408,721,835&nbsp;Argentine pesos for damages and losses suffered during the contractual relationship between those companies, as well as the non-renewal of the relationship between them. Task Solutions S.A. maintains that its only contractual relationship was with the defendant companies and that the non-renewal of their relationship caused its cessation of payments. On August 27, 2018, the claims were answered, the facts and the compensation claimed were denied and the Company requested the unconstitutionality of the punitive damages claimed. The Company reproved the amounts already paid in relation to labor items. Likewise, a claim was made for the amounts that eventually will have to be paid for that same concept in the future. Such estimation may be modified in relation to the proof that is produced in the case.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, the Company's Management, with the assistance of its legal advisors, has established provisions that it considers sufficient to cover the risks arising from the judgments indicated, taking into account the arguments and jurisprudential background available at the date of issuance of these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Possible Contingencies</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition to the possible contingencies related to regulatory matters described in Note 2 d) and in the last paragraph of section &#x201C;Regulator&#x2019;s Penalty Activities&#x201D; previously mentioned, is a summary of the most significant claims and legal actions for which no provisions have been established, although it cannot be ensured the final outcome of these lawsuits:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">a.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-style:italic;text-decoration:underline;">Radioelectric Spectrum Fees</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In October 2016 Personal modified the criteria used for the statement of some of its commercial plans (&#x201C;Abono fijo&#x201D;) for purposes of paying the radioelectric spectrum fees (derecho de uso de espectro radioel&#xE9;ctrico or &#x201C;DER&#x201D;), taking into account certain changes in such plans&#x2019; composition. This meant a reduction in the amount of fees paid by Personal.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In March 2017, the ENACOM demanded Personal to rectify its statements, requiring that such plans&#x2019; statements continue to be prepared based on the previous criteria. Personal&#x2019;s Management believes that it has strong legal arguments to defend its position, which are actually confirmed by Resolution ENACOM No. 840/18. On August 15, 2017, Personal received a note for the differences owed, and on August 31, 2017 presented the corresponding administrative note. However, it cannot be assured that such arguments will be accepted by the ENACOM.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The difference resulting since October 2016, from both sets of liquidation criteria is of approximately $717 plus interests as of December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On February 27, 2018, Resolutions Nos. 840/18 and No. 1,196/18 were published in the Official Gazette. Through these Resolutions, the ENACOM updated the value of the Radioelectric Spectrum Fee per Unit and, in addition, it established a new regime for mobile communications services, which substantially increases the amounts to be paid in this regard.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of the date of issuance of these consolidated financial statements Telecom has submitted the rectifying affidavits corresponding to the months of March and April 2018 (due in April and May 2018), and has paid (under protest) the respective amounts. It also started to comply with, as from September 2018, the filing and payment (under protest) of the corresponding affidavits.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">b.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Symbol;font-style:italic;"></font><font style="display:inline;font-style:italic;text-decoration:underline;">&#x201C;Consumidores Financieros Asociaci&#xF3;n Civil para su Defensa&#x201D; claim</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In November&nbsp;2011, Personal was notified of a lawsuit filed by the &#x201C;Consumidores Financieros Asociaci&#xF3;n Civil para su Defensa&#x201D; claiming that Personal made allegedly abusive charges to its customers by implementing per-minute billing and setting an expiration date for prepaid telecommunication cards.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The plaintiff claim Personal to: i) cease such practices and bill its customers only for the exact time of telecommunication services used; ii) reimburse the amounts collected in excess in the ten&nbsp;years preceding the date of the lawsuit; iii) credit its customers for unused minutes on expired prepaid cards in the ten&nbsp;years preceding the date of the lawsuit; iv) pay an interest equal to the lending rate charged by the Banco de la Naci&#xF3;n Argentina; and v) pay punitive damages provided by Section 52 bis of Law No. 24,240.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Personal responded in a timely manner, arguing the grounds by which the lawsuit should be dismissed, with particular emphasis on the regulatory framework that explicitly endorses Personal&#x2019;s practices, now challenged by the plaintiff in disregard of such regulations.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This claim is at a preliminary stage as of the date of issuance of these consolidated financial statements. However, the judge has ordered the accumulation of this claim with two other similar claims against Telef&#xF3;nica M&#xF3;viles Argentina S.A. and AMX Argentina S.A. So, the three legal actions will continue within the Federal Civil and Commercial Court No.&nbsp;9.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In connection with this lawsuit, the Secretariat of Commerce canceled the registration of CONSUMIDORES FINANCIEROS ASOCIACI&#xD3;N CIVIL PARA SU DEFENSA, therefore, the Company is awaiting the resolution of the intervening court.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The plaintiffs are seeking damages for unspecified amounts. Although the Company believes there are strong defenses according to which the claim should not succeed, in the absence of jurisprudence on the matter, the Company&#x2019;s Management (with the advice of its legal counsel) has classified the claim as possible until a judgment is rendered.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">c.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Lawsuit against Personal on changes in services prices</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In June 2012 the consumer trade union &#x201C;Proconsumer&#x201D; filed a lawsuit against Personal claiming that the company did not provide the clients with enough information regarding the new prices for the services provided by Personal between May 2008 and May 2011. It demands the reimbursement to certain customers &#x2013; Abono Fijo - of an amount of a period of two&nbsp;months since the alleged inconsistencies of the plaintiff.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company&#x2019;s Management considers that Personal had adequately informed its clients the modifications of the terms and conditions in which the service would be provided, and therefore, believes that this lawsuit should not succeed.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company answered the complaint and made a proposal that was rejected by the Supreme Court of Justice of the Nation, which ordered that the case continued in commercial courts. The cause was open to trial and the parties are producing the evidence offered.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company&#x2019;s Management considers that there are strong arguments for the favorable resolution of this lawsuit, but, in the event it is resolved unfavorably, it would not have a significant impact on Telecom&#x2019;s results and financial position.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">d.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Symbol;font-style:italic;"></font><font style="display:inline;font-style:italic;text-decoration:underline;">Proceedings related to value added services&nbsp;- Mobile contents</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On October&nbsp;1, 2015 Personal was notified of a claim seeking damages for unspecified amounts initiated by consumer trade union &#x201C;Cruzada C&#xED;vica para la defensa de los consumidores y usuarios de Servicios p&#xFA;blicos&#x201D;. The plaintiff invokes the collective representation of an undetermined number of Personal customers.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The plaintiff claims the way that content and trivia are contracted, in particular the improper billing of messages sent offering those services and their subscription. Additionally, it proposes the application of a punitive damages to Personal.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This claim is substantially similar to other claims made by a consumer association (Proconsumer) where collective representation of customers is also invoked. As of the date of issuance of these consolidated financial statements, this claim is at preliminary stage since the demand notifications of everyone involved have not yet been finalized.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Personal has answered the claims through the presentation of legal and factual defenses, subpoenaing third parties involved in the provision of VAS. Likewise, with the advice of its legal counsel, Telecom believes to have strong arguments for its defense in these lawsuits. However, given the absence of jurisprudential precedents, the final outcome of these claims cannot be assured.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">e.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Symbol;font-style:italic;"></font><font style="display:inline;font-style:italic;text-decoration:underline;">Claims of some Content Providers&nbsp;&nbsp;to the Company</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the framework of the general reorganization of the content business started out by Personal in 2016, and given the expiration of agreements with content providers, some of the latter have been notified that such agreements will not be renewed.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">By virtue of that communication, four of those companies initiated and obtained in court, precautionary measures against Personal, in order to avoid that the duly notified decision of not renewing the agreements be effective, and thus, forcing Personal to refrain from disconnecting or interrupting the contractual relationship on the scheduled dates.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On February&nbsp;24, 2017, the ENACOM notified Personal the Resolution 2017&#8209;1122&#8209;APN-ENACOM # MCO (Resolution No. 1,122), which set out that Mobile Operators providers of audiotext and mass calling Value Added Services may receive, in every respect, a&nbsp;percentage that should not exceed 40% of the services invoiced on behalf and to the order those providers. In addition, the Resolution sets forth a 30 -day period to file under the ENACOM the interconnection contracts or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On March 22, 2017, Personal&#x2019;s Management, with the assistance of its legal advisors and due to its solid grounds, filed an administrative appeal against Resolution No. 1,122 before the former Ministry of Communications. In addition, Personal has brought legal actions to safeguard its rights.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the other hand, it should be noted that the Company has renewed the commercial agreements with most of the providers of these contents, which are still in force.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On September 29, 2017, the ENACOM notified Personal with ENACOM Resolution No. 2,408/17, whereby it rejected the reconsideration appeals filed by Movistar and Claro against Resolution No. 1,122, and the suspension of the effects of said resolution requested by Personal, Movistar and Claro. In addition, in the same act, it rejected the reconsideration appeal filed by Personal against ENACOM Note No. 29/17 (in connection with the supplier MOVICLIPS). The appeal filed by Personal against Resolution No. 1,122 with the former Ministry of Communications is still pending resolution.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">f.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Symbol;"></font><font style="display:inline;font-style:italic;text-decoration:underline;">&#x201C;Asociaci&#xF3;n por la Defensa de Usuarios y Consumidores against/Telecom Personal S.A.&#x201D; claim</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In 2008 the &#x201C;Asociaci&#xF3;n por la Defensa de Usuarios y Consumidores&#x201D; sued Personal, seeking damages for unspecified amounts, claiming the billing of calls to the automatic answering machine and the collection system called "send to end" in collective representation of an undetermined number of Personal customers. The claim is currently about to dictate sentence.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In 2015 the Company took knowledge of an adverse court ruling in a similar trial, promoted by the same consumers association against other mobile operator. Currently it is pending judgment.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company's Management, with the advice of its legal counsel, believes that it has strong arguments for its defense, but given the new jurisprudential precedent, the outcome of this claim cannot be ensured.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">g.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Claims by Trade Unions for Union Contributions and Payments</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The unions FOEESITRA, SITRATEL, SILUJANTEL, SOEESIT, FOETRA, SUTTACH and the Union of telephony workers and employees of Tucum&#xE1;n (Sindicato de Obreros y Empleados Telef&#xF3;nicos de Tucum&#xE1;n) filed 7 legal actions against Telecom Argentina claiming the union contributions and payments set forth in the respective Collective Bargaining Agreements (&#x201C;CBA&#x201D;) corresponding to the third party employees rendering services to Telecom Argentina, for the not prescribed term of 5 years, plus the damages caused by the lack of payment of such items. The items claimed are the Special Fund and the Solidarity Contribution.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The unions mentioned sustain that Telecom Argentina is jointly liable for the payment of the above-mentioned contributions and payments, based on the provisions of sections 29 and 30 of the Labor Contract Law and the nonperformance of the CBA as to its obligation to inform the Union on the hiring of third parties.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">All claims were answered and procedural terms are suspended. In all cases, new hearings were appointed in the terms of art. 80 and the parties requested a new suspension of terms as a result of possible extrajudicial negotiations. The suits are for an undetermined amount.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Although the Company&#x2019;s management considers that there are strong arguments for these actions to be decided on its favor, as there is no case law in the matter, no assurance can be given on the final outcome of these claims. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">h.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Claim for damages between Supercanal Holding S.A. and Cablevisi&#xF3;n</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Multicanal has filed several legal actions seeking the nullity of: i) all the ordinary shareholders&#x2019; meetings held by Supercanal Holding S.A. from the year 2000 until February 2018; and ii) the sureties granted by Supercanal S.A. securing bank loans granted exclusively for the benefit of the controlling group of Supercanal Holding S.A. (Grupo Uno S.A. and its affiliates). In addition, a legal action was filed seeking the dissolution and liquidation of Supercanal Holding S.A. together with a legal action seeking the removal of all the members of the Board of Directors and the Supervisory Committee and the dissolution of Supercanal Capital N.V. Supercanal Holding S.A. On March 29, 2000 Supercanal Holding S.A. filed for concurso preventivo (judicial restructuring proceedings) with National Court of First Instance on Commercial Matters No. 20, Clerk&#x2019;s Office No. 40, and the proceedings began on March 27, 2001.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Upon the revocation of an injunction initially granted in favor of Multicanal S.A. in the case entitled &#x201C;Multicanal S.A. c/Supercanal Holding S.A. s/sumario&#x201D;, where it sought to nullify the January 25, 2000 Extraordinary Shareholders&#x2019; Meeting of Supercanal Holding S.A. where it was resolved to reduce the capital stock of Supercanal Holding S.A. to 12,000 Argentine pesos and a subsequent increase thereof to 83,012,000 Argentine pesos, Multicanal S.A. was notified on December 12, 2001 of the filing by Supercanal Holding S.A. of a claim for the damages allegedly caused to it by the issue of the injunction that was subsequently revoked. The alleged damage is that the suspension of the effects of the meeting of January 25, 2000 would have led Supercanal Holding S.A. to suspend payments. Multicanal S.A. answered to such claim by denying all liability on the grounds that Supercanal Holding S.A.&#x2019;s inability to pay its obligations when due had begun before the date of the suspension of the shareholders meeting according to documentation provided by the plaintiff itself. Furthermore, the suspension of the meeting did not prevent the capitalization of Supercanal Holding S.A. through other alternative means. Based on the factual and legal findings of the case, Cablevisi&#xF3;n, as Multicanal&#x2019;s continuing company considers that the claim should be rejected in its entirety, and that the legal costs should be borne by the plaintiff. The case is in the discovery period. In addition, the court of First Instance has dismissed Supercanal Holding S.A.&#x2019;s request that it be allowed to sue without paying court fees or costs and that decision has been confirmed by the National Court of Appeals.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On June 15, 2018, Telecom Argentina, Grupo Clar&#xED;n, Supercanal and Am&#xE9;rica TV executed a settlement agreement in order to terminate the claims existing among the parties. Those companies executed a framework agreement whereby, among other issues, Am&#xE9;rica TV expressly waived its claim for the exhibition of its signals &#x201C;Am&#xE9;rica TV&#x201D; and &#x201C;A24&#x201D; in Cablevisi&#xF3;n&#x2019;s (now Telecom Argentina's) programming grid, waiving its right to bring any claims in that regard and recognizing that it has nothing to claim against Telecom Argentina for any other cause as of the date of the agreement. In addition, a share transfer agreement was executed whereby Telecom Argentina -in its capacity as successor of Cablevisi&#xF3;n-absorbing company of Multicanal- assigned in favor of Supercablecanal S.A. the shares- and all the rights inherent to them- it holds and owns in Supercanal and Supercanal Holding S.A. as of the date of execution of the agreement. Pursuant to the settlement agreement, the parties have agreed that all costs of the proceedings shall be borne by Supercanal S.A.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">i.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;text-decoration:underline;">Asociaci&#xF3;n por la Defensa de Usuarios y Consumidores v. Cablevisi&#xF3;n on expedited summary proceeding:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On November 29, 2018 the Company was notified of a lawsuit initiated by the Asociaci&#xF3;n por la Defensa de Usuarios y Consumidores, requesting that the defendant 1) cease to prevent customers to rescind Internet and cable TV services at the time of request; 2) reimburse to each user the amounts collected for the period of 5 years and until Cablevisi&#xF3;n fulfills the request mentioned in 1); and 3) pay punitive damages for each of the affected customers.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">On December 19, 2018, the Company filed a response. In its plea, it requested the extension of the period of the statutes of limitation (biennial term) and the declaration of the lack of standing to sue of the association. Likewise, the Company argued that the class to be represented had not been established and that it had not contravened the Antitrust Law and gave a detailed description of the termination procedure used by Cablevisi&#xF3;n highlighting its compliance with Articles 10 ter and 10 quater of said law. It also challenged the application of the punitive damages claimed by the plaintiff and the Company also produced documentary evidence. It requested that the claim be rejected in its entirety, and that the legal costs be borne by the plaintiff.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">The probability of occurrence of the lawsuit has been deemed as possible and the amount has still not been set yet.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">j.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Resolution No. 50/10 and subsequent ones of the Secretariat of Domestic Trade of the Nation (&#x201C;SCI&#x201D;)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">SCI Resolution No. 50/10 approved certain rules for the sale of pay television services. These rules provide that cable television operators must apply a formula to calculate their monthly subscription prices. The price arising from the application of the formula was to be informed to the Office of Business Loyalty (Direcci&#xF3;n de Lealtad Comercial) between March 8 and March 22, 2010, having cable television operators to adjust such amount semi-annually and inform the result of such adjustment to such Office.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Even though as of the date of issuance of these consolidated financial statements, the Company cannot assure the actual impact of the application of this formula, given the vagueness of the variables provided by Resolution No. 50/10 to calculate the monthly subscription prices, the Company believes that such Resolution is arbitrary and bluntly disregards its freedom to contract, which is part of the freedom of industry and trade, and therefore it has filed the pertinent administrative claims and will proceed to file the necessary legal actions requesting the suspension of the Resolution&#x2019;s effects and ultimately the nullification thereof.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Even though the Company and/or some of its subsidiaries, like other companies in the industry, have strong constitutional arguments to support their position, it cannot be assured that the final outcome of this issue will be favorable. Therefore, the Company may be forced to modify the price of its pay television subscription, which could significantly affect the revenues of its core business. This creates a general scenario of uncertainty regarding the Company's business that could significantly affect the recoverability of its relevant assets. Notwithstanding the foregoing, it should be noted that as of the date of issuance of these consolidated financial statements, according to the decision issued on August 1, 2011 in re "LA CAPITAL CABLE S.A. c/ Ministerio de Econom&#xED;a-Secretar&#xED;a de Comercio Interior de la Naci&#xF3;n", the Federal Court of Appeals of the City of Mar del Plata has ordered the SCI to suspend the application of Resolution No. 50/10 with respect to all cable television licensees represented by the Argentine Cable Television Association (&#x201C;ATVC&#x201D;). Upon being notified to the SCI and the Ministry of Economy on September 12, 2011, such decision became fully effective and may not be disregarded by the SCI. The National Government filed an appeal against the decision issued by the Federal Court of Appeals of Mar del Plata to have the case brought before the Supreme Court. Such appeal was dismissed, for which the National Government filed a direct appeal to the Supreme Court, which has also been dismissed.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On June 1, 2010, the SCI imposed a $5 fine on Cablevisi&#xF3;n alleging that it had failed to comply with the information regime set forth by Resolution No. 50/10 and invoking the Consumer Defense Law to impose such penalty. The fine was appealed and submitted to the Federal Court of Appeals on Administrative Matters, Chamber No. 5, which decided to reduce the fine to $0.3. The Company appealed this decision by filing an extraordinary appeal with the Supreme Court of Argentina.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On March 10, 2011 SCI Resolution No. 36/11 was published in the Official Gazette. This resolution falls within the framework of SCI Resolution 50/10. Resolution No. 36/11 sets forth the parameters to be applied to the services to be provided by Cablevisi&#xF3;n to its subscribers. The Company believes that Resolution No. 36/11 is illegal and arbitrary, since it is grounded on Resolution 50/10, which the Company believes is absolutely null and void. Since the application of Resolution No. 50/10 has been suspended, the application of Resolution No. 36/11, which falls within the framework of the former, is also suspended. Subsequently, the SCI issued Resolutions No. 65/11, 92/11, 123/11, 141/11, 10/11, 25/12, 97/12, 161/12, 29/13, 61/13, 104/13, 1/14, 43/14 and 93/14 pursuant to which it extended the effectiveness of Resolution No. 36/11 up to and including September 2014, and adjusted the cable television subscription price to 152 Argentine pesos. The Company believes, however, that given the terms under which the Federal Court of the City of Mar del Plata granted the preliminary injunction, which ordered the SCI to suspend the application of Resolution No. 50/10 with respect to all cable television licensees represented by ATVC (among them, the Company and its subsidiaries), and also given the fact that Resolutions No. 36/11, 65/11, 92/11, 123/11, 141/11, 10/11, 25/12, 97/12, 161/12, 29/13, 61/13, 104/13, 1/14, 43/14 and 93/14 limit to apply Resolution No. 50/10, the Company continues to believe to be protected by the preliminary injunction, and therefore the normal operation thereof will not be affected.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On September 23, 2014, the Court issued a decision in re &#x201C;Municipalidad de Berazategui c/ Cablevisi&#xF3;n&#x201D; ordering the remission of the cases relating to these resolutions to the jurisdiction of the Federal Court of Mar del Plata, that had issued the decision on the collective action in favor of ATVC.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Currently, all the claims relating to this matter are pending before the Federal Court of Mar del Plata. The judge has not yet ordered discovery proceedings in respect of the main claim, &#x201C;La Capital Cable v. National Government s/ Ordinary Proceeding&#x201D;.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Decisions made on the basis of these consolidated financial statements shall consider the potential impact that the above-mentioned resolutions might have on the Company and its subsidiaries, and the Company's consolidated financial statements should be read in light of such circumstances.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company&#xB4;s Management, with the assistance of its legal advisors, considers that it has strong arguments for its defense.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">k.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Resolution No. 16,765 of the CNV</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On March 16, 2012, CNV issued Resolution No. 16,765 whereby it ordered the conduction of a preliminary investigation (sumario) against Cablevisi&#xF3;n, its directors and members of the Supervisory Committee for an alleged failure to comply with its reporting duties. The CNV considers that this deprived investors of the possibility to become fully aware of the decision issued by the Supreme Court of Argentina in re &#x201C;Recurso de Hecho deducido por el Estado Nacional Ministerio de Econom&#xED;a y Producci&#xF3;n en la causa Multicanal S.A. y otro c/ CONADECO Dto. 527-05&#x201D; (which as of this date has been resolved) and that a series of issues relating to the information required by the CNV regarding the Extraordinary Meeting of Class 1 and 2 Noteholders held on April 23, 2010 would not have been disclosed.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On April 4, 2012, the Company filed a response requesting that its defenses be sustained and that all charges against it be dismissed. The discovery stage has been closed and the legal brief has been submitted.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company and its legal advisors believe that the Company has strong arguments in its favor. Nevertheless, the Company cannot assure that the outcome of the preliminary investigation proceeding will be favorable.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">l.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Resolution No. 17,769 of the CNV</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On August 28, 2015, Cablevisi&#xF3;n was served notice of Resolution No. 17,769 dated August 13, 2015 whereby the CNV the conduction of a preliminary investigation (sumario) against Cablevisi&#xF3;n and its directors, members of the Supervisory Committee and the Head of Market Relations for an alleged delay in the submission of the required documentation relating to the registration of the authorities appointed in the General Meeting of Shareholders of Cablevisi&#xF3;n held on April 30, 2000 and the update of the particulars of its registered office in the Autopista de Informaci&#xF3;n Financiera.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 20, 2016, the preliminary hearing was held pursuant to Section 138 of Law No. 26,831 and Section 8, Subsection b.1. of Section II, Chapter II, Title III of the Regulations (amended text of 2013).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company and its advisors believe that same has strong arguments in its favor on this matter, but no assurance can be given that the outcome of the preliminary investigation proceeding will be favorable.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;">m.<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Additional rate for the &#x201C;Impuesto a la Renta Comercial, Industrial o de Servicios&#x201D; (Tax on Commercial, Industrial or Services Revenues or &#x201C;IRACIS&#x201D;)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On April 5, 2017, a subsidiary of the Company received a notice from the Under-Secretary of Taxes of the Republic of Paraguay, whereby that subsidiary was informed that it had failed to determine the additional IRACIS rate on the retained earnings of the companies merged in 2014.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company&#xB4;s subsidiary considers that it has strong arguments to support its position, but no assurance can be given on the final outcome of this claim.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remote Contingencies</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom faces other legal proceedings, fiscal and regulatory considered normal in the development of its activities. The Company Directors and its legal advisors estimate it will not generate an adverse impact on their financial position and the result of its operations, or its liquidity. In accordance with IAS 37 &#x201C;Provisions&#x201D;, not any provision has been constituted and/or disclosed additional information in these financial statements related to the resolution of these issues.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingency Asset</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">&#x201C;AFA Plus Project&#x201D; Claim</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On July&nbsp;20, 2012, the Company entered into an agreement with the Argentine Football Association (&#x201C;AFA&#x201D;), for the provision of services to a system called &#x201C;Argentine Football System Administration&#x201D; (&#x201C;AFA Plus Project&#x201D;) related to the secure access to first division football stadiums whereby Telecom Argentina should provide the infrastructure and systems to enable the AFA to manage the aforementioned project. The recovery of investments and expenses incurred by Telecom Argentina and its profit margin would come from charging AFA with a referring price stated in 20% of the popular ticket price per each football fan that attend the stadiums during the term of the agreement, so the recoverability of the Company&#x2019;s assets related to the Project depended on AFA implementing the &#x201C;AFA Plus Project&#x201D;.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">From 2012 and in compliance with its contractual obligations, the Company made investments and incurred in expenses amounting to $269, of which $211 are included in PP&amp;E for the provision and installation of equipment and the execution of civil works for improving the football stadiums, registration centers equipment, inventories and material storage and attend other expenses directly associated with AFA Plus Project.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For several specific reasons of the Project, the football environment and the country context, the AFA Plus system was not implemented by the AFA, not even partially. Accordingly, Telecom Argentina has not been able to begin collecting the agreed price.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Finally, throughout the agreement, Telecom Argentina received no compensation from AFA for the services provided and the work performed. In September&nbsp;2014, the AFA notified the Company of its decision to terminate the agreement with Telecom Argentina, modifying the AFA Plus Project, and also informed that it will assume the payment of the investments and expenditures incurred by the Company. Accordingly, negotiations between the parties have started.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In February&nbsp;2015, AFA made a proposal to compensate the investments and expenditures incurred by the Company through advertising exchange exclusively related to the AFA Plus Project (or the one that replaces this Project in the future), in the amount of US$ 12.5 million. The proposal considered that if the advertising compensation was not realized in one&nbsp;year, AFA would pay to Telecom the agreed amount. The Company analyzed the quality of the assets offered by the AFA in its offer of advertising exchange, and rejected the offer as insufficient.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">New negotiations were conducted in 2015 to improve the mentioned offer (requiring a combination of cash payments and advertising) but a satisfactory agreement was not reached and negotiations were suspended for AFA internal affairs.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In October&nbsp;2015, the Company formally demanded that AFA pay the amounts due ($179.2&nbsp;plus interest from its implementation). The AFA rejected the claim but agreed to resume negotiations for a closing agreement which then was suspended by the AFA electoral process.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In January&nbsp;2016 both parties resumed conciliatory negotiations, while the Company reserved its right to exercise legal claims on the amounts due.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In June&nbsp;2016 the Company initiated a compulsory pre-judicial mediation procedure. The first audience, held on July&nbsp;12, 2016, was attended by both parties. A second audience was held on August&nbsp;3, 2016 and a third and the last one was held on August&nbsp;23, 2016, which resulted in no agreement between the parties.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In February 2018, the Company initiated a new mandatory prejudicial mediation procedure which was finished without agreement. On December 19, 2018, a claim was brought against AFA for 353,477,495&nbsp;&nbsp;Argentine pesos.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company&#x2019;s Management with the assistance of its external advisor believes that they have strong legal arguments for claiming and are evaluating the actions to be followed for recovering the investments and expenses made.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It is worth mentioning that the impairment recorded by the Company arising from the uncertainties related to the recoverable value of assets recognized by the AFA Plus Project (Works in Progress and Materials amounting to $211) have been only recorded for the purpose to comply with accounting standards and in no way involves giving up or limiting the rights given to the Company as a genuine creditor for the AFA Plus Project agreement.</font>
		</p><div /></div> </div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966952976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMITMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitmentsAbstract', window );"><strong>COMMITMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCommitmentsExplanatory', window );">Commitments</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE&nbsp;19&nbsp;&#x2013; COMMITMENTS</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">a)&nbsp;&nbsp;Purchase commitments</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company has entered into various purchase orders amounting in the aggregate to approximately $41,107 as of December 31, 2018 (of which $9,926 corresponds to PP&amp;E commitments), primarily related to the supply of switching equipment, external wiring, infrastructure agreements, inventory and other service agreements. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It should be noted that $3.6 billion correspond to contracts that qualify as leases under IFRS 16 (Note 3.x)).</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">b)&nbsp;&nbsp;Commitments assumed from the acquisition of Spectrum by Personal</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Auction Terms and Conditions convened by SC Resolution No.&nbsp;38/14 established high and demanding obligations of coverage and network deployment, which would require significant investments in PP&amp;E that were estimated at the time of submission of Personal&#xB4;s bid in approximately US$450 million over the next five&nbsp;years and whose failure could result in sanctions and adverse effects to Personal.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Some of the obligations included in the Terms and Conditions are the following:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">Extend the SRMC, STM and PCS coverage in such a way that it reaches all locations with at least 500 inhabitants in a time period that would not exceed 60&nbsp;months.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">Upgrade the network infrastructure in a time period that would not exceed 60&nbsp;months, in such a manner that in all the network locations where mobile Internet services are offered a minimum of 1 Mbps per user be guaranteed in the downlink for SRMC, STM and PCS.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">For the SCMA (Annex III of Terms and Conditions) progressive coverage obligations in the Argentine Republic territory are established, in five differenced stages, completed in the 60&#8209;month-period with coverage in locations with more than 500 inhabitants.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For further detail of the obligations involved, see SC Resolution No.37/14, No.&nbsp;38/14 and its amendments and supplementary regulations.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The terms will be counted as stipulated in this respect by Section 4 d) of Decree No. 1,340/16 (see Note 2.e).</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commitments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966884624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EQUITY<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract', window );"><strong>EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory', window );">Equity</a></td>
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		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE&nbsp;20&nbsp;&#x2013; EQUITY</font>
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			<font style="display:inline;">Equity includes:</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:22.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Equity attributable to Controlling Company</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 225,686</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 54,182</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Equity attributable to non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,227</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 846</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total equity (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 228,913</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 55,028</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*)<font style="display:inline;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.8pt 0pt 0pt;"></font>Additional information is given in the consolidated statements of changes in equity.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">(a)<font style="display:inline;font-weight:bold;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font>Capital Stock</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, the total capital stock of Telecom Argentina amounted to $2,169, represented by the same number of common book-entry shares with nominal value of $1 peso, of which 2,153,688,011 are&nbsp;&nbsp;entitled to one vote per share, since 15,221,373&nbsp;are treasury shares that were acquired by the Company&nbsp;.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">All of the Class B Shares and Class C Shares and 340,994,852 Class A Shares of Telecom Argentina are authorized for public offering granted by the CNV. Class B Shares are listed and traded on the leading companies panel of the BYMA and the NYSE.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Each American Depositary Share (ADS) represents 5 Class B shares of the Company and is traded on the NYSE under the ticker symbol TEO.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2017, the total capital stock of Telecom Argentina amounted to $984, represented by the same number of common book-entry shares with nominal value of $1 peso, of which 969,159,605 are entitled to one vote per share, since 15,221,373 are treasury shares that were acquired by the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Pursuant to the Pre-Merger Commitment and the Final Merger Agreement, mentioned in Note 4.a), Telecom Argentina issued, effective as of January 1, 2018, 342,861,748 Class A Shares and 841,666,658 Class D, all of them common book-entry shares, with nominal value of $1 peso and entitled to one vote per shares, which have been fully paid in. The Merger, the consequent increase in the capital stock and the modification of the company bylaws were registered with the Public Registry of Commerce under the IGJ on August 30, 2018. For more information, see Note 4.a) to the consolidated financial statements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These consolidated financial statements were prepared taking into consideration the provisions of IFRS 3 (Business Combinations). As a consequence of the foregoing and as explained in the Basis of Presentation (Note 1.a), the shareholders' equity as of December 31, 2017 and 2016 and its evolution in the statement of changes in equity for the years ended December 31, 2017 and 2016 presented as comparative information arise from the information reported by Cablevisi&#xF3;n (acquirer for accounting purposes).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The capital stock of Cablevisi&#xF3;n as of December 31, 2017 and 2016 amounted to $1,200 represented by 120,000 common book-entry shares with nominal value of 10,000 Argentina pesos and entitled to one vote per share, as decided at the General Extraordinary Shareholders' Meeting held on June 30, 2016.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The breakdown of the capital stock of Cablevisi&#xF3;n as of December 31, 2017 was as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Shareholders</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Number&nbsp;of&nbsp;Shares</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Equity&nbsp;Interest</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">CVH (1) (3)</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34,425</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 28.7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">VLG (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 61,581</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 51.3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fintech Media LLC (2) </font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17,212</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 14.3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">CVH (2)</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,782</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5.7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Total </font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 120,000</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 100.0</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (1)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Class A shares.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Class B shares.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (3)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">CVH held a 50% equity interest in VLG.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The dissolution of Cablevisi&#xF3;n, due to the Merger, was registered in the Public Registry of Commerce in charge of IGJ on August 30, 2018 under No. 16346, L&#xB0; 91 T&#xB0; of Stock Companies.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">(b)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font>Share Ownership Plan</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">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&nbsp;&#x201C;C&#x201D; shares was to be included in the PPP (an employee share ownership program sponsored by the Argentine government). Pursuant to the PPP, the Class&nbsp;&#x201C;C&#x201D; 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. In 1999, Decree No.&nbsp;1,623/99 of the Argentine government eliminated the restrictions on some of the Class&nbsp;&#x201C;C&#x201D; shares held by the PPP, although it excluded Class&nbsp;&#x201C;C&#x201D; shares of the Fund of Guarantee and Repurchase subject to an injunction against their use. In March&nbsp;2000, the shareholders&#x2019; meeting of the Company approved the conversion of up to unrestricted 52,505,360 Class&nbsp;&#x201C;C&#x201D; shares into Class&nbsp;&#x201C;B&#x201D; shares (these shares didn&#x2019;t belong to the Fund of Guarantee and Repurchase), most of which was sold in a secondary public offering in May&nbsp;2000.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As required by the executive committee of PPP, the Annual Shareholders Meetings held on April&nbsp;27, 2006, approved that the power for the additional conversion of up to 41,339,464 Class&nbsp;&#x201C;C&#x201D; ordinary shares into the same amount of Class&nbsp;&#x201C;B&#x201D; ordinary shares, be delegated to the Board of Directors. That delegation does not include 4,593,274 Class&nbsp;&#x201C;C&#x201D; shares of the Fund of Guarantee and Repurchase, that were affected by an injunction measure recorded in file &#x201C;Garc&#xED;as de Vicchi, Amerinda y otros c/ Sindicaci&#xF3;n de Accionistas Clase C del Programa de Propiedad Participada s/nulidad de acto jur&#xED;dico ("Garcias de Vicchi")", with respect to which the Annual Shareholders Meetings considered that there were legal impediments to approve that delegation of faculties for their conversion to Class "B". As of December 31, 2011, the 41,339,464 Class "C" shares had been converted to Class "B" in eleven tranches.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">With the injunction measure issued in the case Garc&#xED;as de Vicchi having been revoked, the Board of Directors of the Company convened the Ordinary and Extraordinary General Meeting and the Special Meeting of Class&nbsp;&#x201C;C&#x201D; Shares&nbsp;, that were held on December&nbsp;15, 2011, and approved the power for the additional conversion of up to 4,593,274 Class&nbsp;&#x201C;C&#x201D; shares into the same amount of Class&nbsp;&#x201C;B&#x201D; shares in one or more tranches, be delegated to the Board of Directors. As of December 31, 2016, 4,382,408 Class&nbsp;&#x201C;C&#x201D; shares have already been converted into Class&nbsp;&#x201C;B&#x201D; shares in 11 tranches.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of the date of issuance of these consolidated financial statements, 210,866 Class&nbsp;&#x201C;C&#x201D; shares are still pending to be converted into Class&nbsp;&#x201C;B&#x201D; shares.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">(c)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font>Capital Market Act&nbsp;- Law No.&nbsp;26,831 and amendments</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On December 28, 2012 the new Capital Market Law (Law No. 26,831) was published in the Official Gazette. This Law eliminates self-regulation of the capital market; grants new powers to the CNV and supersedes Law No. 17,811 and Decree No. 677/01, among other rules. The Law became effective on January 28, 2013. Since that date, governs the universal scope of the Statutory Regime of Public Offer of Mandatory Acquisition.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Productive Financing Law</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On May 11, 2018, Productive Financing Law No. 27,440 was published in the Official Gazette. This law established several amendments to the Capital Markets Law No. 26,831 regarding the extent of the powers of the CNV; the exercise of preemptive rights on shares offered through public offering in the case of capital increases; private placements; public tender offers; the jurisdiction of the federal commercial courts of appeals to review the resolutions issued or sanctions imposed by the CNV, among other amendments.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">With regard to public tender offers, under the previous regime, the offeror was obliged to formulate a &#x201C;fair&#x201D; price to be fixed by weighing the results of different company valuation methods, with a minimum floor related to the average market price for the six-month period immediately preceding the date of the agreement. Pursuant to the amendments introduced by Law No. 27,440 to the Capital Markets Law, the obligation is objective and consists in offering the higher of two existing prices: the price that the offeror would have paid or agreed during the 12 months immediately preceding the first day of the public tender offer period, and the average price of the securities subject to the offer during the semester immediately preceding the date of the announcement of the transaction under which the change of control is agreed upon.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On December 28, 2018, CNV General Resolution No. 779/2018 was published in the Official Gazette, pursuant to which the regulatory framework applicable to the Public Tender Offers is regulated.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">(d)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font>Acquisition of Treasury Shares</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company&#x2019;s Ordinary Shareholders&#x2019; Meeting held on April&nbsp;23, 2013, which was adjourned until May&nbsp;21, 2013, approved at its second session of deliberations, the creation of a &#x201C;Voluntary Reserve for Capital Investments&#x201D; of $1,200, granting powers to the Company&#x2019;s Board of Directors to decide its total or partial application, and to approve the methodology, terms and conditions of such investments.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In connection with the above mentioned, on May&nbsp;22, 2013, the Board of Directors approved a Company&#x2019;s Treasury Shares Acquisition Program in the market in Argentine pesos (the &#x201C;Treasury Shares Acquisition Program&#x201D;) so as to avoid any possible damages to the Company and its shareholders derived from fluctuations and unbalances between the shares&#x2019; price and the Company&#x2019;s solvency, for the following maximum amount and deadline:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;text-decoration:underline;">Maximum amount to be invested:</font><font style="display:inline;"> $1,200.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;text-decoration:underline;">Deadline for the acquisitions:</font><font style="display:inline;"> until April&nbsp;30, 2014.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">According to the offer made on November 7, 2013 by Fintech for the acquisition of the controlling interest of the Telecom Italia Group in Telecom Argentina, Telecom Argentina suspended the acquisition of treasury shares and its Board of Directors considered appropriate to request the opinion of the CNV on the applicability of the new provisions contained in the rules issued by that entity (Title II, Chapter I, Art.13 and concurring) with respect to the continuation of the Treasury Shares Acquisition Program.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The CNV did not answer the Company&#x2019;s request and the Telecom Argentina&#x2019;s Board of Directors, at its meeting held on May&nbsp;8, 2014, decided to conclude the request considering that the Treasury Shares Acquisition Program finished on April&nbsp;30, 2014, which had been approved by Telecom Argentina&#x2019;s Board of Directors Meeting held on May&nbsp;22, 2013.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom Argentina&#x2019;s Board of Directors, at its meeting held on June&nbsp;27, 2014, decided to request a new opinion from the CNV to confirm whether Telecom Argentina is obliged to refrain from acquiring treasury shares in the market under Section&nbsp;13, Chapter&nbsp;I, Title II of the CNV rules&nbsp;(NT 2013).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Pursuant to Section&nbsp;67 of Law No.&nbsp;26,831, the Company should sell its treasury shares within three&nbsp;years of the date of acquisition, although the Company&#xB4;s Shareholders&#x2019; Meetings provides an extension. Pursuant to Section&nbsp;221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&#x2019; Meetings. No restrictions apply to Retained Earnings as a result of the creation of a specific reserve for such purposes named &#x201C;Voluntary Reserve for Capital Investments&#x201D;, which as of December 31, 2018 amounts to $3,300 (in current currency on the transaction date).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company&#x2019;s Shareholders&#x2019; Meeting held on April&nbsp;29, 2016 approved a three-year extension to the term established in Section&nbsp;67 of Law No.&nbsp;26,831 for the disposal of the treasury shares.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018 the Company owns 15,221,373 treasury shares, representing 0.70% of its total capital. The acquisition cost of these shares in the market amounted to $461 (in current currency on the transaction date).</font>
		</p>
		<p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">(e)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font>Law No. 27,260 of &#x201C;Historical Repair to Retired and Pensioned&#x201D;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On July 22, 2016, Law No. 27,260 of &#x201C;Historic Reparation for Retired Persons and Pensioners&#x201D;, abolishing Law No. 27,181 on "Declaration of public interest of the protection of the social participations of the National State that make up the investment portfolio of the &#x201C;Sustainability Guarantee Fund of the Argentine Pension Integrated System" in its Section 35, was published in the Official Gazette. In addition, Section 30 of Law No. 27,260 provides that the transfer of shares of public corporations authorized by the CNV that are part of the FGS is banned without a previous and express authorization of the Federal Congress if, as a result of such transfer, the FGS&#x2019;s holding of the above referred securities becomes less than 7% of the aggregate assets of the FGS. The following exceptions apply: </font><font style="display:inline;font-style:italic;">&#x201C;1.Tender offers addressed to all holders of such assets at a fair price authorized by the CNV, pursuant to the terms of Chapters II, III and IV of Title III of Law No. 26,831. 2. Swaps of shares for other shares of the same or another corporation as a result of a merger, split or other corporate reorganization.&#x201D;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">(f)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font>Decree No.&nbsp;894/2016: exercise of corporate, political and economic rights by the ANSES</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On July 28, 2016, Decree No. 894/2016 was published in the Official Gazette, providing that in those corporations which shares are part of the Sustainability Guarantee Fund of the Argentine Pension Integrated System&#x2019; portfolio, the corporate, political and economic rights corresponding to such shares shall not be exercised by the Secretary of Economic Politics and Development Planning, but shall instead be exercised by the Federal Management of Social Security (&#x201C;ANSES&#x201D;).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">In addition, Decree No. 894/2016 provides that the Directors appointed by ANSES shall have the functions, duties and powers provided in the LGS, the Capital Market Law No. 26,831 and their complementary regulations, all other rules applicable to corporations in which they act as directors, and their bylaws and internal regulations, and that they shall be exposed to all the liabilities applicable under such rules, not being subject to the provisions of Decree No. 1,278/2012 and No.196/2015 (the latter in connection with its delimitation of responsibility).</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share capital, reserves and other equity interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990137056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>FINANCIAL INSTRUMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory', window );">Financial instruments</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE&nbsp;21&nbsp;&#x2013; FINANCIAL INSTRUMENTS</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:18pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;;padding:0pt 8pt 0pt 0pt;"> a)</font>
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;">Categories of financial assets and financial liabilities</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The following tables set out, for financial assets and liabilities as of December 31, 2018 and 2017, the supplementary disclosures on financial instruments required by IFRS 7 and the detail of gains and losses established by IFRS 9.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.02%;">
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
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				<td valign="bottom" style="width:52.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:24.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Fair&nbsp;value</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">accounted</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">accounted</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">through&nbsp;other</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Amortized</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">through&nbsp;profit</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">comprehensive</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">cost</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">or&nbsp;loss</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Income</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Assets</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cash and cash equivalents (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,831</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 60</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,891</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,269</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 729</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,998</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17,476</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,476</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other receivables (2)&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,302</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 657</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 138</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,097</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 30,878</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,446</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 138</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 32,462</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Liabilities</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade payables </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 23,424</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 23,424</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial debt</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 79,312</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 79,312</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Salaries and social security payables </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,294</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,294</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other liabilities and dividends payables (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 348</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 348</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 109,378</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 109,378</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (1)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Includes 1,878 as of December 31, 2018, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Only includes financial assets and liabilities according to the scope of IFRS 7.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="4" valign="bottom" style="width:26.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Fair&nbsp;value</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">accounted</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">accounted</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">through&nbsp;other</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Amortized</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">through&nbsp;profit</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">comprehensive</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">cost</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">or&nbsp;loss</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Income</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Assets</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cash and cash equivalents (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,153</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,364</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,517</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 159</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 162</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,588</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,588</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other receivables (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 428</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 428</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 8,172</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,523</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 9,695</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Liabilities</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade payables</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,737</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,737</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial debt</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 16,009</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 16,009</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Salaries and social security payables</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,585</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,585</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other liabilities (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,026</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,026</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 30,357</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 30,357</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (1)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Includes 5,120 as of December&nbsp;31, 2017, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:8pt;">Only includes financial assets and liabilities according to the scope of IFRS 7.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">Gains and losses by category&nbsp;&#x2013;&nbsp;Year 2018</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Net&nbsp;gain/(loss)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Of&nbsp;which&nbsp;interest</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial assets at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 7,544</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,863</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial liabilities at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (41,540)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (6,307)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial assets at fair value through profit or loss</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,237</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,019</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial liabilities at fair value through profit or loss</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (229)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (31,988)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (3,425)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">Gains and losses by category&nbsp;&#x2013;&nbsp;Year 2017</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Net&nbsp;gain/(loss)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Of&nbsp;which&nbsp;interest</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial assets at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (285)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 201</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial liabilities at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,229)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,185)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial assets at fair value through profit or loss</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 265</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,249)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,984)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:18pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:10pt;;;padding:0pt 8pt 0pt 0pt;"> a)</font>
			<font style="display:inline;">Fair value hierarchy and other disclosures</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">IFRS 7 establishes a hierarchy of fair value, based on the information used to measure the financial assets and liabilities and also establishes different valuation techniques. According to IFRS 7, valuation techniques used to measure fair value shall maximize the use of observable inputs.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The measurement at fair value of the financial instruments of Telecom are classified according to the three levels set out in IFRS 7:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;">Level 1: Fair value determined by quoted prices (unadjusted) in active markets for identical assets or liabilities.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;">Level 2: Fair value determined based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (e.g. as prices) or indirectly (e.g. derived from prices).</font>
		</p>
		<p style="margin:0pt 0pt 12pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">-<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;">Level 3: Fair value determined by unobservable inputs where the reporting entity is required to develop its own assumptions.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial assets and liabilities recognized at fair value as of September 30, 2018 and 2017, their inputs, valuation techniques and the level of hierarchy are listed below:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Mutual Funds:</font><font style="display:inline;"> These investments are included in Cash and cash equivalents and Investments. Telecom and its subsidiaries have other short-term investments amounting to $62 and $1,463 as of December 31, 2018 and 2017, respectively. The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end; therefore, its valuation is classified as Level 1.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Government bonds:</font><font style="display:inline;"> These bonds are included in &#x201C;Investments&#x201D; in the consolidated statement of financial position. As of December 31, 2018 and 2017 Telecom and its subsidiaries have Government bonds in an amount of $727 and $50, respectively. The fair value was determined using information from active markets, valuing each bond to its closing&nbsp;year market value, so, its valuation qualifies as Level 1.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Other investments:</font><font style="display:inline;"> These investments are included in Cash and Cash equivalents. The Company has other investments at fair value in an amount of $10 as of December 31, 2017. Fair Value was determined using information from active markets, valuing each investment to its closing year market value, so, its valuation qualifies as Level 1.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Derivative financial instruments (Forward contracts to purchase US dollars at fixed exchange rates):</font><font style="display:inline;"> The fair value of Telecom's and its subsidiaries NDF contracts, disclosed in the chapter &#x201C;Hedge Accounting&#x201D; was determined by information obtained in the most representative financial institutions in Argentina, the derivative financial instruments&#x2019; valuation was classified as Level 2.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During the years ended December 31, 2018 and 2017, there were no&nbsp;transfers&nbsp;between&nbsp;Levels of the&nbsp;fair&nbsp;value&nbsp;hierarchy.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">According to IFRS 7, it is also required to disclose fair value information about financial instruments whether or not recognized at fair value in the balance sheet, for which it is practicable to estimate fair value. The financial instruments which are discussed in this section include, among others, cash and cash equivalents, investments at amortized cost, accounts receivable, accounts payable and other instruments.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in an immediate sale of the instrument. Also, because of differences in methodologies and assumptions used to estimate fair value, the Company&#x2019;s fair values should not be compared to those of other companies.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The methods and assumptions used to estimate the fair values of each class of financial instrument falling under the scope of IFRS 7 as of December 31, 2018 and 2017 are as follows:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;">
			<font style="display:inline;">Cash and banks</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Carrying amounts approximate its fair value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Time deposits and Other investments at amortized cost (included in Cash and cash equivalents)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom and its subsidiaries consider as cash and cash equivalents all short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed 3 months. The carrying amount reported in the statement of financial position approximates fair value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;">
			<font style="display:inline;">Current and non-current Investments valued at amortized cost</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, fair value of investments valued at amortized cost amounts to $4,310 and its carrying value amounts to $5,183. As of December 31, 2017 fair value of those investments approximates fair value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;">
			<font style="display:inline;">Trade receivables</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Carrying amounts are considered to approximate fair value due to the short term nature of these accounts receivables. Noncurrent trade receivables have been recognized at their amortization cost, using the effective interest method and are not significant. All amounts that are assumed to be uncollectible within a reasonable period are written off and/or reserved.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;">
			<font style="display:inline;">Trade payables</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The carrying amount of accounts payable reported in the consolidated statement of financial position approximates its fair value due to the short term nature of these accounts payable. Noncurrent trade payables have been discounted.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;text-decoration:underline;">Financial Debt</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, loans&#x2019; fair value amounts to $78,787 and its carrying value amounts to $79,312. As of December&nbsp;31, 2017 loans&#x2019; fair value amounts to $11,459 ( $16,918 restated for comparative purposes), and its carrying value amounts to $10,844 ( $16,010 restated for comparative purposes).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;">
			<font style="display:inline;">Salaries and social security payables</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The carrying amount of Salaries and social security payables, reported in the consolidated statement of financial position approximates its fair value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;">
			<font style="display:inline;">Other receivables, net (except for NDF) and other liabilities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The carrying amount of other receivables, net and other liabilities reported in the consolidated statement of financial position approximates its fair value.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:18pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:10pt;;;padding:0pt 8pt 0pt 0pt;"> b)</font>
			<font style="display:inline;">Hedge accounting</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom and its subsidiaries believe that a hedging relationship qualifies for hedge accounting if all of the following conditions established by the IFRS 9&nbsp;are met:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">a)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>The hedging relationship consists only of eligible hedging instruments and hedged items;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">b)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>At the beginning of the hedge relationship, there is a formal designation and documentation of the hedging relationship and objective and strategy for risk management of the Company and its subsidiaries for undertaking the hedge. That documentation shall include identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the entity assesses whether the hedging relationship meets the requirements of hedge effectiveness (including analysis of sources of hedge ineffectiveness and how to determine the hedge ratio); and</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">c)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font>The hedging relationship satisfies the following requirements of hedge effectiveness:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(i)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font></font><font style="display:inline;">the economic relationship between the hedged item and the hedging instrument; </font>
		</p>
		<p style="margin:0pt 0pt 0pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(ii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 6pt 0pt 0pt;"></font></font><font style="display:inline;">the effect of credit risk is not predominant in respect of changes of value coming from this economic relationship, and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 72pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">(iii)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 3pt 0pt 0pt;"></font></font><font style="display:inline;">the coverage ratio of the hedging relationship is the same as the one provided by the amount of the hedged item that really covers the entity and the amount of the hedging instrument that the entity actually uses to cover that amount of the hedged item.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">During years 2017 and 2018</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:12pt;"><font style="display:inline;font-weight:bold;">&#x2022;</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"></font><font style="display:inline;font-weight:bold;text-decoration:underline;">LIBOR Hedges</font></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During year ended December 31, 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of LIBOR from the IFC loan amounting to US$400 million. The agreements effective from March 15, 2017 hedge an amount if US$300 million, while those effective from September 15, 2017 hedge the outstanding US$ 100 million. Such NDF allow fixing the variable rate all along the loan term in a range between 2.087% and 2.4525% nominal annual rate (resulting in a weight average of 2.2258%).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, Telecom recognized a receivable of $137, which is included in other receivables ($98 current and $39 non-current). Additionally, during the year ended December 31, 2018, Telecom recognizes gains of $3 related to those contracts that are included in Debt financial expenses &#x2013; Interests on debts in Financial results.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During year ended December 31, 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of LIBOR from the International Finance Corporation loan amounting to US$100 million. The agreements hedge an amount of US$40 million and were agreed in two tranches of US$20 million each one, both of them starting on March 15, 2018 and fixing the variable rate all along the term of the loan to 2.1325% and 2.085% nominal annual rate, respectively.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, Telecom recognized a receivable of $18, which is included in other receivables (&nbsp;$12 current and $6 non-current).&nbsp;Additionally, during the year ended December 31, 2018, Telecom recognizes gains of $4 related to those contracts, that are included in Debt financial expenses &#x2013; Interests on debts in Financial results.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:12pt;"><font style="display:inline;font-weight:bold;">&#x2022;</font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"></font><font style="display:inline;font-weight:bold;text-decoration:underline;">Exchange rate Hedges</font></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During year ended December 31, 2017, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate from the International Finance Corporation loan amounting to US$53.5 million fixing the average exchange rate in 18.30 Argentine pesos/US$, expiring between February and April 2018. During first half of 2018, some NDF agreements expire, recognizing a gain of $77 including in Other Financial results, net &#x2013; Other Foreign currency exchange gains (losses).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During year ended December 31, 2018, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate from its loan portfolio (International Finance Corporation, Syndicated, Deustche Bank and Notes Series IV) amounting to US$306 million fixing the average exchange rate in 36.58 Argentine pesos/US$, expiring between June 2018 and May 2019. During 2018, Telecom recognized gains related to these agreements of $1,039 that are included in Foreign currency exchange gains in Financial Results, net. As of December 31, 2018, Telecom maintains NDF agreements for a total of US$166 million for those that has recognized a receivable of $640, which is included in Other receivables current and a liability of $100 which is included in Financial Debt current.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the other hand, during 2017, Telecom Argentina entered into agreements (NDF) to hedge exchange rate fluctuations of certain commercial obligations for an amount of US $6.3 million, with an average exchange rate of 18.94 Argentine pesos/US$, maturing in March and August 2018. For such agreements, Telecom has recognized gains of $22 that are included in Other Financial results, net &#x2013; Other Foreign currency exchange gains (losses).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In 2018, Telecom Argentina entered into several NDF agreements to hedge the fluctuation of the exchange rate of certain commercial obligations for an amount of US$118 million fixing the average exchange rate in 39.33 Argentine pesos/US$ expiring between August and October 2018. For these NDF agreements has recognized losses of $152 that are included in Other Financial results, net &#x2013; Other Foreign currency exchange gains (losses).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Offsetting of financial assets and financial liabilities</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The information required by the amendment to IFRS 7 as of December 31, 2018 of Telecom and its subsidiaries is as follows:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="7" valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As of December 31, 2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Other</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Trade</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Trade</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">liabilities</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(1)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">payables</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Current and noncurrent assets (liabilities)&nbsp;- Gross value</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 18,729</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,128</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (24,665)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (379)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Offsetting</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,251)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (31)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,251</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 31</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Current and noncurrent assets (liabilities)&nbsp;&#x2013; Booked value </font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,478</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,097</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (23,414)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (348)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(1)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Includes financial assets and financial liabilities according to IFRS 7.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2017, Offsetting of financial assets and financial liabilities did not exist.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom and its subsidiaries offset the financial assets and liabilities to the extent that such offsetting is provided by offsetting agreements and provided that Telecom has the intention to make such offsetting, in accordance with requirements established in IAS 32. The main financial assets and liabilities offset correspond to transactions with other national and foreign operators including interconnection, CPP and Roaming (being offsetting a standard practice in the telecommunications industry at the international level that Telecom applies regularly). Offsetting is also applied to transactions with agents.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=sect_Scope&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsExplanatory</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966866432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REVENUES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAbstract', window );"><strong>REVENUES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRevenueExplanatory', window );">Revenues</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE &nbsp;22&nbsp;&#x2013; REVENUES</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues include:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="7" valign="bottom" style="width:29.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:09.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile Services</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 57,776</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,274</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 7,736</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Internet Services </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 37,742</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 19,354</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 13,789</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cable Television Services </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 36,067</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 39,914</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 36,929</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fixed and Data Services</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 23,149</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,897</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 996</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other services revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 478</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 835</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 712</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Subtotal Services revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 155,212</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 66,274</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 60,162</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Equipment revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 12,834</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 375</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 243</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total Revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 168,046</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 66,649</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 60,405</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfRevenueExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfRevenueExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990137056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING EXPENSES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>OPERATING EXPENSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfExpensesExplanatory', window );">Operating expenses</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE&nbsp;23&nbsp;&#x2013; OPERATING EXPENSES</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Operating expenses disclosed by nature of expense amounted to $146,789, &nbsp;$52,340 and $48,089 for the years ended December 31, 2018, 2017 and 2016, respectively. The main components of the operating expenses are the following:</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Employee benefit expenses and severance payments</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Salaries, Social security expenses and benefits</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (27,026)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (10,817)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (10,007)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Severance indemnities and termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,273)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (362)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (186)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other employee expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (749)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (486)</font></p>
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				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (410)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (30,048)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (11,665)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (10,603)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Fees for services, maintenance, materials and supplies</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Maintenance and materials</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (8,533)</font></p>
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				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,300)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (5,271)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fees for services</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (7,629)</font></p>
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				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,930)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,619)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Directors and Supervisory Committee's fees</font></p>
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				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (99)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (24)</font></p>
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				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (22)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (16,261)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (7,254)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (7,912)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Turnover tax</font></p>
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				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (7,361)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,157)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,218)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Municipal taxes</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,811)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,026)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (838)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other taxes and fees</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,437)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,676)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,285)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (13,609)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (4,859)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (4,341)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Cost of equipment and handsets</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventory balance at the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (189)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (515)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (9)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Plus:</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Incorporation by merger (Note 4.a)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,739)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (232)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (47)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Purchases</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (9,608)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (285)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,341)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (20)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 350</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Less:</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventory balance at the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,889</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 189</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 515</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (9,667)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (493)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (882)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Other operating income and expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,254)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (359)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (348)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Rentals and internet capacity</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (3,321)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,121)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (862)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (5,100)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,766)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,915)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (9,675)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (3,246)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (3,125)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Depreciation of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (27,643)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (9,698)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (7,719)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Amortization of intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (5,378)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (106)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (164)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (467)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Impairment of Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,623)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (35,111)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (9,804)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (7,883)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Operating expenses, disclosed per function are as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Commercializa-tion</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Administration</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Concept</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">costs</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">costs</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">costs</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">12.31.2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">12.31.2017</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">12.31.2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Employee benefit expenses and severance payments</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (16,724)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (4,241)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,083)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (30,048)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (11,665)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (10,603)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interconnection costs and other telecommunication charges</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (5,478)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (11)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (36)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (5,525)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,311)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,360)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Fees for services, maintenance, materials and supplies</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (8,548)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (2,796)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (4,917)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (16,261)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (7,254)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (7,912)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (13,420)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (23)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (166)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (13,609)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (4,859)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (4,341)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Commissions and advertising</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (229)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,451)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,530)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (11,210)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,691)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,464)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of equipment and handsets</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,667)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,667)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (493)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (882)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Programming and content costs</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (12,149)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (7)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (12,156)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,116)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (7,778)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Bad debt expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,525)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,527)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (901)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (741)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other operating income and expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (6,668)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,141)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,866)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,675)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,246)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,125)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (27,306)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (2,545)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (5,260)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (35,111)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,804)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (7,883)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total as of 12.31.2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (100,191)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (12,208)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (34,390)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (146,789)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total as of 12.31.2017</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (34,316)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (7,953)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (10,071)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (52,340)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total as of 12.31.2016</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (31,584)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (8,089)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (8,416)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (48,089)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size: 10pt;">
			<font style="display:inline;">Operating leases</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Future minimum lease payments from of non-cancellable operating lease agreements of Telecom and its subsidiaries as of December 31, 2018, 2017 and 2016 in current currency on the transaction date are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Less&nbsp;than&nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">More&nbsp;than&nbsp;5</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">year</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">1&#x2011;5&nbsp;years</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">years</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">2016</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 430</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 455</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 26</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 911</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">2017</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 467</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 391</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 25</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 883</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">2018</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,754</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,286</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 479</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,519</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Further information is provided in Note&nbsp;3.k) to these consolidated financial statements.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969260992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL RESULTS, NET<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE 24 &#x2013; FINANCIAL RESULTS, NET</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:29.70%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:29.70%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Interests on debts (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,542)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,138)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,736)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Foreign currency exchange losses on debts (**)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (29,620)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 780</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,086</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other financial expenses on debts</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 190</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 141</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 55</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total Debt financial expenses </font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (33,972)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (217)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (595)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Interests and gains on investments</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,898</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 353</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 409</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Taxes and bank expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,646)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (745)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (733)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other Foreign currency exchange gains (losses) (***)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,402</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (476)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (665)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial discounts on assets, debts and other</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;7</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 16</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 55</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Gains (losses) on operations with notes and bonds </font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 780</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (43)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (11)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Interests on provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (604)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (78)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (77)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial expenses on pension benefits</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (72)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">RECPAM</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 13,403</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,907</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,547</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other </font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;9</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 94</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total other financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 15,177</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 930</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,619</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (18,795)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 713</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,024</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*)&nbsp;&nbsp;&nbsp;Includes 7 corresponding to net income generated by NDF in the year ended December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(**)&nbsp;&nbsp;Includes 1,116 corresponding to net income generated by NDF in the year ended December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(***)&nbsp;Includes (130) corresponding to net losses generated by NDF in the year ended December 31, 2018.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of financial results.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967064368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>EARNINGS PER SHARE</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">EARNINGS PER SHARE</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">NOTE&nbsp;25&nbsp;&#x2013; EARNINGS PER SHARE</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Basic earnings per share are calculated by dividing the net income (loss) attributable to owners of the Parent by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing the net income (loss) for the year by the weighted average number of common shares issued and dilutive potential common shares at the closing of the year. Since the Company has no dilutive potential common stock outstanding, there are no dilutive earnings per share amounts.</font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For the year ended December 31, 2018 the weighted average number of shares outstanding amounted to 2,153,688,011 due to the changes caused by the Treasury Shares Acquisition Process that began in May 2013, as described in Note 20.d) to these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For the years ended December 31, 2017 and 2016, the Company has divided the net income attributable to the shareholders of the Controlling Company of each period based on 1,184,528,406 ordinary shares, which arise as a result of multiply 120,000 ordinary shares of Cablevisi&#xF3;n outstanding for such years (see Note 1.c)) by the exchange ratio established in the pre-merger commitment (1 ordinary share of Cablevisi&#xF3;n for each 9,871.07005 new shares of Telecom Argentina).</font>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -URI http://asc.fasb.org/topic&amp;trid=2144383<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966816256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL RISK MANAGEMENT<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<a name="_Hlk3546424"></a><font style="display:inline;">NOTE&nbsp;26&nbsp;&#x2013; FINANCIAL RISK MANAGEMENT</font>
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		<p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">Financial risk factors</font>
		</p>
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			<font style="display:inline;">Telecom and its subsidiaries are exposed to the following financial risks in the ordinary course of its business operations:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;">market risk: stemming from change in exchange rates and interest rates in connection with financial assets that have been originated and financial liabilities that have been assumed;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;">credit risk: representing the risk of the non-fulfillment of the obligations undertaken by the counterpart with regard to the operations of Telecom;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">liquidity risk: connected with the need to meet short-term financial commitments.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These financial risks are managed by:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;">the definition of guidelines for directing operations;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;">the activity of the Board of Directors and Management which monitors the level of exposure to mentioned risks consistently with prefixed general objectives;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;">the identification of the most suitable financial instruments, including derivatives, to reach prefixed objectives;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;color:#000000;">the monitoring of the results achieved.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The policies to manage and the sensitivity analyses of the above financial risks by Telecom are described below.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:normal;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xD8;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Market risk</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">One of the main Telecom&#x2019;s market risks is its exposure to changes in foreign currency exchange rates in the markets in which it operates principally Argentina, Uruguay and Paraguay. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Foreign currency risk is the risk that the future fair values or cash flows of a financial instrument may fluctuate due to exchange rate changes. Telecom&#x2019;s exposure to exchange variation risks is related mainly to its operating activities.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom has great part of its commercial debt nominated in US$ and euro. Additionally, holds part of its financial debt is denominated in US$ at variable rate.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The financial risk management policies of Telecom are directed towards diversifying market risks by the acquisition of goods and services in the functional currency and minimizing interest rate exposure by an appropriate diversification of the portfolio. This may also be achieved by using carefully selected derivative financial instruments to mitigate long-term positions in foreign currency and/or adjustable by variable interest rates (See Note 21).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additionally, Telecom and its subsidiaries have cash and cash equivalents and investments mostly denominated in foreign currency that are also sensitive to changes in peso/dollar exchange rates and contribute to reduce the exposure to trade payables in foreign currency.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial assets and liabilities denominated in foreign currencies as of December 31, 2018 and 2017, are the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">In equivalent millions of Argentine pesos</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Assets</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17,111</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,058</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Liabilities</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (90,217)</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (11,131)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Assets (Liabilities) Net</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (73,106)</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (8,073)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In order to reduce this net position in foreign currency Telecom has NDF as of December 31, 2018 amounting to US$ 166 million, therefore the net liability not hedged amounts to US$ 1,773 million as that date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Exchange rate risk&nbsp;&#x2013; Sensitivity analysis</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Based on the composition of the consolidated statement of financial position as of December 31, 2018, which is a net liability position in foreign currency of $73,106 equivalent to US$1,939 million, Management estimates that every variation in the exchange rate of $1 peso against the U.S. dollar and proportional variations for Euro and Guaran&#xED;es against the Argentine peso, plus or minus, would result in a variation of approximately $1,939 of the consolidated amounts of foreign currency position.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If we consider only the portion not covered by derivative financial instruments, the net liability position totaled $66,848&nbsp;equivalent to approximately US$1,773 million, and a variation of the exchange rate of 1 peso as described in the previous paragraph, would generate a variation of approximately $1,773 in the consolidated financial position in foreign currency.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This analysis is based on the assumption that this variation of the Argentine peso occurred at the same time against all other currencies.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This sensitivity analysis provides only a limited, point-in-time view of the market risk sensitivity of certain of the financial instruments. The actual impact of market foreign exchange rate changes on the financial instruments may differ significantly from the impact shown in the sensitivity analysis.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">Interest rate risk&nbsp;&#x2013; Sensitivity analysis</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Within its structure of financial debt, Telecom and its subsidiaries have bank overdrafts denominated in argentine pesos accruing interest at rates that are reset at maturity, notes and foreign bank loans denominated in U.S. dollar and guaran&#xED;es that bear interest at a variable and fixed rate (Note 13).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company has financial debts at variable rate, which amounts approximately to $52,767 as of December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In order to reduce the effect of changes in interest rates, Telecom has NDF that amounts to US$440 million as of December 31, 2018, that convert variable rate into fixed rate, therefore the net financial debt not hedged amounts to $36,179 as of December 31, 2018. Management believes that any variation of 10 bps in the agreed interest rates would become in the following results of $36.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This analysis is based on the assumption that this change in interest rates occurs at the same time and for the same periods.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This sensitivity analysis provides only a limited point of view of the sensitivity to market risk of certain financial instruments. The actual impact of changes in interest rates of financial instruments may differ significantly from this estimate.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:normal;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xD8;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Credit risk</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Credit risk represents Telecom's exposure to possible losses arising from the failure of commercial or financial counterparts to fulfill their assumed obligations. Such risk stems principally from economic and financial factors, or from the possibility that a default situation of a counterpart could arise or from factors more strictly technical, commercial or administrative.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom's maximum theoretical exposure to credit risk is represented by the carrying amount of the financial assets and trade receivables, net recorded in the consolidated statement of financial position.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.92%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Cash and cash</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Trade</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">receivables,</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Date&nbsp;due</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">equivalents</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">receivables,&nbsp;net</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">net</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total due</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 7,287</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 7,287</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total not due</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,891</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,998</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 10,189</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,988</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 26,066</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total as of December&nbsp;31, 2018</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,891</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,998</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,476</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,988</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 33,353</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The accruals to the allowance for doubtful accounts are recorded: (i)&nbsp;for an exact amount on credit positions that present an element of individual risk (bankruptcy, customers under legal proceedings with the Company); (ii)&nbsp;on credit positions that do not present such characteristics, by customer segment considering the aging of the accounts receivable balances, expected credit losses, customer creditworthiness and changes in the customer payment terms. Total overdue balances not covered by the allowance for doubtful accounts amount to $7,278 as of December 31, 2018 ($1,521 as of December&nbsp;31, 2017).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Regarding the credit risk relating to the asset included in the &#x201C;Net financial debt or asset&#x201D;, it should be noted that Telecom evaluates the outstanding credit of the counterparty and the levels of investment, based, among others, on their credit rating and the equity size of the counterparty. Deposits are made with leading high-credit-quality banking and financial institutions and generally for short-term periods.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom serves a wide range of customers, including residential customers, businesses and governmental agencies. As such, Telecom's account receivables are not subject to significant concentration of credit risk.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In order to minimize credit risk, Telecom also pursues a diversification policy for its investments of liquidity and allocation of its credit positions among different first-class financial entities. Consequently, there are no significant positions with any one single counterpart.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Wingdings;font-weight:normal;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xD8;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Liquidity risk</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Liquidity risk represents the risk that Telecom and its subsidiaries have no funds to accomplish its obligations of any nature (labor, commercial, fiscal and financial, among others).</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom and its subsidiaries' working capital breakdown and their main variations are disclosed below:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Variation</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17,415</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,588</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 14,827</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other receivables (not considering financial NDF)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,323</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,223</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,100</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventories</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,737</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 136</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,601</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Current liabilities (not considering financial debt)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (33,401)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (17,238)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (16,163)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Operative working capital</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (8,926)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (13,291)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,365</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;">Over revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"> 5.3</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"> 19.9</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cash and cash equivalents</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,891</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,517</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 374</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial NDF</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 750</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 750</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,371</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 162</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,209</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Current financial debt</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (20,044)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,383)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (18,661)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Net Current financial (liabilitiy) asset </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (11,032)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,296</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (16,328)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Negative operating working capital (current assets - current liabilities)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (19,958)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (7,995)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (11,963)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Liquidity rate</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 0.63</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 0.57</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 0.06</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom and its subsidiaries have a typical working capital structure corresponding to a company with intensive capital that obtains spontaneous financing from its suppliers (especially PP&amp;E) for longer terms than those it provides to its customers. According to this, the negative operating working capital amounted to $8,296 as of December 31, 2018 (decreasing $4,365 vs. December 31, 2017) mainly due to the dividend payments of Cablevision on January, 2018, declared in December, 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During years ended December 31, 2017 and 2018, Telecom continued obtaining funds to the financial market (See Note 13), used to pay its investments, operative working capital, and other corporative expenses and refinancing part of its financial debts in the framework of its permanent policy of optimizing the term, rate and structure of its financial debts. Telecom has an excellent credit rating. The Company has several financing sources and several offers from first-class international institutions to diversify its current funding structure, which includes accessing to domestic and international capital market and obtaining competitive bank loans in what relates to terms and financial costs.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company&#x2019;s management evaluates the national and international macroeconomic context to take advantage of market opportunities that allows it preserving its financial health for the benefit of its investors.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom manages its cash and cash equivalents and its financial assets trying to match the term of investments with those of its obligations. Cash and cash equivalents position is invested in highly liquid short-term instruments.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom maintains a liquidity policy that includes cash through its normal course of business. Telecom and its subsidiaries have consolidated cash and cash equivalents amounting to $6,891 (equivalent to US$183 million) as of December 31, 2018 (as of December 31, 2017 amounted to US$236 million). Telecom has bank credits and a program of Notes that allow to finance its short-term obligations and an investment plan in addition to the operative cash flow for the next years (see Note 13).</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The table below contains a breakdown of financial liabilities into relevant maturity groups based on the remaining period at the date of the consolidated statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Salaries&nbsp;and</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">social</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Trade</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Financial</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">security</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Maturity&nbsp;Date</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">payables</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Debt</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">payables</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">liabilities</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Due</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,149</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,149</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">January 2019 thru December 2019</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 20,709</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 21,917</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,953</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 341</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 48,920</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">January 2020 thru December 2020</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 278</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17,336</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 182</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;7</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,803</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">January 2021 thru December 2021</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 170</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34,289</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 116</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 34,575</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">January 2022 and thereafter</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 253</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 18,743</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 92</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 19,088</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 23,559</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 92,285</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,343</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 348</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 122,535</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">Capital management</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The primary objective of Telecom's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom manages its capital structure and makes adjustments considering the business evolution and changes in the macroeconomic conditions. In relation to the merger, there has been an increase in capital in relation to the size of the merger Company, amounting to $2,169.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders and the level of indebtedness.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The company does not have to comply with regulatory capital adequacy requirements.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966931008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;">NOTE 27 - BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">a)&nbsp;&nbsp;Controlling Company</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, CVH is the controlling company of Telecom Argentina, holding directly and indirectly 38.81% of the total capital stock of the Company, upon the effectiveness of the Merger described under Note 4.a on January 1, 2018 and the effectiveness of the shareholder agreement signed on July 7, 2017 mentioned in this note. The change of control was authorized under ENACOM Resolution No. 5,644-E/2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Until November 30, 2017 Nortel was the holder of the 54.74% of the total capital stock of the Company, whereby it exercised control of the Company under the provisions of Section 33 of LGS. As of that date, Nortel held all of the Class "A" shares (51% of total capital stock of the Company) and 7.64% of the Class "B" shares (3.74% of total capital stock of the Company).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As a result of the Company&#x2019;s Treasury Shares Acquisition Process described in Note 20.d), Nortel&#x2019;s equity interest in Telecom Argentina amounted to 55.60% of the Company&#x2019;s outstanding shares as of November 30, 2017. It is important to mention that Pursuant to Section 221 of the LGS, the rights of treasury shares shall be suspended until such shares are sold, and shall not be taken into account to determine the quorum or the majority of votes at the Shareholders&#x2019; Meetings.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">All of the common shares of Nortel belonged to Sofora until November 30, 2017 and represented 78.38% of the capital stock of Nortel.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Sofora&#x2019;s capital stock consisted of common stock shares, with nominal value of $1 peso each and entitled to one vote per share. As of November 30, 2017, Sofora&#x2019;s total shares were held by Fintech, as a result of the total redemption of Sofora&#x2019;s shares held by WAI during the fiscal year 2017 (see Note 4 f.1.). As of December 31, 2018, Fintech owns all Class "A" shares (31.53% of the total capital stock of the Company) and ADRs that represent rights over 186,999,612 Class "B" shares representing 8.62% of the total capital stock of the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Shareholders&#x2019; Agreement: Fintech - CVH</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On July 7, 2017 CVH, VLG, Fintech Media LLC (merged to date with Fintech Telecom LLC), Fintech Advisory Inc., GC Dominio S.A. (all of them direct or indirect shareholders of Cablevisi&#xF3;n S.A.) and Fintech Telecom LLC (direct or indirect shareholder of Telecom Argentina) entered into a shareholders agreement that governs the exercise of their rights as shareholders of the Company. The Shareholders&#xB4; Agreement establishes basically:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">the representation in the corporate bodies, provided that subject to the fulfillment of certain conditions and as long as CVH holds a certain percentage of Telecom Shares, CVH shall be entitled to designate the majority of the directors, members of the Executive Committee, Audit Committee, Supervisory Committee, CEO and any other Key Employee (other than the CFO and the Internal Auditor). CVH shall also be entitled to nominate the Chairman of the Board of Directors and Fintech to nominate de Vice chairman of the Board of Directors.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">a scheme of supermajorities and required votes for the approval by the Shareholders&#xB4; Meetings or Board of Directors&#xB4; Meetings, respectively, of certain matters such as: i) the approval of the Business Plan and the Annual Budget of Telecom Argentina; ii) amendments of the bylaws, iii) changes in Independent Auditors, iv) the creation of committees of the Board of Directors, v) hiring of Key Employees as defined in the Shareholders&#xB4; Agreement (Key employees will be proposed by CVH, except for the CFO and the internal auditor); vi) merger of Telecom or any other controlled entity, vii) acquisitions of certain assets, viii) sale of certain assets, ix) capital increases; x) incurrence of indebtedness over certain limits, xi) capital investments not contemplated in the Business Plan and the Annual Budget above certain amounts; xii) related party transactions, xiii) contracts that may impose restrictions to the distribution of dividends; xiv) new lines of business or discontinuing existing lines of business; xv) contracting for significant amounts not contemplated in the Business Plan and the Annual Budget, among others.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">Public Tender Offer due to change of control</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On June 21, 2018, the Company was informed that CVH (or the &#x201C;Offeror&#x201D;) of the promotion and formulation of a Mandatory Public Tender Offer (&#x201C;PTO&#x201D;) due to change of control for all the Class &#x201C;B&#x201D; common shares issued by Telecom Argentina listed on Bolsas y Mercados Argentinos S.A. (&#x201C;BYMA&#x201D;) (including the Class &#x201C;C&#x201D; common shares issued by Telecom Argentina that were converted into Class &#x201C;B&#x201D; common shares within the stipulated term) which CVH was obliged to perform because CVH had effectively obtained a controlling interest in the Company. CVH attached a copy of the public announcement of the PTO, pursuant to applicable regulations, which was published in Diario Clar&#xED;n on June 23, 24 and 25 and in BYMA's Daily Bulletin on June 21, 2018 (the &#x201C;PTO Announcement&#x201D;).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In said PTO Announcement, CVH informed that, notwithstanding the fact that Fintech Telecom LLC is not obliged under the applicable standards to promote, formulate or launch a PTO and that it has not taken part in the determination or formulation of any of the terms and conditions of the PTO, as provided under the agreement executed between the shareholders of Telecom Argentina, Fintech Telecom LLC has undertaken with regard to CVH to pay and acquire 50% of the shares that will be acquired under the PTO (notwithstanding CVH's right to acquire by itself the first 43,073,760 Class &#x201C;B&#x201D; shares).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The price offered in the PTO Announcement for the Class &#x201C;B&#x201D; common shares issued by Telecom Argentina that are listed on BYMA (including the Class &#x201C;C&#x201D; common shares issued by Telecom Argentina that were converted into Class &#x201C;B&#x201D; common shares within the stipulated term) and that are not directly or indirectly held by CVH or Fintech Telecom LLC (the &#x201C;Shares&#x201D;, or in singular, the &#x201C;Share&#x201D;) tendered by their holders for its acquisition during the Offer Reception Period is 110.85 Argentine Pesos per Share (less any cash dividend per share as may be payable by Telecom Argentina from the date of the PTO Announcement to the date of actual payment of the PTO price and other expenses such as fees for transfer, rights, fees, commissions, taxes, rates or contributions) (the &#x201C;PTO Price&#x201D;), which will be paid in pesos in Argentina.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On July 5, 2018, the Board of Directors of Telecom Argentina, in compliance with the provisions of article 3 c), Chapter II, Title III of the Rules of the CNV, expressed the opinion that the Price of the OPA has been fixed in the mandatory terms foreseen in the current legal regime in accordance with Article 88, section I of the Capital Markets Law and issued the Board Report set forth in said Rules.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On September 21, 2018, the Company received a communication from CVH informing the issuance of the resolution dated September 20, 2018, in the case of "Cablevisi&#xF3;n Holding S.A. against/National Securities Commission s/Precautionary Measures" Expte. 7998/2018 in process in the Federal Civil and Commercial Court No. 3, pursuant to which, as an interim precautionary measure, the CNV must refrain from issuing and ruling on the authorization of the PTO promoted and formulated by CVH on the June 21, 2018, until the precautionary measure requested is resolved once the provisions of art. 4 of the Law No. 26,854.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On November 28, 2018, CVH notified the Company of the decision issued on November 27, 2018 in re &#x201C;Cablevisi&#xF3;n Holding S.A. v. Comisi&#xF3;n Nacional de Valores on Injunctions&#x201D; File 7,998/2018, pending before Federal Civil and Commercial Court No. 3, whereby the Court deemed accepted (as a requirement of admissibility) the bond required under the decision rendered on November 1, 2018, which had granted the request filed by CVH. It ordered, as a preliminary injunction, the CNV to refrain for six months from issuing any decision on the authorization of the PTO submitted and formulated by CVH on June 21, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of the date of issuance of these consolidated financial statements, resolution dated November 1, 2018 which conferring the precautionary measure is still not enforceable.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">b)&nbsp;&nbsp;Related Parties</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For the purposes of these consolidated financial statements, related parties are those individuals or legal entities which are related (in terms of IAS 24) to Fintech Telecom LLC and CVH, except companies under sect. 33 of the LGS.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For the years presented, Telecom and Cablevision has not conducted any transactions with Key Managers and/or persons related to them, except the mentioned in e) below.</font>
		</p>
		<p style="margin:0pt 0pt 10pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">c)&nbsp;&nbsp;Balances with Companies under section 33 - Law No. 19,550 and Related Parties</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-weight:bold;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Companies under section 33 - Law No. 19,550 &#x2013; Controlling companies</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">CURRENT LIABILITIES</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Dividends payables</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">CVH</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,067</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">VLG</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Shareholder</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,090</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fintech Media LLC</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Shareholder</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 864</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:57.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,021</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 54pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Companies under section 33 - Law No. 19,550 &#x2013; Associates</font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:23.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">CURRENT ASSETS</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other receivables (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 78</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Teledifusora San Miguel Arc&#xE1;ngel S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 19</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 40</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Ver T.V. S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 47</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 144</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 174</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">CURRENT LIABILITIES</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Trade payables</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Televisora Privada del Oeste S.A.(2)</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Financial Debt</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;6</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;6</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt;">
			<font style="display:inline;text-decoration:underline;">Related parties</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:23.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">CURRENT ASSETS</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Related party</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 92</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 59</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 92</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 59</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">CURRENT LIABILITIES</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Trade payables</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Related party</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 565</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 438</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 565</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 438</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (1)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Include 65 and 134 as of December 31, 2018 and as of December 31, 2017, respectively corresponding to dividends receivable.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Associate Company throughout PEM.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">d)&nbsp;&nbsp;Transactions with Companies under section 33 - Law No. 19,550 and related parties</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Symbol;">&#xF0B7;</font><font style="display:inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Companies under section 33 - Law No. 19,550&#x2013; Controlling companies</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Transaction</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Revenues</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Grupo Clar&#xED;n S.A. (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other services revenues</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating costs</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Grupo Clar&#xED;n S.A. (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advisory services</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (95)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">CVH</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advisory services</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (99)</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (99)</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (95)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Finance results</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Grupo Clar&#xED;n S.A. (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interests on loans granted</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 713</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">CVH</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interests on loans granted</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 20</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 20</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 713</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> (1)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;">It ceased to be Cablevisi&#xF3;n&#xB4;s controlling company as of May 1, 2017. Note 4.e).</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Symbol;">&#xF0B7;</font><font style="display:inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Companies under section 33 - Law No. 19,550&#x2013; Associates</font>
		</p>
		<p style="margin:0pt 0pt 0pt 54pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Transaction</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Revenues</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Services revenues</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 11</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 12</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other revenues</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 37</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 29</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 41</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 48</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 41</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 53</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating costs</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Fees for services</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (24)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (19)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (12)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (24)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (19)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (12)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Finance results</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interests on debt</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (2)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (2)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Related Parties (2)</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Transaction</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:29.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:29.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:29.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Revenues</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advertising sales</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 36</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 50</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Services revenues</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 88</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 59</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 39</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 124</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 109</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 42</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:29.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating costs</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Programming costs</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,611)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,614)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,480)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Editing and distribution of magazines</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (558)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (363)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (407)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advisory services</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (235)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (356)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (236)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:26.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advertising purchases</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (400)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (166)</font></p>
				</td>
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					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (131)</font></p>
				</td>
			</tr>
			<tr>
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					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other purchases</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
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					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
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					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (109)</font></p>
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				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (23)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (37)</font></p>
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				<td valign="bottom" style="width:18.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (2,913)</font></p>
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					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (2,522)</font></p>
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				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (2,291)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:8pt;">Includes mainly operations with the following related parties through the Grupo Clar&#xED;n S.A.: Arte Radiotelevisivo Argentino S.A., Arte Gr&#xE1;fico Editorial Argentino S.A., Unir S.A., Impripost S.A., Tele Red Imagen S.A., GC Gesti&#xF3;n Compartida S.A. y Compa&#xF1;&#xED;a De Medios Digitales S.A.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The transactions discussed above were made on terms no less favorable to Telecom than would have been obtained from unaffiliated third parties. The Board of Directors approved transactions representing more than 1% of the total shareholders&#x2019; equity of the Company, after being approved by the Audit Committee in compliance with Law No. 26,831.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Cablevisi&#xF3;n agreements with its shareholders</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On June 28, 2008, Cablevisi&#xF3;n and Grupo Clar&#xED;n executed a supplementary agreement to the technical assistance agreement, effective as of September 26, 2006, whereby they amended the volume of the services rendered by Grupo Clar&#xED;n and the mechanism used to determine that company&#x2019;s annual fee.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On January 6, 2017 and January 5, 2016 respectively, the agreements were amended, setting Grupo Clar&#xED;n&#x2019;s annual fees. On April 30, 2017 the contract was terminated as a consequence of the change of controlling company (See Note 4.e).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On May 1, 2017 Cablevisi&#xF3;n and Cablevisi&#xF3;n Holding S.A., entered into a contract for advisory services and technical assistance under which the parties set the volume of services to be received from Cablevisi&#xF3;n Holding S.A. and the way in which the annual fee shall be determined.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the occasion of the merger described in Note 4.a), the contracts for advisory services and technical assistance subscribed between Cablevisi&#xF3;n and CVH have been left without effects.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">e)&nbsp;&nbsp;Key Managers</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Compensation for Directors and Key Managers&nbsp;of Telecom Argentina for the year ended December 31, 2018, and for Directors and Key Managers of Cablevisi&#xF3;n for the years ended December 31, 2017 and 2016, including social security contribution, amounted to $324, &nbsp;$77 and $65, respectively (both in current currency on the transaction date), and was recorded as expenses under the line item Employee benefits expenses and severance payments.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, an amount of $157 remained unpaid.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom Argentina has recorded a provision of $83 for the fees of its Board of Directors&#x2019; members for the year ended December 31, 2018 (in current currency on the transaction date). The fees to the Board of Directors of Cablevisi&#xF3;n for years ended December 31, 2017 and 2016 amounted to approximately $13 and $10, respectively (in current currency on the transaction date).</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The members and alternate members of the Board of Directors do not hold executive positions in the Company or Company&#x2019;s subsidiaries.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2018-01-01<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2018-03-01&amp;anchor=sect_Disclosures&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6978013888">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RESTRICTIONS ON DISTRIBUTION OF PROFITS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract', window );"><strong>RESTRICTIONS ON DISTRIBUTION OF PROFITS</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RestrictionsOnDistributionOfProfitsAndDividends', window );">RESTRICTIONS ON DISTRIBUTION OF PROFITS</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">NOTE 28 &#x2013; RESTRICTIONS ON DISTRIBUTION OF PROFITS</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Under the LGS, the by-laws of the Company and rules and regulations of the CNV, a minimum of 5% of net income for the year in accordance with the statutory books, plus/less previous years adjustments and accumulated losses, if any, 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).</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire discloser refers to restrictions on distribution of profits and dividends.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990672608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SummaryOfSignificantAccountingPoliciesAbstract', window );"><strong>SIGNIFICANT ACCOUNTING POLICIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock', window );">Going Concern</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">a)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Going Concern</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The consolidated financial statements as of December 31, 2018 and 2017 have been prepared on a going concern basis as there is a reasonable expectation that Telecom Argentina and its subsidiaries will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months from the end of the reporting period).</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory', window );">Foreign Currency Translation</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">b)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Foreign Currency Translation</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Items included in the financial statements of each of the entities of Telecom are measured using the currency of the primary economic environment in which the entity operates (&#x201C;the functional currency&#x201D;). The consolidated financial statements are presented in Argentine pesos, which is the functional currency of all Telecom&#x2019;s companies located in Argentina. The functional currency for the foreign subsidiaries of Telecom is the respective legal currency of each country.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The financial statements of the Company&#x2019;s foreign subsidiaries are translated using the exchange rates in effect at the reporting date; for assets and liabilities while income and expenses are translated at the average exchange rates for the year. Exchange differences resulting from the application of this method are recognized in Other Comprehensive Income. The cash flows of foreign consolidated subsidiaries expressed in foreign currencies included in the consolidated financial statements are translated at the average exchange rates for each year.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory', window );">Foreign Currency Transactions</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">c)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Foreign Currency Transactions</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Transactions in foreign currencies are translated into the functional currency using the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate prevailing at the reporting date. Exchange differences are recognized in the consolidated income statement and are included in Debt financial costs and Other financial results, net.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForConsolidationPolicyTextBlock', window );">Consolidation</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">d)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Consolidation</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These consolidated financial statements include the consolidation of the assets, liabilities, results and cash flows of Telecom Argentina and its subsidiaries, as well as the consolidation in its financial statements of the assets, liabilities and results under joint control, according to the percentage of interest in the arrangements of the companies and joint ventures (&#x201C;Interests in joint operations,&#x201D; point d.2) jointly controlled by it; and, the interest owned by the Company in associates is recognized in one item (companies in which it exercises significant influence, see d.3) Investments in Associates.) Finally, structured entities with the specifications mentioned in point d.4) are included in these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.1) Control</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Control exists when the investor has substantive power over the investee; exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power to affect the amount of returns. Subsidiaries are fully consolidated from the date on which control is transferred to the controlling company. They should be deconsolidated from the date that control ceases.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the preparation of these consolidated financial statements, assets, liabilities, revenues and expenses of the consolidated subsidiaries are consolidated on a line-by-line basis. Non-controlling interests in the equity and in the profit (loss) for the period are disclosed separately under appropriate captions, respectively, in the consolidated statement of financial position, in the consolidated income statement and in the consolidated statement of comprehensive income.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">All intercompany accounts and transactions between Telecom and its subsidiaries have been eliminated in the preparation of these consolidated financial statements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial statements of controlled companies are for the same period and has the same closing date of the parent&#x2019;s financial statements and are made using the same accounting policies of the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Note 1.a) details the consolidated subsidiaries, together with the interest percentages held directly or indirectly in each subsidiary&#x2019;s capital stock and votes as of December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company considers transactions with non-controlling companies that do not result in a loss of control as transactions among shareholders. A change in the equity interests held by the Company is considered as an adjustment in the book value of controlling interests and non-controlling interests to reflect the changes in its relative interests. The differences between the amount for which non-controlling interests is adjusted and the fair value of the consideration paid or received and attributed to the shareholders of the controlling company will be directly recognized in equity under a specific reserve in the equity attributed to the parent company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.2) Interests in Joint Operations</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">A joint operation is a contractual arrangement whereby two or more companies undertake an economic activity that is subject to joint control, i.e., when the financial strategy and the operating decisions related to the company&#x2019;s activities require the unanimous consent of the parties sharing control.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the cases of joint business arrangements executed through </font><font style="display:inline;font-style:italic;">Uniones Transitorias de Empresas</font><font style="display:inline;"> ("UTE"), considered joint operations under IFRS 11, the Company recognizes in its financial statements on a line-by-line basis the assets, liabilities and net income subject to joint control in proportion to its share in such arrangements. Telecom, upon absorbing the operations of Cablevisi&#xF3;n, holds a 50% share in the UTE Ertach &#x2013; Cablevisi&#xF3;n.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The UTE Ertach &#x2013; Cablevisi&#xF3;n is engaged in the provision of data transmission services and the order channels required to integrate the public administration agencies of the Province of Buenos Aires and its municipal agencies in a single data communication provincial network.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The UTE was created in April 2005 by the Board of Directors of Prima (absorbed by Cablevisi&#xF3;n in 2016) and currently has an agreement, with the Ministry of the Chief of the Cabinet of Ministers of the Province of Buenos Aires which was approved under Decree No. 2017-166-E-GDEBA-GPBA, that provides for the data transmission services for the Single Provincial Data Communication Network implemented under the original Bid for a term of 24 months since May 1, 2017. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.3) Investments in Associates</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">An associate is an entity over which the Company has significant influence, without exercising control, generally accompanied by equity holdings of between 20% and 50% of voting rights.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The associates&#x2019; assets, liabilities and net income are disclosed in the financial statements using the equity method. Under the equity method, the investment in an associate is initially recorded at cost and the book value will be increased or decreased to recognize the investor&#x2019;s share in the statement of income for the year or in other comprehensive income obtained by the associate, after the acquisition date. The dividends distributions received from the associate will reduce the book value of the investment. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company's investment in associates includes the goodwill identified at the time of the acquisition, net of any impairment losses. Goodwill is the excess of the acquisition cost over the Company&#x2019;s share in the net fair value of the associate&#x2019;s identifiable assets and liabilities (including contingent ones) measured at the acquisition date. Goodwill is included in the book value of the investment and tested for impairment as part of the investment.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Unrealized gains or losses on transactions between the Company (and its subsidiaries) and the associates are eliminated considering the Company&#x2019;s interest held in the associates.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If necessary, adjustments are made, to the associates&#x2019; financial statements so that their accounting policies are in line with those used by the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.4) Consolidation of structured entities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company, through one of its subsidiaries, has executed certain agreements with other companies for the purpose of rendering on behalf of and by order of such companies certain installation services, collections, administration of subscribers, marketing and technical assistance, financial and general business advising, with respect to cable television services in Uruguay. In accordance with IFRS 10 &#x201C;Consolidated Financial Statements&#x201D;, these consolidated financial statements include the assets, liabilities and results of these companies. Since the Company does not hold an equity interest in these companies, the offsetting entry of the net effect of the consolidation of the assets, liabilities and results of these companies is disclosed under the line items "Equity attributable to non-controlling interests" and "Net Income attributable to non-controlling interests".</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;text-decoration:underline;">Call Option Agreement of Adesol</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On December 22, 2016, Adesol S.A. entered into a call option agreement (the &#x201C;Call Option Agreement&#x201D;) with the majority shareholder of the special purpose entities, whereby, Adesol has the right to exercise, until December 31, 2021, the irrevocable call option on the shares of those companies (the &#x201C;Call Option&#x201D;). If it exercises the Call Option, the purchase price has been preliminarily established in the amount of $128, subject to an eventual adjustment in case certain circumstances provided under the Call Option Agreement occur.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition to the execution of the Call Option Agreement, Adesol S.A. paid to the grantor of the call option an option premium the amount of $45 (the amount restated to current currency of December 31, 2018 amounts to $83 ). If Adesol S.A. does not exercise the Call Option, the seller shall irrevocably retain the amount paid by Adesol S.A., and the agreement will be terminated.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If it exercises the Call Option, the assignment, sale and transfer of the shares to Adesol shall be subject, as condition precedent, to the approval by the Communication Services Regulatory Agency of the Republic of Uruguay.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, on December 28, 2017, the parties executed an amendment to the Option Agreement and the Seller sent a notice to Adesol, whereby: (i) the Call Option Period was extended for two additional years, thus the expiration date is December 31, 2023; (ii) the Purchase Price of the Shares was set precisely and definitively US$ 5,011,747 and $45; (iii) Adesol undertook to pay, within ten business days as from December 30, 2017, a Supplement to the Option Premium in the amount of US$ 4,500,000; and (iv) in the event that Adesol S.A. has paid the Seller the Supplement to the Option Premium and Adesol S.A. does not exercise the Call Option within the Call Option Period, the Seller undertakes to return to Adesol S.A., within ten business days as from the expiration of the Call Option Period, the amount of US$ 2,500,000 received as partial payment of the Supplement to the Call Option Premium. In view of the above, on January 16, 2018, Adesol S.A. paid to the Seller the Supplement to the Call Option Premium. Such amount was allocated under &#x201C;Other deferred&#x201D; in the statement of changes in equity and amounts to $91 at the exchange rate prevailing at the time of its payment (the amount restated to current currency of December 31, 2018 amounts to $132).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.5) Business Combinations</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company applies the acquisition method of accounting for business combinations. The consideration for each acquisition is measured at fair value (on the date of exchange) of the assets given, the liabilities incurred or assumed, and the equity instruments issued by the Company in exchange for the control of the acquired company. The costs related to the acquisition are expensed as incurred.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The consideration for the acquisition, if any, includes any asset or liability arising from a contingent consideration arrangement, measured at fair value at the acquisition date. Subsequent changes to such fair value, identified during the measurement period, are adjusted against the acquisition cost. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The identifiable assets, liabilities and contingent liabilities of the acquired company that meet the conditions for recognition under IFRS 3 are recognized at fair value at the acquisition date, except for certain particular cases provided by such standard.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Any excess of the acquisition cost over the Company&#x2019;s share in the net fair value of the acquired&#x2019;s identifiable assets, liabilities and contingent liabilities measured at the acquisition date is recognized as goodwill. Any excess of the Company&#x2019;s share in the net fair value of the identifiable assets, liabilities and contingent liabilities over the acquisition cost, after its measurement at fair value, is immediately recognized in the income statement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">d.6) Accounting treatment for the acquisition of the remaining shareholding (30%) of the subsidiary CV Berazategui</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On April 4, 2018, the Company acquired shares representing 30% of the capital stock and votes of CV Berazategui for a total amount of US$ 8,968,000, equivalent to $181 at the date of the transaction.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The remaining 70% of the capital stock and votes of CV Berazategui are owned by Pem, a company controlled by Telecom Argentina.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This operation represents a transaction between the controlling and non-controlling shareholders in the consolidated financial statements. For this reason, the non-controlling interest of $5, which represents 30% of the equity value of CV Berazategui, was adjusted and the difference between the purchase price of $181 and the non-controlling interest was recorded in "Other deferred" within Net Equity attributable to controlling shareholders as of December 31, 2018, in accordance with IFRS 10 (the amount restated to current currency of December 31, 2018 amounts to $237).</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Revenues</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">e</font><font style="display:inline;">)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Revenues</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues are recognized to the extent the sales agreement has commercial substance, provided it is considered probable that economic benefits will flow to the Company and their amount can be measured reliably. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues are stated net of discounts and returns (such as handset returns). The Company discloses its revenues into two large groups: Services and equipment. Revenues from services are recognized over the time services are rendered to the customers. Revenues from sales of equipment are recognized at the point in time when the control is transferred and the performance obligation is performed.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues from transactions that include more than one item have been recognized separately to the extent they have commercial substance on their own.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The sale prices identified in the different sales transactions are net prices of discounts (list price less discounts or bonifications if applicable). In those cases in which the payment is delayed over time, as for example in construction contracts, the effect of the time value of money must be withdrawn.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financed sales are recognized at the value of future income discounted at a market rate assessed at the beginning of the transaction.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The main performance obligations of Telecom and its subsidiaries are the following:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Mobile Services</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom provides mobile services in Argentina and Paraguay through wireless networks. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Services revenues consist of monthly basic fees, airtime usage charges, roaming, TLRD, CPP charges (as from October 1 these charges were no longer recognized as CPP and began to be recognized as a call termination charge), charges for VAS (among them, call waiting, voicemail, SMS and multimedia) and other services. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Basic fees are generally billed monthly in advance, disclosed net of trade receivables until services are rendered.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues from the sale of prepaid calling cards are recognized in the period during which traffic is used, or when the card expires, whichever occurs first. Remaining unused traffic for unexpired calling cards is shown as &#x201C;Deferred revenue on prepaid calling cards&#x201D; under Other liabilities.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues from sales of mobile equipment consist mainly of the sale of handsets to customers and own agents. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Generally, in cases of combined sales, the handset is sold with a discount in the price, but not when the handset is sold separately. In connection with mobile telephony service, it is generally offered at the same selling price, without any discount in case it is offered together with a handset. In those cases of combined sales, IFRS 15 (Revenue from Contracts with Customers), adopted by Telecom as from January 1, 2018, requires to allocate the selling price to each performance obligation according to its proportional standalone selling price for the agreed-upon stipulated contractual term.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Taking into consideration that the customer pays for the handset the price net of the discount and that, under the application of the method detailed in the previous paragraph, the discount applied to the handset is assigned between handset sale revenues and service revenues, a contractual asset will be initially recognized. The contract of individuals is a contract for an indeterminate period and the payment of the handset is net of discounts. In such cases, the contractual asset will be reversed within a period of one month. In the case of large customers, the contractual asset will decrease to the extent service revenues are recognized, and will be fully derecognized in the 24th month, that is the stipulated contractual term for this type of customers. The method used provides a faithful representation of the transfer of goods or services in mobile services contracts in which more than one good or service is offered.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Internet Services</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Internet revenues mainly consist of monthly fees received from residential and corporate customers for data transmission (including private networks, dedicated lines, broadcasting signal transport and videoconferencing services) and Internet services (mainly high-speed subscriptions - broadband).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Non-refundable up-front connection fees (revenues at a point in time), generated at the beginning of the relationship with the customers, are deferred and charged to income over the term of the contract or, in the case of indefined period contracts, over the average period of the customer relationship.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Cable Television Services</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Cable Television Services comprise the operation of cable television networks installed in different locations of Argentina and Uruguay. In addition, Tuves holds a license for the provision of DATH services in Paraguay.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Cable television basic fees are billed in advance and are recognized as revenues when services are provided.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues from the installation (&#x201C;one-time&#x201D; revenues) non-refundable of these services are deferred and charged to income in the estimated average term of the relationship with the customer.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Fixed Telephony and Data services</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Domestic fixed telephony services revenues mainly consist of monthly fees, measured service and monthly fees for additional services (among others, call waiting, itemized billing and voicemail).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Basic fees are generally billed monthly in advance, disclosed net of trade receivables, and are recognized as revenues when services are provided. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Non-refundable up-front connection fees for fixed telephony and data services (one-time revenues), generated at the beginning of the relationship with the customers, are deferred and charged to income over the term of the contract or, in the case of indefinite period contracts, over the average period of the customer relationship.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">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 up to an amount equal to or less than the amount of deferred revenues. Generally, reconnection revenues are higher than its associated direct expenses.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues on construction contracts are recognized based on the stage of completion (percentage of completion method). This method provides a faithful representation of the transfer of assets in construction contracts, given that revenues are recognized to the extent of the progress of the construction. When the outcome of a construction contract can be estimated reliably, the revenues and costs associated with the construction contract are recognized as revenues and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. When it is probable that total contract costs will exceed total contract revenues, the expected losses are immediately recognized as expenses. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018 revenues from construction contracts were recognized for $160 and cost of construction contracts were recognized for $155. In relation to construction contracts; $322 of deferred revenues and $537 of inventories were recognized as of December 31, 2018.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory', window );">Financial Instruments</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">f)</font><font style="display:inline;font-size:9pt;">&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Financial Instruments</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial assets and liabilities, on initial recognition, are measured at transaction price as of the acquisition date. Financial assets are derecognized in the financial statement when the rights to receive cash flows from them have expired or have been transferred and the Company has transferred substantially all the risks and benefits of ownership.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">f.1) Financial Assets</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Upon initial recognition, in accordance with IFRS 9, financial assets are subsequently measured at either amortized cost, or fair value, on the basis of:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(a)&nbsp;the Company&#x2019;s business model for managing the financial assets; and </font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(b)&nbsp;the contractual cash flow characteristics of the financial asset.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">A financial asset shall be measured at amortized cost if both of the following conditions are met:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(a)&nbsp;the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">(b)&nbsp;the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">A financial asset that is not measured at amortized cost according to the paragraphs above is measured at fair value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial assets include:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;font-style:italic;text-decoration:underline;">Cash and Cash Equivalents</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash, subject to an insignificant risk of changes in value and their original maturity or the remaining maturity at the date of purchase does not exceed three&nbsp;months.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Cash and cash equivalents are recorded, according to their nature, at fair value or amortized cost.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Time deposits are valued at their amortized cost.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net - Interest and Gains on investments. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Investments in Government Bonds were valued at amortized cost or at fair value, depending on the business model established by the Company&#xB4;s Management. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Trade and Other Receivables</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Trade and other receivables classified as either current or non-current assets are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method, less allowances for doubtful accounts.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As mentioned in section e) Revenues, contractual assets originated by the application of IFRS 15, either current or non-current, are initially recognized at fair value and subsequently measured at amortized cost, less allowances for doubtful accounts, if any.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;font-weight:normal;font-style:italic;text-decoration:underline;">Investments</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Government Bonds include the Bonds issued by National, Provincial and Municipal Governments. Depending on the business model adopted by Management, Bonds may be valued at amortized cost or at fair value and its results are recognized under Other Financial Results, net - Interest and Gains on other investments.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Time deposits are valued at amortized cost.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Investments in mutual funds are carried at fair value. Gains and losses are included in Other Financial Results, net - Interest and Gains on investments. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Those National, Provincial and Municipal Governments bonds denominated in foreign currency whose initial intention is to keep them until their maturity, are measured at amortized cost and bear an interest in foreign currency. In this particular case, Management estimated the US Dollar denominated cash flows to be generated until maturity and compared that amount to the fair value of the instrument in US Dollars at the acquisition date. The acquisition cost in US Dollars has been adjusted by applying the Internal Rate of Return (IRR) and the resulting value was converted to Argentine pesos using the exchange rate as of the date of measurement. The exchange differences generated by these bonds are included in Other financial results, net - Foreign currency exchange gain (loss).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Other investments in Government Bonds are valued at fair value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The 2003 telecommunications fund was recorded at fair value.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Impairment of Financial Assets</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">At the time of initial recognition of financial assets (and at each closing), the Company estimates the expected losses to be generated by the assets, with an early recognition of a provision, pursuant to IFRS 9.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">With regard to trade receivables, and using the simplified approach provided by such standard, the Company measures the allowance for doubtful accounts for an amount equal to the lifetime expected credit losses. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The expected losses to be recognized are calculated based on a percentage of uncollectibility per maturity ranges of each financial credit. For such purposes, the Company analyzes the performance of the financial assets by type of market. Such historical percentage must contemplate the future collectibility expectations regarding those credits and, therefore, those estimated changes in performance.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Derecognition of Financial Assets</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company derecognizes a financial asset when the contractual rights to the cash flows of such assets expire or when it transfers the financial asset and, therefore, all the risks and benefits inherent to the ownership of the financial asset are transferred to another entity. If the Company retains substantially all the risks and benefits inherent to the ownership of the transferred asset, it will continue to recognize it and will recognize a liability for the amounts received.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">f.2)&nbsp;Financial Liabilities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial liabilities comprise trade payables (excluding Derivatives, if applicable), financial debt, salaries and social security payables (see point n) below), Dividends payable and certain liabilities included in Other Liabilities.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost. Amortized cost represents the initial amount net of principal repayments made, adjusted by the amortization of any differences between the initial amount and the maturity amount using the effective interest method. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Derecognition of Financial Liabilities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company shall derecognize a financial liability (or part of it) when it has been extinguished, i.e., when the obligation specified in the corresponding agreement is discharged, cancelled or expires.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">f.3)&nbsp;Derivatives</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Derivatives are used by Telecom and its subsidiaries to manage its exposure to exchange rate and interest rate risks and to diversify the parameters of debt so that costs and volatility can be reduced to pre-established operational limits.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">All derivative financial instruments are measured at fair value in accordance with IFRS 9. Derivative financial instruments qualify for Hedge Accounting if and only if all of the following conditions are met:</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">a)&nbsp;&nbsp;The hedging relation consists only of hedging instruments and eligible hedged items;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">b)&nbsp;&nbsp;The hedging relation and the risk management strategy and purpose are formally designated and documented since its inception; and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">c)&nbsp;&nbsp;the hedge is expected to fulfill the efficacy requirements described in Note 21.c &#x2013; Hedge Accounting.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">When a derivative financial instrument is designated as a cash flow hedge the effective portion of any gain or loss on the derivative financial instrument is recognized directly in Other Comprehensive Income. The cumulative gain or loss is removed from OCI and recognized in the consolidated income statement at the same time as the hedged transaction affects the consolidated income statement. The gain or loss associated with the ineffective portion of a hedge is immediately recognized in the consolidated income statement. If the hedged transaction is no longer probable, the cumulative gains or losses included in OCI are immediately recognized in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If the hedged item is a prospective transaction that results in the recognition of a non-financial asset or liability or a firm commitment, the cumulative gain or loss that was initially recognized in OCI is reclassified to the carrying amount of such asset or liability.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If Hedge Accounting is not appropriate, gains or losses arising from the fair value measurement of derivative financial instruments are immediately recognized in the consolidated income statement.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For additional information about derivatives operations during the years ended December 31, 2018 and 2017, see Note 21.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">Inventories</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">g)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Inventories</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Inventories are measured at the lower of restated cost and net realizable value. The cost is determined under the weighted average price method. The net realizable value represents the estimated selling price in the ordinary course of business less the applicable variable selling expenses. In addition, the Company estimates and records allowances for obsolete and slow-moving inventories.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The value of inventories does not exceed its recoverable value at the end of the year.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">PP&amp;E</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">h)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">PP&amp;E</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">PP&amp;E is stated at restated acquisition or construction cost. Subsequent expenditures are capitalized only when they represent an improvement, it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The other subsequent costs are recognized as expenses for the period in which they are incurred. When a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items if they are significant.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">PP&amp;E cost also includes the expected costs of dismantling the asset and restoring the site if a legal or constructive obligation exists. The corresponding liability is recognized under Provisions line item at its present value. These capitalized costs are depreciated and charged to the consolidated income statement over the useful life of the related assets in the Depreciation, amortization and impairment of PP&amp;E and Intangible assets item line.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed on an annual basis. Changes in the above liability are recognized as an increase or decrease of the cost of the related asset and are depreciated prospectively.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, PP&amp;E costs include those related to the installation that allows the customer to connect to the service, in Fixed network and transportation. Those costs comprise labor costs and the materials required to install wiring.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Borrowing costs attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of these assets until they are ready for their intended use or sale, under IAS 23 (&#x201C;Borrowing Costs&#x201D;.) The assets in respect of which borrowing costs are capitalized are those that necessarily take a substantial period of time to get ready for their intended use (qualifying assets under IAS 23).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The value of PP&amp;E does not exceed its recoverable value estimated at the end of the year.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Depreciation of PP&amp;E owned is calculated on a straight-line basis over the ranges of estimated useful lives of each class of assets. The ranges of the estimated useful lives of the main classes of PP&amp;E are the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Estimated&nbsp;Useful</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Life&nbsp;(in&nbsp;years)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Real Estate</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">50</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fixed Network and Transportation</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5 &#x2013; 10</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile Network Access</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">3 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tower and Pole</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">10 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Switching Equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Computer Equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">3 &#x2013; 5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Goods lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2 &#x2013; 4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Power Equipment and Installations</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2 &#x2013; 12</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Machinery, diverse equipment and tools</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5 &#x2013; 10</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The depreciation rates are reviewed annually and revised if the current estimated useful life is different from that estimated previously taking into account, among others, technological obsolescence, maintenance and condition of the assets and different intended use from previous estimates. The effect of such changes is recognized prospectively in the income statement in the corresponding period.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory', window );">Intangible Assets</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">i)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Intangible Assets</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets are recognized if and only if the following conditions are met: The asset is separately identifiable, it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and the cost of the asset can be measured reliably.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets with a finite useful life are stated at restated cost, less accumulated amortization and impairment losses, if any.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets with an indefinite useful life are stated at restated cost, less accumulated impairment losses, if any.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets comprise the following:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 11pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:11pt;">- Incremental Costs from the Acquisition of Contracts</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Certain direct incremental costs incurred for the acquisition of new subscribers are capitalized as intangible assets to the extent the conditions for the recognition of an intangible asset are met, pursuant to IFRS 15, i.e. provided the Company expects to recover those costs and provided they are costs that the Company would not have incurred if the contract had not been successfully obtained.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Subsequently, said assets will be amortized under the straight-line method over the contractual relationship of the related transferred service. These costs are amortized over a period of two years.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;">
			<font style="display:inline;">- &nbsp;3G/4G licenses</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As described in Note 2.e Spectrum, it includes 3G and 4G frequencies awarded by the SC to Personal in November 2014 and June 2015. In accordance with Section 12 of the Auction Terms and Conditions, they were granted for a period of 15 years as from the date of awarding notification.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Consequently, the Company's management has concluded that the 3G and 4G licenses have a finite useful life and, therefore, they are amortized under the straight-line method over 180 months as from their award.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Pursuant to Section 4.d) of PEN Decree No. 1,340/16 and Resolution No. 528/2018, which is described in Note 2.e), the remaining useful life of the frequencies included in Lot 8 of the auction was re-estimated. In consequence, the 700Mhz bands will finish amortizing in January 2033.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, the licenses that had been previously awarded to Nextel whose useful life is calculated as from the beginning of the provision of the Advanced Mobile Communication Services SCMA or upon expiration of the 18-month term provided under Section 10.1, subsection a), Annex I, Decree No. 764/2000 for the beginning of the provision of the Services, whatever occurs first.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- PCS license (Argentina)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company&#x2019;s Management, based on an analysis of the relevant characteristics of this license, has considered the license having an indefinite useful life since there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. Therefore, this license is subject to a recoverability assessment at least on an annual basis.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">No impairment losses have been recorded for those intangible assets for any of the three years presented. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- N&#xFA;cleo&#xB4;s licenses</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">PCS license is amortized under the straight-line method over 60 months, ending its amortization in fiscal year 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On June 2017, N&#xFA;cleo required the renovation of that license. Finally, and after that the CONATEL issued, according to the Telecommunication law, resolutions of precarious extensions in the second quarter 2018, the PCS license was renewed for approximately $64, which amortizes in 60 months.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The 700 MHz- band spectrum licenses acquired by N&#xFA;cleo during the first quarter of 2018 for US$24 million are amortized over a term of 10 years.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- SRCE License</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">SRCE License has indefinite useful life. At the end of the year, no impairment losses have been recognized on these intangible assets.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- Customer relationship</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It comprises mainly contracts with Telecom&#x2019;s and Tuves Paraguay&#x2019;s customers that were incorporated as a result of the merger between Telecom and Cablevisi&#xF3;n (see Note 4.a)). They are amortized over the estimated term of the relationship with the acquired customers: for fixed-telephony customer such term was estimated at 10 years, for mobile telephony customers in Argentina it was estimated at 6 years, and for mobile telephony customers in Paraguay it was estimated at 5 years.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- Brands</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It includes the Brand Cablevisi&#xF3;n, which is amortized over 50 years, and the Brand Flow, which is amortized over 3 years. In addition, as a result of the Merger described under Note 4.a), the brands of Telecom (&#x201C;Telecom&#x201D;, &#x201C;ARNET&#x201D; and &#x201C;Personal&#x201D;, both in Argentina and in Paraguay) which are not amortized because they have been considered of indefinite useful life.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">- Other</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It includes Exclusivity Rights, Rights of Use, among others. The average useful life is estimated at 5 and 28 years.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory', window );">Goodwill</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">j)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;text-decoration:underline;">Goodwill</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Goodwill is recognized as a difference between the fair value of the consideration paid and the amount of the non-controlling interest, if any, less the fair value of the net assets identified in each business combination. Goodwill has indefinite useful life and its recoverable value must be assessed at least once a year.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">No impairment losses have been recorded for goodwill at year-end.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory', window );">Leases</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">k)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Leases</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size: 10pt;">
			<font style="display:inline;">Finance Leases</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Leases that transfer substantially all the risks and benefits incidental to ownership of the leased asset are classified as finance leases. All other leases are classified as operating. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018 Telecom and its subsidiaries do not have current financial lease agreements or residual value of fixed assets acquired by financial leases.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Operating Leases</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Lease payments under an operating lease are recognized as an expense on a straight-line basis over the lease term unless another systematic basis is more representative.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the normal course of business, the Company leases cell sites, switch sites, satellite capacity and circuits, among others, under various non-cancellable operating leases. Rental expenses are included under Interconnection and transmission costs and Other operating income and expenses items lines in the consolidated income statement during the term of the lease.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory', window );">Impairment of PP&amp;E, Intangible Assets and Goodwill</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">l)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Impairment of PP&amp;E, Intangible Assets and Goodwill</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company assesses whether there are any indicators of impairment of the assets that are subject to amortization. Both internal and external factors are considered for this purpose. Internal factors include, among others, obsolescence or physical damage of the asset, and significant changes in the extent to which, or manner in which, an asset is used or expected to be used and internal reports that may indicate that the economic performance of the asset is, or will be, worse than expected. External sources include, among others, the market value of the asset, significant changes in the legal, economic, technological or markets environment, increases in market interest rates and the cost of capital used to evaluate investments, and an excess of the carrying amount of the net assets of Telecom over market capitalization.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The carrying value of an asset is considered impaired by the Company when it is higher than its recoverable amount. In that event, a loss shall be immediately recognized in the statement of income.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The recoverable value of an asset is the higher of its fair value (less selling costs) or its value in use. In calculating the value in use of an asset, the estimated future cash flows are discounted to present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the evaluated asset.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Where it is not possible to estimate the recoverable value of an individual asset, the Company estimates the recoverable value of the cash-generating unit to which the asset belongs. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets with an indefinite useful life and goodwill are not subject to amortization and are tested at least annually for impairment. The intangible assets with an indefinite useful life held by the Company as of December 31, 2018 are the PCS license in Argentina, the brands acquired with the business combination (see Note 4.a) and the SRCE license. The intangible asset with indefinite useful life held by the Company as of December 31, 2017 is the SRCE license. Its recoverable amount is determined based on the value in use, which is estimated using discounted net cash flows projections.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For the years presented, the Company estimates that there is no indication of impairment of the assets that are subject to amortization, with the exception of, mainly, the impairment recognized for the brand Arnet for $1,623. The Company decided, in the fourth quarter of 2018, to discontinue the use of the trademark Arnet for the commercialization of its broadband product during the year 2019. The customers that currently use said brand will now use said service under the brand Fibertel. This will allow the Company to simplify its brand portfolio completing the alignment of products, and to establish a better and more direct communication with our customers.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The net effects of the constitution and recovery of the above-mentioned impairments are recorded under &#x201C;Impairment of PP&amp;E&#x201D;, which is described under Note 23.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForOtherLiabilitiesPolicyTextBlock', window );">Other Liabilities</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">m)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Other Liabilities</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Pension Benefits</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Pension benefits shown under Other liabilities represent accrued benefits under collective bargaining agreements for employees who retire upon reaching normal retirement age, or earlier due to disability in Telecom Argentina. Benefits consist of the payment of a single lump sum equal to the salary of one month for each five years of service at the time of retirement due to retirement age or disability. The collective bargaining agreements do not provide for other post-retirement benefits such as life insurance, health care, and other welfare benefits. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The net periodic pension costs are recognized in the income statement, segregating the financial component, as employees render the services necessary to earn pension benefits. However, actuarial gains and losses should be presented in the statements of comprehensive income. Actuarial assumptions and demographic data, as applicable, were used to measure the benefit obligation as required by IAS 19 revised. The Company does not make plan contributions or maintain separate assets to fund the benefits at retirement.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The actuarial assumptions used are based on market interest rates, past experience and Management&#x2019;s best estimate of future economic conditions. Changes in these assumptions may impact future benefit costs and obligations. The main assumptions used in determining expense and benefit obligations are the:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Discount Rate (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">6.4 % - 15.2</font></p>
				</td>
				<td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">4.6 % - 9.2</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Projected&nbsp;increase&nbsp;rate&nbsp;in&nbsp;compensation&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">10.0 % - 31.2</font></p>
				</td>
				<td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">8.0 % -16.3</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(1)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.8pt 0pt 0pt;"></font></font><font style="display:inline;font-size:8pt;">Represents estimates of real interest rate rather than nominal rate.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additional information on pension benefits is provided in Note&nbsp;17.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Deferred revenues on prepaid calling cards</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Revenues from unused traffic and data packs for unexpired calling cards are deferred and recognized as revenue when the minutes and the data are used by customers or when the card expires, whichever happens first. For more information, see Note 3.e) Revenues &#x2013; Mobile services.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Deferred revenues on connection fees</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Non-refundable up-front connection or installation fees for fixed telephony, data, cable and Internet services are deferred over the term of the contract, or in the case of indefinite period contracts, over the average period of customer relationship. For more information, see Note 3.e) Revenues &#x2013; Fixed Telephony and Data services, Internet services and Cable television services.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Deferred Revenues related to Customer Loyalty Programs</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The fair value of the award credits regarding the Company and N&#xFA;cleo&#x2019;s customer loyalty program is accounted for as deferred revenue and recognized as revenue until the award credits are redeemed or expire, whichever occurs first.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Deferred Revenues on International Capacity Leases</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Under certain network capacity purchase agreements, the Company sells excess purchased capacity to other carriers. Revenues are deferred and recognized as services are provided.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Government grants for the acquisition of PP&amp;E</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Government grants for the acquisition of PP&amp;E must be recognized on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate. In accordance with IAS 20 the government grants related to assets can be presented either as deferred income or as a reduction of the carrying amount of related asset. The Company, in relation to subsidies received by its subsidiaries, elected the first alternative provided by the standard considering that recognition as deferred income adequately reflects the business purpose of the transaction. Therefore, the related assets are recognized at the cost incurred in the construction of the engaged infrastructure and the government grant was accounted for as deferred income in Other liabilities - Other and recognized in profit or loss starting at the time the infrastructure becomes operative and throughout its useful life.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForSalariesAndSocialSecurityPayablesPolicyTextBlock', window );">Salaries and Social Security Payables</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">n)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Salaries and Social Security Payables</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Include unpaid salaries, vacation and bonuses and its related social security contributions, as well as termination benefits. See Note f.2) for a description of the accounting policies regarding the measurement of financial liabilities.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Termination benefits represent severance indemnities that are payable when employment is terminated in accordance with labor regulations and current practices, or whenever an employee accepts voluntary redundancy in exchange for these benefits. In the case of severance compensations resulting from agreements with employees leaving the Company upon acceptance of voluntary redundancy, the compensation is usually comprised of a special cash bonus paid upon signing the severance agreement, and in certain cases may include a deferred compensation, which is payable in monthly installments calculated as a percentage of the prevailing wage at the date of each payment (&#x201C;prejubilaciones&#x201D;). The employee&#x2019;s right to receive the monthly installments mentioned above starts on the date they leave the Company and ends either when they reach the legal mandatory retirement age or upon the decease of the beneficiary, whichever occurs first.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory', window );">Taxes Payable</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">o)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Taxes Payable</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Includes mainly: Income Tax, Other National Taxes, Provincial Taxes and Municipal Taxes. The main taxes that represent an expense for the Company are the following:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Income Tax</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Income tax (national tax) is recognized in the consolidated income statement, except to the extent that they relate to items directly recognized in Other comprehensive income or directly in equity. In this case, the tax is also recognized in Other comprehensive income or directly in equity, respectively. The income tax expense for the period/year comprises current and deferred tax.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If the income tax payments and withholdings exceed the amount to pay for the current tax, the excess shall be recognized as a tax credit, only if it is recoverable.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As per Argentinean Tax Law, income taxes payables have been computed on a separate return basis (i.e., the Company is not allowed to prepare a consolidated income tax return). </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company records income taxes in accordance with IAS 12. Deferred taxes are recognized using the liability method, which provides for the assessment of net deferred tax assets or liabilities based on temporary differences. Temporary differences arise when the tax base of an asset or liability differs from their carrying amounts in the statement of financial position, whose future reversal affects tax results. The deferred tax asset / liability is disclosed under a separate item of the Consolidated Financial Statements.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">A deferred income tax asset or liability is recognized on those differences, except for those differences related to investments in subsidiaries abroad that generate a deferred income tax liability due to the difference in the income tax rates, only in those cases where the timing of the reversal of the temporary difference is controlled by the Company and it is not probable that the temporary difference will reverse in the foreseeable future.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Deferred tax assets relating to unused tax carryforwards are recognized to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets that may arise from investment in subsidiaries are recognized when it is probable that the temporary differences will be reversed in the foreseeable future and when future taxable income would be sufficient to apply those temporary differences.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">A deferred tax asset shall be subjected to a recoverability test at the end of every reporting period. The company shall reduce the carrying amount of the deferred tax asset if it is probable that future taxable income will not be available before its prescription that allows applying the tax deductions of the deferred tax asset. This reduction could be reversed in future periods, to the extent that the Company recovers the expectation of enough future taxable income to apply these deductions.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The legal rate in force in the Argentine Republic for the current period is 30% (years beginning on January 1, 2018 to December 31, 2019, inclusive) established by Law No. 27,430 of December 29, 2017. This law establishes that from January 1, 2020 onward, the legal rate will be 25%. The current legal rate for years ended December 31, 2017 and 2016 was 35%.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">For the determination of the deferred tax as of December 31, 2018, the Company has considered, according to the guidelines of IAS 12, the moments in which the temporary differences will be reversed in order to apply the corresponding rate based on the provisions by Law No. 27,430.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The collection of dividends from the investment in a foreign company is achieved by the income tax at the general tax rate. Likewise, the Argentine legislation allows computing as a tax credit the sums paid for analogous taxes abroad.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In Uruguay, the statutory income tax rate is 25% for the years presented.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The statutory income tax rate in Paraguay was 10% for the years presented. As per Paraguayan Tax Law, dividends paid are computed with an additional income tax rate of 5%, representing an effective tax rate of 15%. In addition, a deferred tax liability is recognized in Telecom Argentina due to the effect of the difference in the profit tax rates between Argentina and Paraguay on N&#xFA;cleo accumulated profits because it is probable that these accumulated results flow as dividends and generate a future payment of income tax in Telecom Argentina in accordance with the Argentine law principle of "worldwide income".</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The statutory income tax rate in the United States was 39.5% for the year ended December 31, 2017. Since January 1, 2018, a new Income Tax Law is applicable, which modifies the flat federal rate to 21% changing the total legal income tax rate from 39.5% to 26.5%. &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Tax on Minimum Presumed Income</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In Argentina, the tax on minimum presumed income (impuesto a la ganancia m&#xED;nima presunta) is supplementary to income tax. The Company assesses this tax at the effective rate of 1% on the taxable assets at year-end. The Company&#x2019;s tax liability for each year will be equal to the higher of the tax on minimum presumed income assessment or the income tax liability assessed at the legally effective rate on the estimated taxable income for the year. However, if the tax on minimum presumed income exceeds the income tax liability in any given fiscal year, the excess may be creditable against any excess of income tax liability over the tax on minimum presumed income in any of the following ten fiscal years.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Notwithstanding the provisions of the law, pursuant to AFIP Instruction No. 2/2017, companies shall not be subject to tax on minimum presumed income as long as they recognized accounting and tax losses in the relevant fiscal period. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, Law No. 27,260 establishes that tax on minimum presumed income will lose its effectiveness as from fiscal years beginning on or after January 1, 2019.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">During fiscal year 2018 Telecom is subject to tax on minimum presumed income tax since it has recognized accounting gains but income tax losses.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As of December 31, 2018, the tax on minimum presumed income balance has been capitalized in the consolidated financial statements because we estimate that the amounts paid and to be paid for this tax will be recoverable within the statute of limitations, based on the Telecom and its subsidiaries&#x2019; current business plans.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Declaration as Fulfilled Taxpayer </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Pursuant to Law No. 27,260, Argentine companies that have properly fulfilled their tax obligations during the two fiscal year periods prior to the 2016 fiscal year and have complied with other requirements may qualify for an exemption from the personal assets tax for the 2016, 2017 and 2018 fiscal years. The request for this tax exemption should be filed before March 31, 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom Argentina and Cablevisi&#xF3;n have already filed this request related to the payment of the tax on personal property as substitute taxpayer&#x2013; on behalf of Shareholders. The Company&#x2019;s Management believes that the requirements to obtain said exemptions were duly fulfilled. However, it cannot be assured that the Tax Authorities will not challenge said situation.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Provincial Taxes: Turnover Tax</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This tax is levied on companies based in Argentina for the activities carried out in each province of the country. Rates differ depending on the jurisdiction where revenues are earned for tax purposes and on the nature of revenues (for example, sale of services and equipment).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Other taxes and levies</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Since the beginning of 2001, telecommunication services companies have been required to make a SU contribution to fund SU requirements (Note 2.d). The SU tax is calculated as a percentage of the total revenues received from the rendering of telecommunication services, net of taxes and levies applied on such revenues. The rate is 1% of total billed revenues and adopts the &#x201C;pay or play&#x201D; mechanism for compliance with the mandatory contribution to the SU fund.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Audiovisual Communication Services Law No. 26,522 established a tax on audiovisual communication services. According to the law, the holders of those services must pay a tax proportional to the amount of gross revenues from the sale of traditional and non-traditional advertising, programs, signals, contents, subscriptions and any other item that arises from the exploitation. In the case of cable operators, the tax rate varies between 2% and 5% based on the number of inhabitants in the area where the service is rendered. In the case of licensees, permit holders, authorized entities and owners of the registered title of signals who are registered VAT payers and are also subject to the tax established by Law No. 26,522, 100% of the amounts effectively paid under the tax established by the new law may be creditable against VAT.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, the Company makes payments for copyrights to several institutions such as AADI-CAPIF, SADAIC, ARGENTORES. Those rights are calculated on similar bases as those indicated in the previous paragraph and the rates range between 0.1% and 1%.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Tax Reform and Consensus on - Laws No. 27,429, 27,430, 27,432, 27,467 and amendments </font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;">1.<font style="display:inline;font-style:italic;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 12pt 0pt 0pt;"></font></font><font style="display:inline;font-style:italic;text-decoration:underline;">Tax Reform</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On December 29, 2017, the PEN issued Law No. 27,430 - ruled through Regulatory Decree No. 1170/2018, which establishes a comprehensive reform of the tax system effective as from 2018. Some of the changes implemented by this law were modified by other regulations during 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Among other things, were introduced modifications to income tax (both corporate and individual matters), Value Added Tax (&#x201C;VAT&#x201D;), excise taxes, employer&#x2019; social security contributions, the tax procedure regime and the criminal tax regime.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The main changes that have an impact on corporate income tax are the following:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Income tax</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Changes to corporate income tax rate and withholding on distributed dividends</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law No. 27,430 reduced the corporate income tax rate from 35% to 30% for fiscal years beginning on or after January 1, 2018 up to and including December 31, 2019, and to 25% for fiscal years beginning on or after January 1, 2020. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, it was established a withholding tax regime on distributed dividends at a rate of 7% for distributions of profits generated during fiscal years beginning on or after January 1, 2018, and at a rate of 13% for those beginning on or after January 1, 2020. The earnings generated in fiscal years ended on or before December 31, 2017 do not fall within the withholding provision at the time of distribution. The withholding only applies to those shareholders that are individuals residing in Argentina and non-resident individuals.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additionally, the Law repeals the &#x201C;equalization tax&#x201D; (i.e., 35% withholding on dividend distributions exceeding accumulated taxable income) for distributions of profits generated during fiscal years beginning on or after January 1, 2018.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Gain/Loss on purchase-sale of shares</font><font style="display:inline;">.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law maintains the 15% capital gains tax rate for Argentine resident individuals or foreign beneficiaries (in the case of foreign beneficiaries, it is calculated on the presumed net gain equal to 90% of the sale price). In the case of local legal entities, the Law establishes a general rate of 30% for fiscal years ended December 31, 2018 and 2019, and 25% for the following years.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the case of individuals and undivided estates residing in Argentina, however, the results derived from transfers of shares are exempted from income tax to the extent that the transfer consists in a public placement authorized by the CNV or if the transactions were carried out in markets authorized by that agency under segments that guarantee price/time priority and by crossing of offers (such as the shares of Telecom Argentina) or carried out through a public tender offering and/or exchange authorized by the CNV. Decree No. 1,170/2018 provides that the conversion process whereby individuals or undivided estates residing in Argentina cease to be holders of non-exempted ADRs to become holders of the underlying exempted shares will be deemed a taxable transfer of ADRs at the fair value as of the conversion date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The foregoing exemption will also be applicable to foreign beneficiaries to the extent that such beneficiaries, or, in its case, depositors, do not reside in, and the funds do not come from, non-cooperative jurisdictions. In the case of foreign beneficiaries, the exemption will also be applicable, among other things, to income from depositary receipts or certificates issued abroad when those shares, were issued by entities domiciled in Argentina (ADRs).</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Assets - Tax Revaluation (optional)</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law No. 27,430 established the revaluation, on a general basis of the cost of several assets -in case of transfers- and the revaluation of the depreciation of property, plant and equipment, for all the acquisitions or investments made as from January 1, 2018 based on the variation of the IWPI. However, Law No. 27,468, published on December 4, 2018, provides that the adjustment must be made based on the variation of the CPI.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, an optional regime for the revaluation for tax purposes of assets located in Argentina that generate taxable income was established. In the case of the Company, the revaluation option is applicable to assets existing as of December 31, 2017. Pursuant to the Law, the new tax value of the assets will be determined by applying a "revaluation factor," set forth in the Law, according to the calendar year of the asset's acquisition or construction, on the tax value originally assessed, each year or period since the asset's acquisition or construction. In the case of real estate or movable property subject to amortization, the value may be assessed by an appraiser under certain conditions.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law imposes a one-time special tax on the amount of the revaluation. Such tax is not deductible from income tax. The applicable rate will vary depending on the type of assets: </font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">Real estate (qualifying as property, plant and equipment) 8%</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">Real estate (qualifying as inventories): 15%</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">Shares, quotas and other participations owned by resident individuals: 5%</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">All other assets: 10%&nbsp;</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The option must be exercised on all the taxpayer&#x2019;s assets that integrate the same category of assets. Once the option is exercised, the taxpayer is able to calculate the amortization and cost in the income tax over the revalued assets. Likewise, such revaluation was updated since January 1, 2018 on the base of the variation of the CPI as provided by Law No. 27,468.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The law requires taxpayers that opt for the special asset revaluation regime to waive any judicial or administrative claims for the purpose of requesting the application, for tax purposes, of adjustments of any kind, with respect to the period of the option and those in which depreciation of the revaluation amount is computed. Any taxpayers that have filed such claims with respect to fiscal years closed before the Law becomes effective, required to withdraw such claims and rights invoked. (See Note 15).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Company has conducted analyses and calculations in order to assess the convenience of opting for the application of the asset revaluation regime and decided not to join the regime.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Inflation Adjustment</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Notwithstanding the above-mentioned regime, Law No. 27,430 and its amendment and Law No. 27,468 provide that, effective as from fiscal years beginning on or after January 1, 2018, the inflation adjustment procedure set out in Title VI of the income tax law shall be applicable in fiscal years in which the variation of the accumulated CPI in the 36 months immediately preceding the end of the relevant fiscal year, is higher than 100%.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the first, second and third year as from its effectiveness, this procedure shall be applicable as long as the accumulated variation of the CPI, calculated from the beginning of the first year to the end of each year, is 55%, &nbsp;35% and 15% higher, respectively. Likewise, it is foreseen that the restatement for positive or negative inflation, depending on the case, corresponding to the first, second and third fiscal year beginning on January 1, 2018 that must be calculated in order to verify the anticipated assumptions, should be recognized one third in that fiscal period and the remaining two thirds, in equal parts, in the next two immediate fiscal periods.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">Internal Taxes and Tax Collection ENARD </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law No. 27,430 also provides for an increase in the effective internal tax rate applicable to mobile telephone services from 4.16% to 5.26% in force for the taxable events ocurred as of March 1, 2018. Likewise, such law repeals collection at source of the charge imposed for the benefit of the ENARD from the aforementioned date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In addition, pursuant to Decree No. 979/2017, as from November 15, 2017, for the year ended December 31, 2018, the effective tax rate (for internal taxes) on the sale of imported mobile phones and other wireless network equipment is reduced from 20.48% to 11.73%. Such rate, pursuant to Law No. 27,430, will decrease gradually until its complete phase out as from January 1, 2024 (for the year 2019 the rate will be 9.89%). In the case of goods manufactured in Tierra del Fuego, the rate is set at 0% as from November 15, 2017.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">Tax on deposits to and withdrawals from bank accounts</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Pursuant to Law No. 27,432, the PEN may establish that the percentage of the tax rate on bank credit and debits that, to date may not be creditable against income tax, be gradually reduced up to 20% per year as from January 1, 2018. The PEN may provide that, by 2022, it be fully creditable against income tax. On May 7, 2018, Decree 409/2018 was published. It established that for transactions reached at the general tax rate, it can be computed as an advance payment up to 33% of the tax originated in both the accredited amounts and the debited and for the other taxable events achieved by the tax. In the case of operations taxed at a reduced rate, the computation as credit of the tax will be 20%. &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These provisions are applicable to advances and balances of income tax corresponding to fiscal periods beginning on or after January 1, 2018, for tax credits originated in taxable events that occurred since that date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-style:italic;">Social Security </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Law No. 27,430 gradually reduces the percentage of employers&#x2019; contributions to be paid by large companies from 21% to reach 19.5% in 2022.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It establishes a non-taxable base for calculating employers&#x2019; contributions of 2,400 Argentine pesos for 2018, which will increase since January 2019 until reaching 12,000 Argentine pesos in 2022, based on the variations of the CPI. Pursuant to the provisions of RESOL-2018-3-APN-SESS#MSYDS the non-taxable base for 2019 will be 7,003.68 Argentine pesos. In addition, employer contributions that result in payment on account of VAT are gradually eliminated.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additionally, the National Budget Law for the year 2019, Law No. 27,467, provides that entities that provide broadcast television or physical link and/or radio electric link subscription television services, audio broadcasting, cable television signals, newspaper, magazine or periodical publishing companies or companies engaged in digital journalism, and the distributors of those publishing companies, may all calculate employer&#x2019;s contributions paid in connection with the personnel engaged in said activities as tax credit on VAT. These contributions must have been accrued in the fiscal period and effectively paid at the moment of submitting the VAT return. As provided above, where the salaries that give rise to the contributions which may be calculated as tax credit on VAT are indistinctly related to other activities outside the scope of this benefit, they will be subject to the apportionment procedure. During 2018, the Company has applied a regime similar to that provided under Law No. 27,467, based on final court decisions allowing its application.</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:left;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-style:italic;">Export duties</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The Law No. 27,467, granted to the PEN, until December 31, 2020, the power to apply export duties on the services carried out in Argentina whose utilization or effective exploitation is carried out abroad, with a rate of up to 30% of the value of such services. In this sense, Decree No. 1201/2018 established that such services are subject to an export duty at a rate of 12% with a with a maximum limit of $ 4 for each dollar of taxable value of said operation payable on a monthly basis according to the transactions billed.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">This duty is applicable on export of services rendered and invoiced since January 1, 2019 until December 31, 2020, including services originated in contracts or transactions initiated before that date.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-style:italic;text-decoration:underline;">Tax Consensus</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the other hand, on January 2, 2018, Law No. 27,429 - &#x201C;Tax Consensus&#x201D; was published in the Official Gazette. Said Law approves the Tax Consensus signed between the National Executive Branch and the representatives of the Provinces and the Autonomous City of Buenos Aires. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The tax consensus seeks to harmonize the tax structures of the different jurisdictions to promote employment, investment and economic growth and to promote uniform policies. In this sense, both the National State and the Provinces and the Autonomous City of Buenos Aires agree to comply with certain commitments. Among the commitments undertaken by the Provinces, the most relevant are, with respect to Turnover Tax, the immediate elimination of differential treatments based on the place of business or the location of the taxpayer's establishment or the location where goods are manufactured and the establishment of exemptions and the application of tax rates that shall not exceed those set forth for each activity and period in the Annex to the Consensus (in the case of communications 5% in 2018, which will decrease to 3% by 2022, and in the case of mobile telephony 7% in 2018 decreasing to reach 5% in 2022).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">It was also ordered the repeal of all payroll taxes</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As to stamp tax rates, it was agreed for certain activities and contracts, the establishment of a maximum stamp tax rate of 0.75% as from January 1, 2019, with a gradual decrease until its complete phase out as from January 1, 2022. However, this point was postponed for a year through Law No. 27,469 &#x201C;2018 Tax consensus&#x201D; published in the Official Gazette on December 4, 2018.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Provisions</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">p)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Provisions</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Telecom records provisions when it has a present, legal or constructive obligation, to a third party, as a result of a past event, when it is probable that an outflow of resources will be required to satisfy the obligation and when the amount of the obligation can be estimated reliably.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">If the effect of the time value of money is material, and the payment date of the obligations can be reasonably estimated, provisions to be accrued are the present value of the expected cash flows, taking into account the risks associated with the obligation. The increase in the provision due to the passage of time is recognized as finance expenses. For more information, see Note 18.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Provisions also include the expected costs of dismantling assets and restoring the corresponding site if a legal or constructive obligation exists, as mentioned in h) above. The accounting estimates for dismantling costs, including discount rates, and the dates in which such costs are expected to be incurred are reviewed annually, at each financial year-end.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory', window );">Dividends</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">q)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Dividends</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Dividends payable are reported as a change in equity in the&nbsp;year in which they are approved by the Shareholders&#x2019; Meeting.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory', window );">Debt Financial Costs and Other Financial Results, net</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">r)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Debt Financial Costs and Other Financial Results, net</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Debt Financial costs and other financial results, net, are recorded as incurred and include, among others:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">interest accrued on the related financial assets and liabilities using the effective interest rate method;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">financial discounts on debt;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">changes in fair value of derivatives and other financial instruments measured at fair value through profit or loss;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">results from operations with notes and bonds;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;">gains and losses on foreign exchange and financial instruments; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">interest on provisions.</font></p></td></tr></table></div><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory', window );">Acquisition of Treasury Shares</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">s)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Acquisition of Treasury Shares</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In connection with the Treasury Shares Acquisition Process described in Note 20 d) to these consolidated financial statements, the Company has applied the guidance set forth in IAS 32, which provides, consistently with the CNV Regulations, that any instruments of its own equity acquired by the Company must be recorded at the acquisition cost and must be deducted from Equity under the caption &#x201C;Treasury shares acquisition cost&#x201D;. No profit or loss resulting from holding such instruments of own equity shall be recognized in the income statement. If the treasury shares are sold, the account &#x201C;Treasury shares acquisition cost&#x201D; shall be cancelled and the difference between the net realizable value of the treasury shares sold and its acquisition cost shall be recorded, if positive, within Equity under the &#x201C;Treasury shares negotiation premium&#x201D; caption. If such difference is negative, the resulting amount shall be recorded within Equity under the &#x201C;Treasury shares negotiation discount&#x201D; caption.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory', window );">Earnings per share</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">t)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Earnings per Share</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Basic earnings per share are calculated by dividing the net income or loss attributable to owners of the Parent by the weighted average number of ordinary shares outstanding during the year (for more information, see Note 25).</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForAdoptionOfIfrs15RevenueFromContractsWithCustomersPolicyTextBlock', window );">Adoption of IFRS 15 (Revenue from Contracts with Customers)</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">u)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Adoption of IFRS 15 (Revenue from Contracts with Customers) </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As from January 1, 2018, the Company adopted IFRS 15 (Revenue from Contracts with Customers.) The Company opted for the modified retrospective application of IFRS 15, as provided under such standard. Though the application is retrospective, the accumulated impact of the initial application is recognized as an adjustment to retained earnings initial balance of the year of initial application (only for contracts that are not completed contracts as of the date of initial application).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The allocation of the transaction price among different performance obligations required by IFRS 15 is one of the main issues that telecommunications companies have to assess, mainly because of the great variety of plans they offer to their customers by combining different services and equipment, mainly in mobile telephony contracts. Another relevant issue to the telecommunications industry is the capitalization of incremental costs of obtaining a contract if the entity estimates that they will be recovered.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The standard requires assigning the total selling price to each performance obligation proportionally to its standalone selling price, being the main performance obligations of those contracts the handset and the service revenues, considering an estimated service term which varies depending on the contract's enforceability according to the type of customers (currently 24 months for large customers and indeterminate term for individuals).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">These amendments introduced by the standard initially generated an early recognition of handset sales revenues with impact on retained earnings of $808, attributable to Telecom due to the partial retroactive application of the standard, against the recognition of an IFRS 15 contractual assets of $1,153 and deferred income tax liability of $345 as of January 1, 2018. Such increase is due to the fact that the discounts given to the customer on handsets is assigned between the sale of handsets and the services. Before the application of this standard, said discount was allocated to the sale of handsets.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Additionally, this standard generated a reassignment of revenues, increasing equipment sales revenues $588 and reducing the recognition of services revenues $483, generating a net increase in revenues of $105 and a deferred income tax of $32&nbsp;($73 of net income, Argentine pesos 0.02 per share) for the year ended December 31, 2018. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The contractual asset as of December 31, 2018 amounts to $85, which is disclosed under current and non-current trade receivables will decrease as the revenue from services is recognized until the end of the stipulated contractual term.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the other hand, the capitalization of handset subsidies occasionally granted by Telecom and its subsidiaries to new postpaid subscribers was discontinued in light of the interpretations of the new standard maintaining the capitalization of the commissions paid for the acquisition of postpaid and &#x201C;Abono fijo&#x201D; customers in the mobile telephony and Internet segment as incremental costs of obtaining contracts under IFRS 15, because these costs are necessary to obtain new contracts with customers and only if they continue satisfying the capitalization conditions under the IFRS.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The decrease in the residual value of the capitalized handset subsidies generated an effect on Retained Earnings as of January 1, 2018 in the amount of $90 (corresponds to lower retained earnings of $125 net of income tax of $35), of which $83 is attributable to controlling shareholders (that corresponds to $117, net of income tax for $34) and $7 to non-controlling interest (that corresponds to $8, net of income tax for $1). The non-capitalization of handset subsidies as from the year ended December 31, 2018 generated an increase in the Cost of equipment and handsets of approximately $145 and a decrease in amortization of approximately $143 for year ended December 31, 2018 (impact of a loss of $2, which net of income tax of $1, would amount to $1).</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForAdoptionOfAmendmentsToIfrs9FinancialInstrumentsPolicyTextBlock', window );">Adoption of the Amendments to IFRS 9 "Financial Instruments"</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">v)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Adoption of the Amendments to IFRS 9 "Financial Instruments&#x201D;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">As from January 1, 2018, the Company adopted the amendments to IFRS 9, which basically incorporate requirements related to the recognition of expected credit losses of financial assets, as follows:</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">In the case of trade receivables, the allowance for doubtful accounts must be measured in an amount equal to the lifetime expected credit losses.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;">For the rest of the financial instruments, the expected credit losses for the next 12 months must be recognized (lifetime expected losses over the contractual payments of the financial instrument of which the default is estimated in the next 12 months), except the case of significant increase in the financial instrument&#x2019;s credit risk so the lifetime expected credit losses must be recorded, i.e. The expected credit losses for the full term of the financial instrument.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Expected credit losses related to trade receivables generated an effect on Retained Earnings as of January 1, 2018 in the amount of $489 (an increase in the allowance of $982 - of which $245 correspond to previously existing receivables in Cablevisi&#xF3;n, net of income tax of $260), which at closing currency amounts to $722, of which $701 is attributable to controlling shareholders ($956, net of income tax of $255) and $21 to non-controlling shareholders ($25, net of income tax of $4).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On the other hand, the effect of applying that standard for year ended December 31, 2018 generated an increase in bad debts expenses of $496, net of the tax effect of $149, amounted to a net loss of $347 (net loss attributable to controlling company amounted to approximately $348, Argentine pesos 0.16 per share).</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForUseOfEstimatesPolicyTextBlock', window );">Use of estimates</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">w)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;text-decoration:underline;">Use of Estimates</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The preparation of consolidated financial statements and related disclosures in conformity with IFRS requires Management to make estimates and assumptions based also on subjective judgments, past experience and hypotheses considered reasonable and realistic in relation to the information known at the time of the estimate.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Such estimates have an effect on the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of issuance of these consolidated financial statements as well as the amount of revenues and costs during the year. Actual results could differ, even significantly, from those estimates owing to possible changes in the factors considered in the determination of such estimates. Estimates are reviewed periodically.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The most important accounting estimates which require a high degree of subjective assumptions and judgments are addressed below:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="top" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Item or Account</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Estimates</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Revenues</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Revenue recognition is influenced by estimates on:</font></p>
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&#x2022;&nbsp;&nbsp;the expected duration of the relationship with the customer for deferred IFRS 15 contractual assets and revenues regarding upfront connection fees;</font></p>
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&#x2022;&nbsp;&nbsp;traffic and consumption measures.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Useful lives and residual value of PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">PP&amp;E and intangible assets, except for indefinite useful life intangibles, are depreciated or amortized on a straight-line basis over their estimated useful lives. The determination of the depreciable amount of the assets and their useful lives involves significant judgment. The Company periodically reviews, at least at each financial year-end, the estimated useful lives of its PP&amp;E and amortizable intangible assets.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Recoverability of PP&amp;E and intangible assets with finite useful life</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">At least at every annual closing date, an assessment is made regarding whenever events or changes in circumstances indicate that PP&amp;E and amortizing intangible assets may be impaired. </font></p>
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The recoverable amount is the higher of the fair value (less costs to sell) and its value in use. The identification of impairment indicators and the estimation of the value in use for assets (or groups of assets or cash generating units) require management to make judgments concerning the validation of impairment indicators, expected cash flows and applicable discount rates. Estimated cash flows are based on Management&#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, capital cost and discount rates, among others. </font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">For the years presented, the Company estimated that there are no indicators of impairment of assets that are subject to amortization, with the exception of those mentioned in the point l) of this note and the adjustment for inflation recognized since 2018. For this reason, the recovery test of the total fixed assets was carried out estimating the value in use of the assets. However, changes in our current expectations and operating assumptions, including changes in our business strategy, technology, competition and changes in market conditions, could significantly impact these judgments and/or assumptions and could require future adjustments to the recorded assets.</font></p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Recoverability of Intangible assets with indefinite useful life and goodwill</font></p>
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				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Telecom determined that the Company's PCS license, SRCE license and the brands acquired through the business combination described in Note 4.a) meet the definition of indefinite-lived intangible assets for the years presented, therefore they are subject to the evaluation of their recoverability, at least annually. In addition, the Company records goodwill that is not amortized and that should be tested for impairment on an annual basis. The recoverability assessment of an indefinite-lived intangible asset and goodwill requires our Management to make assumptions about the future cash flows expected to be derived from such asset.</font></p>
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Estimated cash flows are based on significant Management&#x2019;s assumptions about the key factors that could affect future business performance such as the future market share, competition level, capital expenditures, salary increases, foreign exchange rates evolution, capital structure, discount rate, among others. The discount rate used to determine the discounted cash flow is an annual real US dollar rate of approximately 9.66%.</font></p>
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Except for the specifically mentioned in point l of this Note, there has been no recognition of impairment of PP&amp;E and Intangible Assets.</font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Our judgments regarding future cash flows may change due to future market conditions, business strategy, the evolution of technology and other factors. These changes, if any, may require adjustments to the carrying amount of the PCS license, brands, SRCE license and Goodwill.</font></p>
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				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Income Tax: recoverability assessment of deferred tax assets and other tax receivables</font></p>
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Deferred income tax measuring</font></p>
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				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Income taxes (current and deferred) are calculated in Telecom and its subsidiaries according to a reasonable interpretation of the tax laws in effect in each jurisdiction where the companies operate. The recoverability assessment of deferred tax assets sometimes involves complex estimates to determine taxable income and deductible and taxable temporary differences between the carrying amounts and the taxable amounts. In particular, deferred tax assets are recognized to the extent that future taxable income will be available against which they can be utilized. The measurement of the recoverability of deferred tax assets takes into account the estimate of future taxable income based on the Company&#x2019;s projections and on conservative tax planning.</font></p>
					<p style="margin:0pt 7.2pt 6pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Additionally, by Law No. 27,430, the corporate income tax rate for argentine companies decreases as detailed under Note 3.o). Therefore, for the measuring of deferred tax, the fiscal year of future reversals of temporary differences that originate deferred tax/liability has been estimated, applying the income tax rate of each reversal period. The actual moment of the future income and tax deductions may differ from the estimated, and may produce impact in future income.</font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The recoverability assessment of the tax receivable related to the actions of recourse filed by the Company&#x2019;s related to income tax inflation adjustment (Note 15) is based on the existing legal arguments on this matter and the behavior of the National Tax Authority in revising the actions of recourse filed by the Company.</font></p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Receivables and payables valued at amortized cost</font></p>
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				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Receivables and payables valued at amortized cost are initially recorded at their fair value, which is generally determined by using a discounted cash flow valuation method. The fair value under this method is estimated as the present value of all future cash flows discounted using an estimated discount rate, especially for long term receivables and payables. </font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The discount rate used to determine the discounted cash flow of long-term receivables is in a range of 29-40% for the year 2018. Adittionally, to discount long-term receivables in U.S. dollars it was used an approximate annual rate in dollars of 8.32% for the year 2018 and 13% for the year 2017. The discount rates for accounts receivables in Guaran&#xED;es were 9% and 9.8% for the years 2018 and 2017and the discount rates in Guaran&#xED;es for financial debt were 8.32 and 8.83% for the years 2018 and 2017, respectively.</font></p>
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				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Measurement of the fair value of certain financial instruments</font></p>
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				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The fair value of a financial instrument is the amount at which the instrument could be purchased or sold in an orderly transaction between market participants and duly informed, based on mutual independence. If there is a quoted market price available for an instrument in an active market, the fair value is calculated based on that price.</font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">If there is not a quoted market price available for a financial instrument, its fair value is estimated based on the price established in recent transactions involving the same or similar instruments and, if not, based on valuation techniques regularly used in financial markets. The Company uses its judgment to select a variety of methods and makes assumptions based on market conditions at closing. For more information on the determination of those values, see Note 21.</font></p>
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				<td valign="middle" style="border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Provisions</font></p>
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				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The Company is subject to proceedings, lawsuits and other claims related to labor, civil, tax, regulatory and other matters. In order to determine the proper level of provisions, Management assesses the likelihood of any adverse judgments or outcomes related to these matters as well as the range of probable losses that may result from the potential outcomes. Internal and external legal counsels are consulted on these matters. A determination of the amount of provisions required, if any, is made after analysis of each individual issue. The determination of the required provisions may change in the future due to new developments in each matter, changes in jurisprudential precedents and tribunal decisions or changes in its method of resolving such matters, such as changes in settlement strategy.</font></p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Allowance for Doubtful Accounts</font></p>
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				<td valign="top" style="border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">The recoverability of trade receivables is measured by considering the aging of the accounts receivable balances, the unsubscribe, historical write-offs, public sector and corporate customer creditworthiness and changes in the customer payment terms, as well as the estimates regarding future performance, determining the expected credit loss according to the guidelines of IFRS 9. If the financial condition of the customers were to deteriorate, the actual write-offs could differ than expected.</font></p>
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				<td valign="middle" style="border-right:1pt solid #000000 ;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:34.78%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Business Combinations</font></p>
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				<td valign="top" style="border-left:1pt solid #000000 ;border-top:1pt solid #000000 ;border-right:1pt solid #000000 ;border-bottom:1pt solid #000000 ;width:65.22%;padding:0pt 6.9pt;">
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">In connection with the accounting treatment of the business combination referred to in Note 4.a), the Company has identified the assets and liabilities of the acquiree and the estimation of their fair value as of the date of the business combination. With regard to those assets that are subject to amortization or depreciation, the Company made an estimation of their useful lives.</font></p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
					<p style="margin:0pt 7.2pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">Any change in the estimates made by the Company may affect the valuation of the identified assets and liabilities and could generate an impact in results of operations.</font></p>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In the absence of a Standard or an Accounting Interpretation that specifically applies to a particular transaction, Management considers the IFRS general framework and valuation techniques generally applied in the telecommunication industry and uses its judgment to evaluate the accounting methods to adopt with a view to providing financial statements which faithfully represent the financial position, the results of operations and the cash flows of Telecom and its subsidiaries, reflect the economic substance of the transactions, be neutral, be prepared on a prudent basis and be complete in all material respects.</font>
		</p><div /></div> </div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DescriptionOfAccountingPolicyForNewStandardsAndInterpretationsIssuedByIasbNotInForcePolicyTextBlock', window );">New Standards and Interpretations issued by the IASB not in force</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt 18pt;text-decoration:underline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;text-decoration:none;">x)&nbsp;&nbsp;&nbsp;</font><font style="display:inline;">New Standards and Interpretations issued by the IASB not in force</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">IFRS 16 (Leases)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">In January 2016, IFRS 16 was issued, which replaces IAS 17, IFRIC 14 and SIC 15 and 27. This standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated impact mainly on the lessees accounting.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">IFRS 16 provides that the lessee recognizes a right of use asset and a liability at present value with respect to those contracts that meet the definition of leases under IFRS 16. According to the standard, a lease is a contract that provides the right to control the use of an identified asset for a specified time period. For a company having control of use of an identified asset it: </font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">a)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>must have the right to obtain substantially all the economic benefits of the identified assets and</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">b)<font style="display:inline;;font-size: 10pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>must have the right to direct the use of the identified asset.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The standard allows to exclude short-term contracts (less than 12 months) and those in which the underlying asset has low value </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The application of IFRS 16 will increase assets and liabilities and will generate a decrease in operating costs. In addition, there will be an increase in the balance of amortization and financial results generated by the adjustment of lease liabilities. It will also change the presentation of the income statement and the statement of cash flows.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The standard is effective for the years beginning on or after January 1, 2019. The approximate impact of this standard implementation at such date would be an increase in non-current assets by initial recognition of rights of use and current and non-current trade payables for $3.6 billion. Likewise, as a consequence of this initial recognition, there would be an approximate impact on the Statement of income for the year 2019 of: decrease in operating leases of $1.6 billion, increase in amortizations of $1.3 billion and increase in financial expenses of $0.3 billion.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">IFRIC 23 (Uncertainty over Income Tax Treatments)</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">On October 2017, IASB issued IFRIC 23. In case of uncertainty over tax treatments, this IFRIC provides that: (i) if uncertain tax treatments must be assessed separately; (ii) the assumptions used by the tax authority over the tax treatments (the company will have to assess if it&#x2019;s probable that the tax authority will accept the uncertain tax treatment assuming that the taxation authority is going to assess such uncertain tax treatment); (iii) how a company measures the tax income (loss), the tax bases, taxes and fiscal credits not deducted and tax rates (assessment&nbsp;&nbsp;of the probability of occurrence); and (iv) how the changes in facts and circumstances are considered. </font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The new standard is effective for fiscal years beginning on or after January 1, 2019. The Company and its subsidiaries do not expect impacts on the application of this interpretation on their consolidated statements of financial position, results of operations or cash flows.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for finance income and costs. [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for foreign currency translation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the currency of the primary economic environment in which the entity operates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the impairment of assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for intangible assets other than goodwill. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for consolidation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for going concern.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for new standards and interpretations issued by the IASB not in force.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for other liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for salaries and social security payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for use of estimates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp7014172480">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Telecom&nbsp;Argentina's</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">direct/indirect&nbsp;interest</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">in&nbsp;capital&nbsp;stock&nbsp;and</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Company</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Main&nbsp;Activity</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Country</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">votes</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">N&#xFA;cleo</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile telecommunications Services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 67.50</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Personal Env&#xED;os</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile financial services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 67.50</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tuves Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Telecommunications services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 67.50</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Microsistemas</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Services related to the use of electronic payment media</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Pem</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Investment</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">CV Berazategui (a)</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Closed-circuit television</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cable Imagen (b)</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Closed-circuit television</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Televisi&#xF3;n Dirigida</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cable television services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Paraguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Adesol (c)</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Holding</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Uruguay</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&#xDA;ltima Milla</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Services for telecommunication </font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">AVC Continente Audiovisual</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Broadcasting services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 60.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inter Radios</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Broadcasting services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.60%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Telecom USA</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:33.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Telecommunication services</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">USA</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100.00</font></p>
				</td>
				<td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-indent:18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (a)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">The Company owned 70% indirectly through Pem until April 4, 2018 when the remaining 30% was acquired directly (See Note 3.d.6).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (b)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">The data about the issuer arise from non-accounting information.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (c)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:8pt;">Includes the interest in the following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel S.A. and Visi&#xF3;n Satelital S.A. See Note 3 d.4).</font></p></td></tr></table></div><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsExplanatory', window );">Schedule of income statement information</a></td>
<td class="text"><div> <div>
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			<font style="display:inline;">&nbsp;</font>
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			<font style="display:inline;font-weight:bold;">&#x2610;</font><font style="display:inline;font-weight:bold;font-style:italic;">&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Consolidated Income Statement as of December 31, 2018</font>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services&nbsp;rendered&nbsp;in</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
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				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other abroad</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Eliminations</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Total&nbsp;</font></p>
				</td>
			</tr>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other&nbsp;abroad&nbsp;segments&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">abroad</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement </font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Revenues </font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 129,836</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 29,165</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 159,001</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 7,894</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 1,855</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 9,749</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> (704)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 168,046</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Operating costs without depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (85,942)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (19,753)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (105,695)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (5,414)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (1,273)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (6,687)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 704</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (111,678)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (20,416)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (12,478)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (32,894)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (1,753)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (464)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (2,217)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (35,111)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Operating income</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 23,478</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> (3,066)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 20,412</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 727</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 118</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 845</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 21,257</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Earnings from associates</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 236</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Debt financial expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (33,972)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Other financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 15,177</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Income before income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 2,698</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 2,838</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Net income</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 5,536</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Attributable to:</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Controlling Company</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 5,294</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 242</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 5,536</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">&#x2610;</font><font style="display:inline;font-weight:bold;font-style:italic;">&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Consolidated Income Statement as of December 31, 2017</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services&nbsp;rendered&nbsp;in</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other abroad</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Eliminations</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Total&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other&nbsp;abroad&nbsp;segments&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">abroad</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement </font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Revenues </font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 39,870</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 25,596</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 65,466</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 1,074</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 117</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 1,191</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> (8)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 66,649</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Operating costs without depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (25,082)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (16,673)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (41,755)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (711)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (78)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (789)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> &nbsp;8</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (42,536)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (3,880)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (5,806)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (9,686)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (106)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (12)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (118)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (9,804)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Operating income</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 10,908</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 3,117</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 14,025</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 257</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 27</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 284</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 14,309</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Earnings from associates</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 353</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Debt financial expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (217)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Other financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 930</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Income before income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 15,375</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> (5,516)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Net income</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 9,859</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Attributable to:</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Controlling Company</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 9,731</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">Non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:6pt;"> 128</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:06.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;"> 9,859</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;">&#x2610;</font><font style="display:inline;font-weight:bold;font-style:italic;">&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;font-style:italic;text-decoration:underline;">Consolidated Income Statement as of December 31, 2016</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services&nbsp;rendered&nbsp;in</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Services</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other abroad</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Eliminations</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Total&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">rendered in</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Other&nbsp;abroad&nbsp;segments&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">abroad</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">segments &#x2013;</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restated for</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">Inflation</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement </font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">inflation</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">restatement</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">Revenues </font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 29,726</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 29,804</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 59,530</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 819</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 62</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 881</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> (6)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 60,405</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Operating costs without depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (19,106)</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (20,483)</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (39,589)</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (579)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (44)</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (623)</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> &nbsp;6</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (40,206)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Depreciation, amortization and impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (2,519)</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (5,285)</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (7,804)</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (73)</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (6)</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (79)</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (7,883)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">Operating income</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 8,101</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 4,036</font></p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 12,137</font></p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 167</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 179</font></p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 12,316</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Earnings from associates</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> 221</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Debt financial expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (595)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Other financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> 4,619</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">Income before income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 16,561</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> (6,015)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">Net income</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 10,546</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">Attributable to:</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Controlling Company</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> 10,457</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">Non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:6pt;"> 89</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:6pt;"> 10,546</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfNationalConsumerPriceIndexAccordingToOfficialStatisticsTableTextBlock', window );">Schedule of national consumer price index according to official statistics (INDEC)</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">31,&nbsp;2015</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">31,&nbsp;2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Variation in Prices</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Annual </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17.2</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34.6</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 24.7</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 47.6</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:31.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Accumulated 3 years</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 72.5</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 102.2</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 96.6</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 147.8</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of operating segments. [Refer: Operating segments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966979808">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutDepreciationAndEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock', window );">Schedule of depreciation and estimated useful lives of property, plant and equipment</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
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						&nbsp;</p>
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				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Estimated&nbsp;Useful</font></p>
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			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Life&nbsp;(in&nbsp;years)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Real Estate</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">50</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fixed Network and Transportation</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5 &#x2013; 10</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile Network Access</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">3 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tower and Pole</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">10 &#x2013; 20</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Switching Equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5 &#x2013; 7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Computer Equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">3 &#x2013; 5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Goods lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2 &#x2013; 4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Power Equipment and Installations</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2 &#x2013; 12</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Machinery, diverse equipment and tools</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">5 &#x2013; 10</font></p>
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			</tr>
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			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory', window );">Schedule of assumptions used in determining expense and benefit obligations</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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						&nbsp;</p>
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						&nbsp;</p>
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						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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				<td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Discount Rate (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">6.4 % - 15.2</font></p>
				</td>
				<td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">4.6 % - 9.2</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Projected&nbsp;increase&nbsp;rate&nbsp;in&nbsp;compensation&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">10.0 % - 31.2</font></p>
				</td>
				<td valign="bottom" style="width:03.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">8.0 % -16.3</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">%</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(1)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.8pt 0pt 0pt;"></font></font><font style="display:inline;font-size:8pt;">Represents estimates of real interest rate rather than nominal rate.</font>
		</p><div /></div> </div><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 145<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_145&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about depreciation and estimated useful lives of property, plant and equipment.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6731425216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfCapitalStockAfterBusinessCombinationExplanatoryTableTextBlock', window );">Schedule of capital stock outstanding</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;">Consequently, the capital stock of Telecom Argentina as of December 31, 2018 is now composed as follows:</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Class of Shares</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Outstanding Shares</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Treasury Stock</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total Capital Stock</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Class&nbsp;&#x201C;A&#x201D;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 683,856,600</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 683,856,600</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Class&nbsp;&#x201C;B&#x201D;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 627,953,887</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 15,221,373</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 643,175,260</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Class&nbsp;&#x201C;C&#x201D;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 210,866</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 210,866</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Class&nbsp;&#x201C;D&#x201D;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 841,666,658</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 841,666,658</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:39.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:19.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,153,688,011</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 15,221,373</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,168,909,384</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory', window );">Schedule of identifiable assets acquired and liabilities assumed</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total&nbsp;consolidated</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">identified&nbsp;assets</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">net&nbsp;in&nbsp;current</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">currency</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">ASSETS</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Cash and cash equivalents</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,180</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Trade receivables </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 12,013</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other current assets </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 10,044</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total current assets</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 26,237</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Deferred income tax assets</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,927</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Goodwill</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 88,072</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Property, plant and equipment </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 92,637</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 59,329</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other Non-current assets </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 636</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total non-current assets</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 244,604</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">TOTAL ASSETS</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 270,841</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">LIABILITIES</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total current liabilities</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 32,470</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Deferred income tax liabilities</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 24,716</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other non-current liabilities</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 17,262</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total non-current liabilities</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 41,978</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">TOTAL LIABILITIES</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 74,448</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Capital nominal value &#x2013; Outstanding shares</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 954</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Inflation adjustment &#x2013; Outstanding shares</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 39,559</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Capital nominal value - Treasury shares</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 15</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Inflation adjustment &#x2013; Treasury shares</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 152</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Treasury shares acquisition cost</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,795)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Contributed Surplus</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 127,343</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Legal reserve</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,819</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Special reserve for IFRS implementation</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 869</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Voluntary reserve for capital investments</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,300</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Reserve for future investments</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 22,414</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other comprehensive results</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Equity attributable to non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Retained earnings</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (195)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Equity Attribuibled to Telecom Argentina </font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 194,435</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,958</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">TOTAL EQUITY</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 196,393</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">TOTAL LIABILITIES AND EQUITY</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 270,841</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfPurchasePriceAllocationImpactInConsolidatedIncomeStatementExplanatoryTableTextBlock', window );">Schedule of impact of the purchase price allocation recognized in the consolidated results</a></td>
<td class="text"><div> <div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Year &nbsp;ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Impact of the purchase price allocation recognized in the consolidated results</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December&nbsp;31,&nbsp;2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Revenues</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (30)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Operating costs without depreciation and amortization</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (187)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (11,414)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Operating loss</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (11,631)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 35</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Loss before income tax expense</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (11,596)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Income tax </font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,479</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Net loss for the year</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (8,117)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Attribuibled to controlling Company</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (8,044)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:82.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (73)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about business combinations. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Section Disclosures application of paragraphs 59 and 61<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=F4301424&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of capital stock outstanding after business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of impact of purchase price allocation recorded in the consolidated statement of income.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6993164096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract', window );"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfCashCashEquivalentsAndInvestmentsTableTextBlock', window );">Schedule of cash and cash equivalents and investments</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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			<tr>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Cash and cash equivalents</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cash and Banks</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,878</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,121</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Time deposits</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,953</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 32</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mutual funds</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 60</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,354</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other investments at fair value</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 10</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total cash and cash equivalents</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,891</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,517</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Government bonds at fair value</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 727</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 50</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Government bonds at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 519</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mutual funds</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;2</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 109</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other investments at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 123</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total current investments</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,371</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 162</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non- current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Government bonds at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,627</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Investments in associates (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 967</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 735</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2003 Telecommunications Fund</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total non-current investments</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,595</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 735</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*) Information on Investments in associates is detailed below:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInterestsInAssociatesExplanatory', window );">Schedule of information of investments in associates (*)</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Percentage&nbsp;of&nbsp;capital</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">stock&nbsp;owned&nbsp;and</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Valuation&nbsp;as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Valuation&nbsp;as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Companies</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:16.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Main&nbsp;activity</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:09.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Country</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">voting&nbsp;rights</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">12.31.2018</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">12.31.2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Ver T.V. S.A. (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Cable televisi&#xF3;n station</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 49.00</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 592</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 428</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Teledifusora San Miguel Arc&#xE1;ngel S.A. (1) (2) (3)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Cable televisi&#xF3;n station</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 50.10</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 226</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 161</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">La Capital Cable S.A. (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Closed-circuit television</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 50.00</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 143</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 137</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other minor investments in associates at equity method</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;6</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;9</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:33.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 967</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 735</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (1)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Data about the issuer arise from extra-accounting information.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Direct and indirect interest.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (3)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Despite owning a percentage higher than a 50% of interest, the Company does not have the control in accordance with the requirements of IFRS.</font></p></td></tr></table></div><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfEarningInformationInAssociatesTableTextBlock', window );">Schedule of earnings information in associates</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:27.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Ver T.V. S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 142</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 247</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 120</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Teledifusora San Miguel Arc&#xE1;ngel S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 72</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 68</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 55</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 22</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 38</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 46</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:70.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 236</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 353</font></p>
				</td>
				<td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 221</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfChangesInAssetsAndLiabilitiesComponentsTableTextBlock', window );">Schedule of changes in assets/liabilities components</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Net decrease (increase) in assets</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,092)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (406)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (164)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (894)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (737)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 346</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventories</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (11)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 30</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 15</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (4,997)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,113)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 197</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Net increase (decrease) in liabilities</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade payables</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 885</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 363</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 598</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Salaries and social security payables</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 283</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 362</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (98)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Taxes payables</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,030)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,425)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,606)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other liabilities and Provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,329)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (735)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (248)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (3,191)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,435)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,354)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMainNonCashOperatingTransactionsTableTextBlock', window );">Schedule of main non-cash operating transactions</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Offsetting of dividends receivable with financial debt</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;5</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfFinancingActivitiesComponentsTableTextBlock', window );">Schedule of main financing activities components</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank overdrafts</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,176</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 25,593</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,229</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 15,305</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By purchase of equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 35</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total financial debt proceeds</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 27,769</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,264</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 15,305</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Notes</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (3,905)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (335)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,622)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (12,679)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By purchase of equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (272)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total payment of debt</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (4,512)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,623)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (12,679)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank overdrafts</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (94)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Notes - Interests and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,509)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans - Interests and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,388)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,264)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,890)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By NDF, purchase of equipment and others</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 267</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (27)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 56</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total payment of interest and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (3,724)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,292)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,834)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory', window );">Schedule of additional information required by IAS 7</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Exchange</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">differences</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Balances</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">and currency</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Balances</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Incorporation by</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">merger</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Cash</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">adjustments and</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(Note 4.a)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Flows (a)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Accrued</font><font style="display:inline;font-family:Calibri;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">interests</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Others (b)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank overdrafts</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 199</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,176</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (99)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,276</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans - principal</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 287</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 12,097</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 25,258</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 9,563</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 47,205</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Notes - principal</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 13,767</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,186</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (3,905)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,783</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 18,831</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">NDF</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 25</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (44)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 119</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By purchase of equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,943</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (256)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 35</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 357</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,079</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;6</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (6)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Accrued interests and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;6</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,597</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,100)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,395</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,923</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 8,821</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.08%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total current and non-current financial debt (Note 13)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 16,009</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 18,104</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 19,129</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,549</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 21,521</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 79,312</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (a)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Correspond to $27,769 of debt proceeds, $4,512 of principal payments, $3,724 of interest and related expenses payments and (404) that were reclassified to Other receivables.&nbsp; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (b)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Includes (5) that were offset with dividends receivable.</font></p></td></tr></table></div><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInterestsInAssociatesExplanatory">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of interests in associates. [Refer: Associates [member]]</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of the components of cash, cash equivalents and investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of the changes in assets/liabilities components.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of the financing activities components.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969370896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TRADE RECEIVABLES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Current Trade receivables</font></p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
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					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Ordinary receivables</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 19,910</font></p>
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						&nbsp;</p>
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				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,242</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Contractual asset IFRS 15 (Note 3.u)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 62</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties (Note 27.c)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 92</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 59</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,649)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (713)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,415</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,588</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Non-current trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Ordinary receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"> 38</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Contractual asset IFRS 15 (Note 3.u)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 23</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 61</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total trade receivables, net</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,476</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,588</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock', window );">Schedule of movements in the allowance for doubtful accounts</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the fiscal&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (713)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (512)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">IFRS 9 retained earnings adjustment (Note 3.v)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (245)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Additions - Bad debt expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (3,527)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (901)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Uses and Currency translation adjustments</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,836</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 700</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (2,649)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (713)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of movements in the allowance for doubtful accounts on trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfMovementsInAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfTradeReceivablesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of current and non-current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfTradeReceivablesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6977997776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER RECEIVABLES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherReceivablesAbstract', window );"><strong>OTHER RECEIVABLES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
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<td class="text"><div> <div>
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			<font style="display:inline;">&nbsp;</font>
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		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Prepaid expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,437</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 603</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tax credits</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,363</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 127</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Advances to suppliers</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 103</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 41</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Settlement Pendings accounts</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 217</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Guarantee deposits</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 24</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 112</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Expenditure reimbursement</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 109</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial NDF (Note 21) </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 750</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Restricted funds (Note 18)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 63</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 27</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under section 33 - Law No. 19,550 and related parties (Note 27.c)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 144</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 174</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Receivables from sale of customer relationship</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 72</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 806</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 139</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Subtotal</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,088</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,223</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Allowance for current other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (15)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,073</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,223</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Prepaid expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 450</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 45</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Advances to suppliers</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 71</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 244</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tax credits</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 703</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 61</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Restricted funds (Note 18)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 92</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial NDF (Note 21) </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 45</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Regulatory Credits (N&#xFA;cleo)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 156</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Guarantee deposits</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 46</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Credit of indemnity for Tuves Paraguay acquisition</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 55</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Receivables from sale of customer relationship</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 113</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Subtotal</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,734</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 353</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Allowance for non-current other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (12)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total other receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,722</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 353</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,795</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,576</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfChangesInAllowancesTableTextBlock', window );">Schedule of movements in the allowances</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Increases</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (18)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (15)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the Allowance for non-current other receivables are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Increases</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (12)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
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				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (12)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of changes in the allowances.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfChangesInAllowancesTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about other receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOtherReceivablesTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6965809024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVENTORIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>INVENTORIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsScheduleOfInventoryCurrentTableTextBlock', window );">Schedule of inventories</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Inventories consist of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:23.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;As&nbsp;of&nbsp;December&nbsp;31,&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile handsets and others</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,254</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Radio equipment and others</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 64</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 189</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fixed telephones and equipment</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 15</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventories for construction projects</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 537</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Subtotal</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,870</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 189</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Allowance for obsolescence of inventories</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (133)</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (53)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:73.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,737</font></p>
				</td>
				<td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 136</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the allowance for obsolescence of inventories are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (53)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (82)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (70)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;2</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (133)</font></p>
				</td>
				<td valign="bottom" style="width:02.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (53)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsScheduleOfInventoryCurrentTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsScheduleOfInventoryCurrentTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6732522512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>GOODWILL (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillAbstract', window );"><strong>GOODWILL</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGoodwillExplanatory', window );">Schedule of goodwill</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:19.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Argentina business (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 119,678</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 31,273</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Uruguay business (2)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 771</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 681</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 120,449</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 31,954</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-size:8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> (1)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;">I</font><font style="display:inline;font-size:8pt;">ncludes $88,068 corresponding to the Merger between Telecom and Cablevisi&#xF3;n (See Note 4.a)), $31,606 from Cablevisi&#xF3;n and $4 corresponding to the goodwill of Tuves Paraguay as of December 31, 2018.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-size:8pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;;"> (2)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:8pt;"> Telemas S.A. goodwill, indirect subsidiary throughout its participation in Adesol. The increase in the amounts with respect to balance as of December 31, 2017 corresponds to currency translation adjustments.</font><font style="display:inline;color:#000000;">&nbsp;</font></p></td></tr></table></div><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967085824">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROPERTY, PLANT AND EQUIPMENT (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>PROPERTY, PLANT AND EQUIPMENT</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory', window );">Schedule of PP&amp;E</a></td>
<td class="text"><div> <div>
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						&nbsp;</p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:22.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">PP&amp;E before allowances and impairment</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 151,168</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 45,885</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Valuation allowance for obsolecense and impairment of materials</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (359)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (184)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (333)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 150,476</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 45,701</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfReconciliationOfChangesInValuationAllowanceAndImpairmentOfMaterialsPropertyPlantAndEquipmentTableTextBlock', window );">Schedule of movements in valuation allowance for materials and impairment of materials</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (184)</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (153)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Additions&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (175)</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (31)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (359)</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (184)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock', window );">Schedule of movements in the impairment of PP&amp;E</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the impairment of PP&amp;E are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:26.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (333)</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:71.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (333)</font></p>
				</td>
				<td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentTableTextBlock', window );">Schedule of nature and movements of property, plant and equipment</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Details on the nature and movements as of December 31, 2018 are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Incorporation by merger</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Transfers&nbsp;and</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">(Note 4.a)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">reclassifications</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Real estate</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,990</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 19,387</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;6</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 167</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 219</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (9)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 22,760</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,700</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 223</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 798</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 384</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,103</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Fixed network and transportation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 35,676</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 30,493</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 5,408</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 674</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 15,187</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,840)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 83,598</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 11,317</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 836</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,825</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (312)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 16,682</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 207</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,494</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 43</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 273</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 384</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,398</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Power equipment and Installations</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 5,472</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 233</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 705</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,410</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Computer equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,767</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 6,264</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,158</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,249</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 2,211</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (4)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 15,645</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Goods lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,282</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 223</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 5,010</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 361</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,396)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 7,484</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,477</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,187</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 376</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 21</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (74)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,987</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Machinery, diverse equipment and tools</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,946</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 226</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 194</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 98</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,476</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 259</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 473</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;5</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 42</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 83</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 863</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 10,377</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 5,818</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 24,138</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 95</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (23,144)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (38)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 17,246</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Materials</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,982</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,582</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,001</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 25</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (956)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (41)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 12,593</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 71,967</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 92,636</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 39,574</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,786</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (7,718)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 201,245</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Net&nbsp;carrying</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">and</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">reclassifications</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Real estate</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,087)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (966)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (178)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (2,228)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 20,532</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Switching equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,032)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (681)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,713)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,390</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Fixed network and transportation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (15,959)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (12,450)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (657)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,018</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (25,048)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 58,550</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2,763)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (548)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 48</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,263)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 13,419</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (18)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (832)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (145)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (992)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,406</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Power equipment and Installations</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,062)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (156)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,218)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,192</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Computer equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (2,830)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,809)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,128)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (7,764)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 7,881</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Goods lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,234)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,886)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (296)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,397</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (2,019)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,465</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,085)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (428)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (20)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 33</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,500)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,487</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Machinery, diverse equipment and tools</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,656)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (266)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (15)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,937)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 539</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (213)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (149)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (33)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (395)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 468</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 17,246</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Materials</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 12,593</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:28.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (26,082)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (27,643)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,857)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 7,505</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (50,077)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 151,168</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Details on the nature and movements as of December 31, 2017 are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Transfers&nbsp;and</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">reclassifications</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Real estate</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,864</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 227</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 22</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (121)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,990</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Fixed network and transportation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 30,317</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,027</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (177)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 4,793</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,284)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 35,676</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 208</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 207</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Computer equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,577</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 574</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (4)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 616</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,767</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Goods lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,035</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 845</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,192</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2,790)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,282</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,384</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 195</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;2</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (103)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,477</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Machinery, diverse equipment and tools</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,805</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 22</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 120</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,946</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 260</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (6)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 259</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,879</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 2,169</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,329</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 10,377</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Materials</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 7,532</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 11,052</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (9)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (10,075)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,518)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,982</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 60,864</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 19,116</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (201)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (7,812)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 71,967</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Net&nbsp;carrying</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">and</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Depreciation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">reclassification</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Real estate</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,067)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (22)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,087)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,903</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Fixed network and transportation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (13,786)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (5,517)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 86</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,258</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (15,959)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 19,717</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Mobile network access</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Tower and pole</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (19)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (18)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 189</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Computer equipment</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (2,002)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (831)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (2,830)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,937</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Goods lent to customers at no cost</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,045)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (2,979)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">-</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 2,790</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,234)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,048</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Vehicles</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,033)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (134)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;2</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 80</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,085)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 392</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Machinery, diverse equipment and tools</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,473)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (184)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (3,656)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 290</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (206)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (12)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;5</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (213)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 46</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Construction in progress</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 10,377</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Materials</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,982</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:34.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (22,612)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (9,698)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 98</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 6,130</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (26,082)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 45,885</font></p>
				</td>
			</tr>
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		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of reconciliation of changes in impairment, property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentTableTextBlock</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of reconciliation of changes in property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of reconciliation of changes in valuation allowance and impairment of materials, property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967134288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
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			<font style="display:inline;">&nbsp;</font>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
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			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
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				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
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			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Intangible assets before impairment</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 61,493</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,635</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Impairment</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,623)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 59,870</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,635</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMovementsInImpairmentOfIntangibleAssetsTableTextBlock', window );">Schedule of movements in the impairment of Intangible assets</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,623)</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,623)</font></p>
				</td>
				<td valign="bottom" style="width:02.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfChangesInAllowancesOfIntangibleAssetsTabletextBlock', window );">Schedule of movements in the allowances of intangible assets</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets consist as of December 31, 2018 of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross&nbsp;value as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross&nbsp;value as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:16.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Incorporation by merger</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency translation</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:16.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">(Note 4.a)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">3G/4G licenses </font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,635</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 17,713</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 21,348</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 10,538</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 10,538</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">N&#xFA;cleo&#xB4;s licenses</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 844</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 33</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 877</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">SRCE license</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 879</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 879</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Customer relationship</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 15,771</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 73</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (609)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 15,235</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Brands</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 249</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 13,030</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 13,279</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Incremental Cost from the adquisition of contracts</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 1,348</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;7</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 1,355</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 890</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 2,277</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 714</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 14</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 3,895</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,653</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">(*) </font></p>
				</td>
				<td valign="bottom" style="width:05.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 59,329</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,906</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 127</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (609)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.4pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 67,406</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*) Includes $(125) Retained earnings adjustment. Note 3.u).</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">amortization</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">amortization</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Net&nbsp;carrying</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Currency</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value&nbsp;as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">translation</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Amortization</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">adjustments</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Decreases&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">3G/4G licenses </font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,196)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,196)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 20,152</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">PCS license (Argentina)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 10,538</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">N&#xFA;cleo&#xB4;s licenses</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (70)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (4)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (74)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 803</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">SRCE license</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (72)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (72)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 807</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Customer relationship</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,574)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;8</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 494</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (3,072)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 12,163</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Brands</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (89)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (5)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (94)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 13,185</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Incremental Cost from the adquisition of contracts</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (378)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (15)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (393)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 962</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (857)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (155)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (1,012)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 2,883</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,018)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (5,378)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (11)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 494</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (5,913)</font></p>
				</td>
				<td valign="bottom" style="width:01.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 61,493</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Intangible assets consist as of December 31, 2017 of the following:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.44%;">
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross&nbsp;value</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Gross&nbsp;value</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Accumulated</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Net carrying</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">amortization as of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">amortization as of</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">value as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">December 31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">CAPEX</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Amortization</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">3G/4G licenses </font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,635</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,635</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 3,635</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">SRCE license</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 72</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 807</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 879</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (57)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (15)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (72)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 807</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Brands</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 249</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 249</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (83)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (6)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (89)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 160</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 890</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 890</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (772)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (85)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> (857)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:7pt;"> 33</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:23.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">Total&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,846</font></p>
				</td>
				<td valign="bottom" style="width:00.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 807</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 5,653</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (912)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (106)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> (1,018)</font></p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 2.25pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:7pt;"> 4,635</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of intangible assets that are material to the entity. [Refer: Intangible assets material to entity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 122<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_122_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of changes in allowances of intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of movements in the impairment of intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6977997776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TRADE PAYABLES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Suppliers and commercial accruals</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 22,286</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,299</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 568</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 438</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 22,854</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,737</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Suppliers and commercial accruals</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 570</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 570</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
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					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 21pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total trade payables</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 23,424</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,737</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the trade payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfTradePayablesTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6978045104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL DEBT (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsAbstract', window );"><strong>FINANCIAL DEBT</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory', window );">Schedule of current and non-current financial debt</a></td>
<td class="text"><div> <div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank overdrafts - principal</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,276</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans - principal</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 12,945</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 77</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By purchase of equipment</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,048</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,257</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">NDF</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Accrued interest and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,675</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 43</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;6</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 20,044</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,383</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Notes&nbsp;&#x2013; principal</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 18,831</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 13,767</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Bank loans - principal</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34,260</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 210</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">By purchase of equipment</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,031</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 686</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Accrued interest and related expenses</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,146</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (37)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 59,268</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 14,626</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:72.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 15pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total financial debt</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 79,312</font></p>
				</td>
				<td valign="bottom" style="width:03.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 16,009</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities', window );">Schedule of outstanding loans (Ncleo)</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 87.14%;">
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Principal&nbsp;nominal value&nbsp;(in</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Book&nbsp;value</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;millions&nbsp;of Guaran&#xED;es)</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Maturity</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Amortization term</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Rate (%)</font></p>
				</td>
				<td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(in millions of Argentine pesos)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Current</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Non-current</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 40,000</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">December 2019</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Semi-annually</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 8.75</font></p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 253</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 308,000</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">February 2024</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Semi-annually</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">8.20-9</font></p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 158</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,793</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:24.10%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 348,000</font></p>
				</td>
				<td valign="bottom" style="width:02.16%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.70%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 411</font></p>
				</td>
				<td valign="bottom" style="width:01.74%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,793</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a maturity analysis for non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 39<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_39_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6604639408">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SALARIES AND SOCIAL SECURITY PAYABLES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract', window );"><strong>SALARIES AND SOCIAL SECURITY PAYABLES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock', window );">Schedule of salaries and social security payables</a></td>
<td class="text"><div> <div>
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						&nbsp;</p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Salaries, annual complementary salaries, vacation&nbsp;&nbsp;and bonuses</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,371</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,677</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Social security payables</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,280</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 907</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 296</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;1</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,947</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,585</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 347</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 347</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total salaries and social security payables</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,294</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,585</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of salaries and social security payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfSalariesAndSocialSecurityPayablesTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968575232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory', window );">Schedule of deferred income tax assets and liabilities, net and the actions for recourse tax receivable</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tax carryforward</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,866)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Allowance for doubtful accounts</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (925)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (269)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,062)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (396)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventory</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (153)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Pension and termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (235)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 29,788</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,690</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cash dividends from foreign companies</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 418</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile handsets financed sales</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 169</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other deferred tax liabilities (assets), net</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 148</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (105)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total deferred tax liabilities, net</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 25,282</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 3,916</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Actions for recourse tax receivable</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (818)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total deferred tax liability, net </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 24,464</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 3,916</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Net deferred tax assets </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (78)</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (66)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 9pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> Net deferred tax liabilities </font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 24,542</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 3,982</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfMaturitiesOfEstimatedTaxCarryforwardTableTextBlock', window );">Schedule of maturities of estimated tax carryforward</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Tax&nbsp;carryforward&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Tax&nbsp;carryforward&nbsp;amount&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Tax&nbsp;carryforward&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Company</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">generation&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">as&nbsp;of&nbsp;12.31.2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">expiration&nbsp;year</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inter Radios</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2015</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;8</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2020</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Pem</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2021</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inter Radios </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2022</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Telecom Argentina</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 9,540</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2023</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inter Radios</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;4</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">2023</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:46.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 9,554</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock', window );">Schedule of income tax benefit (expense)</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Income tax benefit (expense) consists of the following:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.02%;">
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit&nbsp;(loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Current tax expense</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,819)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,405)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Deferred tax benefit </font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,838</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (697)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,610)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Income tax benefit (expense)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,838</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (5,516)</font></p>
				</td>
				<td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (6,015)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock', window );">Schedule of income tax reconciliation between amounts computed based on statutory income tax rate and pre-tax income</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:27.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:27.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit (loss)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Pre-tax income</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,698</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 15,375</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 16,561</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Non-taxable items - Earnings from associates</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (236)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (353)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (221)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Non-taxable items - Other</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 29</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (114)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (57)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Subtotal</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,491</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 14,908</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 16,283</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Weighted statutory income tax rate (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Income tax expense at weighted statutory tax rate</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (747)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (5,218)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (5,699)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Tax carryforward prescription</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 33</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 31</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Changes in tax rates</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (272)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (45)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Actions for recourse</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 44</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Income tax on cash dividends of foreign companies</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (64)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inflation effect</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,605</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (59)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (302)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Income tax benefit (expense)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,838</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (5,516)</font></p>
				</td>
				<td valign="bottom" style="width:02.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (6,015)</font></p>
				</td>
				<td valign="bottom" style="width:01.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*)&nbsp;&nbsp;&nbsp;Effective income tax rate based on weighted statutory income tax rate in the different countries where the Company has operations. The statutory tax rate in Argentina was 35% for 2017, is 30% for the years 2018-2019 and will be 25% for the year 2020 and onwards (see Note 3.o). In Paraguay is 10% plus an additional rate of 5% in case of payment of dividends for all the years presented and in the USA the effective tax rate was 39.5% for 2017 and 2016 and 26.5% for 2018 onwards.</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of maturities of estimated tax carryforwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969499456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TAXES PAYABLE (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfTaxesPayableTabletextblock', window );">Schedule of taxes payable</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
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			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Income tax (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,122</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other national taxes</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 676</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 475</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Provincial taxes</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,451</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Municipal taxes</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 180</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 112</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,319</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,743</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current </font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other national taxes</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Provincial taxes</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 26</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 26</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:78.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total taxes payables</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,345</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,747</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*) Include 2 corresponding to Tax Regularization Regime - Law No. 26,476 as of December 31, 2018.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about taxes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6978006320">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER LIABILITIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsOtherLiabilitiesAbstract', window );"><strong>OTHER LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Deferred revenues on prepaid calling cards</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 710</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 30</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Deferred revenues on connection fees and international capacity leases</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 76</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 117</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Deferred revenues on construction projects</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 322</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile customer loyalty programs</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 173</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Compensation for directors and members of the Supervisory Committee</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 47</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Companies under sect. 33 - Law No. 19,550 and Related Parties (Note 27.c)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;4</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 209</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;1</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,537</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 152</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non-current</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Deferred revenues on connection fees and international capacity leases</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 254</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 198</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Pension benefits (Note&nbsp;3.m)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 245</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile customer loyalty programs</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 280</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 6pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 380</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,159</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 198</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total other liabilities</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,696</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 350</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*) Includes deferred revenue from subsidiaries for government subsidies for the acquisition of PP&amp;E.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory', window );">Schedule of movements in the pension benefits</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">Movements in the pension benefits are as follows:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:20.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the beginning of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Incorporation by merger (Note 4.a)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 316</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Service cost (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 23</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Interest cost (**)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 72</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Payments (***)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (166)</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:77.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">At the end of the&nbsp;year</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 245</font></p>
				</td>
				<td valign="bottom" style="width:02.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in Employee benefit expenses and severance payments.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(**)&nbsp;&nbsp;&nbsp;&nbsp;Included in Other Financial expenses, net.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(***)&nbsp;&nbsp;Include (158) corresponding to RECPAM.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of detailed information about other liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsOtherLiabilitiesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsOtherLiabilitiesAbstract</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969251872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROVISIONS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-size:5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Balances</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="4" valign="bottom" style="width:17.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Balances</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-size:5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">as of</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Incorporation</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="4" valign="bottom" style="width:17.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">as of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-size:5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">December 31,</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">by merger</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Interest</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">December</font><font style="display:inline;font-family:Calibri;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-size:5pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">(Note 4.a)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:08.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Capital</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">(i)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:10.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Reclassifications</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;text-decoration:underline;">Current</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">Provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 599</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> 402</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> 1,745</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> (2,002)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 744</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Total current provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 599</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 402</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,745</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> (2,002)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 744</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;text-decoration:underline;">Non-Current</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">Provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,263</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,854</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> 864</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> 732</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> (1,741)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 2,972</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 348</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 547</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> 48</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> (128)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> (4)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:5pt;"> (315)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 496</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Total non-current provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,611</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 2,401</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 912</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 604</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> (1,745)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> (315)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 3,468</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:25.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">Total provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,611</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 3,000</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;">(ii)</font></p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 1,314</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 604</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> (2,317)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 1.5pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 5pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:5pt;"> 4,212</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (i)</font>
			</p>
		</td><td style="width:4pt;"><p style="width:4pt;width:4pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Charged to finance costs, net, interest for provisions line item.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (ii)</font>
			</p>
		</td><td style="width:4pt;"><p style="width:4pt;width:4pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Charged $1,254 to Other operating income and expenses and $60 to currency translation adjustments.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Balances</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:16.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Additions</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Balances</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">as&nbsp;of</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">as&nbsp;of</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Capital</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Interest</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">December</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">31,&nbsp;2016</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(iii)</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Decreases</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">31,&nbsp;2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;text-decoration:underline;">Non- Current</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Provisions</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,073</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 348</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 78</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (236)</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,263</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Asset retirement obligations</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 337</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 11</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 348</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total non-current provisions</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,410</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 359</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 78</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (236)</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,611</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:51.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total provisions</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,410</font></p>
				</td>
				<td valign="bottom" style="width:01.90%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">(iv)</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 359</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 78</font></p>
				</td>
				<td valign="bottom" style="width:01.56%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:6pt;">(v)</font></p>
				</td>
				<td valign="bottom" style="width:08.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (236)</font></p>
				</td>
				<td valign="bottom" style="width:01.98%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,611</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (iii)</font>
			</p>
		</td><td style="width:4pt;"><p style="width:4pt;width:4pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Charged to finance costs, net, interest for provisions line item.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (iv)</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Charged to Other operating income and expenses.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 14.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (v)</font>
			</p>
		</td><td style="width:22pt;"><p style="width:22pt;width:22pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:8pt;">Include 90 corresponding to RECPAM.</font></p></td></tr></table></div><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherProvisionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherProvisionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherProvisionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2018-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2018-03-01&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherProvisionsExplanatory</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966790704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EQUITY (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<tr class="ro">
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<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td colspan="3" valign="bottom" style="width:22.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Equity attributable to Controlling Company</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 225,686</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 54,182</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Equity attributable to non-controlling interest</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,227</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 846</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:75.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total equity (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 228,913</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 55,028</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*)<font style="display:inline;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 10.8pt 0pt 0pt;"></font>Additional information is given in the consolidated statements of changes in equity.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember', window );">Cablevision S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory', window );">Schedule of entity's capital breakdown as of December 31, 2017</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">The breakdown of the capital stock of Cablevisi&#xF3;n as of December 31, 2017 was as follows:</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Shareholders</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Number&nbsp;of&nbsp;Shares</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Equity&nbsp;Interest</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">CVH (1) (3)</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34,425</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 28.7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">VLG (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 61,581</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 51.3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fintech Media LLC (2) </font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17,212</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 14.3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">CVH (2)</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,782</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5.7</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:65.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Total </font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 120,000</font></p>
				</td>
				<td valign="bottom" style="width:02.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 100.0</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (1)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Class A shares.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Class B shares.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (3)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">CVH held a 50% equity interest in VLG.</font></p></td></tr></table></div><div /></div> </div><span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of classes of share capital. [Refer: Share capital [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of the company's equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966760736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:52.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Fair&nbsp;value</font></p>
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				<td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">accounted</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">accounted</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">through&nbsp;other</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Amortized</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">through&nbsp;profit</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">comprehensive</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">cost</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">or&nbsp;loss</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Income</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Assets</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cash and cash equivalents (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,831</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 60</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,891</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,269</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 729</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,998</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17,476</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,476</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other receivables (2)&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,302</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 657</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 138</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,097</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 30,878</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,446</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 138</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 32,462</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Liabilities</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade payables </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 23,424</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 23,424</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial debt</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 79,312</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 79,312</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Salaries and social security payables </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,294</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,294</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other liabilities and dividends payables (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 348</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 348</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:52.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 109,378</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 109,378</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (1)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Includes 1,878 as of December 31, 2018, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Only includes financial assets and liabilities according to the scope of IFRS 7.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="4" valign="bottom" style="width:26.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Fair&nbsp;value</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">accounted</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">accounted</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">through&nbsp;other</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Amortized</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">through&nbsp;profit</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">comprehensive</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">cost</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">or&nbsp;loss</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Income</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Assets</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cash and cash equivalents (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,153</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,364</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,517</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 159</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 162</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,588</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,588</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other receivables (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 428</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 428</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 8,172</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 1,523</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 9,695</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Liabilities</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade payables</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,737</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,737</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial debt</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 16,009</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 16,009</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Salaries and social security payables</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,585</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,585</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other liabilities (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,026</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,026</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:54.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 30,357</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 30,357</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (1)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Includes 5,120 as of December&nbsp;31, 2017, corresponding to Cash and banks, which were measured as financial assets at amortized cost by the Company.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;text-align:justify;text-justify:inter-ideograph;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt 0pt 12pt;">
			<font style="display:inline;font-size:8pt;">Only includes financial assets and liabilities according to the scope of IFRS 7.</font></p></td></tr></table></div><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfGainsAndLossesOfFinancialInstrumentsByCategoryTableTextBlock', window );">Schedule of gains and losses of financial instruments by category</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">Gains and losses by category&nbsp;&#x2013;&nbsp;Year 2018</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Net&nbsp;gain/(loss)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Of&nbsp;which&nbsp;interest</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial assets at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 7,544</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,863</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial liabilities at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (41,540)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (6,307)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial assets at fair value through profit or loss</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,237</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,019</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial liabilities at fair value through profit or loss</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (229)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (31,988)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (3,425)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">Gains and losses by category&nbsp;&#x2013;&nbsp;Year 2017</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Net&nbsp;gain/(loss)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Of&nbsp;which&nbsp;interest</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial assets at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (285)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 201</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial liabilities at amortized cost</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,229)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,185)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial assets at fair value through profit or loss</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 265</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:64.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,249)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (1,984)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory', window );">Schedule of offsetting of financial assets and financial liabilities</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-indent:36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="7" valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As of December 31, 2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Other</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Trade</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Trade</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">liabilities</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(1)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">payables</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Current and noncurrent assets (liabilities)&nbsp;- Gross value</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 18,729</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,128</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (24,665)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (379)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Offsetting</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,251)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (31)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,251</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 31</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Current and noncurrent assets (liabilities)&nbsp;&#x2013; Booked value </font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,478</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,097</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (23,414)</font></p>
				</td>
				<td valign="bottom" style="width:02.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (348)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;">(1)<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;font-size: 8pt;font-family:Arial,Helvetica,sans-serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font>Includes financial assets and financial liabilities according to IFRS 7.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35K<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35K&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the offsetting of financial assets and financial liabilities. [Refer: Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Section Offsetting financial assets and financial liabilities<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=F17296467&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of gains and losses of financial instruments by category.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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</div>
</body>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6992683280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REVENUES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAbstract', window );"><strong>REVENUES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfServiceRevenuesByTypeOfServiceTableTextBlock', window );">Summary of Service revenues by type of service</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="7" valign="bottom" style="width:29.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:09.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:08.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Mobile Services</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 57,776</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,274</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 7,736</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Internet Services </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 37,742</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 19,354</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 13,789</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cable Television Services </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 36,067</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 39,914</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 36,929</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fixed and Data Services</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 23,149</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,897</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 996</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other services revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 478</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 835</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 712</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Subtotal Services revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 155,212</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 66,274</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 60,162</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Equipment revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 12,834</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 375</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 243</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total Revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 168,046</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 66,649</font></p>
				</td>
				<td valign="bottom" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 60,405</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of Service revenues by type of service.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967003568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING EXPENSES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMainComponentsOfOperatingExpenseTextBlock', window );">Schedule of operating expense main components</a></td>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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			</tr>
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				<td valign="bottom" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
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				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Employee benefit expenses and severance payments</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Salaries, Social security expenses and benefits</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (27,026)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (10,817)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (10,007)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Severance indemnities and termination benefits</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,273)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (362)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (186)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other employee expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (749)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (486)</font></p>
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				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (410)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (30,048)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (11,665)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (10,603)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Fees for services, maintenance, materials and supplies</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Maintenance and materials</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (8,533)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,300)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (5,271)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fees for services</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (7,629)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,930)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,619)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Directors and Supervisory Committee's fees</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (99)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (24)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (22)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (16,261)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (7,254)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (7,912)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Turnover tax</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (7,361)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,157)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,218)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Municipal taxes</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,811)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,026)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (838)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other taxes and fees</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,437)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,676)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,285)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (13,609)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (4,859)</font></p>
				</td>
				<td valign="bottom" style="width:01.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (4,341)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Cost of equipment and handsets</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:28.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventory balance at the beginning of the year</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (189)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (515)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (9)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Plus:</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Incorporation by merger (Note 4.a)</font></p>
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				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (2,739)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (232)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (47)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Purchases</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (9,608)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (285)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,341)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 7.2pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (20)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 350</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Less:</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventory balance at the end of the year</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,889</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 189</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 515</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (9,667)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (493)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (882)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Other operating income and expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,254)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (359)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (348)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Rentals and internet capacity</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (3,321)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,121)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (862)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (5,100)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,766)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,915)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (9,675)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (3,246)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (3,125)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Depreciation of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (27,643)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (9,698)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (7,719)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Amortization of intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (5,378)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (106)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (164)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Impairment of PP&amp;E</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (467)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Impairment of Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,623)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (35,111)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (9,804)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (7,883)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesByFunctionTableTextBlock', window );">Schedule of operating expenses disclosed per function</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Commercializa-tion</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Administration</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Concept</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">costs</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">costs</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">costs</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">12.31.2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">12.31.2017</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">12.31.2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Employee benefit expenses and severance payments</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (16,724)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (4,241)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,083)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (30,048)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (11,665)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (10,603)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interconnection costs and other telecommunication charges</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (5,478)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (11)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (36)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (5,525)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,311)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,360)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Fees for services, maintenance, materials and supplies</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (8,548)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (2,796)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (4,917)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (16,261)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (7,254)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (7,912)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Taxes and fees with the Regulatory Authority</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (13,420)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (23)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (166)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (13,609)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (4,859)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (4,341)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Commissions and advertising</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (229)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,451)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,530)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (11,210)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,691)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,464)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Cost of equipment and handsets</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,667)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,667)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (493)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (882)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Programming and content costs</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (12,149)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (7)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (12,156)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,116)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (7,778)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Bad debt expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,525)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,527)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (901)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (741)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other operating income and expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (6,668)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,141)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,866)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,675)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,246)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (3,125)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (27,306)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (2,545)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (5,260)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (35,111)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (9,804)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (7,883)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total as of 12.31.2018</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (100,191)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (12,208)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (34,390)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (146,789)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total as of 12.31.2017</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (34,316)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (7,953)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (10,071)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (52,340)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:29.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total as of 12.31.2016</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:07.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (31,584)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:15.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (8,089)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (8,416)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (48,089)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeExplanatory', window );">Schedule of Future minimum lease payments on non cancellable operating lease agreements</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Less&nbsp;than&nbsp;1</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">More&nbsp;than&nbsp;5</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">year</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">1&#x2011;5&nbsp;years</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">years</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">2016</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 430</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 455</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 26</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 911</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">2017</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 467</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 391</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 25</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 883</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">2018</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,754</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,286</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 479</font></p>
				</td>
				<td valign="bottom" style="width:04.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,519</font></p>
				</td>
			</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of finance leases and operating leases by the lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=para_31&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=para_35&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of main components of operating expense. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of operating expenses, categorised by function.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967024864">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL RESULTS, NET (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
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				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
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				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
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				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
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				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
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					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
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					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:29.70%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Interests on debts (*)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4,542)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,138)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,736)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Foreign currency exchange losses on debts (**)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (29,620)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 780</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,086</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other financial expenses on debts</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 190</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 141</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 55</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total Debt financial expenses </font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (33,972)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (217)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (595)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Interests and gains on investments</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,898</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 353</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 409</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Taxes and bank expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,646)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (745)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (733)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other Foreign currency exchange gains (losses) (***)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,402</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (476)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (665)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial discounts on assets, debts and other</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;7</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 16</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 55</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Gains (losses) on operations with notes and bonds </font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 780</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (43)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (11)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Interests on provisions</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (604)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (78)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (77)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial expenses on pension benefits</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (72)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">RECPAM</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 13,403</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,907</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,547</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other </font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;9</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (4)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 94</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total other financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 15,177</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 930</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,619</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:68.18%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total financial results, net</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (18,795)</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.48%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 713</font></p>
				</td>
				<td valign="bottom" style="width:02.12%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.50%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3.6pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,024</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(*)&nbsp;&nbsp;&nbsp;Includes 7 corresponding to net income generated by NDF in the year ended December 31, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;text-align:left;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(**)&nbsp;&nbsp;Includes 1,116 corresponding to net income generated by NDF in the year ended December 31, 2018.</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">(***)&nbsp;Includes (130) corresponding to net losses generated by NDF in the year ended December 31, 2018.</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tabular disclosure of financial results.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966954224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL RISK MANAGEMENT (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsAbstract', window );"><strong>FINANCIAL RISK MANAGEMENT</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfFinancialPositionExposureToCurrencyRiskTableTextBlock', window );">Schedule of financial assets and liabilities denominated in foreign currencies</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;">
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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			<tr>
				<td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:10.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">In equivalent millions of Argentine pesos</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Assets</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17,111</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0.05pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,058</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Liabilities</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (90,217)</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (11,131)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:47.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Assets (Liabilities) Net</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:40.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (73,106)</font></p>
				</td>
				<td valign="bottom" style="width:00.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:00.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (8,073)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureExplanatory', window );">Schedule of theoretical exposure to credit risk</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.92%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Cash and cash</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Trade</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">receivables,</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Date&nbsp;due</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">equivalents</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">receivables,&nbsp;net</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">net</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total due</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 7,287</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 7,287</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total not due</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,891</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,998</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 10,189</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,988</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 26,066</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:35.92%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Total as of December&nbsp;31, 2018</font></p>
				</td>
				<td valign="bottom" style="width:02.02%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:11.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,891</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,998</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,476</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,988</font></p>
				</td>
				<td valign="bottom" style="width:02.04%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 33,353</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfWorkingCapitalBreakdownAndItsMainVariationsTableTextBlock', window );">Schedule of working capital breakdown and its main variations</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Variation</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17,415</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,588</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 14,827</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other receivables (not considering financial NDF)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 4,323</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,223</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,100</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Inventories</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,737</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 136</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,601</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Current liabilities (not considering financial debt)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (33,401)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (17,238)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (16,163)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Operative working capital</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (8,926)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (13,291)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 4,365</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;">Over revenues</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"> 5.3</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;"> 19.9</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;color:#000000;">%&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Cash and cash equivalents</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,891</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 6,517</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 374</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Financial NDF</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 750</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 750</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Investments</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,371</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 162</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 1,209</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Current financial debt</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (20,044)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (1,383)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> (18,661)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Net Current financial (liabilitiy) asset </font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (11,032)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 5,296</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (16,328)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Negative operating working capital (current assets - current liabilities)</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (19,958)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (7,995)</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> (11,963)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Liquidity rate</font></p>
				</td>
				<td valign="bottom" style="width:01.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 0.63</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 0.57</font></p>
				</td>
				<td valign="bottom" style="width:02.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 0.06</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities', window );">Schedule of breakdown of financial liabilities into relevant maturity groups</a></td>
<td class="text"><div> <div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:2pt double #000000 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Salaries&nbsp;and</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:2pt double #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:2pt double #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">social</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Trade</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Financial</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">security</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Other</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Maturity&nbsp;Date</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">payables</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Debt</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">payables</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">liabilities</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Due</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,149</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 2,149</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">January 2019 thru December 2019</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 20,709</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 21,917</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 5,953</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 341</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 48,920</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">January 2020 thru December 2020</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 278</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 17,336</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 182</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;7</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 17,803</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">January 2021 thru December 2021</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 170</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34,289</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 116</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 34,575</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">January 2022 and thereafter</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 253</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 18,743</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 92</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 19,088</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:40.52%;border-top:1pt none #D9D9D9 ;border-left:2pt double #000000 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 23,559</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 92,285</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
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				<td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,343</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 348</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt solid #000000 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
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				<td valign="bottom" style="width:09.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:2pt double #000000 ;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 122,535</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfCreditRiskExposureExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity&#8217;s financial assets and commitments to extend credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCreditRiskExposureExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a maturity analysis for derivative financial liabilities, including the remaining contractual maturities for those derivative financial liabilities for which contractual maturities are essential for an understanding of the timing of the cash flows. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 39<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_39_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about net assessed financial position exposure to currency risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about working capital breakdown and its main variations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967052560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<td class="text"><div> <div>
		<p style="margin:0pt 0pt 10pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
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				<font style="margin:0pt;font-family:Symbol;font-weight:bold;color:#000000;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
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			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Companies under section 33 - Law No. 19,550 &#x2013; Controlling companies</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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			<tr>
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					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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			<tr>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">CURRENT LIABILITIES</font></p>
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				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Dividends payables</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">CVH</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 2,067</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">VLG</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Shareholder</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 3,090</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Fintech Media LLC</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Shareholder</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 864</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:57.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:16.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:09.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 6,021</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Companies under section 33 - Law No. 19,550 &#x2013; Associates</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">CURRENT ASSETS</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Other receivables (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 78</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 34</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Teledifusora San Miguel Arc&#xE1;ngel S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 19</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 40</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Ver T.V. S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 47</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 100</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 144</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 174</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">CURRENT LIABILITIES</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Trade payables</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Televisora Privada del Oeste S.A.(2)</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;3</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Financial Debt</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> &nbsp;6</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> &nbsp;6</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;margin:0pt;">
			<font style="display:inline;text-decoration:underline;">Related parties</font></p></td></tr></table></div>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:48.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="3" valign="bottom" style="width:23.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">As&nbsp;of&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">CURRENT ASSETS</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Trade receivables</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Related party</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 92</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 59</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 92</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 59</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">CURRENT LIABILITIES</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;">Trade payables</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;">Related party</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 565</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;"> 438</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:48.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 565</font></p>
				</td>
				<td valign="bottom" style="width:02.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:10.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;"> 438</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (1)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Include 65 and 134 as of December 31, 2018 and as of December 31, 2017, respectively corresponding to dividends receivable.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Associate Company throughout PEM.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Symbol;">&#xF0B7;</font><font style="display:inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Companies under section 33 - Law No. 19,550&#x2013; Controlling companies</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Transaction</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Revenues</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Grupo Clar&#xED;n S.A. (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other services revenues</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating costs</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Grupo Clar&#xED;n S.A. (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advisory services</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (95)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">CVH</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advisory services</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (99)</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (99)</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (95)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:30.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Finance results</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Grupo Clar&#xED;n S.A. (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interests on loans granted</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 713</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">CVH</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interests on loans granted</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Controlling company</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 20</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:22.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 20</font></p>
				</td>
				<td valign="bottom" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 713</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size:10pt;;"> (1)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;color:#000000;">It ceased to be Cablevisi&#xF3;n&#xB4;s controlling company as of May 1, 2017. Note 4.e).</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Symbol;">&#xF0B7;</font><font style="display:inline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-weight:bold;text-decoration:underline;">Companies under section 33 - Law No. 19,550&#x2013; Associates</font>
		</p>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Transaction</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Revenues</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Services revenues</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 11</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 12</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 12</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other revenues</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 37</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 29</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 41</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 48</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 41</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 53</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating costs</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Fees for services</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (24)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (19)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (12)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (24)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (19)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (12)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Finance results</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">La Capital Cable S.A.</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Interests on debt</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Associate</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (2)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> &nbsp;&#x2014;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (1)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (2)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;font-weight:bold;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-weight:bold;text-decoration:underline;">Related Parties (2)</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;">
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Transaction</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Type&nbsp;of&nbsp;related&nbsp;party</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Years&nbsp;ended&nbsp;December&nbsp;31,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2018</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2017</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2016</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Profit (loss)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Revenues</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advertising sales</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 36</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 50</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> &nbsp;3</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Services revenues</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 88</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 59</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> 39</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 124</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 109</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt 3pt 0pt 0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> 42</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="5" valign="bottom" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Operating costs</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Programming costs</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,611)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,614)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (1,480)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Editing and distribution of magazines</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (558)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (363)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (407)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advisory services</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (235)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (356)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (236)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Advertising purchases</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (400)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (166)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (131)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other Related parties</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Other purchases</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">Related Party</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (109)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (23)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;"> (37)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:23.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (2,913)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (2,522)</font></p>
				</td>
				<td valign="bottom" style="width:02.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;color:#000000;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;text-align:right;color:#000000;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;color:#000000;font-size:8pt;"> (2,291)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
				<font style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size:8pt;;"> (2)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Arial,Helvetica,sans-serif;font-size: 8pt;margin:0pt;">
			<font style="display:inline;font-size:8pt;">Includes mainly operations with the following related parties through the Grupo Clar&#xED;n S.A.: Arte Radiotelevisivo Argentino S.A., Arte Gr&#xE1;fico Editorial Argentino S.A., Unir S.A., Impripost S.A., Tele Red Imagen S.A., GC Gesti&#xF3;n Compartida S.A. y Compa&#xF1;&#xED;a De Medios Digitales S.A.</font></p></td></tr></table></div><div /></div> </div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of transactions between the entity and its related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2018-03-01&amp;anchor=para_18&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td>na</td>
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<td>duration</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968321872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS - Subsidiaries (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 04, 2018</div></th>
<th class="th"><div>Apr. 03, 2018</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_PemS.a.Member', window );">Pem</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">67.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalEnviosMember', window );">Personal Envios</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">67.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember', window );">Tuves Paraguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">67.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_MicroSistemasMember', window );">Micro Sistemas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PemS.a.Member', window );">Pem</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_CvBerazateguiMember', window );">CV Berazategui</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="nump">70.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_CableImagenMember', window );">Cable Imagen</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelevisinDirigidaMember', window );">Television Dirigida</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AdesolMember', window );">Adesol</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_UltimaMillaMember', window );">Ultima Milla</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AvcContinenteAudiovisualMember', window );">AVC Continente Audiovisual</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_InterRadiosMember', window );">Inter Radios</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomUsaMember', window );">Telecom USA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of direct/indirect interest in capital stock and votes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_PemS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_PemS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalEnviosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalEnviosMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_MicroSistemasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_MicroSistemasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PemS.a.Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_CvBerazateguiMember</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_CableImagenMember</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelevisinDirigidaMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AdesolMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_UltimaMillaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_UltimaMillaMember</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AvcContinenteAudiovisualMember</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6993223664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS - Segment financial information of Consolidated Income Statement (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment financial information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="nump">$ 168,046<span></span>
</td>
<td class="nump">$ 66,649<span></span>
</td>
<td class="nump">$ 60,405<span></span>
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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets', window );">Operating costs without depreciation, amortization and impairment of PP&amp;E</a></td>
<td class="num">(111,678)<span></span>
</td>
<td class="num">(42,536)<span></span>
</td>
<td class="num">(40,206)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(35,111)<span></span>
</td>
<td class="num">(9,804)<span></span>
</td>
<td class="num">(7,883)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">21,257<span></span>
</td>
<td class="nump">14,309<span></span>
</td>
<td class="nump">12,316<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod', window );">Earnings from associates</a></td>
<td class="nump">236<span></span>
</td>
<td class="nump">353<span></span>
</td>
<td class="nump">221<span></span>
</td>
</tr>
<tr class="re">
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<td class="num">(33,972)<span></span>
</td>
<td class="num">(217)<span></span>
</td>
<td class="num">(595)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherFinanceIncomeCostNet', window );">Other financial results, net</a></td>
<td class="nump">15,177<span></span>
</td>
<td class="nump">930<span></span>
</td>
<td class="nump">4,619<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax benefit (expense)</a></td>
<td class="nump">2,698<span></span>
</td>
<td class="nump">15,375<span></span>
</td>
<td class="nump">16,561<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax benefit (expense)</a></td>
<td class="nump">2,838<span></span>
</td>
<td class="num">(5,516)<span></span>
</td>
<td class="num">(6,015)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income for the year</a></td>
<td class="nump">5,536<span></span>
</td>
<td class="nump">9,859<span></span>
</td>
<td class="nump">10,546<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Controlling Company</a></td>
<td class="nump">5,294<span></span>
</td>
<td class="nump">9,731<span></span>
</td>
<td class="nump">10,457<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="nump">242<span></span>
</td>
<td class="nump">128<span></span>
</td>
<td class="nump">89<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember', window );">Eliminations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment financial information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="num">(704)<span></span>
</td>
<td class="num">(8)<span></span>
</td>
<td class="num">(6)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets', window );">Operating costs without depreciation, amortization and impairment of PP&amp;E</a></td>
<td class="nump">704<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="nump">6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_ServicesRenderedInArgentinaSegmentMember', window );">Services rendered in Argentina | Restated for inflation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment financial information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="nump">159,001<span></span>
</td>
<td class="nump">65,466<span></span>
</td>
<td class="nump">59,530<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets', window );">Operating costs without depreciation, amortization and impairment of PP&amp;E</a></td>
<td class="num">(105,695)<span></span>
</td>
<td class="num">(41,755)<span></span>
</td>
<td class="num">(39,589)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(32,894)<span></span>
</td>
<td class="num">(9,686)<span></span>
</td>
<td class="num">(7,804)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">20,412<span></span>
</td>
<td class="nump">14,025<span></span>
</td>
<td class="nump">12,137<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_ServicesRenderedInArgentinaSegmentMember', window );">Services rendered in Argentina | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment financial information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="nump">129,836<span></span>
</td>
<td class="nump">39,870<span></span>
</td>
<td class="nump">29,726<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets', window );">Operating costs without depreciation, amortization and impairment of PP&amp;E</a></td>
<td class="num">(85,942)<span></span>
</td>
<td class="num">(25,082)<span></span>
</td>
<td class="num">(19,106)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(20,416)<span></span>
</td>
<td class="num">(3,880)<span></span>
</td>
<td class="num">(2,519)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">23,478<span></span>
</td>
<td class="nump">10,908<span></span>
</td>
<td class="nump">8,101<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_ServicesRenderedInArgentinaSegmentMember', window );">Services rendered in Argentina | Inflation restatement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment financial information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="nump">29,165<span></span>
</td>
<td class="nump">25,596<span></span>
</td>
<td class="nump">29,804<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets', window );">Operating costs without depreciation, amortization and impairment of PP&amp;E</a></td>
<td class="num">(19,753)<span></span>
</td>
<td class="num">(16,673)<span></span>
</td>
<td class="num">(20,483)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(12,478)<span></span>
</td>
<td class="num">(5,806)<span></span>
</td>
<td class="num">(5,285)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="num">(3,066)<span></span>
</td>
<td class="nump">3,117<span></span>
</td>
<td class="nump">4,036<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_OtherAbroadSegmentsMember', window );">Other abroad segments | Restated for inflation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment financial information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="nump">9,749<span></span>
</td>
<td class="nump">1,191<span></span>
</td>
<td class="nump">881<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets', window );">Operating costs without depreciation, amortization and impairment of PP&amp;E</a></td>
<td class="num">(6,687)<span></span>
</td>
<td class="num">(789)<span></span>
</td>
<td class="num">(623)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(2,217)<span></span>
</td>
<td class="num">(118)<span></span>
</td>
<td class="num">(79)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">845<span></span>
</td>
<td class="nump">284<span></span>
</td>
<td class="nump">179<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_OtherAbroadSegmentsMember', window );">Other abroad segments | Operating segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment financial information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="nump">7,894<span></span>
</td>
<td class="nump">1,074<span></span>
</td>
<td class="nump">819<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets', window );">Operating costs without depreciation, amortization and impairment of PP&amp;E</a></td>
<td class="num">(5,414)<span></span>
</td>
<td class="num">(711)<span></span>
</td>
<td class="num">(579)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(1,753)<span></span>
</td>
<td class="num">(106)<span></span>
</td>
<td class="num">(73)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">727<span></span>
</td>
<td class="nump">257<span></span>
</td>
<td class="nump">167<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_OtherAbroadSegmentsMember', window );">Other abroad segments | Inflation restatement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Segment financial information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="nump">1,855<span></span>
</td>
<td class="nump">117<span></span>
</td>
<td class="nump">62<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets', window );">Operating costs without depreciation, amortization and impairment of PP&amp;E</a></td>
<td class="num">(1,273)<span></span>
</td>
<td class="num">(78)<span></span>
</td>
<td class="num">(44)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(464)<span></span>
</td>
<td class="num">(12)<span></span>
</td>
<td class="num">(6)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">$ 118<span></span>
</td>
<td class="nump">$ 27<span></span>
</td>
<td class="nump">$ 12<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense, amortisation expense and impairment loss (reversal of impairment loss) recognised in profit or loss. [Refer: Depreciation and amortisation expense; Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2018-03-01&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2018-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2018-03-01&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromContractsWithCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from contracts with customers. A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity&#8217;s ordinary activities in exchange for consideration. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_113_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 114<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_114&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromContractsWithCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating costs without depreciation and amortization and impairment of PP&amp;E and Intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingCostsWithoutDepreciationAndAmortizationAndImpairmentOfPpEAndIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherFinanceIncomeCostNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income (cost), net that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherFinanceIncomeCostNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_ServicesRenderedInArgentinaSegmentMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementScenarioAxis=teo_RestatedValuesForInflationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementScenarioAxis=teo_RestatedValuesForInflationMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_OperatingSegmentsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentConsolidationItemsAxis=teo_RestatementEffectOfInflationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=teo_RestatementEffectOfInflationMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_OtherAbroadSegmentsMember</td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969946480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS - Segment financial information as per geographical area (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 168,046<span></span>
</td>
<td class="nump">$ 66,649<span></span>
</td>
<td class="nump">$ 60,405<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_ServicesRenderedInArgentinaSegmentMember', window );">Services rendered in Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PropertyPlantAndEquipmentGoodwillAndIntangibleAssets', window );">PP&amp;E, Goodwill and Intangible assets</a></td>
<td class="nump">319,014<span></span>
</td>
<td class="nump">80,817<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=teo_OtherAbroadSegmentsMember', window );">Other abroad segments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PropertyPlantAndEquipmentGoodwillAndIntangibleAssets', window );">PP&amp;E, Goodwill and Intangible assets</a></td>
<td class="nump">11,781<span></span>
</td>
<td class="nump">1,475<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ifrs-full_CountryOfDomicileMember', window );">Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Sales revenues</a></td>
<td class="nump">158,221<span></span>
</td>
<td class="nump">64,891<span></span>
</td>
<td class="nump">58,783<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember', window );">Abroad</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Geographic information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Sales revenues</a></td>
<td class="nump">$ 9,825<span></span>
</td>
<td class="nump">$ 1,758<span></span>
</td>
<td class="nump">$ 1,622<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGeographicalAreasLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeographicalAreasLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromContractsWithCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from contracts with customers. A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity&#8217;s ordinary activities in exchange for consideration. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_113_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 114<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_114&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromContractsWithCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PropertyPlantAndEquipmentGoodwillAndIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of Property plant and equipment, Goodwill and Intangible assets of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PropertyPlantAndEquipmentGoodwillAndIntangibleAssets</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_ServicesRenderedInArgentinaSegmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_ServicesRenderedInArgentinaSegmentMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=teo_OtherAbroadSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=teo_OtherAbroadSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ifrs-full_CountryOfDomicileMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ifrs-full_CountryOfDomicileMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember</td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967134288">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS - Basis of Presentation (Details)<br></strong></div></th>
<th class="th"><div>Jan. 01, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquirer', window );">Percentage of voting rights in surviving company for former shareholders of acquirer</a></td>
<td class="nump">45.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember', window );">Cablevision S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems', window );"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfVotingRightsInSurvivingCompanyForFormerShareholdersOfAcquiree', window );">Percentage of voting rights in surviving company for former shareholders of acquiree</a></td>
<td class="nump">55.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDescriptionOfBusinessAndBasisOfPreparationOfConsolidatedFinancialStatementsLineItems</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting rights in surviving company for former shareholders of acquiree.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting rights in surviving company for former shareholders of acquirer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968528912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS - Consumer Price Index (Details) - ARS ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConsumerPriceIndexAbstract', window );"><strong>Variation in Prices</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmountOfNationalConsumerPriceIndex', window );">Amount of National CPI</a></td>
<td class="nump">$ 2,443,160<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfYearsOfAccumulatedPriceIndex', window );">Number of years of accumulated consumer price index</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfConsumerPriceIndex', window );">Annual (as a percent)</a></td>
<td class="nump">47.60%<span></span>
</td>
<td class="nump">24.70%<span></span>
</td>
<td class="nump">34.60%<span></span>
</td>
<td class="nump">17.20%<span></span>
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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfAccumulatedConsumerPriceIndex', window );">Accumulated 3 years (as a percent)</a></td>
<td class="nump">147.80%<span></span>
</td>
<td class="nump">96.60%<span></span>
</td>
<td class="nump">102.20%<span></span>
</td>
<td class="nump">72.50%<span></span>
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</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of National Consumer Price Index.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the duration of accumulated Price Index under both Consumer price index and wholesale price index.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of accumulated Consumer Price Index.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of consumer price index over a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>89
<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968011184">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK (Details) - item<br></strong></div></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 31, 2015</div></th>
<th class="th"><div>Mar. 31, 2010</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo | License agreement for STM and PCS, installation and provision of Internet and Data</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RenewableTermOfLicenseAgreement', window );">Renewable term of license</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AuctionedFrequencyBandSpectrum', window );">Frequency of band spectrum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">700<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember', window );">Tuves Paraguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TermOfLicenseAgreement', window );">Term of the license agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RenewableTermOfLicenseAgreement', window );">Renewable term of license</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AdesolMember', window );">Adesol</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfLicenseesProvidingSubscriptionBroadcastingServices', window );">Number of licensees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AuctionedFrequencyBandSpectrum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the frequency band auctioned.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AuctionedFrequencyBandSpectrum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOnRegulatoryFrameworkLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOnRegulatoryFrameworkLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfLicenseesProvidingSubscriptionBroadcastingServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of licencees that provide subscription broadcasting services and are subject to the control of Communication Services Regulatory Unit ("URSEC').</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfLicenseesProvidingSubscriptionBroadcastingServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RenewableTermOfLicenseAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the renewable term of the license agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RenewableTermOfLicenseAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TermOfLicenseAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the term of the license agreement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TermOfLicenseAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTypeOfArrangementAxis=teo_MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTypeOfArrangementAxis=teo_MobileTelecommunicationServicesLicenseInstallationAndProvisionOfInternetAndDataLicenseAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TuvesParaguayMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AdesolMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AdesolMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</body>
</html>
</TEXT>
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<SEQUENCE>90
<FILENAME>R68.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990439760">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK - Amendments to LAD (Details)<br></strong></div></th>
<th class="th"><div>Aug. 13, 2018</div></th>
<th class="th"><div>Jan. 02, 2017</div></th>
<th class="th"><div>Jan. 04, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsTypeOfArrangementAxis=teo_AmendmentsToLadMember', window );">Amendments to the LAD</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink', window );">Period of extension</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices', window );">Additional term of extension</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws', window );">Extension of period for LSCA and LAD</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">180 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ExtensionPeriodForAnalysisAndPublicationOfItcBill', window );">Extension of period for ITC Bill</a></td>
<td class="text">90 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices', window );">Extension period for ITCS</a></td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsTypeOfArrangementAxis=teo_AmendmentsToDnuMember', window );">Amendments to DNU No. 267/15</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks', window );">Period for protection of last-mile fixed of new generation networks</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodForAsymmetricInterconnectionRatesForMobileServices', window );">Asymmetric interconnection rates period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsTypeOfArrangementAxis=teo_AmendmentsToDnuMember', window );">Amendments to DNU No. 267/15 | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders', window );">Maximum period allowed for Automatic national roaming service, forcing mobile service providers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOnRegulatoryFrameworkLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOnRegulatoryFrameworkLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ExtensionPeriodForAnalysisAndPublicationOfItcBill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of extension for analysis and publication of the ITC Bill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ExtensionPeriodForAnalysisAndPublicationOfItcBill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of extension for deadline for the preparation of the draft reform of Laws LSCA and LAD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ExtensionPeriodForPreparationOfDraftReformOfLscaAndLadLaws</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Extension Period for Prohibition from Providing Broadcasting under Subscription Services</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ExtensionPeriodForProhibitionFromProvidingBroadcastingUnderSubscriptionServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The extension period for Promotion of Deployment of Infrastructure and Competition of Information Technology and Communication Services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ExtensionPeriodForPromotionOfDeploymentOfInfrastructureAndCompetitionOfInformationTechnologyAndCommunicationServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of extension for the use of frequency spectrum to radioelectric link provided by subscription license holders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ExtensionPeriodForUsingFrequencySpectrumToRadioelectricLink</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period for providing rule concerning the automatic national roaming service, forcing mobile services providers.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodAllowedForAutomaticNationalRoamingServiceAndForcingMobileServiceProviders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodForAsymmetricInterconnectionRatesForMobileServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period for protection of last-mile fixed of new generation networks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodForAsymmetricInterconnectionRatesForMobileServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period for protection of last-mile fixed of new generation networks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodForProtectionOfLastMileFixedOfNewGenerationNetworks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTypeOfArrangementAxis=teo_AmendmentsToLadMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTypeOfArrangementAxis=teo_AmendmentsToLadMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTypeOfArrangementAxis=teo_AmendmentsToDnuMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTypeOfArrangementAxis=teo_AmendmentsToDnuMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>91
<FILENAME>R69.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968888688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK - Universal Service Regulation (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>May 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Oct. 01, 2012</div></th>
<th class="th"><div>Sep. 13, 2012</div></th>
<th class="th"><div>Jan. 31, 2011</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ContributionToSuFundPercentageOfTotalAccruedRevenues', window );">Contribution to SU Fund, percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UnrecordedAccountsReceivable', window );">Unrecorded accounts receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,998<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InvestmentsIncludedInUnrecordedAccountsReceivable', window );">Investments included in the unrecorded accounts receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,849<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeductionsIncludedInUnrecordedAccountsReceivable', window );">Deductions included in the unrecorded accounts receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,194<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission', window );">Deposit payable, as required by the CNC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 208<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DepositsWithBanks', window );">Deposits with the Bank, SU</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 112<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest', window );">Deposits with the CNC, under protest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 23<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund', window );">Minimum percentage of teledensity required for not providing contribution to SU fund</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsTypeOfArrangementAxis=teo_IctServicesLicenseAgreementMember', window );">ICT Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ContributionToSuFundPercentageOfTotalAccruedRevenues', window );">Contribution to SU Fund, percentage</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ContributionToSuFundPercentageOfTotalAccruedRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of total accrued revenues licensees are required to contribute to the SU Fund.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ContributionToSuFundPercentageOfTotalAccruedRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeductionsIncludedInUnrecordedAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of deductions that were objected by the SC Resolutions included in the unrecorded accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeductionsIncludedInUnrecordedAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of deposit liability, as required by the Argentine National Communications Commission (CNC).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DepositLiabilityRequiredByArgentineNationalCommunicationsCommission</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of deposit under protest with the Argentine National Communications Commission (CNC).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DepositsWithArgentineNationalCommunicationsCommissionUnderProtest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DepositsWithBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of deposit with the banks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DepositsWithBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOnRegulatoryFrameworkLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOnRegulatoryFrameworkLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InvestmentsIncludedInUnrecordedAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of investments in high-cost areas included in the unrecorded accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InvestmentsIncludedInUnrecordedAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of teledensity required to be maintained by local service providers.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfTeledensityConsideredForExemptionFromContributionToSuFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_UnrecordedAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of the estimated accounts receivable yet to be recorded.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_UnrecordedAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTypeOfArrangementAxis=teo_IctServicesLicenseAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTypeOfArrangementAxis=teo_IctServicesLicenseAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>92
<FILENAME>R70.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990530432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK - Spectrum (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 06, 2018</div></th>
<th class="th">
<div>Jan. 04, 2018 </div>
<div>USD ($) </div>
<div>item</div>
</th>
<th class="th">
<div>Jul. 05, 2017 </div>
<div>USD ($) </div>
<div>area </div>
<div>item</div>
</th>
<th class="th">
<div>May 12, 2017 </div>
<div>item</div>
</th>
<th class="th">
<div>Mar. 07, 2017 </div>
<div>item</div>
</th>
<th class="th">
<div>Feb. 20, 2017 </div>
<div>item</div>
</th>
<th class="th"><div>Jan. 14, 2015</div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>item</div>
</th>
<th class="th">
<div>Feb. 27, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AuctionedFrequencyBandsUsagePeriod', window );">Usage period of the auctioned frequency bands</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodGrantedForSpectrumAllocation', window );">Spectrum allocation period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation', window );">Number of areas free of interference in spectrum allocation | area</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfProvincialCapitalsCoveredInSpectrumAllocation', window );">Number of provincial capitals in spectrum allocation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmountPayableForSpectrumAllocation', window );">Amount payable for spectrum allocation | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 55.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfPenaltyOnSpectrumValue', window );">Penalty percentage on spectrum allocation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices', window );">License period for Cellular Mobile Telephony and Internet Access and Data Transmission Services</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfLicenseesProvidingSubscriptionTelevisionServices', window );">Number of licensees for subscription television services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum', window );">Term non-satellite audiovisual communication services spectrum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1033e17Member', window );">1033-E/17 | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">905<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">950<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1033e17Member', window );">1033-E/17 | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">915<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">960<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1034e17Member', window );">1034-E/17 | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1034e17Member', window );">1034-E/17 | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,690<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1299e17Member', window );">1299-E/17</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodForMigrationOfUsersFromPreExistingServices', window );">Migration period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1299e17Member', window );">1299-E/17 | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,550<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,670)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1299e17Member', window );">1299-E/17 | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,560<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedTwo', window );">Frequency band awarded, two (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,680<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber3687e17Member', window );">3687-E/17 | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber3687e17Member', window );">3687-E/17 | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FrequencyBandAwardedOne', window );">Frequency band awarded, one (in MHz)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,690<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DepositPayableForLicenseAcquisition', window );">Deposit to be paid | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfSubBandsAwarded', window );">Number of sub-bands awarded</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LicenseAcquisitionsConsiderationPaidForEachSubBand', window );">Consideration paid for each sub-bands | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CancellationOfSubBandAuctionPrice', window );">Auction price cancellation | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AmountPayableForSpectrumAllocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount to be paid on demand for spectrum allocation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AmountPayableForSpectrumAllocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AuctionedFrequencyBandsUsagePeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period of usage for the auctioned frequency bands awarded, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Includes, but not limited to, weeks in a year or quarter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AuctionedFrequencyBandsUsagePeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CancellationOfSubBandAuctionPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cancellation amount of the sub-band auction paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CancellationOfSubBandAuctionPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DepositPayableForLicenseAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount to be paid as deposit to acquire license on the entity getting prequalified.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DepositPayableForLicenseAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOnRegulatoryFrameworkLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOnRegulatoryFrameworkLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FrequencyBandAwardedOne">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the first frequency band awarded to the company by the SC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FrequencyBandAwardedOne</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FrequencyBandAwardedTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the second frequency band awarded to the company by the SC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FrequencyBandAwardedTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LicenseAcquisitionsConsiderationPaidForEachSubBand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of consideration for each sub-band paid for acquisition of licenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LicenseAcquisitionsConsiderationPaidForEachSubBand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of areas that are free of interference in spectrum allocation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfAreasThatAreFreeOfInterferenceInSpectrumAllocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfLicenseesProvidingSubscriptionTelevisionServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of licensees providing subscription television services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfLicenseesProvidingSubscriptionTelevisionServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfProvincialCapitalsCoveredInSpectrumAllocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of provincial capitals covered in spectrum allocation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfProvincialCapitalsCoveredInSpectrumAllocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfSubBandsAwarded">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of sub-bands awarded under the license acquisitions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfSubBandsAwarded</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfPenaltyOnSpectrumValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of penalty on spectrum value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfPenaltyOnSpectrumValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodForMigrationOfUsersFromPreExistingServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period for migration of users from pre-existing services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodForMigrationOfUsersFromPreExistingServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodGrantedForSpectrumAllocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period granted for spectrum allocation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodGrantedForSpectrumAllocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period grated for license of Cellular Mobile Telephony and Internet Access and Data Transmission Services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodOfLicenseForCellularMobileTelephonyAndInternetAccessAndDataTransmissionServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The term of non satellite audiovisual communication services spectrum.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TermOfNonSatelliteAudiovisualCommunicationServicesSpectrum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1033e17Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1033e17Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1034e17Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1034e17Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1299e17Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber1299e17Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber3687e17Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber3687e17Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968483552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REGULATORY FRAMEWORK - Other Details (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Nov. 06, 2018</div></th>
<th class="th"><div>Sep. 06, 2018</div></th>
<th class="th">
<div>Aug. 14, 2018 </div>
<div>$ / m </div>
<div>item</div>
</th>
<th class="th"><div>Jul. 11, 2018</div></th>
<th class="th"><div>Jul. 04, 2018</div></th>
<th class="th"><div>May 18, 2018</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfBusinessDays', window );">Number of business days to present the Reference Offer to ENACOM</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">90 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodWithinWhichSpectrumShouldBeReturned', window );">Period within which the spectrum should be returned</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled', window );">Period in advance within which the proposal should be filed with ENACOM</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered', window );">Period within which the Fixed Interest Access Service is to be offered</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 days<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService', window );">Period within which the company shall report about the Retail Internet Access Service</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber4012018Member', window );">401/2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfDaysToExtendBusiness', window );">Number of days to extend business</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">90 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber495018Member', window );">4950/18</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfRepresentatives', window );">Number of representatives | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber28618Member', window );">286/18</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfWorkingDaysToSetProvisionalInterconnectionCharges', window );">Number of working days to set provisional interconnection charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber495218Member', window );">4952/18</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionalChargeForCommunicationServicesPerMinute', window );">Provisional charge for communication services per minute</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.0108<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber11602018Member', window );">1160/2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionalChargeForLocalTerminationServicesPerMinute', window );">Provisional charge for local termination services per minute</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.0045<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionalChargeForLocalTransitServicesPerMinute', window );">Provisional charge for local transit services per minute</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.0010<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionalChargeForLongDistanceTransportServicesPerMinute', window );">Provisional charge for long distance transport services per minute</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.0027<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber58018Member', window );">580/18</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfCalendarDaysToImplementProcedures', window );">Calendar days to implement procedures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">90 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber5118Member', window );">51/18</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOnRegulatoryFrameworkLineItems', window );"><strong>Regulatory framework</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfCalendarDaysToImplementProcedures', window );">Calendar days to implement procedures</a></td>
<td class="text">90 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOnRegulatoryFrameworkLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOnRegulatoryFrameworkLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfBusinessDays">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of business days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfBusinessDays</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfCalendarDaysToImplementProcedures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of calendar days required to implement procedures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfCalendarDaysToImplementProcedures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfDaysToExtendBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of days to extend business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfDaysToExtendBusiness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfRepresentatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of representatives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfRepresentatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfWorkingDaysToSetProvisionalInterconnectionCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of working days required to set provisional interconnection charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfWorkingDaysToSetProvisionalInterconnectionCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period in advance within which the proposal to the limit should be filed with ENACOM, on merger.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodInAdvanceWithinWhichProposalShouldBeFiled</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period from the date of issuance of resolution within which the company shall report to the ENACOM and publish in its institutional website all the business plans, promotions and discounts for the Retail Internet Access service.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodWithinWhichCompanyShallReportAboutRetailInternetAccessService</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period from the date of issuance of resolution within which the company shall offer Fixed Internet Access Services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodWithinWhichFixedInternetAccessServiceIsToBeOffered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodWithinWhichSpectrumShouldBeReturned">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period within which the spectrum is to be returned, from the date of merger.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodWithinWhichSpectrumShouldBeReturned</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionalChargeForCommunicationServicesPerMinute">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisional charge for communication services per minute.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionalChargeForCommunicationServicesPerMinute</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionalChargeForLocalTerminationServicesPerMinute">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisional charge for local termination services per minute.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionalChargeForLocalTerminationServicesPerMinute</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionalChargeForLocalTransitServicesPerMinute">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisional charge for local transit services per minute.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionalChargeForLocalTransitServicesPerMinute</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionalChargeForLongDistanceTransportServicesPerMinute">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisional charge for long distance transport services per minute.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionalChargeForLongDistanceTransportServicesPerMinute</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber4012018Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber4012018Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber495018Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber495018Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber28618Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber28618Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber495218Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber495218Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber11602018Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber11602018Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber58018Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber58018Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScResolutionNumbersAxis=teo_ScResolutionNumber5118Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScResolutionNumbersAxis=teo_ScResolutionNumber5118Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6981194688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - Interests in Joint Operations (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CounterpartiesAxis=teo_UnionesTransitoriasDeEmpresasMember', window );">UTE</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfJointOperationsLineItems', window );"><strong>Interests in Joint Operations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork', window );">Bid term of data transmission services for Single Provincial Data Communication Network</a></td>
<td class="text">24 months<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointOperationsAxis=teo_UteErtachCablevisionMember', window );">UTE Ertach - Cablevision</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfJointOperationsLineItems', window );"><strong>Interests in Joint Operations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointOperation', window );">Ownership interest in joint venture (in percentage)</a></td>
<td class="nump">50.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfJointOperationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfJointOperationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInJointOperation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint operation attributable to the entity. [Refer: Joint operations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointOperation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The bid term of data transmission services for the Single Provincial Data Communication Network.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_BidTermOfDataTransmissionServicesForSingleProvincialDataCommunicationNetwork</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=teo_UnionesTransitoriasDeEmpresasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_UnionesTransitoriasDeEmpresasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointOperationsAxis=teo_UteErtachCablevisionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointOperationsAxis=teo_UteErtachCablevisionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>95
<FILENAME>R73.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990985792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - Consolidation of structured entities (Details) - Adesol - Call Option Agreement of Adesol<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jan. 16, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th"><div>Dec. 30, 2017</div></th>
<th class="th">
<div>Dec. 28, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 28, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 22, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Disclosure of Detailed Information About Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PurchasePriceOfCallOption', window );">Purchase price of call option</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,011,747<span></span>
</td>
<td class="nump">$ 45<span></span>
</td>
<td class="nump">$ 128<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ExtensionPeriodOfCallOption', window );">Extension period of call option</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodAvailableForPaymentOfSupplementToOptionPremium', window );">Period available for payment of supplement to option premium</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentOfOptionPremiumToGrantor', window );">Supplement option premium payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 45<span></span>
</td>
<td class="nump">$ 83<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration', window );">Period available for grantor for returning of premium after expiration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 days<span></span>
</td>
<td class="text">10 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SupplementOptionPremiumReceivableAfterExpirationOfCallOption', window );">Supplement option premium receivable after expiration of call option</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AdesolMember', window );">Other deferred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Disclosure of Detailed Information About Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SupplementalOptionPremiumPaid', window );">Supplemental option premium paid</a></td>
<td class="nump">$ 91<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 132<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ExtensionPeriodOfCallOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The extension period of call option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ExtensionPeriodOfCallOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentOfOptionPremiumToGrantor">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of Supplement option premium payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentOfOptionPremiumToGrantor</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period available for grantor for returning of premium after expiration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodAvailableForGrantorForReturningOfPremiumAfterExpiration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodAvailableForPaymentOfSupplementToOptionPremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period available for payment of supplement to option premium.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodAvailableForPaymentOfSupplementToOptionPremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PurchasePriceOfCallOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of Purchase price of call option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PurchasePriceOfCallOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SupplementOptionPremiumReceivableAfterExpirationOfCallOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of supplement option premium receivable after expiration of call option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SupplementOptionPremiumReceivableAfterExpirationOfCallOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SupplementalOptionPremiumPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of supplemental option premium paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SupplementalOptionPremiumPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AdesolMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AdesolMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTypeOfArrangementAxis=teo_CallOptionAgreementOfAdesolMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTypeOfArrangementAxis=teo_CallOptionAgreementOfAdesolMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=teo_OtherDeferredReserveMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=teo_OtherDeferredReserveMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6980787504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - Accounting treatment for the acquisition of the remaining shareholding (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Apr. 04, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Apr. 04, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,227<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 846<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary', window );">Net Equity attributable to controlling shareholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (242)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_CvBerazateguiMember', window );">CV Berazategui</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries', window );">Capital stock and votes of Subsidiaries</a></td>
<td class="nump">$ 8,968,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 181<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="nump">70.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary', window );">Net Equity attributable to controlling shareholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 237<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_CvBerazateguiMember', window );">CV Berazategui | Other deferred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries', window );">Capital stock and votes of Subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 181<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the acquisition of subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2018-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=10&amp;date=2018-03-01&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of capital stock and votes of CV Berazategui at the date of the transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TotalAmountOfCapitalStockAndVotesOfSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_CvBerazateguiMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_CvBerazateguiMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=teo_OtherDeferredReserveMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=teo_OtherDeferredReserveMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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</html>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990436384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Disclosure of Detailed Information About Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">inventories on construction contracts recognized</a></td>
<td class="nump">$ 2,737<span></span>
</td>
<td class="nump">$ 136<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=teo_FixedTelephonyAndDataServicesMember', window );">Fixed Telephony and Data services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Disclosure of Detailed Information About Significant Accounting Policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromConstructionContracts', window );">Revenue on construction contracts recognized</a></td>
<td class="nump">160<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Cost of construction contracts</a></td>
<td class="nump">155<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredRevenuesOfConstructionContracts', window );">Deferred Revenues on construction contracts</a></td>
<td class="nump">322<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">inventories on construction contracts recognized</a></td>
<td class="nump">$ 537<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConstructionInProgress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenditure capitalised during the construction of non-current assets that are not yet available for use. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConstructionInProgress</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromConstructionContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from construction contracts. Construction contracts are contracts specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromConstructionContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeferredRevenuesOfConstructionContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of construction contracts related to deferred revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=teo_FixedTelephonyAndDataServicesMember</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6992039744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_IfrsRealEstateMember', window );">Real estate</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">50 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Fixed network and transportation</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Mobile network access</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Tower and pole</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Switching equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Computer Equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Vehicles</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Goods lent to customers at no cost</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Power equipment and Installations</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Machinery, diverse equipment and tools</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Fixed network and transportation</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Mobile network access</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">7 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Tower and pole</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">20 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Switching equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">7 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Computer Equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Goods lent to customers at no cost</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">4 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Power equipment and Installations</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">12 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Machinery, diverse equipment and tools</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesPropertyPlantAndEquipment', window );">Estimated useful life (in years)</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_UsefulLivesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives used for property, plant and equipment, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_UsefulLivesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_IfrsRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_IfrsRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_FixedNetworkAndTransportationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_FixedNetworkAndTransportationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_ComputerEquipmentAndSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_GoodsLentToCustomersAtNoCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_GoodsLentToCustomersAtNoCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentAndInstallationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentAndInstallationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MachineryDiverseEquipmentAndToolsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MachineryDiverseEquipmentAndToolsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>99
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6991527952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jun. 30, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLoss', window );">Impairment losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Impairment of Intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,623<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_IncrementalCostsFromAcquisitionOfContractsMember', window );">Incremental Costs from the Acquisition of Contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember', window );">3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">180 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseMember', window );">PCS license (Argentina)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLoss', window );">Impairment losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_NucleosPcsLicenseMember', window );">Nucleo's licenses - PCS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PrecariousExtensionsRenewedLicense', window );">Extensions of license renewed</a></td>
<td class="nump">$ 64<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ValidityOfTemporaryExtensionPeriod', window );">Temporary extension period</a></td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Nucleos700MhzBandSpectrumLicenseMember', window );">Nucleo's licenses - 700 MHz-band spectrum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PrecariousExtensionsRenewedLicense', window );">Extensions of license renewed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 24<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ValidityOfTemporaryExtensionPeriod', window );">Temporary extension period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SrceLicenseMember', window );">SRCE license</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLoss', window );">Impairment losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_InternetAndDataTransmissionLicenseMember', window );">Internet and data transmission license (Paraguay)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod', window );">Amortized over the estimated term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BrandCablevisionMember', window );">Brand Cablevision</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod', window );">Amortized over the estimated term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">50 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BrandFlowMember', window );">Brand Flow</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod', window );">Amortized over the estimated term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BrandArnetMember', window );">Brand Arnet</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Impairment of Intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,623<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_OtherExclusivityRightsRightsOfUseMember', window );">Other Exclusivity Rights, Rights of Use | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_OtherExclusivityRightsRightsOfUseMember', window );">Other Exclusivity Rights, Rights of Use | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill', window );">Average period for amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">28 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | 3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RemainingUsefulLifeOfFrequencies', window );">Remaining useful life of frequencies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=country_AR', window );">Argentina | Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod', window );">Amortized over the estimated term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=country_PY', window );">Paraguay | Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod', window );">Amortized over the estimated term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as a reduction of the carrying amount of an asset or cash-generating unit to its recoverable amount. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 130<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_130_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 130<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_130_d_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for intangible assets other than goodwill. [Refer: Impairment loss recognised in profit or loss; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PrecariousExtensionsRenewedLicense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognized precarious extensions license was renewed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PrecariousExtensionsRenewedLicense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RemainingUsefulLifeOfFrequencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The remaining useful life of frequencies included in the lot.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RemainingUsefulLifeOfFrequencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_UsefulLivesIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives used for intangible assets other than goodwill, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_UsefulLivesIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives used for intangible assets over amortized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_UsefulLivesIntangibleAssetsOverAmortizedPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ValidityOfTemporaryExtensionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period of temporary extensions which are valid, with the possibility of one only extension for the same term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ValidityOfTemporaryExtensionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_IncrementalCostsFromAcquisitionOfContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_IncrementalCostsFromAcquisitionOfContractsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_NucleosPcsLicenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_NucleosPcsLicenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Nucleos700MhzBandSpectrumLicenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Nucleos700MhzBandSpectrumLicenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SrceLicenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SrceLicenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_InternetAndDataTransmissionLicenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_InternetAndDataTransmissionLicenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BrandCablevisionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BrandCablevisionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BrandFlowMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BrandFlowMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BrandArnetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BrandArnetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_OtherExclusivityRightsRightsOfUseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_OtherExclusivityRightsRightsOfUseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=country_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=country_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=country_PY">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=country_PY</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>100
<FILENAME>R78.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990419408">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - Other Liabilities (Details)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">6.40%<span></span>
</td>
<td class="nump">4.60%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Projected increase rate in compensation</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">15.20%<span></span>
</td>
<td class="nump">9.20%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Projected increase rate in compensation</a></td>
<td class="nump">31.20%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfDiscountRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate used as the significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfDiscountRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of salary increases used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R79.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6995453760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - Taxes Payables (Details) - ARS ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="6">12 Months Ended</th>
<th class="th" colspan="1">14 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 01, 2019</div></th>
<th class="th"><div>Mar. 01, 2018</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Nov. 15, 2017</div></th>
<th class="th"><div>Nov. 14, 2017</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRateOnMinimumPresumedIncome', window );">Tax rate on minimum presumed income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability', window );">Number of years for which tax on assets creditable against income tax liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRateForUniversalServiceFiduciaryFund', window );">Tax rate for SU fund</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfTaxAmountsPaidEligibleForVatCredit', window );">Percentage of effective tax amounts paid eligible for VAT credit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_WithholdingTaxRateOnDividendsDistributedToNonResidents', window );">Withholding tax rate on dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13.00%<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage', window );">Equalization tax rate percentage, repealed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries', window );">Capital gain tax rate for individuals or foreign beneficiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax', window );">Presumed net gain percentage on sale price for calculating capital gain tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalGainTaxRateForLocalLegalEntities', window );">Capital gain tax rate for local legal entities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevaluationTaxRealEstateCapitalAssets', window );">Real estate (qualifying as property, plant and equipment) revaluation tax percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevaluationTaxRealEstateInventories', window );">Real estate (qualifying as inventories) revaluation tax percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents', window );">Shares, quotas and other participations owned by resident individuals revaluation tax percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevaluationTaxOtherAssetsPercent', window );">All other assets revaluation tax percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MinimumAccumulatedCpiCriteriaForPastThreeYearsForImplementingInflationAdjustmentProcedure', window );">Minimum accumulated CPI criteria for past three years for implementing inflation adjustment procedure</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AccumulatedCpiVariationForFirstYearAfterInflationAdjustmentEffective', window );">Accumulated CPI variation for first year after inflation adjustment effective</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AccumulatedCpiVariationForSecondYearAfterInflationAdjustmentEffective', window );">Accumulated CPI variation for second year after inflation adjustment effective</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AccumulatedCpiVariationForThirdYearAfterInflationAdjustmentEffective', window );">Accumulated CPI variation for third year after inflation adjustment effective</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EffectiveInternalTaxRateMobileTelephoneServices', window );">Effective internal tax rate, mobile telephone services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.26%<span></span>
</td>
<td class="nump">4.16%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks', window );">Effective internal tax rate, sale of mobile phones and other wireless networks that will decrease gradually until its complete phase out as of January 1, 2024</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.48%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.89%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11.73%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego', window );">Effective internal tax rate, goods manufacture in Tierra del Fuego</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxCreditPercentageForOperationsTaxedAtReducedRate', window );">Tax credit percentage for operations taxed at reduced rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SocialSecurityTaxEmployerContributionsPercentage', window );">Percentage of employers' contributions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SocialSecurityEmployersContributionBase', window );">Social security, non-taxable base</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,003.68<span></span>
</td>
<td class="nump">$ 2,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MaximumPercentageOfExportDutiesChargeableOnServicesExportedToAbroad', window );">Maximum percentage of export duty chargeable on services exported to abroad</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ExportDutyPercentageOnServicesExportedToAbroad', window );">Percentage of export duty on services exported to abroad</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MaximumLimitOnEachDollarOfTaxableValueOfExportOperationsPayableOnMonthlyBasis', window );">The maximum limit for each dollar of taxable value of said operation payable on a monthly basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TurnoverTaxRateCommunications', window );">Turnover Tax, communications rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TurnoverTaxRateMobileTelephonePercentage', window );">Turnover Tax, mobile telephone rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_StampTaxRatePercentage', window );">Stamp Tax rate percentage</a></td>
<td class="nump">0.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRateOfSuForCableOperators', window );">SU tax rate for cable operators</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions', window );">Tax rate percentage on copyrights paid to several institutions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRateOfSuForCableOperators', window );">SU tax rate for cable operators</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions', window );">Tax rate percentage on copyrights paid to several institutions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction', window );">Annual reduction in tax on deposits to and withdrawals from bank accounts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20.00%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated', window );">Tax on bank account deposits and withdrawals considered as advance payment for percentage of tax originated</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">33.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_UY', window );">Uruguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_PY', window );">Paraguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionalTaxRateInRespectOfDividendPayment', window );">Additional tax rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">United States of America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FederalIncomeTaxRateAsPerTcja2017', window );">Flat federal income tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageEffectiveTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax expense (income) divided by the accounting profit. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageEffectiveTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AccumulatedCpiVariationForFirstYearAfterInflationAdjustmentEffective">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated CPI variation for first year after inflation adjustment effective for its continuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AccumulatedCpiVariationForFirstYearAfterInflationAdjustmentEffective</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AccumulatedCpiVariationForSecondYearAfterInflationAdjustmentEffective">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated CPI variation for second year after inflation adjustment effective for its continuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AccumulatedCpiVariationForSecondYearAfterInflationAdjustmentEffective</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AccumulatedCpiVariationForThirdYearAfterInflationAdjustmentEffective">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated CPI variation for third year after inflation adjustment effective for its continuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AccumulatedCpiVariationForThirdYearAfterInflationAdjustmentEffective</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionalTaxRateInRespectOfDividendPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional tax rate applicable in case of payment of dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionalTaxRateInRespectOfDividendPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalGainTaxRateForLocalLegalEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The capital gain tax rate for local legal entities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalGainTaxRateForLocalLegalEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The capital gain tax rate for resident individuals or foreign beneficiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalGainTaxRateForResidentIndividualsOrForeignBeneficiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfDetailedInformationAboutSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EffectiveInternalTaxRateMobileTelephoneServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effective internal tax rate applicable to mobile telephone services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EffectiveInternalTaxRateMobileTelephoneServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Effective internal tax rate rate levied on goods manufactured in Tierra del Fuego.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EffectiveInternalTaxRateSaleOfGoodsManufacturedInTierraDelFuego</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effective internal tax rate applicable to the sale of imported mobile phones and other wireless networks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EffectiveInternalTaxRateSaleOfImportedMobilePhonesAndOtherWirelessNetworks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The withholding tax rate applicable to to dividends distributed in excess of the accumulated taxable income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EqualizationTaxDividendsDistributedInExcessOfAccumulatedTaxableIncomePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ExportDutyPercentageOnServicesExportedToAbroad">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of export duty on services carried out in home and exported to abroad.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ExportDutyPercentageOnServicesExportedToAbroad</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FederalIncomeTaxRateAsPerTcja2017">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of federal income tax as per TCJA, 2017.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FederalIncomeTaxRateAsPerTcja2017</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MaximumLimitOnEachDollarOfTaxableValueOfExportOperationsPayableOnMonthlyBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum limit for each dollar of taxable value of said operation payable on a monthly basis.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MaximumLimitOnEachDollarOfTaxableValueOfExportOperationsPayableOnMonthlyBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MaximumPercentageOfExportDutiesChargeableOnServicesExportedToAbroad">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum percentage of export duty chargeable on services exported to abroad.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MaximumPercentageOfExportDutiesChargeableOnServicesExportedToAbroad</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MinimumAccumulatedCpiCriteriaForPastThreeYearsForImplementingInflationAdjustmentProcedure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The minimum accumulated CPI criteria for past three years for implementing inflation adjustment procedure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MinimumAccumulatedCpiCriteriaForPastThreeYearsForImplementingInflationAdjustmentProcedure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of years for which tax on assets will be creditable against income tax liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfYearsForWhichTaxOnAssetsCreditableAgainstIncomeTaxLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfTaxAmountsPaidEligibleForVatCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of effective tax amounts paid eligible for VAT credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfTaxAmountsPaidEligibleForVatCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The presumed net gain percentage on sale price for calculating capital gain tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PresumedNetGainPercentageOnSalePriceForCalculatingCapitalGainTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>One-time special tax applied to the revaluation of investments in Argentine companies owned by resident individuals that generate taxable income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevaluationTaxInvestmentsInArgentineCompaniesResidents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevaluationTaxOtherAssetsPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>One-time special tax applied to the revaluation of all other assets (except inventories and cars excluded from revaluation) that generate taxable income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevaluationTaxOtherAssetsPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevaluationTaxRealEstateCapitalAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>One-time special tax applied to the revaluation of real estate property, plant and equipment that generate taxable income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevaluationTaxRealEstateCapitalAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevaluationTaxRealEstateInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>One-time special tax applied to the revaluation of real estate assets regarded as inventories that generate taxable income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevaluationTaxRealEstateInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SocialSecurityEmployersContributionBase">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non-taxable base for calculating employers' contributions to social security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SocialSecurityEmployersContributionBase</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SocialSecurityTaxEmployerContributionsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of employers' contributions to social security to be paid by large companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SocialSecurityTaxEmployerContributionsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_StampTaxRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Stamp tax rate percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_StampTaxRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxCreditPercentageForOperationsTaxedAtReducedRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax credit percentage for operations taxed at reduced rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxCreditPercentageForOperationsTaxedAtReducedRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax on bank account deposits and withdrawals considered as advance payment for percentage of tax originated.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxOnBankAccountDepositsAndWithdrawalsConsideredAsAdvancePaymentForPercentageOfTaxOriginated</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Annual reduction in income tax levied on deposits to and withdrawals from bank accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxRateBankAccountDepositsAndWithdrawalsAnnualReduction</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxRateForUniversalServiceFiduciaryFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of tax for Universal Service Fiduciary Fund.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxRateForUniversalServiceFiduciaryFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxRateOfSuForCableOperators">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The SU tax rate for cable operators.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxRateOfSuForCableOperators</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax rate percentage on copyrights paid to several institutions such as AADI-CAPIF, SADAIC, ARGENTORES.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxRateOnCopyrightsPaidToAadiCapifSadaicArgentoresInstitutions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxRateOnMinimumPresumedIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax rate of minimum presumed income on the taxable assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxRateOnMinimumPresumedIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TurnoverTaxRateCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Turnover tax rate applicable to communications.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TurnoverTaxRateCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TurnoverTaxRateMobileTelephonePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Turnover Tax rate applicable to mobile telephones.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TurnoverTaxRateMobileTelephonePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_WithholdingTaxRateOnDividendsDistributedToNonResidents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of withholding tax on dividends distributed to non-residents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_WithholdingTaxRateOnDividendsDistributedToNonResidents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_AR</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_UY</td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_PY</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990835152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - Adoption of IFRS 15 (Revenue from Contracts with Customers) (Details) - ARS ($)<br> $ / shares in Units, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 01, 2018</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Adoption of IFRS 15 (Revenue from Contracts with Customers)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred income tax liabilities, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 24,464<span></span>
</td>
<td class="nump">$ 3,916<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">168,046<span></span>
</td>
<td class="nump">66,649<span></span>
</td>
<td class="nump">$ 60,405<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,536<span></span>
</td>
<td class="nump">$ 9,859<span></span>
</td>
<td class="nump">$ 10,546<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2.46<span></span>
</td>
<td class="nump">$ 8.21<span></span>
</td>
<td class="nump">$ 8.83<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (2,838)<span></span>
</td>
<td class="nump">$ 5,516<span></span>
</td>
<td class="nump">$ 6,015<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfEquipmentAndHandsetPurchases', window );">Cost of equipment and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,608<span></span>
</td>
<td class="nump">285<span></span>
</td>
<td class="nump">1,341<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member', window );">Adoption of IFRS 15</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Adoption of IFRS 15 (Revenue from Contracts with Customers)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="num">$ (90)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractAssets', window );">Contractual assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">85<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred income tax liabilities, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">32<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">105<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 73<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.02<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RetainedEarningsBeforeIncomeTax', window );">Retained earnings, before income tax</a></td>
<td class="nump">125<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="nump">35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfEquipmentAndHandsetPurchases', window );">Cost of equipment and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 145<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortizationOfEquipmentAndHandsets', window );">Amortization of equipment and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(143)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets', window );">Income (loss) before tax on adoption of IFRS 15 on equipment and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets', window );">Tax expense (benefit) on adoption of IFRS 15 on equipment and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets', window );">Income (loss), net of tax on adoption of IFRS 15 on equipment and handsets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member', window );">Adoption of IFRS 15 | Equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Adoption of IFRS 15 (Revenue from Contracts with Customers)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member', window );">Adoption of IFRS 15 | Services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Adoption of IFRS 15 (Revenue from Contracts with Customers)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(483)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember', window );">Telecom Argentina | Adoption of IFRS 15</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Adoption of IFRS 15 (Revenue from Contracts with Customers)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="nump">808<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractAssets', window );">Contractual assets</a></td>
<td class="nump">1,153<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred income tax liabilities, net</a></td>
<td class="nump">345<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_EquityAttributableToOwnersOfParentMember', window );">Equity attributable to Controlling Company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Adoption of IFRS 15 (Revenue from Contracts with Customers)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,294<span></span>
</td>
<td class="nump">9,731<span></span>
</td>
<td class="nump">10,457<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_EquityAttributableToOwnersOfParentMember', window );">Equity attributable to Controlling Company | Adoption of IFRS 15</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Adoption of IFRS 15 (Revenue from Contracts with Customers)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="nump">83<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RetainedEarningsBeforeIncomeTax', window );">Retained earnings, before income tax</a></td>
<td class="nump">117<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="nump">34<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_NoncontrollingInterestsMember', window );">Equity attributable to non-controlling interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Adoption of IFRS 15 (Revenue from Contracts with Customers)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 242<span></span>
</td>
<td class="nump">$ 128<span></span>
</td>
<td class="nump">$ 89<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_NoncontrollingInterestsMember', window );">Equity attributable to non-controlling interest | Adoption of IFRS 15</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Adoption of IFRS 15 (Revenue from Contracts with Customers)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="nump">7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RetainedEarningsBeforeIncomeTax', window );">Retained earnings, before income tax</a></td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an entity&#8217;s right to consideration in exchange for goods or services that the entity has transferred to a customer, when that right is conditioned on something other than the passage of time (for example, the entity&#8217;s future performance).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 116<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_116_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromContractsWithCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from contracts with customers. A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity&#8217;s ordinary activities in exchange for consideration. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_113_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 114<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_114&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromContractsWithCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AmortizationOfEquipmentAndHandsets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortization of equipment and handsets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AmortizationOfEquipmentAndHandsets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostOfEquipmentAndHandsetPurchases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cost of purchase of equipments and handsets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostOfEquipmentAndHandsetPurchases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income (loss) before tax on adoption of IFRS 15 on equipment and handsets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncomeLossBeforeTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income (loss) net of tax on adoption of IFRS 15 on equipment and handsets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncomeLossNetOfTaxOnAdoptionOfIfrs15OnEquipmentAndHandsets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RetainedEarningsBeforeIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit, before deducting of income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RetainedEarningsBeforeIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax expense (benefit) on adoption of IFRS 15 on equipment and handsets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxExpenseBenefitOnAdoptionOfIfrs15OnEquipmentAndHandsets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NewIFRSsAxis=ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NewIFRSsAxis=ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=teo_IfrsEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=teo_IfrsEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=teo_ServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=teo_ServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_EquityAttributableToOwnersOfParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_EquityAttributableToOwnersOfParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_NoncontrollingInterestsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_NoncontrollingInterestsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>103
<FILENAME>R81.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969779152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - Adoption of the Amendments to IFRS 9 Financial Instruments (Details) - ARS ($)<br> $ / shares in Units, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 01, 2018</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Statement</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (2,838)<span></span>
</td>
<td class="nump">$ 5,516<span></span>
</td>
<td class="nump">$ 6,015<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,527<span></span>
</td>
<td class="nump">901<span></span>
</td>
<td class="nump">741<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,536<span></span>
</td>
<td class="nump">$ 9,859<span></span>
</td>
<td class="nump">$ 10,546<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2.46<span></span>
</td>
<td class="nump">$ 8.21<span></span>
</td>
<td class="nump">$ 8.83<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_EquityAttributableToOwnersOfParentMember', window );">Equity attributable to Controlling Company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Statement</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,294<span></span>
</td>
<td class="nump">$ 9,731<span></span>
</td>
<td class="nump">$ 10,457<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_NoncontrollingInterestsMember', window );">Equity attributable to non-controlling interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Statement</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">242<span></span>
</td>
<td class="nump">$ 128<span></span>
</td>
<td class="nump">$ 89<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs9Member', window );">IFRS 9</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Statement</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="nump">$ 489<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets', window );">Increase in allowance of credit losses</a></td>
<td class="nump">982<span></span>
</td>
<td class="nump">722<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="nump">260<span></span>
</td>
<td class="nump">149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">496<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(347)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs9Member', window );">IFRS 9 | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Statement</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets', window );">Increase in allowance of credit losses</a></td>
<td class="nump">$ 245<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs9Member', window );">IFRS 9 | Equity attributable to Controlling Company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Statement</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets', window );">Increase in allowance of credit losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">701<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">255<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (348)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs9Member', window );">IFRS 9 | Equity attributable to Controlling Company | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Statement</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets', window );">Increase in allowance of credit losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 956<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs9Member', window );">IFRS 9 | Equity attributable to non-controlling interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Statement</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets', window );">Increase in allowance of credit losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs9Member', window );">IFRS 9 | Equity attributable to non-controlling interest | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Statement</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets', window );">Increase in allowance of credit losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the allowance account used to record the impairment of financial assets due to credit losses. [Refer: Financial assets; Allowance account for credit losses of financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_EquityAttributableToOwnersOfParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_EquityAttributableToOwnersOfParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_NoncontrollingInterestsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_NoncontrollingInterestsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NewIFRSsAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs9Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NewIFRSsAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs9Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_CablevisionHoldingMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp7016986160">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - Use of Estimates (Details)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=teo_NonCurrentTradeReceivablesMember', window );">Non-current receivables | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems', window );"><strong>Receivables and payables valued at amortized cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rates used to determine the discounted cash flow</a></td>
<td class="nump">29.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=teo_NonCurrentTradeReceivablesMember', window );">Non-current receivables | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems', window );"><strong>Receivables and payables valued at amortized cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rates used to determine the discounted cash flow</a></td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_USD', window );">U.S. dollars | Intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems', window );"><strong>Receivables and payables valued at amortized cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rates used to determine the discounted cash flow</a></td>
<td class="nump">9.66%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_USD', window );">U.S. dollars | Non-current receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems', window );"><strong>Receivables and payables valued at amortized cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rates used to determine the discounted cash flow</a></td>
<td class="nump">8.32%<span></span>
</td>
<td class="nump">13.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_PYG', window );">Guaranies | Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems', window );"><strong>Receivables and payables valued at amortized cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rates used to determine the discounted cash flow</a></td>
<td class="nump">9.00%<span></span>
</td>
<td class="nump">9.80%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_PYG', window );">Guaranies | Financial Debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems', window );"><strong>Receivables and payables valued at amortized cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Discount rates used to determine the discounted cash flow</a></td>
<td class="nump">8.32%<span></span>
</td>
<td class="nump">8.83%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate applied to cash flow projections for a cash-generating unit (group of units). [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 134<br> -Subparagraph d<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_134_d_v&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 134<br> -Subparagraph e<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_134_e_v&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections</td>
</tr>
<tr>
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<td>na</td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=teo_NonCurrentTradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=teo_NonCurrentTradeReceivablesMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_USD</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_IntangibleAssetsAndGoodwillMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_IntangibleAssetsAndGoodwillMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_PYG</td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_TradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_TradeReceivablesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=teo_IfrsLoansPayableMember</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6965792832">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT ACCOUNTING POLICIES - New Standards and Interpretations issued by the IASB not in force (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 01, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Statement</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 33,972<span></span>
</td>
<td class="nump">$ 217<span></span>
</td>
<td class="nump">$ 595<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs16Member', window );">IFRS 16</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Statement</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Rights of use assets</a></td>
<td class="nump">$ 3,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Current and non-current trade payables</a></td>
<td class="nump">3,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingLeaseExpenses', window );">Operating leases</a></td>
<td class="num">(1,600)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationExpense', window );">Amortization expense</a></td>
<td class="nump">1,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="nump">$ 300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation expense. Amortisation is the systematic allocation of depreciable amounts of intangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationExpense</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
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<td>debit</td>
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<tr>
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<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Outstanding Shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">210,866<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalStockOutstandingTotal', window );">Total Capital Stock (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">210,866<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDSharesMember', window );">Class D shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Outstanding Shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">841,666,658<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalStockOutstandingTotal', window );">Total Capital Stock (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">841,666,658<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember', window );">Cablevision S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable', window );">Shares issued or transferred (in shares) | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">193,831,921<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,871.07005<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total purchase price | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 194,435,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_VlgS.a.uMember', window );">VLG S.A.U | Class D shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesAcquisitions', window );">Shares issued upon merger (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">434,909,475<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_FintechTelecomLLCMember', window );">Fintech Telecom | Class A Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesAcquisitions', window );">Shares issued upon merger (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">342,861,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Class D shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesAcquisitions', window );">Shares issued upon merger (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">406,757,183<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Fintech Advisory Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TermForPaymentOfOptionPremium', window );">Term for payment of option premium (in days)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">30 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of interest on stake</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Class B shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ConversionOfOrdinarySharesClassification', window );">Conversion of ordinary shares</a></td>
<td class="nump">23,882<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfCapitalStockPostMerger', window );">Capital stock post-merger (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total purchase price | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 628,008,363<span></span>
</td>
<td class="nump">$ 634,275,282<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfInterestServiceResidentialSubscribers', window );">Number of residential subscriber of internet service | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">143,464<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Telecom Argentina | Fintech Advisory Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of interest on stake</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13.51%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total purchase price | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 634,275,282<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OptionPremium', window );">Option premium | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Telecom Argentina | Fintech Advisory Inc. | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TermForExerciseOfOption', window );">Term for exercise of option (in years)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | VLG S.A.U</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of interest on stake</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21.55%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of instruments or interests issued or issuable at acquisition date for equity interests of the acquirer transferred as consideration in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_f_iv&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalStockOutstandingTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total capital stock outstanding including treasury stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalStockOutstandingTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ConversionOfOrdinarySharesClassification">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary share conversion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ConversionOfOrdinarySharesClassification</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTreasuryStockShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTreasuryStockShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfInterestServiceResidentialSubscribers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of residential subscriber of internet service.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfInterestServiceResidentialSubscribers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OptionPremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of option premium.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OptionPremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfCapitalStockPostMerger">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of capital stock of the merged company post-merger.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfCapitalStockPostMerger</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TermForExerciseOfOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>"The term of exercise of option, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. "</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TermForExerciseOfOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TermForPaymentOfOptionPremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>"The term for payment of option premium, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. "</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TermForPaymentOfOptionPremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesAcquisitions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of stock issued during the period pursuant to acquisitions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesAcquisitions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassaSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassaSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_VlgS.a.uMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_VlgS.a.uMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_FintechTelecomLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_FintechTelecomLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_FintechAdvisoryIncMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_CablevisionHoldingMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_TelecomArgentinaS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6970631424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES - Specific matters relating to the merger between Telecom Argentina and Cablevisin (Details) - Cablevision S.A.<br> $ / shares in Units, $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Consideration paid, fair value of shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 194,435,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SharePricePerAdr', window );">ADR Price (in dollars per ADR) | $ / shares</a></td>
<td class="nump">$ 36.63<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable', window );">Number of ADRs outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">193,831,921<span></span>
</td>
<td class="nump">9,871.07005<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net identifiable assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 108,324,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate', window );">Non-controlling interest in acquiree recognised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,958,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill recognised as of acquisition date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">88,072,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MergerContributionSurplus', window );">Merger contribution surplus</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">127,343,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Fair value of property, plant and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">92,637,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Fair value of intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 59,329,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate', window );">Deferred income tax assets</a></td>
<td class="nump">$ 24,716<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Weighted statutory income tax rate (*)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember', window );">Licences</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets', window );">Fair value adjustment allocated to intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 22,046,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember', window );">Building and Automobile</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FairValueAdjustmentAllocatedToPropertyPlantAndEquipment', window );">Fair value adjustment allocated to property, plant and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50,504,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember', window );">Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets', window );">Fair value adjustment allocated to intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,701,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember', window );">Brands</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets', window );">Fair value adjustment allocated to intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,029,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AdesolMember', window );">Adesol | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Weighted statutory income tax rate (*)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for deferred tax assets acquired in a business combination. [Refer: Deferred tax assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interest in the acquiree recognised at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquiree at the acquisition date. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph o<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_o_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of instruments or interests issued or issuable at acquisition date for equity interests of the acquirer transferred as consideration in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_f_iv&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for plant, property and equipment acquired in a business combination. [Refer: Property, plant and equipment; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fair value adjustment allocated to intangible assets in-excess of book value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FairValueAdjustmentAllocatedToIdentifiableIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FairValueAdjustmentAllocatedToPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fair value adjustment allocated to property plant and equipment based on comparative market analysis .</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FairValueAdjustmentAllocatedToPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MergerContributionSurplus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of merger contribution surplus.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MergerContributionSurplus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SharePricePerAdr">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of share price per ADR.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SharePricePerAdr</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_CablevisionSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_LicencesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_LicencesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BuildingAndAutomobileMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BuildingAndAutomobileMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_BrandNamesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_BrandNamesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AdesolMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_AdesolMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>108
<FILENAME>R86.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6994583072">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES - Merger of Cablevision, Assets acquired and liabilities assumed and purchase price allocation impact (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Jan. 01, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract', window );"><strong>Impact of the purchase price allocation recognized in the consolidated results</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="nump">$ 35,111<span></span>
</td>
<td class="nump">$ 9,804<span></span>
</td>
<td class="nump">$ 7,883<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating loss</a></td>
<td class="nump">21,257<span></span>
</td>
<td class="nump">14,309<span></span>
</td>
<td class="nump">12,316<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax benefit (expense)</a></td>
<td class="nump">2,698<span></span>
</td>
<td class="nump">15,375<span></span>
</td>
<td class="nump">16,561<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="num">(2,838)<span></span>
</td>
<td class="nump">5,516<span></span>
</td>
<td class="nump">6,015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss)</a></td>
<td class="nump">5,536<span></span>
</td>
<td class="nump">9,859<span></span>
</td>
<td class="nump">10,546<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Controlling Company</a></td>
<td class="nump">5,294<span></span>
</td>
<td class="nump">9,731<span></span>
</td>
<td class="nump">10,457<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="nump">242<span></span>
</td>
<td class="nump">$ 128<span></span>
</td>
<td class="nump">$ 89<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AssetsRecognizedAsOfAcquisitionDateAbstract', window );"><strong>ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,180<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesRecognizedAsOfAcquisitionDate', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,013<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentAssetsRecognizedAsOfAcquisitionDate', window );">Other current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,044<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26,237<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate', window );">Deferred income tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InvestmentsRecognizedAsOfAcquisitionDate', window );">Investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,927<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">88,072<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, plant and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">92,637<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59,329<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate', window );">Other Non-current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">636<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate', window );">Total non-current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">244,604<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AssetsRecognizedAsOfAcquisitionDate', window );">TOTAL ASSETS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">270,841<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LiabilitiesRecognizedAsOfAcquisitionDateAbstract', window );"><strong>LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">32,470<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate', window );">Deferred income tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,716<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Other non-current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,262<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Total non-current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41,978<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LiabilitiesRecognizedAsOfAcquisitionDate', window );">TOTAL LIABILITIES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">74,448<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate', window );">Capital nominal value - Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">954<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InflationAdjustmentOfOutstandingSharesRecognizedAsOfAcquisitionDate', window );">Inflation adjustment - Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39,559<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate', window );">Capital nominal value - Treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate', window );">Inflation adjustment - Treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">152<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate', window );">Treasury shares acquisition cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,795)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ContributedSurplusRecognizedAsOfAcquisitionDate', window );">Contributed Surplus</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">127,343<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LegalReserveRecognizedAsOfAcquisitionDate', window );">Legal reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,819<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate', window );">Special reserve for IFRS implementation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">869<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate', window );">Voluntary reserve for capital investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate', window );">Reserve for future investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,414<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RetainedEarningsRecognizedAsOfAcquisitionDate', window );">Retained earnings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(195)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquityAttributableToParentRecognizedAsOfAcquisitionDate', window );">Equity Attributable to Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">194,435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate', window );">Noncontrolling interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,958<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate', window );">TOTAL EQUITY</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">196,393<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LiabilitiesAndEquityRecognizedAsOfAcquisitionDate', window );">TOTAL LIABILITIES AND EQUITY</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 270,841<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract', window );"><strong>Impact of the purchase price allocation recognized in the consolidated results</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueOfAcquiree', window );">Revenues of acquiree</a></td>
<td class="nump">88,020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Telecom Argentina | Impact of Purchase Price Allocation in Income Statement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract', window );"><strong>Impact of the purchase price allocation recognized in the consolidated results</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenue</a></td>
<td class="num">(30)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingExpenseExcludingDepreciationAndAmortization', window );">Operating costs without depreciation and amortization</a></td>
<td class="num">(187)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(11,414)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating loss</a></td>
<td class="num">(11,631)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialResultsNet', window );">Financial results, net</a></td>
<td class="nump">35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax benefit (expense)</a></td>
<td class="num">(11,596)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="nump">3,479<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss)</a></td>
<td class="num">(8,117)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Controlling Company</a></td>
<td class="num">(8,044)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Non-controlling interest</a></td>
<td class="num">$ (73)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for cash and cash equivalents acquired in a business combination. [Refer: Cash and cash equivalents; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for current assets acquired in a business combination. [Refer: Current assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for current liabilities assumed in a business combination. [Refer: Current liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for deferred tax assets acquired in a business combination. [Refer: Deferred tax assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for deferred tax liabilities assumed in a business combination. [Refer: Deferred tax liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense, amortisation expense and impairment loss (reversal of impairment loss) recognised in profit or loss. [Refer: Depreciation and amortisation expense; Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-controlling interest in the acquiree recognised at the acquisition date for business combinations in which the acquirer holds less than 100 per cent of the equity interests in the acquiree at the acquisition date. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph o<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_o_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterestInAcquireeRecognisedAtAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for non-current assets acquired in a business combination. [Refer: Non-current assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for non-current liabilities assumed in a business combination. [Refer: Non-current liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2018-03-01&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2018-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2018-03-01&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for plant, property and equipment acquired in a business combination. [Refer: Property, plant and equipment; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph IE72<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2018-03-01&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueOfAcquiree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue of the acquiree since the acquisition date included in the consolidated statement of comprehensive income. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph q<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_q_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueOfAcquiree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AssetsRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for other assets acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AssetsRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AssetsRecognizedAsOfAcquisitionDateAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AssetsRecognizedAsOfAcquisitionDateAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for capital nominal value of outstanding shares acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalNominalValueOfOutstandingSharesRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for capital nominal value of treasury shares acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalNominalValueOfTreasurySharesRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ContributedSurplusRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for contributed surplus acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ContributedSurplusRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for equity attributable to parent including non-controlling interest acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EquityAttributableToParentIncludingNonControllingInterestRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EquityAttributableToParentRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for equity attributable to parent acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EquityAttributableToParentRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinancialResultsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of financial results, net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinancialResultsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ImpactOfPurchasePriceAllocationInIncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InflationAdjustmentOfOutstandingSharesRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for inflation adjustment of outstanding shares acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InflationAdjustmentOfOutstandingSharesRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for inflation adjustment of treasury shares acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InflationAdjustmentOfTreasurySharesRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InvestmentsRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for investments acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InvestmentsRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LegalReserveRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for legal reserve acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LegalReserveRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LiabilitiesAndEquityRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for liabilities and equity acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LiabilitiesAndEquityRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LiabilitiesRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for liabilities acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LiabilitiesRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LiabilitiesRecognizedAsOfAcquisitionDateAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LiabilitiesRecognizedAsOfAcquisitionDateAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingExpenseExcludingDepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of operating expense excluding depreciation and amortization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingExpenseExcludingDepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherCurrentAssetsRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for other current assets acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherCurrentAssetsRecognizedAsOfAcquisitionDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for other non-current assets acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNonCurrentAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for other non-current liabilities acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNonCurrentLiabilitiesRecognisedAsOfAcquisitionDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for receivables acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for reserve for future investments acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReserveForFutureInvestmentsRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RetainedEarningsRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for retained earnings acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RetainedEarningsRecognizedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for special reserve for IFRS implementation acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SpecialReserveForIfrsImplementationRecognizedAsOfAcquisitionDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for acquisition cost of treasury shares acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TreasurySharesAcquisitionCostRecognizedAsOfAcquisitionDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for voluntary reserve for capital investments acquired in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_VoluntaryReserveForCapitalInvestmentsRecognizedAsOfAcquisitionDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_CablevisionHoldingMember</td>
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<td><strong> Balance Type:</strong></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_TelecomArgentinaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_TelecomArgentinaS.a.Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6993848880">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES - Acquisition of Nextel (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Oct. 01, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 14, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 28, 2016 </div>
<div>item </div>
<div>Vote </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Jun. 30, 2016 </div>
<div>ARS ($) </div>
<div>Vote </div>
<div>$ / shares</div>
</th>
<th class="th"><div>Jan. 27, 2016</div></th>
<th class="th">
<div>Oct. 07, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 10, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Pem</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable', window );">Shares issued or transferred (in shares) | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfVotesPerMembershipInterestAcquired', window );">Number of vote per membership interest | Vote</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfMembershipInterestOfTotalCapitalStock', window );">Membership interest of capital stock (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Nextel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 80,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable', window );">Shares issued or transferred (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">810,236,480<span></span>
</td>
<td class="nump">809,236,480<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfVotesPerMembershipInterestAcquired', window );">Number of vote per membership interest | Vote</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfMembershipInterestOfTotalCapitalStock', window );">Membership interest of capital stock (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">99.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Television Dirigida S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 85,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable', window );">Shares issued or transferred (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">392,774,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfMembershipInterestOfTotalCapitalStock', window );">Membership interest of capital stock (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Television Dirigida S.A. | Pem</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable', window );">Shares issued or transferred (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfVotesPerMembershipInterestAcquired', window );">Number of vote per membership interest | Vote</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfMembershipInterestOfTotalCapitalStock', window );">Membership interest of capital stock (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Nextel and Subsidiary Television Dirigida S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">165,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionalConsiderationUponFulfillmentOfCertainCondition', window );">Additional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Payment of purchase consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 159,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GuaranteeFundToCoverPotentialLiabilities', window );">Guarantee fund to cover potential liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentOfAdditionalConsideration', window );">Payment of additional consideration</a></td>
<td class="nump">$ 12,730<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 39<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of instruments or interests issued or issuable at acquisition date for equity interests of the acquirer transferred as consideration in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_f_iv&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfInstrumentsOrInterestsIssuedOrIssuable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionalConsiderationUponFulfillmentOfCertainCondition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of additional consideration subject to fulfillment of certain conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionalConsiderationUponFulfillmentOfCertainCondition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_GuaranteeFundToCoverPotentialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of guarantee fund to cover potential liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_GuaranteeFundToCoverPotentialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfVotesPerMembershipInterestAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of votes per membership interest acquired in business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfVotesPerMembershipInterestAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentOfAdditionalConsideration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of additional purchase consideration paid in business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentOfAdditionalConsideration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Membership interest represented as a percentage of total capital stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfMembershipInterestOfTotalCapitalStock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_CablevisionHoldingMember</td>
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<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PemS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PemS.a.Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_NextelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_NextelMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_TelevisionDirigidaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_TelevisionDirigidaS.a.Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_NextelAndSubsidiaryTelevisionDirigidaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_NextelAndSubsidiaryTelevisionDirigidaS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R88.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6971088800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES - Acquisition of companies, holders of radioelectric spectrum (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2016 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 120,449.0<span></span>
</td>
<td class="nump">$ 31,954.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionAndNextelMember', window );">Cablevision and Nextel | Fibercomm S.A. and Gridley Investments S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Total purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,978.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 138.2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfAcquisitionCostAllocation', window );">Acquisition cost allocation (as a percent)</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,475.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Fibercomm S.A. and Gridley Investments S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfAcquisitionCostAllocation', window );">Acquisition cost allocation (as a percent)</a></td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_NextelMember', window );">Nextel | Fibercomm S.A. and Gridley Investments S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">97.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfAcquisitionCostAllocation', window );">Acquisition cost allocation (as a percent)</a></td>
<td class="nump">97.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_NextelMember', window );">Nextel | WX Telecommunications LLC and Greenmax Telecommunications LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_FibercommS.a.AndGridleyInvestmentsS.a.Member', window );">Fibercomm S.A. and Gridley Investments S.A. | Trixco S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Acquisition percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of acquisition cost allocation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=teo_NextelMember">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp7016843776">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES - Corporate Reorganization - Redemption of shares of Sofora (Details) - Sofora - WAI<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>USD ($) </div>
<div>tranche </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2017 </div>
<div>ARS ($) </div>
<div>tranche</div>
</th>
<th class="th">
<div>Jun. 22, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 23, 2017 </div>
<div>USD ($)</div>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfTranchesForRedemptionOfShares', window );">Number of tranches for redemption of shares</a></td>
<td class="nump">2<span></span>
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<td class="nump">2<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RedemptionOfShares', window );">Number of shares redeemed | shares</a></td>
<td class="nump">140,704,640<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentForRedemptionOfShares', window );">Payment for shares redeemed</a></td>
<td class="nump">$ 8,683,596<span></span>
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<td class="nump">$ 141<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfTranchesForIssuanceOfDividendCertificate', window );">Number of tranches for issuance of dividend certificate</a></td>
<td class="nump">2<span></span>
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<td class="nump">2<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendForDividendCertificatesIssuedInLieuOfShareRedemption', window );">Dividend payable | $</a></td>
<td class="nump">$ 461,316,404<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 216,280,387<span></span>
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<td class="nump">$ 245,036,017<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfIncreaseInAmountOfDividendPerAnnum', window );">Increase in amount of dividend per annum (as a percent)</a></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TermOfRedemptionFromDateOfIssuanceOfBond', window );">Redemption period from date of issuance of bond (in months)</a></td>
<td class="text">36 months<span></span>
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<td class="text">36 months<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfPaymentOfBondValueAtTimeOfIssuance', window );">Payment of bond value at the time of issuance (as a percent)</a></td>
<td class="nump">60.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendForDividendCertificatesIssuedInLieuOfShareRedemption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of dividend for dividend certificates issued in lieu of share redemption.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendForDividendCertificatesIssuedInLieuOfShareRedemption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfTranchesForIssuanceOfDividendCertificate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of tranches for issuance of dividend certificate in corporate reorganization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfTranchesForIssuanceOfDividendCertificate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfTranchesForRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of tranches for redemption of shares in corporate reorganization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfTranchesForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentForRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of payment for redemption of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfIncreaseInAmountOfDividendPerAnnum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of increase in amount of dividend per annum applied to the outstanding balance under the dividend certificate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfIncreaseInAmountOfDividendPerAnnum</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfPaymentOfBondValueAtTimeOfIssuance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of payment of bond value at the time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfPaymentOfBondValueAtTimeOfIssuance</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares redeemed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TermOfRedemptionFromDateOfIssuanceOfBond">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Term of redemption from the date of issuance of bond, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TermOfRedemptionFromDateOfIssuanceOfBond</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_SoforaTelecomunicacionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_SoforaTelecomunicacionesS.a.Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_WDeArgentinaInversionesS.a.Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6993707632">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES - Corporate Reorganization of the Telecom Group (Details)<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>May 23, 2017 </div>
<div>Vote </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th"><div>May 22, 2017</div></th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share)</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share)</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember', window );">Telecom Argentina | Sofora | WAI</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfSharesOwnedOfTotalCapitalStock', window );">Shares owned of capital stock (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassaSharesMember', window );">Class A Shares | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfSharesForConversion', window );">Number of shares to be converted | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">161,039,447<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfVotesPerMembershipInterestAcquired', window );">Number of vote per share | Vote</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBSharesMember', window );">Class B shares | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>ACQUISITION OF COMPANIES AND CORPORATE REORGANIZATION PROCESSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfVotesPerMembershipInterestAcquired', window );">Number of vote per share | Vote</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders', window );">Number of converted shares to be issued to Class B Preferred Shareholders | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">161,039,477<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of converted shares to be issued to Class B Preferred Shareholders of related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfConvertedSharesToBeIssuedToClassBPreferredShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfSharesForConversion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares for conversion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfSharesForConversion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfVotesPerMembershipInterestAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of votes per membership interest acquired in business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfVotesPerMembershipInterestAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfSharesOwnedOfTotalCapitalStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Shares owned represented as a percentage of total capital stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfSharesOwnedOfTotalCapitalStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_SoforaTelecomunicacionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_SoforaTelecomunicacionesS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=teo_WDeArgentinaInversionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_WDeArgentinaInversionesS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassaSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassaSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>113
<FILENAME>R91.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6991462816">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS - Cash and cash equivalents and Investments (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Cash', window );">Cash and Banks</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,878<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,121<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents', window );">Time deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,953<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">32<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Mutual funds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,354<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherInvestmentsAtFairValue', window );">Other investments at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Total cash and cash equivalents</a></td>
<td class="nump">$ 183<span></span>
</td>
<td class="nump">6,891<span></span>
</td>
<td class="nump">$ 236<span></span>
</td>
<td class="nump">6,517<span></span>
</td>
<td class="nump">$ 4,840<span></span>
</td>
<td class="nump">$ 4,065<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,371<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">162<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Total non-current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,595<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember', window );">Government bonds | Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">727<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsAtAmortizedCostMember', window );">Government bonds at amortized cost | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">519<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Total non-current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,627<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_MutualFundsMember', window );">Mutual funds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Total current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">109<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherInvestmentsAtAmortizedCostMember', window );">Other investments at amortized cost | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Total cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">123<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_InvestmentsInAssociatesMember', window );">Investments in associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Total non-current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">967<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_TelecommunicationsFundMember', window );">2003 Telecommunications Fund</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsInvestmentsAbstract', window );"><strong>Investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Total non-current investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits. [Refer: Cash on hand]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term deposits. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term investments. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsInvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsInvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherInvestmentsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other investments at fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherInvestmentsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsAtAmortizedCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsAtAmortizedCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_MutualFundsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_MutualFundsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherInvestmentsAtAmortizedCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherInvestmentsAtAmortizedCostMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_InvestmentsInAssociatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_InvestmentsInAssociatesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_TelecommunicationsFundMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_TelecommunicationsFundMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6993378144">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS - Investment and earnings information in associates (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Investment in associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInAssociates', window );">Investments in associates</a></td>
<td class="nump">$ 967<span></span>
</td>
<td class="nump">$ 735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod', window );">Earnings from associates</a></td>
<td class="nump">$ 236<span></span>
</td>
<td class="nump">353<span></span>
</td>
<td class="nump">$ 221<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_VerT.v.S.a.Member', window );">Ver T.V. S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Investment in associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of capital stock owned and voting rights</a></td>
<td class="nump">49.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInAssociates', window );">Investments in associates</a></td>
<td class="nump">$ 592<span></span>
</td>
<td class="nump">428<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod', window );">Earnings from associates</a></td>
<td class="nump">$ 142<span></span>
</td>
<td class="nump">247<span></span>
</td>
<td class="nump">120<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_TeledifusoraSanMiguelArcangelS.a.Member', window );">Teledifusora San Miguel Arcngel S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Investment in associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of capital stock owned and voting rights</a></td>
<td class="nump">50.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInAssociates', window );">Investments in associates</a></td>
<td class="nump">$ 226<span></span>
</td>
<td class="nump">161<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod', window );">Earnings from associates</a></td>
<td class="nump">$ 72<span></span>
</td>
<td class="nump">68<span></span>
</td>
<td class="nump">55<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_LaCapitalCableS.a.Member', window );">La Capital Cable S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Investment in associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of capital stock owned and voting rights</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInAssociates', window );">Investments in associates</a></td>
<td class="nump">$ 143<span></span>
</td>
<td class="nump">137<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod', window );">Earnings from associates</a></td>
<td class="nump">22<span></span>
</td>
<td class="nump">38<span></span>
</td>
<td class="nump">$ 46<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_OtherMinorInvestmentsInAssociatesAtEquityMethodMember', window );">Other minor investments in associates at equity method</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Investment in associates</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInAssociates', window );">Investments in associates</a></td>
<td class="nump">$ 6<span></span>
</td>
<td class="nump">$ 9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems</td>
</tr>
<tr>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInAssociates">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in associates in an entity's separate financial statements. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInAssociates</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_VerT.v.S.a.Member</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_TeledifusoraSanMiguelArcangelS.a.Member</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_LaCapitalCableS.a.Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_OtherMinorInvestmentsInAssociatesAtEquityMethodMember</td>
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<td></td>
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<td><strong> Period Type:</strong></td>
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<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6992309216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS - Changes in assets/liabilities components (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract', window );"><strong>Net decrease (increase) in assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Trade receivables</a></td>
<td class="num">$ (4,092)<span></span>
</td>
<td class="num">$ (406)<span></span>
</td>
<td class="num">$ (164)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables', window );">Other receivables</a></td>
<td class="num">(894)<span></span>
</td>
<td class="num">(737)<span></span>
</td>
<td class="nump">346<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Inventories</a></td>
<td class="num">(11)<span></span>
</td>
<td class="nump">30<span></span>
</td>
<td class="nump">15<span></span>
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<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForDecreaseIncreaseInAssets', window );">Total</a></td>
<td class="num">(4,997)<span></span>
</td>
<td class="num">(1,113)<span></span>
</td>
<td class="nump">197<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract', window );"><strong>Net increase (decrease) in liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable', window );">Trade payables</a></td>
<td class="nump">885<span></span>
</td>
<td class="nump">363<span></span>
</td>
<td class="nump">598<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities', window );">Salaries and social security payables</a></td>
<td class="nump">283<span></span>
</td>
<td class="nump">362<span></span>
</td>
<td class="num">(98)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForIncreaseDecreaseInTaxesPayable', window );">Taxes payables</a></td>
<td class="num">(2,030)<span></span>
</td>
<td class="num">(1,425)<span></span>
</td>
<td class="num">(1,606)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesAndProvisions', window );">Other liabilities and Provisions</a></td>
<td class="num">(2,329)<span></span>
</td>
<td class="num">(735)<span></span>
</td>
<td class="num">(248)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentsForIncreaseDecreaseInLiabilities', window );">Total</a></td>
<td class="num">$ (3,191)<span></span>
</td>
<td class="num">$ (1,435)<span></span>
</td>
<td class="num">$ (1,354)<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other operating receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in employee benefit liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the adjustments for changes in assets relating to operating activities during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForDecreaseIncreaseInAssets</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForDecreaseIncreaseInAssetsAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the adjustments of changes in liabilities relating to operating activities during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForIncreaseDecreaseInLiabilities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForIncreaseDecreaseInLiabilitiesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the adjustments for changes in taxes payable during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentsForIncreaseDecreaseInOtherLiabilitiesAndProvisions</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the adjustments for changes in taxes payable during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6977982080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS - Main non-cash operating transactions (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
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<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsReceivableOffsetWithFinancialDebt', window );">Offsetting of dividends receivable with financial debt</a></td>
<td class="nump">$ 5<span></span>
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<td class="nump">$ 12<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the offsetting of dividends receivable for financial debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968464352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS - Main components of financing activities (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
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<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract', window );"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProceedsFromBankOverdrafts', window );">Bank overdrafts</a></td>
<td class="nump">$ 2,176<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProceedsFromBankLoans', window );">Bank loans</a></td>
<td class="nump">25,593<span></span>
</td>
<td class="nump">$ 1,229<span></span>
</td>
<td class="nump">$ 15,305<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashInflowsFromCompaniesUnderSection33AndRelatedParties', window );">Companies under section 33 - Law No. 19,550 and related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Total financial debt proceeds</a></td>
<td class="nump">27,769<span></span>
</td>
<td class="nump">1,264<span></span>
</td>
<td class="nump">15,305<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RepaymentsOfNonCurrentNotes', window );">Notes</a></td>
<td class="num">(3,905)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RepaymentsOfBankLoans', window );">Bank loans</a></td>
<td class="num">(335)<span></span>
</td>
<td class="num">(1,622)<span></span>
</td>
<td class="num">(12,679)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashOutflowsFromPurchaseOfEquipment', window );">By purchase of equipment</a></td>
<td class="num">(272)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashOutflowsFromCompaniesUnderSection33AndRelatedParties', window );">Companies under section 33 - Law No. 19,550 and related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Total payment of debt</a></td>
<td class="num">(4,512)<span></span>
</td>
<td class="num">(1,623)<span></span>
</td>
<td class="num">(12,679)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts', window );">Bank overdrafts</a></td>
<td class="num">(94)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentOfInterestOnNotesAndRelatedExpenses', window );">Notes - Interests and related expenses</a></td>
<td class="num">(1,509)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentOfInterestOnBankLoansAndRelatedExpenses', window );">Bank loans - Interests and related expenses</a></td>
<td class="num">(2,388)<span></span>
</td>
<td class="num">(1,264)<span></span>
</td>
<td class="num">(1,890)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentOfInterestOnNondeliverableForwards', window );">By NDF, purchase of equipment and others</a></td>
<td class="nump">267<span></span>
</td>
<td class="num">(27)<span></span>
</td>
<td class="nump">56<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentToCompaniesUnderSection33AndRelatedParties', window );">Companies under section 33 - Law No. 19,550 and related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Total payment of interest and related expenses</a></td>
<td class="num">$ (3,724)<span></span>
</td>
<td class="num">$ (1,292)<span></span>
</td>
<td class="num">$ (1,834)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashCashEquivalentsAndInvestmentsAndAdditionalInformationOnStatementOfCashFlowsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashInflowsFromCompaniesUnderSection33AndRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflows from companies under section 33 - Law No. 19,550 and Related Parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashInflowsFromCompaniesUnderSection33AndRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashOutflowsFromCompaniesUnderSection33AndRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflows from companies under section 33 - Law No. 19,550 and Related Parties</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashOutflowsFromCompaniesUnderSection33AndRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashOutflowsFromPurchaseOfEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflows from purchase of equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashOutflowsFromPurchaseOfEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of interest and related expenses on bank overdrafts .</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentOfInterestAndRelatedExpensesOnBankOverdrafts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentOfInterestOnBankLoansAndRelatedExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of interest on bank loans and related expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentOfInterestOnBankLoansAndRelatedExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentOfInterestOnNondeliverableForwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow of interest on non-deliverable forwards (NDF).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentOfInterestOnNondeliverableForwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentOfInterestOnNotesAndRelatedExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of interest on notes and related expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentOfInterestOnNotesAndRelatedExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentToCompaniesUnderSection33AndRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of payment to companies under section 33 - Law No. 19,550 and related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentToCompaniesUnderSection33AndRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProceedsFromBankLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from bank loans obtained.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProceedsFromBankLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProceedsFromBankOverdrafts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from bank overdrafts obtained.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProceedsFromBankOverdrafts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RepaymentsOfBankLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payments of bank loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RepaymentsOfBankLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RepaymentsOfNonCurrentNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payments of non-current notes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RepaymentsOfNonCurrentNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>118
<FILENAME>R96.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp7091316720">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS - Cash dividends (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="6">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Apr. 30, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Mar. 21, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Feb. 15, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Jan. 08, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Mar. 30, 2017 </div>
<div>ARS ($) </div>
<div>installment</div>
</th>
<th class="th">
<div>Jun. 30, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>May 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Sep. 30, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>installment</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Aug. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>May 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Feb. 28, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28,822,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,770,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 1,563,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Payment of cash dividend</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,130,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,454,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 3,005,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsReceivableOffsetWithFinancialDebt', window );">Offsetting of dividends receivable with financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember', window );">Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities', window );">Reserve for future cash dividends payments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 9,729,418,019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfCashDividendDistributionInstallments', window );">Number of cash dividend distribution installments | installment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities', window );">Cash dividend paid to equityholders of parent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,866,418,019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,863,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPaidInAdvanceToEquityHolders', window );">Advance cash dividends paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,640,728,444<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPaidInterimToEquityHoldersOfParent', window );">Interim cash dividends paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,502,777,155<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,873,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Payment of cash dividend</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,866,000,000<span></span>
</td>
<td class="nump">13,007,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember', window );">Telecom Argentina | Current currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent', window );">Dividends declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28,822,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Payment of cash dividend</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 27,927,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ifrs-full_AssociatesMember', window );">Associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceived', window );">Dividends received</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 99,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ifrs-full_AssociatesMember', window );">Associates | Current currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceived', window );">Dividends received</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">56,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">149,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_VerT.v.S.a.Member', window );">Ver T.V. S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceived', window );">Dividends received</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 19,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">32,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends approved</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">198,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 77,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_VerT.v.S.a.Member', window );">Ver T.V. S.A. | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends approved</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">97,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_TeledifusoraSanMiguelArcangelS.a.Member', window );">Teledifusora San Miguel Arcngel S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceived', window );">Dividends received</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 7,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends approved</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 24,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 24,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 69,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_TeledifusoraSanMiguelArcangelS.a.Member', window );">Teledifusora San Miguel Arcngel S.A. | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends approved</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 34,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_LaCapitalCableS.a.Member', window );">La Capital Cable S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceived', window );">Dividends received</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends approved</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 21,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsReceivableOffsetWithFinancialDebt', window );">Offsetting of dividends receivable with financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionSaMember', window );">Cablevision S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfCashDividendDistributionInstallments', window );">Number of cash dividend distribution installments | installment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends approved</a></td>
<td class="nump">$ 2,603,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,600,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,603,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionSaMember', window );">Cablevision S.A. | Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,077,790,056<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,021,000,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPayablePerEachInstallment', window );">Dividends payable per installment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 800,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionSaMember', window );">Cablevision S.A. | Ver T.V. S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends approved</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 38,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionSaMember', window );">Cablevision S.A. | Teledifusora San Miguel Arcngel S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends approved</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionSaMember', window );">Cablevision S.A. | La Capital Cable S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Dividends approved</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsReceivableOffsetWithFinancialDebt', window );">Offsetting of dividends receivable with financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember', window );">Nucleo</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid</a></td>
<td class="nump">$ 182,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 161,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_CvBerazateguiMember', window );">CV Berazategui</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CashDividendsAbstract', window );"><strong>Cash dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="22"></td></tr>
<tr><td colspan="22"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As approved by the Company&#8217;s Board of Directors on January 31, 2018. Includes 14,711 of advanced dividends which were subsequently ratified by the General Ordinary Shareholders&#8217; Meeting held on April 25, 2018.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">As approved by the Ordinary and Extraordinary Shareholders&#8217; Meeting of Cablevisi&#243;n held on March 30, 2017.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">As approved by the General Ordinary and Extraordinary Shareholders&#8217; Meeting of Cablevisi&#243;n held on April 20, 2016.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends that the company has declared but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid to equity holders of the parent, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners of the parent. [Refer: Parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsRecognisedAsDistributionsToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CashDividendsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CashDividendsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow from reserves for dividends paid to equity holders of the parent, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendsPaidFromReservesToEquityHoldersOfParentClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendsPaidInAdvanceToEquityHolders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid in advance to equity holders of the parent, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendsPaidInAdvanceToEquityHolders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendsPaidInterimToEquityHoldersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid interim advance to equity holders of the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendsPaidInterimToEquityHoldersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendsPayablePerEachInstallment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends that the company has declared per installment but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendsPayablePerEachInstallment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendsReceivableOffsetWithFinancialDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the offsetting of dividends receivable for financial debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendsReceivableOffsetWithFinancialDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfCashDividendDistributionInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of installments in which the cash dividends are to be distributed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfCashDividendDistributionInstallments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementScenarioAxis=teo_InflationRestatementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementScenarioAxis=teo_InflationRestatementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ifrs-full_AssociatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ifrs-full_AssociatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_VerT.v.S.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_VerT.v.S.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_TeledifusoraSanMiguelArcangelS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_TeledifusoraSanMiguelArcangelS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_LaCapitalCableS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=teo_LaCapitalCableS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=teo_CablevisionSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_CablevisionSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_CvBerazateguiMember">
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<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_CvBerazateguiMember</td>
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<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>119
<FILENAME>R97.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6980799056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS - Additional information required by IAS 7 (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from financial debt</a></td>
<td class="nump">$ 27,769<span></span>
</td>
<td class="nump">$ 1,264<span></span>
</td>
<td class="nump">$ 15,305<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of financial debt</a></td>
<td class="nump">4,512<span></span>
</td>
<td class="nump">1,623<span></span>
</td>
<td class="nump">12,679<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities', window );">Payment of interest and related expenses</a></td>
<td class="nump">3,724<span></span>
</td>
<td class="nump">1,292<span></span>
</td>
<td class="nump">$ 1,834<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_CurrentAndNonCurrentBorrowingsMember', window );">Current and Non-current Borrowings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">16,009<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TransfersInOutOfBorrowings', window );">Transfers</a></td>
<td class="nump">18,104<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="nump">19,129<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestAccruedOnBorrowings', window );">Accrued interests</a></td>
<td class="nump">4,549<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="nump">21,521<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">79,312<span></span>
</td>
<td class="nump">16,009<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember', window );">Bank overdrafts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TransfersInOutOfBorrowings', window );">Transfers</a></td>
<td class="nump">199<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="nump">2,176<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="num">(99)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">2,276<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_BankLoansMember', window );">Bank loans - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">287<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TransfersInOutOfBorrowings', window );">Transfers</a></td>
<td class="nump">12,097<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="nump">25,258<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="nump">9,563<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">47,205<span></span>
</td>
<td class="nump">287<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesMember', window );">Notes - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">13,767<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TransfersInOutOfBorrowings', window );">Transfers</a></td>
<td class="nump">3,186<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="num">(3,905)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="nump">5,783<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">18,831<span></span>
</td>
<td class="nump">13,767<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardMember', window );">NDF</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TransfersInOutOfBorrowings', window );">Transfers</a></td>
<td class="nump">25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="num">(44)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestAccruedOnBorrowings', window );">Accrued interests</a></td>
<td class="nump">119<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentMember', window );">By purchase of equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">1,943<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="num">(256)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestAccruedOnBorrowings', window );">Accrued interests</a></td>
<td class="nump">35<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="nump">357<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">2,079<span></span>
</td>
<td class="nump">1,943<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_CompaniesUnderSection33AndRelatedPartiesMember', window );">Companies under sect. 33 - Law No. 19,550 and Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="num">(6)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesMember', window );">Accrued interests and related expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Reconciliation of liabilities generated by financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2016</a></td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TransfersInOutOfBorrowings', window );">Transfers</a></td>
<td class="nump">2,597<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash Flows</a></td>
<td class="num">(4,100)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestAccruedOnBorrowings', window );">Accrued interests</a></td>
<td class="nump">4,395<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Exchange differences and currency translation adjustments</a></td>
<td class="nump">5,923<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Balances as of December 31, 2017</a></td>
<td class="nump">$ 8,821<span></span>
</td>
<td class="nump">$ 6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from the effect of changes in foreign exchange rates. [Refer: Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 44B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_44B_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from financing cash flows. [Refer: Cash flows from (used in) financing activities; Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 44B<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_44B_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsFinancingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities for which cash flows were, or future cash flows will be, classified in the statement of cash flows as cash flows from financing activities. [Refer: Cash flows from (used in) financing activities; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 44D<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_44D&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest accrued on borrowings, during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TransfersInOutOfBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers in and (out) of borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TransfersInOutOfBorrowings</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_CurrentAndNonCurrentBorrowingsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_BankLoansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_BankLoansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_CompaniesUnderSection33AndRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_CompaniesUnderSection33AndRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>120
<FILENAME>R98.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967888512">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>TRADE RECEIVABLES (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesAbstract', window );"><strong>Current trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Total current trade receivables</a></td>
<td class="nump">$ 17,415<span></span>
</td>
<td class="nump">$ 2,588<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesAbstract', window );"><strong>Non-current trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLoansAndReceivables', window );">Ordinary receivables</a></td>
<td class="nump">38<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesFromContractsWithCustomers', window );">Contractual asset IFRS 15</a></td>
<td class="nump">23<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentTradeReceivables', window );">Non-current trade receivables</a></td>
<td class="nump">61<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Total trade receivables, net</a></td>
<td class="nump">17,476<span></span>
</td>
<td class="nump">2,588<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesAbstract', window );"><strong>Current trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLoansAndReceivables', window );">Ordinary receivables</a></td>
<td class="nump">19,910<span></span>
</td>
<td class="nump">3,242<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentReceivablesFromContractsWithCustomers', window );">Contractual asset IFRS 15</a></td>
<td class="nump">62<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Companies under section 33 - Law No. 19,550 and related parties</a></td>
<td class="nump">92<span></span>
</td>
<td class="nump">59<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesAbstract', window );"><strong>Current trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AllowanceForDoubtfulAccountsTradeReceivables', window );">Allowance for doubtful accounts</a></td>
<td class="num">$ (2,649)<span></span>
</td>
<td class="num">$ (713)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current loans and receivables. [Refer: Loans and receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentReceivablesFromContractsWithCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables from contracts with customers. [Refer: Receivables from contracts with customers]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentReceivablesFromContractsWithCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current loans and receivables. [Refer: Loans and receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesFromContractsWithCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables from contracts with customers. [Refer: Receivables from contracts with customers]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2018-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=15&amp;date=2018-03-01&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesFromContractsWithCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount due from customers for goods and services sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AllowanceForDoubtfulAccountsTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of allowance for doubtful account used to record uncollectible trade receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AllowanceForDoubtfulAccountsTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969205216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TRADE RECEIVABLES - Movements in the allowance for current doubtful accounts (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfTradeReceivablesLineItems', window );"><strong>Trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples', window );">Retained earnings adjustment</a></td>
<td class="num">$ (3)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfTradeReceivablesLineItems', window );"><strong>Trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the beginning of the fiscal year</a></td>
<td class="num">(713)<span></span>
</td>
<td class="num">$ (512)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets', window );">Additions -Bad debt expenses</a></td>
<td class="num">(3,527)<span></span>
</td>
<td class="num">(901)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets', window );">Uses and Currency translation adjustments</a></td>
<td class="nump">1,836<span></span>
</td>
<td class="nump">700<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the end of the year</a></td>
<td class="num">(2,649)<span></span>
</td>
<td class="num">$ (713)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables | IFRS 9</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfTradeReceivablesLineItems', window );"><strong>Trade receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples', window );">Retained earnings adjustment</a></td>
<td class="num">$ (245)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional allowance for credit losses of financial assets recognised in profit or loss. [Refer: Allowance account for credit losses of financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an allowance account used to record impairments to financial assets due to credit losses. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjustments to equity through effect of adoption of new IFRS accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustmentRelatingToEffectOfAdoptionOfNewIfrsAccountingPrinciples</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfTradeReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfTradeReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in an allowance account for credit losses of financial assets resulting from the utilisation and currency translation adjustments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_UtilisationAndCurrencyTranslationAdjustmentsAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InitiallyAppliedIFRSsAxis=teo_IncreaseDecreaseDueToApplicationOfIfrs9Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6970217840">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>OTHER RECEIVABLES (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentReceivablesAbstract', window );"><strong>Current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Total Current other receivables</a></td>
<td class="nump">$ 5,073<span></span>
</td>
<td class="nump">$ 1,223<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentReceivablesAbstract', window );"><strong>Non-current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentReceivables', window );">Total Non-current other receivables</a></td>
<td class="nump">1,722<span></span>
</td>
<td class="nump">353<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Total other receivables</a></td>
<td class="nump">6,795<span></span>
</td>
<td class="nump">1,576<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentReceivablesAbstract', window );"><strong>Current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepaidExpenses', window );">Prepaid expenses</a></td>
<td class="nump">1,437<span></span>
</td>
<td class="nump">603<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromTaxCreditsCurrent', window );">Tax credits</a></td>
<td class="nump">1,363<span></span>
</td>
<td class="nump">127<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAdvancesToSuppliers', window );">Advances to suppliers</a></td>
<td class="nump">103<span></span>
</td>
<td class="nump">41<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromSettlementPendingsAccountsCurrent', window );">Settlement Pendings accounts</a></td>
<td class="nump">217<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromGuaranteeDepositsCurrent', window );">Guarantee deposits</a></td>
<td class="nump">24<span></span>
</td>
<td class="nump">112<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromReimbursementOfExpenditureCurrent', window );">Expenditure reimbursement</a></td>
<td class="nump">109<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Financial NDF (Note 21)</a></td>
<td class="nump">750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromRestrictedFundsCurrent', window );">Restricted funds</a></td>
<td class="nump">63<span></span>
</td>
<td class="nump">27<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromCompaniesUnderSection33AndRelatedParties', window );">Companies under section 33 - Law No. 19,550 and related parties</a></td>
<td class="nump">144<span></span>
</td>
<td class="nump">174<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromSaleOfCustomerRelationshipCurrent', window );">Receivables from sale of customer relationship</a></td>
<td class="nump">72<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentReceivablesOther', window );">Other</a></td>
<td class="nump">806<span></span>
</td>
<td class="nump">139<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentReceivablesGross', window );">Subtotal</a></td>
<td class="nump">5,088<span></span>
</td>
<td class="nump">1,223<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentReceivablesAbstract', window );"><strong>Non-current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Prepaid expenses</a></td>
<td class="nump">450<span></span>
</td>
<td class="nump">45<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdvancesToSuppliersNonCurrent', window );">Advances to suppliers</a></td>
<td class="nump">71<span></span>
</td>
<td class="nump">244<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromTaxCreditsNonCurrent', window );">Tax credits</a></td>
<td class="nump">703<span></span>
</td>
<td class="nump">61<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromRestrictedFundsNonCurrent', window );">Restricted funds</a></td>
<td class="nump">92<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NondeliverableForward', window );">Financial NDF (Note 20)</a></td>
<td class="nump">45<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromRegulatoryNonCurrent', window );">Regulatory Credits (Nucleo)</a></td>
<td class="nump">156<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromGuaranteeDepositsNonCurrent', window );">Guarantee deposits</a></td>
<td class="nump">46<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CreditOfIndemnityForTuvesParaguayAcquisition', window );">Credit indemnity for Tuves Paraguay acquisition</a></td>
<td class="nump">55<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReceivablesFromSaleOfCustomerRelationshipNonCurrent', window );">Receivables from sale of customer relationship</a></td>
<td class="nump">113<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentReceivablesOther', window );">Other</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentReceivablesGross', window );">Subtotal</a></td>
<td class="nump">1,734<span></span>
</td>
<td class="nump">$ 353<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentReceivablesAbstract', window );"><strong>Current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsAllowanceForDoubtfulAccountsReceivableCurrent', window );">Allowance for doubtful accounts</a></td>
<td class="num">(15)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentReceivablesAbstract', window );"><strong>Non-current other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent', window );">Allowance for non-current other receivables</a></td>
<td class="num">$ (12)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAdvancesToSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current advances made to suppliers before goods or services are received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAdvancesToSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial assets. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaidExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaidExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current prepayments. [Refer: Prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdvancesToSuppliersNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of non-current receivables from advances to suppliers.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdvancesToSuppliersNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CreditOfIndemnityForTuvesParaguayAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of credit indemnity for Tuves Paraguay acquisition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CreditOfIndemnityForTuvesParaguayAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsAllowanceForDoubtfulAccountsReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for doubtful accounts receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsAllowanceForDoubtfulAccountsReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for doubtful accounts receivables due to an Entity more than one year that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsAllowanceForDoubtfulAccountsReceivableNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NondeliverableForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of noncurrent derivative financial assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NondeliverableForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherCurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherCurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherCurrentReceivablesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of other current receivables including allowances.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherCurrentReceivablesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherCurrentReceivablesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of other current receivables, other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherCurrentReceivablesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNonCurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNonCurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNonCurrentReceivablesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of other non-current receivables including allowances.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNonCurrentReceivablesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNonCurrentReceivablesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of other non-current receivables, other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNonCurrentReceivablesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromCompaniesUnderSection33AndRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of receivables from companies registered under section 33 and related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromCompaniesUnderSection33AndRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromGuaranteeDepositsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current receivables from guarantee deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromGuaranteeDepositsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromGuaranteeDepositsNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of non-current receivables from guarantee deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromGuaranteeDepositsNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromRegulatoryNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of non-current receivables for regulatory matters.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromRegulatoryNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromReimbursementOfExpenditureCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of expenditure that is to be reimbursed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromReimbursementOfExpenditureCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromRestrictedFundsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current receivables from restricted funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromRestrictedFundsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromRestrictedFundsNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of non-current receivables from restricted funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromRestrictedFundsNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromSaleOfCustomerRelationshipCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of receivables from sale of customer relationship.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromSaleOfCustomerRelationshipCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromSaleOfCustomerRelationshipNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of non current receivables from sale of customer relationship.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromSaleOfCustomerRelationshipNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromSettlementPendingsAccountsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of receivables from settlement pendings accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromSettlementPendingsAccountsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromTaxCreditsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current tax credit receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromTaxCreditsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReceivablesFromTaxCreditsNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of non-current tax credit receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReceivablesFromTaxCreditsNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<FILENAME>R101.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp7016633472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER RECEIVABLES - Movements in the allowances (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherCurrentReceivablesMember', window );">Other current receivables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOtherReceivablesLineItems', window );"><strong>Movements in the allowances of other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets', window );">Increases</a></td>
<td class="num">$ (18)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets', window );">Decreases</a></td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the end of the year</a></td>
<td class="num">(15)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherNonCurrentReceivablesMember', window );">Other non current receivables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOtherReceivablesLineItems', window );"><strong>Movements in the allowances of other receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets', window );">Increases</a></td>
<td class="num">(12)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">At the end of the year</a></td>
<td class="num">$ (12)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional allowance for credit losses of financial assets recognised in profit or loss. [Refer: Allowance account for credit losses of financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an allowance account used to record impairments to financial assets due to credit losses. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in an allowance account for credit losses of financial assets resulting from the utilisation of the allowance. [Refer: Allowance account for credit losses of financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_16&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOtherReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOtherReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherCurrentReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherCurrentReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherNonCurrentReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherNonCurrentReceivablesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966958928">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INVENTORIES (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">$ 2,737<span></span>
</td>
<td class="nump">$ 136<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">2,870<span></span>
</td>
<td class="nump">189<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Mobile handsets and others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">2,254<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Radio equipment and others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">64<span></span>
</td>
<td class="nump">189<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Fixed telephones and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">15<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Inventories for construction projects</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">537<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Inventories and allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="num">$ (133)<span></span>
</td>
<td class="num">$ (53)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScheduleOfInventoryDisclosureLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScheduleOfInventoryDisclosureLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TypeOfInventoriesAxis=teo_MobileHandsetsAndOthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TypeOfInventoriesAxis=teo_MobileHandsetsAndOthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TypeOfInventoriesAxis=teo_RadioEquipmentAndOthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TypeOfInventoriesAxis=teo_RadioEquipmentAndOthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TypeOfInventoriesAxis=teo_FixedTelephonesAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TypeOfInventoriesAxis=teo_FixedTelephonesAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TypeOfInventoriesAxis=teo_InventoriesForConstructionProjectsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TypeOfInventoriesAxis=teo_InventoriesForConstructionProjectsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>125
<FILENAME>R103.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966910304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVENTORIES - Movements in the allowance for obsolescence of inventories (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Movements in the allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">At the beginning of the year</a></td>
<td class="nump">$ 136<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">At the end of the year</a></td>
<td class="nump">2,737<span></span>
</td>
<td class="nump">$ 136<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ScheduleOfInventoryDisclosureLineItems', window );"><strong>Movements in the allowance for obsolescence of inventories</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">At the beginning of the year</a></td>
<td class="num">(53)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InventoryWritedown2011', window );">Additions</a></td>
<td class="num">(82)<span></span>
</td>
<td class="num">(70)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UtilisationOfAllowanceForObsolescenceOfInventory', window );">Decreases</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">17<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">At the end of the year</a></td>
<td class="num">$ (133)<span></span>
</td>
<td class="num">$ (53)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InventoryWritedown2011">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognised related to the write-down of inventories to net realisable value. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_36_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InventoryWritedown2011</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ScheduleOfInventoryDisclosureLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ScheduleOfInventoryDisclosureLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_UtilisationOfAllowanceForObsolescenceOfInventory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of utilisation of allowance for obsolescence of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_UtilisationOfAllowanceForObsolescenceOfInventory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R104.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6972773776">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>GOODWILL (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">$ 120,449<span></span>
</td>
<td class="nump">$ 31,954<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">119,678<span></span>
</td>
<td class="nump">31,273<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Merger between Telecom and Cablevision</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">88,068<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Cablevision</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">31,606<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Tuves Paraguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_UY', window );">Uruguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">$ 771<span></span>
</td>
<td class="nump">$ 681<span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968067280">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>PROPERTY, PLANT AND EQUIPMENT - Property, plant and equipment, Net (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">$ 150,476<span></span>
</td>
<td class="nump">$ 45,701<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">151,168<span></span>
</td>
<td class="nump">45,885<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">150,476<span></span>
</td>
<td class="nump">45,701<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember', window );">PP&amp;E | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">201,245<span></span>
</td>
<td class="nump">71,967<span></span>
</td>
<td class="nump">$ 60,864<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember', window );">PP&amp;E | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">151,168<span></span>
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<td class="nump">45,885<span></span>
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<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember', window );">PP&amp;E | Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="num">(333)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">863<span></span>
</td>
<td class="nump">259<span></span>
</td>
<td class="nump">260<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">468<span></span>
</td>
<td class="nump">46<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember', window );">Materials | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">12,593<span></span>
</td>
<td class="nump">6,982<span></span>
</td>
<td class="nump">7,532<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember', window );">Materials | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">12,593<span></span>
</td>
<td class="nump">6,982<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember', window );">Materials | Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="num">$ (359)<span></span>
</td>
<td class="num">$ (184)<span></span>
</td>
<td class="num">$ (153)<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969535424">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROPERTY, PLANT AND EQUIPMENT - Movements for materials and PP&amp;E (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract', window );"><strong>Movements in impairment of materials and PP&amp;E</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">150,476<span></span>
</td>
<td class="nump">$ 45,701<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember', window );">Materials | Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract', window );"><strong>Movements in impairment of materials and PP&amp;E</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="num">(184)<span></span>
</td>
<td class="num">(153)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="num">(175)<span></span>
</td>
<td class="num">(31)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(359)<span></span>
</td>
<td class="num">$ (184)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember', window );">PP&amp;E | Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract', window );"><strong>Movements in impairment of materials and PP&amp;E</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="num">(333)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">$ (333)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisposalAndImpairmentOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of gain on disposal, impairment and disposal of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisposalAndImpairmentOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReconciliationOfChangesInImpairmentPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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</body>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6971680352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROPERTY, PLANT AND EQUIPMENT - Property, plant and equipment - Gross (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">$ 45,701<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">150,476<span></span>
</td>
<td class="nump">$ 45,701<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">45,885<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">151,168<span></span>
</td>
<td class="nump">45,885<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember', window );">PP&amp;E | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">71,967<span></span>
</td>
<td class="nump">60,864<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">92,636<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">39,574<span></span>
</td>
<td class="nump">19,116<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">4,786<span></span>
</td>
<td class="num">(201)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(7,718)<span></span>
</td>
<td class="num">(7,812)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">201,245<span></span>
</td>
<td class="nump">71,967<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_IfrsRealEstateMember', window );">Real estate | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">2,990<span></span>
</td>
<td class="nump">2,864<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">19,387<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">6<span></span>
</td>
<td class="nump">227<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">167<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">219<span></span>
</td>
<td class="nump">22<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(9)<span></span>
</td>
<td class="num">(121)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">22,760<span></span>
</td>
<td class="nump">2,990<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember', window );">Switching equipment | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">3,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">223<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">798<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">384<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">5,103<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_FixedNetworkAndTransportationMember', window );">Fixed network and transportation | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">35,676<span></span>
</td>
<td class="nump">30,317<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">30,493<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">5,408<span></span>
</td>
<td class="nump">4,027<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">674<span></span>
</td>
<td class="num">(177)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">15,187<span></span>
</td>
<td class="nump">4,793<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(3,840)<span></span>
</td>
<td class="num">(3,284)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">83,598<span></span>
</td>
<td class="nump">35,676<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember', window );">Mobile network access | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">4<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">11,317<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">12<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">836<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">4,825<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(312)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">16,682<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember', window );">Tower and pole | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">207<span></span>
</td>
<td class="nump">208<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">4,494<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">43<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">273<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">384<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(3)<span></span>
</td>
<td class="num">(1)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">5,398<span></span>
</td>
<td class="nump">207<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentAndInstallationsMember', window );">Power equipment and Installations | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">5,472<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">233<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">705<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">6,410<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">Computer equipment | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">4,767<span></span>
</td>
<td class="nump">3,577<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">6,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">1,158<span></span>
</td>
<td class="nump">574<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">1,249<span></span>
</td>
<td class="num">(4)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">2,211<span></span>
</td>
<td class="nump">616<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(4)<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">15,645<span></span>
</td>
<td class="nump">4,767<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_GoodsLentToCustomersAtNoCostMember', window );">Goods lent to customers at no cost | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">5,282<span></span>
</td>
<td class="nump">4,035<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">223<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">5,010<span></span>
</td>
<td class="nump">845<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">361<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">4<span></span>
</td>
<td class="nump">3,192<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(3,396)<span></span>
</td>
<td class="num">(2,790)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">7,484<span></span>
</td>
<td class="nump">5,282<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember', window );">Vehicles | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">1,477<span></span>
</td>
<td class="nump">1,384<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">1,187<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">376<span></span>
</td>
<td class="nump">195<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">21<span></span>
</td>
<td class="num">(1)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(74)<span></span>
</td>
<td class="num">(103)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">2,987<span></span>
</td>
<td class="nump">1,477<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MachineryDiverseEquipmentAndToolsMember', window );">Machinery, diverse equipment and tools | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">3,946<span></span>
</td>
<td class="nump">3,805<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">226<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">194<span></span>
</td>
<td class="nump">22<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">12<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">98<span></span>
</td>
<td class="nump">120<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">4,476<span></span>
</td>
<td class="nump">3,946<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">259<span></span>
</td>
<td class="nump">260<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">473<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">5<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">42<span></span>
</td>
<td class="num">(6)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">83<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">863<span></span>
</td>
<td class="nump">259<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">Construction in progress | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">10,377<span></span>
</td>
<td class="nump">6,879<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">5,818<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">24,138<span></span>
</td>
<td class="nump">2,169<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">95<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="num">(23,144)<span></span>
</td>
<td class="nump">1,329<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(38)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">17,246<span></span>
</td>
<td class="nump">10,377<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember', window );">Materials | Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">6,982<span></span>
</td>
<td class="nump">7,532<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Incorporation by merger</a></td>
<td class="nump">3,582<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">CAPEX</a></td>
<td class="nump">3,001<span></span>
</td>
<td class="nump">11,052<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="nump">25<span></span>
</td>
<td class="num">(9)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="num">(956)<span></span>
</td>
<td class="num">(10,075)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Decreases</a></td>
<td class="num">(41)<span></span>
</td>
<td class="num">(1,518)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">$ 12,593<span></span>
</td>
<td class="nump">$ 6,982<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in property, plant and equipment resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals and retirements. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers from construction in progress. [Refer: Property, plant and equipment; Construction in progress]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_IfrsRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_IfrsRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_FixedNetworkAndTransportationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_FixedNetworkAndTransportationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentAndInstallationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentAndInstallationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_GoodsLentToCustomersAtNoCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_GoodsLentToCustomersAtNoCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MachineryDiverseEquipmentAndToolsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MachineryDiverseEquipmentAndToolsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember">
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<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6992795872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROPERTY, PLANT AND EQUIPMENT - Property, plant and equipment - Accumulated Depreciation (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">$ 45,701<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(27,643)<span></span>
</td>
<td class="num">$ (9,698)<span></span>
</td>
<td class="num">$ (7,719)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">150,476<span></span>
</td>
<td class="nump">45,701<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember', window );">Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">45,701<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">150,476<span></span>
</td>
<td class="nump">45,701<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember', window );">PP&amp;E | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="num">(26,082)<span></span>
</td>
<td class="num">(22,612)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(27,643)<span></span>
</td>
<td class="num">(9,698)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(3,857)<span></span>
</td>
<td class="nump">98<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">7,505<span></span>
</td>
<td class="nump">6,130<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(50,077)<span></span>
</td>
<td class="num">(26,082)<span></span>
</td>
<td class="num">(22,612)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember', window );">PP&amp;E | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">45,885<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">151,168<span></span>
</td>
<td class="nump">45,885<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_IfrsRealEstateMember', window );">Real estate | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="num">(1,087)<span></span>
</td>
<td class="num">(1,067)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(966)<span></span>
</td>
<td class="num">(22)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(178)<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(2,228)<span></span>
</td>
<td class="num">(1,087)<span></span>
</td>
<td class="num">(1,067)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_IfrsRealEstateMember', window );">Real estate | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">1,903<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">20,532<span></span>
</td>
<td class="nump">1,903<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember', window );">Switching equipment | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(1,032)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(681)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(1,713)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember', window );">Switching equipment | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">3,390<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_FixedNetworkAndTransportationMember', window );">Fixed network and transportation | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="num">(15,959)<span></span>
</td>
<td class="num">(13,786)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(12,450)<span></span>
</td>
<td class="num">(5,517)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(657)<span></span>
</td>
<td class="nump">86<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">4,018<span></span>
</td>
<td class="nump">3,258<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(25,048)<span></span>
</td>
<td class="num">(15,959)<span></span>
</td>
<td class="num">(13,786)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_FixedNetworkAndTransportationMember', window );">Fixed network and transportation | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">19,717<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">58,550<span></span>
</td>
<td class="nump">19,717<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember', window );">Mobile network access | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(2,763)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(548)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">48<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(3,263)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember', window );">Mobile network access | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">13,419<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember', window );">Tower and pole | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="num">(18)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(832)<span></span>
</td>
<td class="num">(19)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(145)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(992)<span></span>
</td>
<td class="num">(18)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember', window );">Tower and pole | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">189<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">4,406<span></span>
</td>
<td class="nump">189<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentAndInstallationsMember', window );">Power equipment and Installations | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(1,062)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(156)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(1,218)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentAndInstallationsMember', window );">Power equipment and Installations | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">5,192<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">Computer equipment | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="num">(2,830)<span></span>
</td>
<td class="num">(2,002)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(3,809)<span></span>
</td>
<td class="num">(831)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(1,128)<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(7,764)<span></span>
</td>
<td class="num">(2,830)<span></span>
</td>
<td class="num">(2,002)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">Computer equipment | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">1,937<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">7,881<span></span>
</td>
<td class="nump">1,937<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_GoodsLentToCustomersAtNoCostMember', window );">Goods lent to customers at no cost | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="num">(1,234)<span></span>
</td>
<td class="num">(1,045)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(3,886)<span></span>
</td>
<td class="num">(2,979)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(296)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">3,397<span></span>
</td>
<td class="nump">2,790<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(2,019)<span></span>
</td>
<td class="num">(1,234)<span></span>
</td>
<td class="num">(1,045)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_GoodsLentToCustomersAtNoCostMember', window );">Goods lent to customers at no cost | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">4,048<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">5,465<span></span>
</td>
<td class="nump">4,048<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember', window );">Vehicles | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="num">(1,085)<span></span>
</td>
<td class="num">(1,033)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(428)<span></span>
</td>
<td class="num">(134)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(20)<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment', window );">Transfers and reclassifications</a></td>
<td class="nump">33<span></span>
</td>
<td class="nump">80<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(1,500)<span></span>
</td>
<td class="num">(1,085)<span></span>
</td>
<td class="num">(1,033)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember', window );">Vehicles | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">392<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">1,487<span></span>
</td>
<td class="nump">392<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MachineryDiverseEquipmentAndToolsMember', window );">Machinery, diverse equipment and tools | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="num">(3,656)<span></span>
</td>
<td class="num">(3,473)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(266)<span></span>
</td>
<td class="num">(184)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(15)<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(3,937)<span></span>
</td>
<td class="num">(3,656)<span></span>
</td>
<td class="num">(3,473)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MachineryDiverseEquipmentAndToolsMember', window );">Machinery, diverse equipment and tools | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">290<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">539<span></span>
</td>
<td class="nump">290<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other | Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="num">(213)<span></span>
</td>
<td class="num">(206)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="num">(149)<span></span>
</td>
<td class="num">(12)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustments</a></td>
<td class="num">(33)<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="num">(395)<span></span>
</td>
<td class="num">(213)<span></span>
</td>
<td class="num">$ (206)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">46<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">468<span></span>
</td>
<td class="nump">46<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">Construction in progress | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">10,377<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">17,246<span></span>
</td>
<td class="nump">10,377<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember', window );">Materials | Gross Carrying Amount, Net of allowances and impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at beginning of year</a></td>
<td class="nump">6,982<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment at end of year</a></td>
<td class="nump">$ 12,593<span></span>
</td>
<td class="nump">$ 6,982<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers from construction in progress. [Refer: Property, plant and equipment; Construction in progress]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersFromConstructionInProgressPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_GrossCarryingAmountNetOfAccumulatedDepreciationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PropertyPlantAndEquipmentWithoutMaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_IfrsRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_IfrsRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_SwitchingEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_FixedNetworkAndTransportationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_FixedNetworkAndTransportationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MobileNetworkAccessMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_TowerAndPoleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentAndInstallationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_PowerEquipmentAndInstallationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_GoodsLentToCustomersAtNoCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_GoodsLentToCustomersAtNoCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_VehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MachineryDiverseEquipmentAndToolsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MachineryDiverseEquipmentAndToolsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=teo_MaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>131
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp7014988496">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INTANGIBLE ASSETS (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">$ 59,870<span></span>
</td>
<td class="nump">$ 4,635<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_CarryingAmountAfterAccumulatedAmortisationMember', window );">Net carrying value before impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">61,493<span></span>
</td>
<td class="nump">$ 4,635<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="num">$ (1,623)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_CarryingAmountAfterAccumulatedAmortisationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>132
<FILENAME>R110.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6992320816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS - Movements in impairment of Intangible assets (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">$ 4,635<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="num">(1,623)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">59,870<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="num">(1,623)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">$ (1,623)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for intangible assets other than goodwill. [Refer: Impairment loss recognised in profit or loss; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>133
<FILENAME>R111.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6991743968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS - Gross Value (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">$ 4,635<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">59,870<span></span>
</td>
<td class="nump">$ 4,635<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">5,653<span></span>
</td>
<td class="nump">4,846<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Incorporation by merger</a></td>
<td class="nump">59,329<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="nump">2,906<span></span>
</td>
<td class="nump">807<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">127<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="num">(609)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">67,406<span></span>
</td>
<td class="nump">5,653<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RetainedEarningsAdjustmentIncludedInIntangibleAssets', window );">Retained earnings adjustment</a></td>
<td class="num">(125)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | 3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">3,635<span></span>
</td>
<td class="nump">3,635<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Incorporation by merger</a></td>
<td class="nump">17,713<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">21,348<span></span>
</td>
<td class="nump">3,635<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | PCS license (Argentina)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Incorporation by merger</a></td>
<td class="nump">10,538<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">10,538<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Nucleo's licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="nump">844<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">33<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">877<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | SRCE license</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">879<span></span>
</td>
<td class="nump">72<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">807<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">879<span></span>
</td>
<td class="nump">879<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Incorporation by merger</a></td>
<td class="nump">15,771<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">73<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="num">(609)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">15,235<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Brands</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">249<span></span>
</td>
<td class="nump">249<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Incorporation by merger</a></td>
<td class="nump">13,030<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">13,279<span></span>
</td>
<td class="nump">249<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Incremental Cost from the acquisition of contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="nump">1,348<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">1,355<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying value | Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">890<span></span>
</td>
<td class="nump">890<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Incorporation by merger</a></td>
<td class="nump">2,277<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">CAPEX</a></td>
<td class="nump">714<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">$ 3,895<span></span>
</td>
<td class="nump">$ 890<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in intangible assets other than goodwill resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in intangible assets other than goodwill resulting from disposals and retirements. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets other than goodwill resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e_vii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RetainedEarningsAdjustmentIncludedInIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of retained earnings included in intangible assets due to new accounting pronouncements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RetainedEarningsAdjustmentIncludedInIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_Licenses3g4gMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseArgentinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_PersonalCommunicationsServiceLicenseArgentinaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_NucleoSLicensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_NucleoSLicensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SrceLicenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_SrceLicenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BrandsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_BrandsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_IncrementalCostFromAcquisitionOfContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=teo_IncrementalCostFromAcquisitionOfContractsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillAxis=ifrs-full_OtherIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>134
<FILENAME>R112.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969071072">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS - Accumulated Amortization (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">$ 4,635<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">59,870<span></span>
</td>
<td class="nump">$ 4,635<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">4,635<span></span>
</td>
<td class="nump">4,635<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(1,018)<span></span>
</td>
<td class="num">(912)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(5,378)<span></span>
</td>
<td class="num">(106)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="num">(11)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="nump">494<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(5,913)<span></span>
</td>
<td class="num">(1,018)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="num">(1,018)<span></span>
</td>
<td class="num">(912)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | 3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(1,196)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(1,196)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="num">(1,196)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Nucleo's licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(70)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="num">(4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(74)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="num">(74)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | SRCE license</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(72)<span></span>
</td>
<td class="num">(57)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(15)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(72)<span></span>
</td>
<td class="num">(72)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="num">(72)<span></span>
</td>
<td class="num">(57)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(3,574)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsIntangibleAssetsOtherThanGoodwill', window );">Decreases</a></td>
<td class="nump">494<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(3,072)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="num">(3,072)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Brands</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(89)<span></span>
</td>
<td class="num">(83)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(5)<span></span>
</td>
<td class="num">(6)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(94)<span></span>
</td>
<td class="num">(89)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="num">(89)<span></span>
</td>
<td class="num">(83)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Incremental Cost from the acquisition of contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(378)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill', window );">Currency translation adjustments</a></td>
<td class="num">(15)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(393)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="num">(393)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and amortization | Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="num">(857)<span></span>
</td>
<td class="num">(772)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="num">(155)<span></span>
</td>
<td class="num">(85)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="num">(1,012)<span></span>
</td>
<td class="num">(857)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="num">(857)<span></span>
</td>
<td class="num">(772)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_CarryingAmountAfterAccumulatedAmortisationMember', window );">Net carrying value before impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">4,635<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">61,493<span></span>
</td>
<td class="nump">4,635<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">4,635<span></span>
</td>
<td class="nump">4,635<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_CarryingAmountAfterAccumulatedAmortisationMember', window );">Net carrying value before impairment | 3G/4G licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">3,635<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">20,152<span></span>
</td>
<td class="nump">3,635<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">3,635<span></span>
</td>
<td class="nump">3,635<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_CarryingAmountAfterAccumulatedAmortisationMember', window );">Net carrying value before impairment | PCS license (Argentina)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">10,538<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">10,538<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_CarryingAmountAfterAccumulatedAmortisationMember', window );">Net carrying value before impairment | Nucleo's licenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">803<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">803<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_CarryingAmountAfterAccumulatedAmortisationMember', window );">Net carrying value before impairment | SRCE license</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">807<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">807<span></span>
</td>
<td class="nump">807<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">807<span></span>
</td>
<td class="nump">807<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_CarryingAmountAfterAccumulatedAmortisationMember', window );">Net carrying value before impairment | Customer relationships</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">12,163<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">12,163<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_CarryingAmountAfterAccumulatedAmortisationMember', window );">Net carrying value before impairment | Brands</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">160<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">13,185<span></span>
</td>
<td class="nump">160<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">160<span></span>
</td>
<td class="nump">160<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_CarryingAmountAfterAccumulatedAmortisationMember', window );">Net carrying value before impairment | Incremental Cost from the acquisition of contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">962<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">962<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=teo_CarryingAmountAfterAccumulatedAmortisationMember', window );">Net carrying value before impairment | Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the beginning of the year</a></td>
<td class="nump">33<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Value, at the end of the year</a></td>
<td class="nump">2,883<span></span>
</td>
<td class="nump">33<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwillAbstract', window );"><strong>Intangible assets other than goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">$ 33<span></span>
</td>
<td class="nump">$ 33<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e_vi&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in intangible assets other than goodwill resulting from disposals and retirements. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets other than goodwill resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e_vii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968184336">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>TRADE PAYABLES (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesAbstract', window );"><strong>Current trade payables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentPayablesForSuppliersAndCommercialAccruals', window );">Suppliers and commercial accruals</a></td>
<td class="nump">$ 22,286<span></span>
</td>
<td class="nump">$ 5,299<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentPayablesForCompaniesUnderSection33AndRelatedParties', window );">Companies under sect. 33 - Law No. 19,550 and Related Parties</a></td>
<td class="nump">568<span></span>
</td>
<td class="nump">438<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers', window );">Total Current trade payables</a></td>
<td class="nump">22,854<span></span>
</td>
<td class="nump">5,737<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesAbstract', window );"><strong>Non-current trade payables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonCurrentPayablesForSuppliersAndCommercialAccruals', window );">Suppliers and commercial accruals</a></td>
<td class="nump">570<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToTradeSuppliers', window );">Total Non-current trade payables</a></td>
<td class="nump">570<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Total trade payables</a></td>
<td class="nump">$ 23,424<span></span>
</td>
<td class="nump">$ 5,737<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayablesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current amount of payment due to suppliers for goods and services used in the entity's business. [Refer: Trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of payment due to suppliers for goods and services used in entity's business. [Refer: Current liabilities; Trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 70<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_70&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payment due to suppliers for goods and services used in the entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentPayablesForCompaniesUnderSection33AndRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables to companies registered under section 33 and related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentPayablesForCompaniesUnderSection33AndRelatedParties</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentPayablesForSuppliersAndCommercialAccruals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables for suppliers and commercial accruals.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentPayablesForSuppliersAndCommercialAccruals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonCurrentPayablesForSuppliersAndCommercialAccruals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non current payables for suppliers and commercial accruals.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonCurrentPayablesForSuppliersAndCommercialAccruals</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968274432">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL DEBT (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">$ 20,044<span></span>
</td>
<td class="nump">$ 1,383<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current financial debt</a></td>
<td class="nump">59,268<span></span>
</td>
<td class="nump">14,626<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total financial debt</a></td>
<td class="nump">79,312<span></span>
</td>
<td class="nump">16,009<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember', window );">Bank overdrafts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">2,276<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_BankLoansCurrentMember', window );">Bank loans - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">12,945<span></span>
</td>
<td class="nump">77<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentCurrentMember', window );">By purchase of equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">1,048<span></span>
</td>
<td class="nump">1,257<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardCurrentMember', window );">NDF</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesCurrentMember', window );">Accrued interest and related expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="nump">3,675<span></span>
</td>
<td class="nump">43<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_CompaniesUnderSection33AndRelatedPartiesMember', window );">Companies under sect. 33 - Law No. 19,550 and Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesNonCurrentMember', window );">Notes - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current financial debt</a></td>
<td class="nump">18,831<span></span>
</td>
<td class="nump">13,767<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnBankLoansNonCurrentMember', window );">Bank loans - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current financial debt</a></td>
<td class="nump">34,260<span></span>
</td>
<td class="nump">210<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentNonCurrentMember', window );">By purchase of equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current financial debt</a></td>
<td class="nump">1,031<span></span>
</td>
<td class="nump">686<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesNonCurrentMember', window );">Accrued interests and related expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current financial debt</a></td>
<td class="nump">$ 5,146<span></span>
</td>
<td class="num">$ (37)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_IfrsBankOverdraftsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_BankLoansCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_BankLoansCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_NonDeliverableForwardCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_CompaniesUnderSection33AndRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_CompaniesUnderSection33AndRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesNonCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnNotesNonCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnBankLoansNonCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnBankLoansNonCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentNonCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentNonCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesNonCurrentMember">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_AccruedInterestsAndRelatedExpensesNonCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>137
<FILENAME>R115.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6971949792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL DEBT - IFC and IIC loans (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Mar. 04, 2019 </div>
<div>USD ($) </div>
<div>installment</div>
</th>
<th class="th">
<div>Sep. 18, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 26, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 05, 2016 </div>
<div>USD ($) </div>
<div>installment</div>
</th>
<th class="th">
<div>Apr. 30, 2017 </div>
<div>USD ($) </div>
<div>installment</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount | $</a></td>
<td class="nump">$ 450.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Tranche A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentPeriodicPayment', window );">Half-yearly installments</a></td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Tranche A | LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="nump">4.85%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Tranche B-1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentPeriodicPayment', window );">Half-yearly installments</a></td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Tranche B-1 | LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="nump">4.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Tranche B-2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentPeriodicPayment', window );">Half-yearly installments</a></td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Tranche B-2 | LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="nump">4.85%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Tranche B-3</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentPeriodicPayment', window );">Half-yearly installments</a></td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Tranche B-3 | LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="nump">4.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Tranche B-4</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentPeriodicPayment', window );">Half-yearly installments</a></td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Tranche B-4 | LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="nump">4.85%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 400.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Borrowing term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentPeriodicPayment', window );">Half-yearly installments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromNoncurrentBorrowings', window );">Loan proceeds | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 392.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Net borrowing expenses | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember', window );">Bank loans - IFC Loan | Personal | LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_InterAmericanInvestmentCorporationLoanMember', window );">IIC Loan | Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentPeriodicPayment', window );">Half-yearly installments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromNoncurrentBorrowings', window );">Loan proceeds | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_InterAmericanInvestmentCorporationLoanMember', window );">IIC Loan | Personal | LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Current and non-current financial debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsRecognisedAsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsRecognisedAsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from non-current borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of the required periodic payments including both interest and principal payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnIfcBankLoanNonCurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=teo_TrancheMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=teo_TrancheMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=teo_TrancheB1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=teo_TrancheB1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=teo_TrancheB2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=teo_TrancheB2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=teo_TrancheB3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=teo_TrancheB3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=teo_TrancheB4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=teo_TrancheB4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_InterAmericanInvestmentCorporationLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_InterAmericanInvestmentCorporationLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>138
<FILENAME>R116.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6992872256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL DEBT - Syndicated Loan (Details) - Syndicated Loan - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Feb. 11, 2019</div></th>
<th class="th"><div>Oct. 17, 2018</div></th>
<th class="th"><div>Oct. 08, 2018</div></th>
<th class="th"><div>Mar. 09, 2018</div></th>
<th class="th"><div>Feb. 09, 2018</div></th>
<th class="th"><div>Feb. 02, 2018</div></th>
<th class="th"><div>Nov. 30, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromNoncurrentBorrowings', window );">Amount borrowed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 350<span></span>
</td>
<td class="nump">$ 650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing', window );">Minimum net cash proceeds from bilateral or syndicated bank financing required to make prepayment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TermOfNonPesoDenominatedDebtSecurities', window );">Tenor of non-Peso denominated debt securities (in years)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Borrowing term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">48 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionalPaymentOfOriginalLoan', window );">Additional payment of Original Loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MandatoryPreCancellationAmount', window );">Mandatory pre-cancellation amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PrepaymentOfBorrowings', window );">Prepayment of Original Loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CancellationOfBorrowingsOutstanding', window );">Balance of borrowings owed canceled</a></td>
<td class="nump">$ 100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember', window );">LIBOR | First four months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember', window );">LIBOR | Next two months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember', window );">LIBOR | Following three months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember', window );">LIBOR | Last three months</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember', window );">LIBOR | First year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember', window );">LIBOR | Second year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember', window );">LIBOR | After second year till expiration date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from non-current borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionalPaymentOfOriginalLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow associated with payment of additional amount of original loan as a condition precedent to the execution of the loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionalPaymentOfOriginalLoan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CancellationOfBorrowingsOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of balance outstanding borrowings cancelled.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CancellationOfBorrowingsOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MandatoryPreCancellationAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The mandatory pre-cancellation amount payable as a condition precedent to the execution of the loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MandatoryPreCancellationAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PrepaymentOfBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with prepayment of the borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PrepaymentOfBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TermOfNonPesoDenominatedDebtSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>"The tenure of non-Peso denominated debt securities, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. "</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TermOfNonPesoDenominatedDebtSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net cash proceeds from bilateral and syndicated loan financing, required for making prepayment under the loan agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ThresholdForPrepaymentsNetCashProceedsFromBilateralAndSyndicatedBankFinancing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_SyndicatedLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_SyndicatedLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=teo_FirstFourMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=teo_FirstFourMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=teo_NextTwoMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=teo_NextTwoMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=teo_FollowingThreeMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=teo_FollowingThreeMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=teo_LastThreeMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=teo_LastThreeMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestRateOnLoanPayablePeriodAxis=teo_LaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestRateOnLoanPayablePeriodAxis=teo_LaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>139
<FILENAME>R117.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6971365776">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL DEBT - Deutsche Bank Loan and Other bank loans (Details)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Nov. 08, 2018 </div>
<div>USD ($) </div>
<div>installment</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 14, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_DeutscheBankLoanMember', window );">Deutsche Bank Loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="nump">$ 200.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Borrowing term</a></td>
<td class="text">42 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentPeriodicPayment', window );">Half-yearly installments | installment</a></td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount', window );">Semi-annual equal installments equivalent to disbursed amount (as a percent)</a></td>
<td class="nump">12.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing', window );">Semi-annual equal installments equivalent to initial borrowing (as a percent)</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_DeutscheBankLoanMember', window );">Deutsche Bank Loan | LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis', window );">Applicable margin on LIBOR</a></td>
<td class="nump">4.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_IcbcBankLoanMember', window );">Bank ICBC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Annual rate of interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_ItauBankLoanMember', window );">Bank Itau</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Annual rate of interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_MarcoBankLoanMember', window );">Bank MACRO</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Annual rate of interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.20%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Deutsche Bank Loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="nump">$ 300.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAdjustmentToInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjustment to the basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAdjustmentToInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of the required periodic payments including both interest and principal payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of half yearly equal installments equivalent to disbursed amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfHalfYearlyInstallmentsEquivalentToDisbursedAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of half yearly equal installments equivalent to initial borrowing.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfHalfYearlyInstallmentsEquivalentToInitialBorrowing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_DeutscheBankLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_DeutscheBankLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=us-gaap_LondonInterbankOfferedRateLIBORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_IcbcBankLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_IcbcBankLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_ItauBankLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_ItauBankLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_MarcoBankLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_MarcoBankLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>140
<FILENAME>R118.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968271360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL DEBT - Nucleo (Details)<br> &#8370; in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>PYG (&#8370;)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,044<span></span>
</td>
<td class="nump">$ 1,383<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59,268<span></span>
</td>
<td class="nump">$ 14,626<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_NucleoMember', window );">Nucleo | Bank loans - principal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount | &#8370;</a></td>
<td class="nump">&#8370; 348,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">411<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,793<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_NucleoMember', window );">Nucleo | Principal Nominal Value 40,000</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount | &#8370;</a></td>
<td class="nump">&#8370; 40,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Amortization term</a></td>
<td class="text">6 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 253<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Weighted average annual rate</a></td>
<td class="nump">8.75%<span></span>
</td>
<td class="nump">8.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_NucleoMember', window );">Nucleo | Principal Nominal Value 308,000</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount | &#8370;</a></td>
<td class="nump">&#8370; 308,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Amortization term</a></td>
<td class="text">6 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 158<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Non-current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,793<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Minimum | Nucleo | Principal Nominal Value 308,000</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Weighted average annual rate</a></td>
<td class="nump">8.20%<span></span>
</td>
<td class="nump">8.20%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Nucleo | Principal Nominal Value 308,000</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Weighted average annual rate</a></td>
<td class="nump">9.00%<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=teo_NucleoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=teo_NucleoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnBankLoansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalDueOnBankLoansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalNominalValueTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalNominalValueTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PrincipalNominalValueFourMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PrincipalNominalValueFourMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>141
<FILENAME>R119.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968582448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL DEBT - Global Programs for the issuance of Notes (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 11, 2017</div></th>
<th class="th"><div>Dec. 02, 2010</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Apr. 25, 2018</div></th>
<th class="th"><div>Dec. 28, 2017</div></th>
<th class="th"><div>Jun. 01, 2016</div></th>
<th class="th"><div>May 26, 2016</div></th>
<th class="th"><div>Apr. 20, 2016</div></th>
<th class="th"><div>Apr. 19, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_CablevisionMember', window );">Cablevision | Term Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RepurchaseOfDebtNotesIssued', window );">Repurchase of Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_CablevisionMember', window );">Cablevision | Term Notes | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000,000,000<span></span>
</td>
<td class="nump">$ 500,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_CablevisionMember', window );">Cablevision | Class A Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InvestmentsInFixedAssetsAndOtherCapitalExpenditure', window );">Investments in fixed assets and other capital expenditure</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 89,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting', window );">Quorum of Extraordinary Noteholders' Meeting (as a percent)</a></td>
<td class="nump">81.86216%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_CablevisionMember', window );">Cablevision | Class A Notes | Fixed interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Borrowing interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Term Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Term Notes | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000,000,000<span></span>
</td>
<td class="nump">$ 3,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal | Term Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Amortization term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_PersonalMember', window );">Personal | Term Notes | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InvestmentsInFixedAssetsAndOtherCapitalExpenditure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investment in fixed assets and other capital expenditure with the balance of net proceeds available after settlement of outstanding debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InvestmentsInFixedAssetsAndOtherCapitalExpenditure</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of quorum of total capital and votes under the Notes for Extraordinary Noteholders' Meeting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfQuorumOfTotalCapitalAndVotesForNoteholdersMeeting</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RepurchaseOfDebtNotesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of repurchase of debt notes issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RepurchaseOfDebtNotesIssued</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=teo_CablevisionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=teo_CablevisionMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_NotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_NotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_ClassNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_ClassNotesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
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<tr>
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<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=teo_TelecomArgentinaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=teo_TelecomArgentinaS.a.Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=teo_PersonalMember</td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967841712">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL DEBT - Loans for purchase of equipment (Details) - By purchase of equipment - Cisco Systems<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Principal amount</a></td>
<td class="nump">$ 57.3<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Annual rate of interest</a></td>
<td class="nump">4.81%<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentMember', window );">Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Borrowing term</a></td>
<td class="text">36 months<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentMember', window );">Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Financial Debt.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsDebtInstrumentTerm', window );">Borrowing term</a></td>
<td class="text">49 months<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsDebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsDebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=teo_PurchaseOfEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=teo_CiscoSystemsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=teo_CiscoSystemsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>143
<FILENAME>R121.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967245280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SALARIES AND SOCIAL SECURITY PAYABLES - Payables (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($) </div>
<div>plan</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract', window );"><strong>SALARIES AND SOCIAL SECURITY PAYABLES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfStockOptionPlans', window );">Number of stock option plans available to employees | plan</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesAndSocialSecurityExpensesCurrentAbstract', window );"><strong>Current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent', window );">Salaries, annual complementary salaries, vacation and bonuses</a></td>
<td class="nump">$ 4,371<span></span>
</td>
<td class="nump">$ 1,677<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SocialSecurityPayablesCurrent', window );">Social security payables</a></td>
<td class="nump">1,280<span></span>
</td>
<td class="nump">907<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TerminationBenefitsPayableCurrent', window );">Termination benefits</a></td>
<td class="nump">296<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesAndSocialSecurityPayableCurrent', window );">Total current salaries and security payables</a></td>
<td class="nump">5,947<span></span>
</td>
<td class="nump">2,585<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TerminationBenefitsPayableNonCurrent', window );">Termination benefits</a></td>
<td class="nump">347<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesAndSocialSecurityPayableNonCurrent', window );">Total non-current salaries and security payables</a></td>
<td class="nump">347<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesAndSocialSecurityPayables', window );">Total salaries and social security payables</a></td>
<td class="nump">$ 6,294<span></span>
</td>
<td class="nump">$ 2,585<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfStockOptionPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of stock option plans available to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfStockOptionPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesAndSocialSecurityExpensesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesAndSocialSecurityExpensesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No definition available</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesAndSocialSecurityExpensesNonCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesAndSocialSecurityPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current salaries and social security payables to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesAndSocialSecurityPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesAndSocialSecurityPayableNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current salaries and social security payables to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesAndSocialSecurityPayableNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesAndSocialSecurityPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of salaries and social security payables to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesAndSocialSecurityPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current salaries, annual complementary salaries, vacation and bonuses payable to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesAnnualComplementarySalariesVacationAndBonusesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SocialSecurityPayablesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current social security payables to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SocialSecurityPayablesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TerminationBenefitsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current expense in relation to termination benefits. Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either: (a) an entity's decision to terminate an employee's employment before the normal retirement date; or (b) an employee's decision to accept an offer of benefits in exchange for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TerminationBenefitsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TerminationBenefitsPayableNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current expense in relation to termination benefits. Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either: (a) an entity's decision to terminate an employee's employment before the normal retirement date; or (b) an employee's decision to accept an offer of benefits in exchange for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TerminationBenefitsPayableNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>144
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967711200">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES - Deferred tax assets and liabilities, net (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable', window );">Total deferred tax liabilities, net</a></td>
<td class="nump">$ 25,282<span></span>
</td>
<td class="nump">$ 3,916<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ActionsForRecourseTaxReceivable', window );">Actions for recourse tax receivable</a></td>
<td class="num">(818)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred tax liability, net</a></td>
<td class="nump">24,464<span></span>
</td>
<td class="nump">3,916<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Net deferred tax assets</a></td>
<td class="num">(78)<span></span>
</td>
<td class="num">(66)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDeferredTaxLiabilities', window );">Net deferred tax liabilities</a></td>
<td class="nump">24,542<span></span>
</td>
<td class="nump">3,982<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxCreditsMember', window );">Tax carryforward</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable', window );">Total deferred tax liabilities, net</a></td>
<td class="num">(2,866)<span></span>
</td>
<td class="num">(4)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Net deferred tax assets</a></td>
<td class="num">(2,866)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember', window );">Allowance for doubtful accounts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable', window );">Total deferred tax liabilities, net</a></td>
<td class="num">(925)<span></span>
</td>
<td class="num">(269)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherProvisionsMember', window );">Provisions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable', window );">Total deferred tax liabilities, net</a></td>
<td class="num">(1,062)<span></span>
</td>
<td class="num">(396)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesInventoryMember', window );">Inventory</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable', window );">Total deferred tax liabilities, net</a></td>
<td class="num">(153)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_NetDefinedBenefitLiabilityAssetMember', window );">Pension and termination benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable', window );">Total deferred tax liabilities, net</a></td>
<td class="num">(235)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember', window );">PP&amp;E and Intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable', window );">Total deferred tax liabilities, net</a></td>
<td class="nump">29,788<span></span>
</td>
<td class="nump">4,690<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember', window );">Cash dividends from foreign companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable', window );">Total deferred tax liabilities, net</a></td>
<td class="nump">418<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesFinancedSalesMember', window );">Mobile handsets financed sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable', window );">Total deferred tax liabilities, net</a></td>
<td class="nump">169<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherTemporaryDifferencesMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable', window );">Total deferred tax liabilities, net</a></td>
<td class="nump">$ 148<span></span>
</td>
<td class="num">$ (105)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities net of deferred tax assets, when the absolute amount of deferred tax liabilities is greater than the absolute amount of deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ActionsForRecourseTaxReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of recourse tax receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ActionsForRecourseTaxReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax liabilities, net before actions for recourse tax receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeferredTaxLiabilitiesNetBeforeActionsForRecourseTaxReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxCreditsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxCreditsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherProvisionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherProvisionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesInventoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesInventoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_NetDefinedBenefitLiabilityAssetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_NetDefinedBenefitLiabilityAssetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_PropertyPlantAndEquipmentAndIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesCashDividendsFromForeignCompaniesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesFinancedSalesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=teo_TemporaryDifferencesFinancedSalesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_OtherTemporaryDifferencesMember</td>
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<tr>
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<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966893408">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES - Maturities of estimated tax carryforward (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxDisclosureLineItems', window );"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">$ 78.0<span></span>
</td>
<td class="nump">$ 66.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable', window );">Non-recoverable Tax carryforward amount</a></td>
<td class="nump">0.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised', window );">Tax carryforward amount</a></td>
<td class="nump">9,554.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsTaxPeriodAxis=teo_IfrsTaxYear2015Member', window );">Tax Year 2015</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxDisclosureLineItems', window );"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised', window );">Tax carryforward amount</a></td>
<td class="nump">8.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsTaxPeriodAxis=teo_IfrsTaxYear2016Member', window );">Tax Year 2016</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxDisclosureLineItems', window );"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised', window );">Tax carryforward amount</a></td>
<td class="nump">1.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsTaxPeriodAxis=teo_IfrsTaxYear2017Member', window );">Tax Year 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxDisclosureLineItems', window );"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised', window );">Tax carryforward amount</a></td>
<td class="nump">1.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxCreditsMember', window );">Tax carryforward</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxDisclosureLineItems', window );"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">2,866.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember', window );">Telecom Argentina | Tax Year 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxDisclosureLineItems', window );"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised', window );">Tax carryforward amount</a></td>
<td class="nump">9,540.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=teo_InterRadiosMember', window );">Inter Radios | Tax Year 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxDisclosureLineItems', window );"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised', window );">Tax carryforward amount</a></td>
<td class="nump">$ 4.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of unused tax credits for which no deferred tax asset is recognised in the statement of financial position. [Refer: Unused tax credits [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncomeTaxDisclosureLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncomeTaxDisclosureLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of unused tax credits for which no deferred tax asset is recognised in the statement of financial position estimated to be non-recoverable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_UnusedTaxCreditsForWhichNoDeferredTaxAssetRecognisedEstimatedToBeNonRecoverable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTaxPeriodAxis=teo_IfrsTaxYear2015Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTaxPeriodAxis=teo_IfrsTaxYear2015Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTaxPeriodAxis=teo_IfrsTaxYear2016Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTaxPeriodAxis=teo_IfrsTaxYear2016Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTaxPeriodAxis=teo_IfrsTaxYear2017Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTaxPeriodAxis=teo_IfrsTaxYear2017Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxCreditsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_UnusedTaxCreditsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTaxPeriodAxis=teo_IfrsTaxYear2018Member</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=teo_InterRadiosMember</td>
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<DOCUMENT>
<TYPE>XML
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969209824">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES - Income tax benefit (expense) (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract', window );"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Current tax expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (4,819)<span></span>
</td>
<td class="num">$ (4,405)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Deferred tax benefit</a></td>
<td class="nump">$ 2,838<span></span>
</td>
<td class="num">(697)<span></span>
</td>
<td class="num">(1,610)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax benefit (expense)</a></td>
<td class="nump">$ 2,838<span></span>
</td>
<td class="num">$ (5,516)<span></span>
</td>
<td class="num">$ (6,015)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
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<DOCUMENT>
<TYPE>XML
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967721808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DEFERRED INCOME TAX ASSETS/LIABILITIES - Reconciliation of income tax expense (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="5">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract', window );"><strong>Reconciliation of income tax expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccountingProfit', window );">Pre-tax income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,698<span></span>
</td>
<td class="nump">$ 15,375<span></span>
</td>
<td class="nump">$ 16,561<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonTaxableIncomeExpenseEarningsFromAssociates', window );">Non-taxable items - Earnings from associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(236)<span></span>
</td>
<td class="num">(353)<span></span>
</td>
<td class="num">(221)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonTaxableIncomeExpenseOther', window );">Non-taxable items - Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">29<span></span>
</td>
<td class="num">(114)<span></span>
</td>
<td class="num">(57)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AccountingProfitNetOfNonTaxableItems', window );">Subtotal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,491<span></span>
</td>
<td class="nump">14,908<span></span>
</td>
<td class="nump">16,283<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate', window );">Income tax expense at weighted statutory tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(747)<span></span>
</td>
<td class="num">(5,218)<span></span>
</td>
<td class="num">(5,699)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxEffectFromTaxCarryforwardPrescriptionAmount', window );">Tax carryforward prescription</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">33<span></span>
</td>
<td class="nump">31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxRateEffectFromChangesInTaxRate', window );">Changes in tax rates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(272)<span></span>
</td>
<td class="num">(45)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense', window );">Actions for recourse</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxEffectOfCashDividendsFromForeignCompanies', window );">Income tax on cash dividends of foreign companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(64)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxEffectFromInflation', window );">Inflation effect</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,605<span></span>
</td>
<td class="num">(59)<span></span>
</td>
<td class="num">(302)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax benefit (expense)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,838<span></span>
</td>
<td class="num">$ (5,516)<span></span>
</td>
<td class="num">$ (6,015)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ActionsForRecourseFiledWithTaxAuthorityAbstract', window );"><strong>Income tax - Actions for recourse filed with the Tax Authority</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ActionsForRecourseIncomeTaxClaimAmount', window );">Amount of claim filed during 2015 and 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">722<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ActionsForRecourseTaxReceivableNoncurrent', window );">Non-current tax credit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 818<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract', window );"><strong>Reconciliation of income tax expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Weighted statutory income tax rate (*)</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_PY', window );">Paraguay</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract', window );"><strong>Reconciliation of income tax expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Weighted statutory income tax rate (*)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionalTaxRateInRespectOfDividendPayment', window );">Additional tax rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">United States of America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract', window );"><strong>Reconciliation of income tax expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Weighted statutory income tax rate (*)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
<td class="nump">39.50%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccountingProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) for a period before deducting tax expense. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccountingProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageEffectiveTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax expense (income) divided by the accounting profit. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageEffectiveTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfAccountingProfitMultipliedByApplicableTaxRatesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of benefit arising from a previously unrecognised tax loss, tax credit or temporary difference of a prior period that is used to reduce current tax expense. [Refer: Temporary differences [member]; Unused tax losses [member]; Unused tax credits [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 80<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_80_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseIncomeAtApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AccountingProfitNetOfNonTaxableItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount representing accounting profit after deducting non-taxable income (expense).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AccountingProfitNetOfNonTaxableItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ActionsForRecourseFiledWithTaxAuthorityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ActionsForRecourseFiledWithTaxAuthorityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ActionsForRecourseIncomeTaxClaimAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of claim including interest, filed with tax authority which was overpaid during prior years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ActionsForRecourseIncomeTaxClaimAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ActionsForRecourseTaxReceivableNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax recoverable from actions filed with the tax authority for taxes paid in excess (in compliance with IAS 12) in the prior years (defined in detail in Article 10 of Law No. 23,928 and Article 39 of Law No.24,073), classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ActionsForRecourseTaxReceivableNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionalTaxRateInRespectOfDividendPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional tax rate applicable in case of payment of dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionalTaxRateInRespectOfDividendPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonTaxableIncomeExpenseEarningsFromAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of earnings from associates which is not chargeable to tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonTaxableIncomeExpenseEarningsFromAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonTaxableIncomeExpenseOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (expense) from other which is not chargeable to tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonTaxableIncomeExpenseOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxEffectFromInflation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount represents the change in tax amount due to inflation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxEffectFromInflation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxEffectFromTaxCarryforwardPrescriptionAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of change in tax from tax carryforward prescription amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxEffectFromTaxCarryforwardPrescriptionAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxEffectOfCashDividendsFromForeignCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to cash dividends received from foreign companies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxEffectOfCashDividendsFromForeignCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxRateEffectFromChangesInTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of effect of changes in tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxRateEffectFromChangesInTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_PY">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_PY</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>148
<FILENAME>R126.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967050160">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>TAXES PAYABLES (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentTaxesPayablesAbstract', window );"><strong>Current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncomeTaxPayableCurrent', window );">Income tax</a></td>
<td class="nump">$ 12<span></span>
</td>
<td class="nump">$ 2,122<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNationalTaxesPayableCurrent', window );">Other national taxes</a></td>
<td class="nump">676<span></span>
</td>
<td class="nump">475<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MunicipalTaxesPayableCurrent', window );">Municipal taxes</a></td>
<td class="nump">180<span></span>
</td>
<td class="nump">112<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvincialTaxesPayableCurrent', window );">Provincial taxes</a></td>
<td class="nump">1,451<span></span>
</td>
<td class="nump">34<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsTaxesPayableCurrent', window );">Total current</a></td>
<td class="nump">2,319<span></span>
</td>
<td class="nump">2,743<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonCurrentTaxesPayablesAbstract', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNationalTaxesPayableNonCurrent', window );">Other national taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvincialTaxesPayableNonCurrent', window );">Provincial taxes</a></td>
<td class="nump">26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxesPayableNonCurrent', window );">Total non-current</a></td>
<td class="nump">26<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxesPayable', window );">Total taxes payables</a></td>
<td class="nump">$ 2,345<span></span>
</td>
<td class="nump">$ 2,747<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentTaxesPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentTaxesPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsTaxesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount related to current taxes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsTaxesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncomeTaxPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount related to current income taxes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncomeTaxPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MunicipalTaxesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payables related to a municipal taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MunicipalTaxesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonCurrentTaxesPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonCurrentTaxesPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNationalTaxesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount related to current other national taxes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNationalTaxesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNationalTaxesPayableNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount related to non current other national taxes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNationalTaxesPayableNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvincialTaxesPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount related to current provincial taxes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvincialTaxesPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvincialTaxesPayableNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount related to non current provincial taxes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvincialTaxesPayableNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount related to taxes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxesPayableNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount related to non current taxes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxesPayableNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6742470688">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>OTHER LIABILITIES (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsOtherLiabilitiesCurrentAbstract', window );"><strong>Current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent', window );">Deferred revenues on prepaid calling cards</a></td>
<td class="nump">$ 710<span></span>
</td>
<td class="nump">$ 30<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityCurrent', window );">Deferred revenues on connection fees and international capacity leases</a></td>
<td class="nump">76<span></span>
</td>
<td class="nump">117<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredRevenuesOnConstructionProjectsLiabilityCurrent', window );">Deferred revenues on construction projects</a></td>
<td class="nump">322<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MobileCustomerLoyaltyProgramsLiabilityCurrent', window );">Mobile customer loyalty programs</a></td>
<td class="nump">173<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent', window );">Compensation for directors and members of the Supervisory Committee</a></td>
<td class="nump">47<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CompaniesUnderSection33AndRelatedPartiesLiabilityCurrent', window );">Companies under sect. 33 - Law No. 19,550 and Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentLiabilitiesOther', window );">Other</a></td>
<td class="nump">209<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other current liabilities</a></td>
<td class="nump">1,537<span></span>
</td>
<td class="nump">152<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsOtherLiabilitiesNoncurrentAbstract', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent', window );">Deferred revenues on connection fees and international capacity leases</a></td>
<td class="nump">254<span></span>
</td>
<td class="nump">198<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Pension benefits (Note 3.m)</a></td>
<td class="nump">245<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MobileCustomerLoyaltyProgramsLiabilityNonCurrent', window );">Mobile customer loyalty programs</a></td>
<td class="nump">280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNonCurrentLiabilitiesOther', window );">Other</a></td>
<td class="nump">380<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other non-current liabilities</a></td>
<td class="nump">1,159<span></span>
</td>
<td class="nump">198<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Total other liabilities</a></td>
<td class="nump">$ 2,696<span></span>
</td>
<td class="nump">$ 350<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CompaniesUnderSection33AndRelatedPartiesLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liability for companies under section 33 and related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CompaniesUnderSection33AndRelatedPartiesLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liability for deferred revenues on connection fees and international capacity leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non current liability for deferred revenues on connection fees and international capacity leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeferredRevenuesOnConnectionFeesAndInternationalCapacityLeasesLiabilityNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeferredRevenuesOnConstructionProjectsLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liability for deferred revenues on construction projects.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeferredRevenuesOnConstructionProjectsLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liability for deferred revenues on prepaid calling cards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DeferredRevenuesOnPrepaidCallingCardsLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liability for compensation payables directors and members of the supervisory committee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DirectorsAndMembersOfSupervisoryCommitteeCompensationLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsOtherLiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsOtherLiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsOtherLiabilitiesNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsOtherLiabilitiesNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MobileCustomerLoyaltyProgramsLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liability for mobile customer loyalty programs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MobileCustomerLoyaltyProgramsLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MobileCustomerLoyaltyProgramsLiabilityNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non current liability for mobile customer loyalty programs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MobileCustomerLoyaltyProgramsLiabilityNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherCurrentLiabilitiesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherCurrentLiabilitiesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNonCurrentLiabilitiesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNonCurrentLiabilitiesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>150
<FILENAME>R128.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968713072">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER LIABILITIES - Movements in the pension benefits (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract', window );"><strong>Movements in the pension benefits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset', window );">Incorporation by merger</a></td>
<td class="nump">$ 316<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Service cost</a></td>
<td class="nump">23<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost</a></td>
<td class="nump">72<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Payments</a></td>
<td class="num">(166)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="nump">245<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PaymentsFromPlanNetDefinedBenefitLiabilityAssetRelatedToRecpam', window );">RECPAM</a></td>
<td class="num">$ (158)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ChangesInNetDefinedBenefitLiabilityAssetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from business combinations and disposals. [Refer: Business combinations [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 141<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_141_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from payments from the plan. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PaymentsFromPlanNetDefinedBenefitLiabilityAssetRelatedToRecpam">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payments from plan net defined benefit liability asset related to RECPAM.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PaymentsFromPlanNetDefinedBenefitLiabilityAssetRelatedToRecpam</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>151
<FILENAME>R129.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6970856848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROVISIONS - Rollforward (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsCurrentRollForward', window );"><strong>Current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions', window );">Incorporation by merger</a></td>
<td class="nump">$ 599<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">402<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions', window );">Reclassifications</a></td>
<td class="nump">1,745<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseInProvisionsDueToOtherChangesOtherShortTermProvisions', window );">Decreases</a></td>
<td class="num">(2,002)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Balance at the end</a></td>
<td class="nump">744<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsNoncurrentRollForward', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">1,611<span></span>
</td>
<td class="nump">$ 1,410<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions', window );">Incorporation by merger</a></td>
<td class="nump">2,401<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">912<span></span>
</td>
<td class="nump">359<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions', window );">Additions/(recoveries), Interest</a></td>
<td class="nump">604<span></span>
</td>
<td class="nump">78<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions', window );">Reclassifications</a></td>
<td class="num">(1,745)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions', window );">Decreases</a></td>
<td class="num">(315)<span></span>
</td>
<td class="num">(236)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance at the end</a></td>
<td class="nump">3,468<span></span>
</td>
<td class="nump">1,611<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsRollForward', window );"><strong>Total provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Total provisions in the beginning</a></td>
<td class="nump">1,611<span></span>
</td>
<td class="nump">1,410<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Incorporation by merger</a></td>
<td class="nump">3,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">1,314<span></span>
</td>
<td class="nump">359<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesInterestPortionOtherProvisions', window );">Additions/(recoveries), Interest</a></td>
<td class="nump">604<span></span>
</td>
<td class="nump">78<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseInProvisionsDueToOtherChangesOtherProvisions', window );">Decreases</a></td>
<td class="num">(2,317)<span></span>
</td>
<td class="num">(236)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Total provisions at the end</a></td>
<td class="nump">4,212<span></span>
</td>
<td class="nump">1,611<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsOtherAbstract', window );"><strong>Other information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments', window );">Additions/(recoveries), Capital, charged to currency translation adjustments</a></td>
<td class="nump">60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses', window );">Additions/(recoveries), Capital, charged to other operating income and expenses</a></td>
<td class="nump">1,254<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseInOtherProvisionsRelatingToRecpam', window );">Decrease in provisions relating to RECPAM</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=teo_ProvisionsMember', window );">Provisions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsCurrentRollForward', window );"><strong>Current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions', window );">Incorporation by merger</a></td>
<td class="nump">599<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">402<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions', window );">Reclassifications</a></td>
<td class="nump">1,745<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseInProvisionsDueToOtherChangesOtherShortTermProvisions', window );">Decreases</a></td>
<td class="num">(2,002)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherShorttermProvisions', window );">Balance at the end</a></td>
<td class="nump">744<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsNoncurrentRollForward', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">1,263<span></span>
</td>
<td class="nump">1,073<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions', window );">Incorporation by merger</a></td>
<td class="nump">1,854<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">864<span></span>
</td>
<td class="nump">348<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions', window );">Additions/(recoveries), Interest</a></td>
<td class="nump">732<span></span>
</td>
<td class="nump">78<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions', window );">Reclassifications</a></td>
<td class="num">(1,741)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions', window );">Decreases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(236)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance at the end</a></td>
<td class="nump">2,972<span></span>
</td>
<td class="nump">1,263<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember', window );">Asset retirement obligations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProvisionsNoncurrentRollForward', window );"><strong>Non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance in the beginning</a></td>
<td class="nump">348<span></span>
</td>
<td class="nump">337<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions', window );">Incorporation by merger</a></td>
<td class="nump">547<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions', window );">Additions/(recoveries), Capital</a></td>
<td class="nump">48<span></span>
</td>
<td class="nump">11<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions', window );">Additions/(recoveries), Interest</a></td>
<td class="num">(128)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions', window );">Reclassifications</a></td>
<td class="num">(4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions', window );">Decreases</a></td>
<td class="num">(315)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Balance at the end</a></td>
<td class="nump">$ 496<span></span>
</td>
<td class="nump">$ 348<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in other provisions resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2018-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2018-03-01&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions other than provisions for employee benefits. [Refer: Non-current provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2018-01-01<br> -Paragraph 84<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2018-03-01&amp;anchor=para_84_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in other long-term provisions resulting from acquisitions through business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AcquisitionsThroughBusinessCombinationsOtherLongTermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in other short-term provisions resulting from acquisitions through business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AcquisitionsThroughBusinessCombinationsOtherShortTermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionChargedToCurrencyTranslationAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionChargedToOtherOperatingIncomeAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions, classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionOtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the capital portion of additions or (recoveries) on other provisions, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesCapitalPortionOtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the interest portion of additions or (recoveries) on other provisions, classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesInterestPortionOtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdditionsOrRecoveriesInterestPortionOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the interest portion of additions or (recoveries) on other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdditionsOrRecoveriesInterestPortionOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DecreaseInOtherProvisionsRelatingToRecpam">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of decrease in other provisions relating to RECPAM.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DecreaseInOtherProvisionsRelatingToRecpam</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the decrease in other long-term provisions due to other changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DecreaseInProvisionsDueToOtherChangesOtherLongTermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DecreaseInProvisionsDueToOtherChangesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the decrease in other provisions due to other changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DecreaseInProvisionsDueToOtherChangesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DecreaseInProvisionsDueToOtherChangesOtherShortTermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the decrease in other short-term provisions due to other changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DecreaseInProvisionsDueToOtherChangesOtherShortTermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents increase (decrease) through transfers and other changes in other provisions, classified as non-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents increase (decrease) through transfers and other changes in other provisions, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughTransfersAndOtherChangesOtherShorttermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsCurrentRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsCurrentRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsNoncurrentRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProvisionsNoncurrentRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProvisionsOtherAbstract">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp7016930592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROVISIONS - Probable contingent Liabilities (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Oct. 30, 2013</div></th>
<th class="th">
<div>Jun. 03, 2013 </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=teo_LaborProceedingsContingentLiabilityMember', window );">Labor contingencies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt', window );">Number of chambers of the Civil and Commercial Federal Proceedings Court who issued opinions interpreting the doctrine developed by the Argentine Supreme Court of Justice - Dominguez c/ Telefonica de Argentina S.A. | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits', window );">Number of unions who filed lawsuit claiming the issuance of a profit sharing bonds | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished', window );">Statute of limitation, period established</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember', window );">Provision for regulatory, tax and other matters claims</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdditionalOtherProvisionsEstimated', window );">Estimated increase in provision</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 62,000,000<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_LitigationCaseAxis=teo_TaskSolutionsContactCenterMember', window );">Task solutions | Regulatory contingencies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ContingentLiabilityForDamagesAndLossesDuringContractualRelationship', window );">Claims for damages and losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">408,721,835<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Labor contingencies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice', window );">Statute of limitation, period established, Argentine Supreme Court of Justice</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_StatuteOfLimitationsPerChamberIii', window );">Statute of limitation, period established, Chamber III</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Maximum | Regulatory contingencies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated liabilities per each alleged violation against its clients</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,380<span></span>
</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the estimated financial effect of contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2018-01-01<br> -Paragraph 86<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2018-03-01&amp;anchor=para_86_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of estimated additional other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of unions who filed lawsuits against the company, claiming the issuance of a profit sharing bonds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ClaimForIssuanceOfProfitSharingBondsNumberOfUnionsWhoFiledLawsuits</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period of statute of limitation established on issuance of profit sharing bonds, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ClaimForIssuanceOfProfitSharingBondsStatuteOfLimitationsEstablished</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ContingentLiabilityForDamagesAndLossesDuringContractualRelationship">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of claims made for damages and losses during contractual relationship.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ContingentLiabilityForDamagesAndLossesDuringContractualRelationship</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of chambers of the Civil and Commercial Federal Proceedings Court that issued opinions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfChambersCivilAndCommercialFederalProceedingsCourt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Statute of limitations established by Argentine Supreme Court of Justice.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_StatuteOfLimitationsPerArgentineSupremeCourtOfJustice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_StatuteOfLimitationsPerChamberIii">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Statute of Limitations per Chamber III of the Civil and Commercial Federal Proceedings Court.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_StatuteOfLimitationsPerChamberIii</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=teo_LaborProceedingsContingentLiabilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=teo_LaborProceedingsContingentLiabilityMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_LitigationCaseAxis=teo_TaskSolutionsContactCenterMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_LitigationCaseAxis=teo_TaskSolutionsContactCenterMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=teo_RegulatoryProceedingsContingentLiabilityMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>153
<FILENAME>R131.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969996656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROVISIONS - Possible Contingencies (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 29, 2018</div></th>
<th class="th"><div>Feb. 24, 2017</div></th>
<th class="th">
<div>Jun. 01, 2010 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Sep. 30, 2014 </div>
<div>ARS ($)</div>
</th>
<th class="th"><div>Jun. 30, 2012</div></th>
<th class="th">
<div>Nov. 30, 2011 </div>
<div>action</div>
</th>
<th class="th">
<div>Feb. 28, 2017 </div>
<div>company</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($) </div>
<div>action</div>
</th>
<th class="th">
<div>Dec. 12, 2001 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_LitigationCaseAxis=teo_RadioelectricSpectrumFeesMember', window );">Radioelectric Spectrum Fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LossesOnLitigationSettlements', window );">Difference resulting from both sets of liquidation excluding interests</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 717,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_LitigationCaseAxis=teo_TradeUnionsForUnionContributionsAndPaymentsMember', window );">Claims by Trade Unions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfLegalActionsFiledByTradeUnions', window );">Number of legal actions | action</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodOfDefaultForUnionContributionsAndPayments', window );">Period of default</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_LitigationCaseAxis=teo_SecretariatOfDomesticTradeOfNationMember', window );">SCI</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PenaltyImposedForNotComplyingWithInformationRegime', window );">Penalty imposed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReducedPenaltyForNotComplyingWithInformationRegime', window );">Reduced penalty</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AdjustedSubscriptionPrice', window );">Adjusted subscription price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 152<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_LitigationCaseAxis=teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember', window );">Claims between Supercanal Holding S.A. and Cablevision</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReductionOfCapitalDueToRevocationOfInjunction', window );">Reduction of capital stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseInCapitalDueToRevocationOfInjunction', window );">Subsequent increase in capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 83,012,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_LitigationCaseAxis=teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember', window );">Asociacion por la Defensa de Usuarios y Consumidores</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodDuringWhichAmountsCollectedForInternetAndCableServices', window );">Period during which amounts collected for services</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | Civil and commercial proceedings, contingencies | Consumidores Financieros Asociacion Civil para su Defensa</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected', window );">Number of years to be considered for reimbursement of excess amount collected</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards', window );">Number of years to be considered for crediting the customers for unused minutes on expired prepaid cards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt', window );">Total number of legal actions within the federal civil and commercial court | action</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | Civil and commercial proceedings, contingencies | Changes in service prices</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer', window );">Period considered for reimbursement of increased price billed to customer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | Civil and commercial proceedings, contingencies | Claim by content providers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfCompaniesThatInitiatedClaim', window );">Number of companies that initiated a claim | company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive', window );">Maximum percentage of services invoiced that the mobile operators are entitled to receive</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PeriodToFileInterConnectionContracts', window );">Period to file interconnection contracts under the ENACOM</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">30 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherProvisionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherProvisionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LossesOnLitigationSettlements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The losses on settlements of litigation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 98<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_98_f&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LossesOnLitigationSettlements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_AdjustedSubscriptionPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The adjusted amount of subscription price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_AdjustedSubscriptionPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseInCapitalDueToRevocationOfInjunction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of capital increase due to revocation of injunction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseInCapitalDueToRevocationOfInjunction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the maximum percentage of services invoiced, that the mobile operators are entitled to receive on behalf and to the order of providers of audiotext and mass calling Value Added Services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MaximumPercentageOfServicesInvoicedThatMobileOperatorsAreEntitledToReceive</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfCompaniesThatInitiatedClaim">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of companies that initiated a claim.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfCompaniesThatInitiatedClaim</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfLegalActionsFiledByTradeUnions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of legal actions filed by trade unions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfLegalActionsFiledByTradeUnions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the total number of legal actions that will continue within the Federal Civil and Commercial Court.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfLegalActionsWithinFederalCivilAndCommercialCourt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period preceding the date of lawsuit, to be considered for crediting the customers for unused minutes on expired prepaid cards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfYearsToBeConsideredForCreditingCustomersForUnusedMinutesOnExpiredPrepaidCards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period preceding the date of lawsuit, to be considered for reimbursement of excess amount collected from customers, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfYearsToBeConsideredForReimbursementOfExcessAmountCollected</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PenaltyImposedForNotComplyingWithInformationRegime">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of penalty imposed for not complying with information regime.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PenaltyImposedForNotComplyingWithInformationRegime</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period considered for the reimbursement of increased price billed to customer, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodConsideredForReimbursementOfIncreasedPriceBilledToCustomer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodDuringWhichAmountsCollectedForInternetAndCableServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period during which amounts collected for internet and cable services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodDuringWhichAmountsCollectedForInternetAndCableServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodOfDefaultForUnionContributionsAndPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period of default made for union contributions and payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodOfDefaultForUnionContributionsAndPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PeriodToFileInterConnectionContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period to file interconnection contracts under the ENACOM, or the addenda to the existing ones, that ensure adjustments to the contracts already in force and with relation to the services rendered by the members of CAVAM, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PeriodToFileInterConnectionContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReducedPenaltyForNotComplyingWithInformationRegime">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reduced penalty for not complying with information regime.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReducedPenaltyForNotComplyingWithInformationRegime</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ReductionOfCapitalDueToRevocationOfInjunction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of capital reduced due to revocation of injunction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReductionOfCapitalDueToRevocationOfInjunction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_LitigationCaseAxis=teo_RadioelectricSpectrumFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_LitigationCaseAxis=teo_RadioelectricSpectrumFeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_LitigationCaseAxis=teo_TradeUnionsForUnionContributionsAndPaymentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_LitigationCaseAxis=teo_TradeUnionsForUnionContributionsAndPaymentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_LitigationCaseAxis=teo_SecretariatOfDomesticTradeOfNationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_LitigationCaseAxis=teo_SecretariatOfDomesticTradeOfNationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_LitigationCaseAxis=teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_LitigationCaseAxis=teo_ClaimsBetweenSupercanalHoldingS.a.AndCablevisionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_LitigationCaseAxis=teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_LitigationCaseAxis=teo_AsociacionPorLaDefensaDeUsuariosYConsumidoresMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<DOCUMENT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969286848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PROVISIONS - Contingent Asset - "AFA Plus Project" Claim (Details) - AFA Plus Project<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jul. 20, 2012</div></th>
<th class="th">
<div>Oct. 31, 2015 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Feb. 28, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 19, 2018 </div>
<div>ARS ($)</div>
</th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsLineItems', window );"><strong>Provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ReferringPriceRate', window );">Referring price rate (as a percent)</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InvestmentsMadeAndExpensesIncurred', window );">Investments made and expenses incurred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 269,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InvestmentsMadeAndExpensesIncurredIncludedInPropertyPlantAndEquipment', window );">Investments made and expenses incurred, included in PP&amp;E</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">211,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CompensationReceivedForServicesProvidedAndWorkPerformed', window );">Compensation received from AFA for services provided and work performed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CompensationProposedForInvestmentAndExpenditure', window );">Compensation proposed by AFA for investment and expenditures incurred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_WaitingPeriodToReceiveProposedCompensation', window );">Waiting period to receive the proposed compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmountDueFromCounterParty', window );">Amount due from AFA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 179,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PrejudicialMediationProcedureClaims', window );">Claims brought for prejudicial mediation procedure</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 353,477,495<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WorkInProgress', window );">Recoverable value of Work in progress and Materials recognized by the project</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 211,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of assets currently in production, which require further processes to be converted into finished goods or services. [Refer: Current finished goods; Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount due form counter party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount proposed by AFA to compensate for the amount spent towards investments and expenditures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents compensation received towards for services provided and work performed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments made and expenses incurred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments made and expenses incurred, included in property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount claimed for prejudicial mediation procedure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PrejudicialMediationProcedureClaims</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the referring price rate on every popular ticket price per each football fan that attend the stadiums during the term of agreement, charged in order to aid a profit margin.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ReferringPriceRate</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the waiting period to receive the proposed compensation, if the advertising compensation was not operating, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_WaitingPeriodToReceiveProposedCompensation</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td>xbrli:durationItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProjectAxis=teo_AfaPlusProjectMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProjectAxis=teo_AfaPlusProjectMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>155
<FILENAME>R133.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969555920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMITMENTS (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>MB / s </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($) </div>
<div>item</div>
</th>
<th class="th">
<div>Jul. 07, 2014 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Purchase orders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 41,107<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment', window );">PP&amp;E commitments</a></td>
<td class="nump">$ 9,926<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16', window );">Purchase commitments relating to contracts that qualify as leases under IFRS 16</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment', window );">PP&amp;E commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 450<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfInhabitants', window );">Number of inhabitants | item</a></td>
<td class="nump">500<span></span>
</td>
<td class="nump">500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MobileInternetServicesGuaranteedPerformanceRate', window );">Guaranteed performance speed | MB / s</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember', window );">Personal | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommitmentsLineItems', window );"><strong>Commitments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ContractTerm', window );">Contract term</a></td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractualCapitalCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of capital commitments for which the entity has entered into a contract. [Refer: Capital commitments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractualCapitalCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of contractual commitments for the acquisition of property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 74<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_74_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractualCommitmentsForAcquisitionOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommitmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommitmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ContractTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time to complete work required by contract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ContractTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MobileInternetServicesGuaranteedPerformanceRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the guaranteed performance speed of mobile internet services in megabytes per second (Mbps) on all network locations where mobile internet services are offered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MobileInternetServicesGuaranteedPerformanceRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfInhabitants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of inhabitants in the locality who will receive SRMC, STM and PCS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfInhabitants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of purchase commitments relating to contracts that qualify as leases under IFRS 16.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PurchaseCommitmentsRelatingToContractsThatQualifyAsLeasesUnderIfrs16</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_PersonalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>156
<FILENAME>R134.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6970288496">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>EQUITY - Summary (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract', window );"><strong>EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAttributableToOwnersOfParent', window );">Equity attributable to Controlling Company</a></td>
<td class="nump">$ 225,686<span></span>
</td>
<td class="nump">$ 54,182<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Equity attributable to non-controlling interest (Note 1.a)</a></td>
<td class="nump">3,227<span></span>
</td>
<td class="nump">846<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">TOTAL EQUITY (See Consolidated Statements of Changes in Equity)</a></td>
<td class="nump">$ 228,913<span></span>
</td>
<td class="nump">$ 55,028<span></span>
</td>
<td class="nump">$ 54,673<span></span>
</td>
<td class="nump">$ 48,804<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph r<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_r&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2018-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=10&amp;date=2018-03-01&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>157
<FILENAME>R135.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6972541808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EQUITY - Capital stock (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jan. 01, 2018 </div>
<div>Vote </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($) </div>
<div>Vote </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($) </div>
<div>Vote </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($) </div>
<div>Vote </div>
<div>$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Nominal value of issued shares | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,169,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommonStockVotingRightsNumber', window );">Number of votes per share | Vote</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,153,688,011<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid', window );">Total capital stock (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,168,909,384<span></span>
</td>
<td class="nump">120,000<span></span>
</td>
<td class="nump">120,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis=teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember', window );">Preliminary Merger Agreement and the Final Merger Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommonStockVotingRightsNumber', window );">Number of votes per share | Vote</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Nominal value of issued shares | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 984,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommonStockVotingRightsNumber', window );">Number of votes per share | Vote</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">969,159,605<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Nominal value of issued shares | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,200<span></span>
</td>
<td class="nump">$ 1,200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in pesos per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommonStockVotingRightsNumber', window );">Number of votes per share | Vote</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">120,000<span></span>
</td>
<td class="nump">120,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of interest on stake</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember', window );">Class "A"</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">340,994,852<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember', window );">Class "A" | Preliminary Merger Agreement and the Final Merger Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="nump">342,861,748<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember', window );">Class "A" | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,425<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of interest on stake</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember', window );">Class "A" | VLG Argentina LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">61,581<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of interest on stake</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember', window );">Class "B"</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfSharesEachAmericanDepositarySharesRepresents', window );">Number of shares each ADS represents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember', window );">Class "B" | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,782<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of interest on stake</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember', window );">Class "B" | Fintech Media LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Outstanding shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,212<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of interest on stake</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDOrdinarySharesMember', window );">Class "D" | Preliminary Merger Agreement and the Final Merger Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued</a></td>
<td class="nump">841,666,658<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssuedAndFullyPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity, for which full payment has been received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssuedAndFullyPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares in the entity held by the entity or by its subsidiaries or associates. [Refer: Associates [member]; Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_vi&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommonStockVotingRightsNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of common stock voting rights.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommonStockVotingRightsNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfSharesEachAmericanDepositarySharesRepresents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of shares that each American Depositary Share (ADS) represents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfSharesEachAmericanDepositarySharesRepresents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis=teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationAxis=teo_PreliminaryMergerAgreementAndFinalMergerAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=teo_TelecomArgentinaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_TelecomArgentinaS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_CablevisionHoldingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=teo_VlgArgentinaLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_VlgArgentinaLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassBOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=teo_FintechMediaLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=teo_FintechMediaLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassDOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>158
<FILENAME>R136.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6980879696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EQUITY - Share Ownership Plan (Details) - Class "C"<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 15, 2011 </div>
<div>tranche </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2011 </div>
<div>tranche </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>shares</div>
</th>
<th class="th">
<div>Apr. 27, 2006 </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2000 </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ShareOwnershipPlanAbstract', window );"><strong>Share Ownership Plan</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage', window );">Capital Stock to be included in PPP (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares', window );">Capital Stock to be included in PPP (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">98,438,098<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsConversionOfStockSharesAuthorized', window );">Conversion of shares, number of shares authorized</a></td>
<td class="nump">4,593,274<span></span>
</td>
<td class="nump">4,593,274<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41,339,464<span></span>
</td>
<td class="nump">52,505,360<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsConversionOfStockSharesConverted1', window );">Conversion of shares, number of shares converted</a></td>
<td class="nump">4,382,408<span></span>
</td>
<td class="nump">41,339,464<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfTranches', window );">Number of tranches | tranche</a></td>
<td class="nump">11<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfSharesHeldForConversion', window );">Number of shares held for conversion</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">210,866<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of capital stock that should be included in Represents the number of shares that should be included in employee share ownership program sponsored by the Argentine government, as per the decree.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramNumberOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of capital stock that should be included in employee share ownership program sponsored by the Argentine government, as per the decree.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CapitalStockToBeIncludedInEmployeeShareOwnershipProgramPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsConversionOfStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of shares that are authorized for conversion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsConversionOfStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsConversionOfStockSharesConverted1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsConversionOfStockSharesConverted1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfSharesHeldForConversion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of shares held for conversion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfSharesHeldForConversion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfTranches">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of tranches in which the shares were converted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfTranches</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ShareOwnershipPlanAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ShareOwnershipPlanAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfOrdinarySharesAxis=teo_ClassCOrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>159
<FILENAME>R137.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp7017334656">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>EQUITY - Treasury Shares (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Apr. 29, 2016</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>May 21, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 228,913<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 55,028<span></span>
</td>
<td class="nump">$ 54,673<span></span>
</td>
<td class="nump">$ 48,804<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=teo_TreasurySharesCapitalNominalValueMember', window );">Treasury shares, Capital nominal value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThresholdPeriodForSaleOfTreasuryShares', window );">Maximum time period for sale of treasury shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Treasury shares (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,221,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfTreasurySharesHeld', window );">Percentage of treasury shares held</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.70%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=teo_VoluntaryReserveForCapitalInvestmentsMember', window );">Voluntary reserve for capital investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury shares acquisition cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Equity</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (1,795)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="9"></td></tr>
<tr><td colspan="9"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As of December 31, 2018 total shares (2,168,909,384), of $1 argentine peso of nominal value each, were issued and fully paid. As of December 31,2018, 15,221,373 were treasury shares.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Corresponds to 15,221,373 shares of $1 argentine peso of nominal value each, equivalent to 0.70% of total capital. The treasury shares acquisition costs amounted to 1,795. See Note&#160;20&#160; to these consolidated financial statements.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Correspond to the Facultative Reserves to maintain the capital investments level and the current level of solvency.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares in the entity held by the entity or by its subsidiaries or associates. [Refer: Associates [member]; Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_vi&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfTreasurySharesHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of treasury shares to total capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfTreasurySharesHeld</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Threshold period for sale of treasury shares from the date of acquisition, in 'PnYnMnDTnHnMnS' format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ThresholdPeriodForSaleOfTreasuryShares</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=teo_TreasurySharesCapitalNominalValueMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=teo_VoluntaryReserveForCapitalInvestmentsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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</div>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>160
<FILENAME>R138.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990681696">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS - Details of financial assets and financial liabilities (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">$ 32,462<span></span>
</td>
<td class="nump">$ 9,695<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">109,378<span></span>
</td>
<td class="nump">30,357<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember', window );">Financial liabilities at amortised cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">109,378<span></span>
</td>
<td class="nump">30,357<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">30,878<span></span>
</td>
<td class="nump">8,172<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">1,446<span></span>
</td>
<td class="nump">1,523<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value accounted through other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">138<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember', window );">Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">23,424<span></span>
</td>
<td class="nump">5,737<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember', window );">Trade payables | Financial liabilities at amortised cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">23,424<span></span>
</td>
<td class="nump">5,737<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_FinancialDebtMember', window );">Financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">79,312<span></span>
</td>
<td class="nump">16,009<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_FinancialDebtMember', window );">Financial debt | Financial liabilities at amortised cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">79,312<span></span>
</td>
<td class="nump">16,009<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_SalariesAndSocialSecurityPayablesMember', window );">Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">6,294<span></span>
</td>
<td class="nump">2,585<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_SalariesAndSocialSecurityPayablesMember', window );">Salaries and social security payables | Financial liabilities at amortised cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">6,294<span></span>
</td>
<td class="nump">2,585<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember', window );">Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">348<span></span>
</td>
<td class="nump">6,026<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember', window );">Other liabilities | Financial liabilities at amortised cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Liabilities</a></td>
<td class="nump">348<span></span>
</td>
<td class="nump">6,026<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember', window );">Cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">6,891<span></span>
</td>
<td class="nump">6,517<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember', window );">Cash and cash equivalents | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">6,831<span></span>
</td>
<td class="nump">5,153<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember', window );">Cash and cash equivalents | Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">60<span></span>
</td>
<td class="nump">1,364<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_CashAndBanksMember', window );">Cash and banks | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">1,878<span></span>
</td>
<td class="nump">5,120<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember', window );">Investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">5,998<span></span>
</td>
<td class="nump">162<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember', window );">Investments | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">5,269<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember', window );">Investments | Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">729<span></span>
</td>
<td class="nump">159<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">17,476<span></span>
</td>
<td class="nump">2,588<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">17,476<span></span>
</td>
<td class="nump">2,588<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">2,097<span></span>
</td>
<td class="nump">428<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">1,302<span></span>
</td>
<td class="nump">$ 428<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables | Financial assets at fair value accounted through profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">657<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables | Financial assets at fair value accounted through other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Financial instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Assets</a></td>
<td class="nump">$ 138<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtAmortisedCostCategoryMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_FinancialDebtMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_FinancialDebtMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_CashAndBanksMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember</td>
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<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>161
<FILENAME>R139.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6966633200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS - Gains and losses (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>FINANCIAL INSTRUMENTS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost', window );">Net gain (loss) on financial assets at amortised cost</a></td>
<td class="nump">$ 7,544<span></span>
</td>
<td class="num">$ (285)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost', window );">Net gain (loss) on financial liabilities at amortised cost</a></td>
<td class="num">(41,540)<span></span>
</td>
<td class="num">(1,229)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial assets at fair value through profit or loss</a></td>
<td class="nump">2,237<span></span>
</td>
<td class="nump">265<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial liabilities at fair value through profit or loss</a></td>
<td class="num">(229)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetGainsLossesOnFinancialInstruments', window );">Total gain (loss) on financial instruments</a></td>
<td class="num">(31,988)<span></span>
</td>
<td class="num">(1,249)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost', window );">Interest on financial assets at amortised cost</a></td>
<td class="nump">1,863<span></span>
</td>
<td class="nump">201<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss', window );">Interest on financial liabilities at amortised cost</a></td>
<td class="num">(6,307)<span></span>
</td>
<td class="num">(2,185)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss', window );">Interest on financial assets at fair value through profit or loss</a></td>
<td class="nump">1,019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestIncomeExpenseOnFinancialInstruments', window );">Total interest income (expense) on financial instruments</a></td>
<td class="num">$ (3,425)<span></span>
</td>
<td class="num">$ (1,984)<span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial assets measured at amortised cost. [Refer: Financial assets at amortised cost]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a_vi&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialAssetsAtAmortisedCost</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial assets at fair value through profit or loss. [Refer: Financial assets at fair value through profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial liabilities measured at amortised cost. [Refer: Financial liabilities at amortised cost]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a_v&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialLiabilitiesAtAmortisedCost</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial liabilities at fair value through profit or loss. [Refer: Financial liabilities at fair value through profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense for financial liabilities that are not at fair value through profit or loss. [Refer: At fair value [member]; Interest expense; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseForFinancialLiabilitiesNotAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from interest for financial assets that are measured at amortised cost. [Refer: Interest income; Financial assets at amortised cost]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestIncomeForFinancialAssetsMeasuredAtAmortisedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income on financial assets designated at fair value through profit or loss. [Refer: Interest income; Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestIncomeExpenseOnFinancialInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of total interest income or (expense) on financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestIncomeExpenseOnFinancialInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetGainsLossesOnFinancialInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net gains or (losses) on financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetGainsLossesOnFinancialInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<FILENAME>R140.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969917728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS - Fair value disclosures (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Net gain (loss) on financial assets at fair value through profit or loss</a></td>
<td class="nump">$ 2,237<span></span>
</td>
<td class="nump">$ 265<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets', window );">Transfers out of Level 1 into Level 2 of fair value hierarchy, assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets', window );">Transfers out of Level 2 into Level 1 of fair value hierarchy, assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities', window );">Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities', window );">Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets', window );">Transfers into Level 3 of fair value hierarchy, assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets', window );">Transfers out of Level 3 of fair value hierarchy, assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities', window );">Transfers into Level 3 of fair value hierarchy, liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities', window );">Transfers out of Level 3 of fair value hierarchy, liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">32,462<span></span>
</td>
<td class="nump">9,695<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">109,378<span></span>
</td>
<td class="nump">30,357<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">30,878<span></span>
</td>
<td class="nump">8,172<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember', window );">Other short-term investments | Level 1 | At fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">62<span></span>
</td>
<td class="nump">1,463<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_IfrsInvestmentsMember', window );">Investments | Financial assets at amortized cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets at fair value</a></td>
<td class="nump">4,310<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">5,183<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember', window );">Government bonds | Level 1 | At fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="nump">727<span></span>
</td>
<td class="nump">50<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_IfrsOtherInvestmentsMember', window );">Other Investments | Level 1 | At fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_FinancialDebtMember', window );">Financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities at fair value</a></td>
<td class="nump">78,787<span></span>
</td>
<td class="nump">11,459<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="nump">$ 79,312<span></span>
</td>
<td class="nump">10,844<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_FinancialDebtMember', window );">Financial debt | Restated for compare</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Fair value and other disclosures</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities at fair value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,918<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,010<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial assets. [Refer: At fair value [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial liabilities. [Refer: At fair value [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial assets at fair value through profit or loss. [Refer: Financial assets at fair value through profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers of assets into Level 3 of the fair value hierarchy. [Refer: Level 3 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersIntoLevel3OfFairValueHierarchyAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers of liabilities into Level 3 of the fair value hierarchy. [Refer: Level 3 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersIntoLevel3OfFairValueHierarchyLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers out of Level 1 and into Level 2 of the fair value hierarchy of assets held at the end of the reporting period. [Refer: Level 1 of fair value hierarchy [member]; Level 2 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers out of Level 1 and into Level 2 of the fair value hierarchy of liabilities held at the end of the reporting period. [Refer: Level 1 of fair value hierarchy [member]; Level 2 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers out of Level 2 and into Level 1 of the fair value hierarchy of assets held at the end of the reporting period. [Refer: Level 1 of fair value hierarchy [member]; Level 2 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers out of Level 2 and into Level 1 of the fair value hierarchy of liabilities held at the end of the reporting period. [Refer: Level 1 of fair value hierarchy [member]; Level 2 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers of assets out of Level 3 of the fair value hierarchy. [Refer: Level 3 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transfers of liabilities out of Level 3 of the fair value hierarchy. [Refer: Level 3 of fair value hierarchy [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransfersOutOfLevel3OfFairValueHierarchyLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_OtherShortTermInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MeasurementAxis=ifrs-full_AtFairValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_IfrsInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_IfrsInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_GovernmentBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_IfrsOtherInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_IfrsOtherInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_FinancialDebtMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_FinancialDebtMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementScenarioAxis=teo_RestatedForCompareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementScenarioAxis=teo_RestatedForCompareMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>163
<FILENAME>R141.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6972390208">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS - Hedge accounting (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Jun. 30, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>tranche</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($) </div>
<div>tranche</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>$ / item </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLoansAndReceivables', window );">Receivables recognized, Non-current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 38,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges', window );">Deferred income/expense before income tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 128,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Currency risk | Fair value hedges | Foreign currency exchange rate gains</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 118.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AveragePriceOfHedgingInstrument', window );">Average exchange rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39.33<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Currency risk | Exchange rate hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">306.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 53.5<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AveragePriceOfHedgingInstrument', window );">Average exchange rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">36.58<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentLiabilities', window );">Liability of hedging instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GainLossOnFinancialInstruments', window );">Net gain/loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,039,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TotalNdfAgreementAmount', window );">Total NDF agreement amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 166.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">640,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnLoansAndReceivables', window );">Gains recognized from receivables</a></td>
<td class="nump">$ 77,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Currency risk | Exchange rate hedges | Foreign currency exchange rate gains</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GainLossOnFinancialInstruments', window );">Net gain/loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">152,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Effective from March 15, 2017 and September 15, 2017 | Currency risk | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">400.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">137,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnLoansAndReceivables', window );">Gains recognized from receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLoansAndReceivables', window );">Receivables recognized, Current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">98,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLoansAndReceivables', window );">Receivables recognized, Non-current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Effective from March 15, 2017 and September 15, 2017 | Currency risk | Fair value hedges | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentInterestRate', window );">Interest rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">208.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Effective from March 15, 2017 and September 15, 2017 | Currency risk | Fair value hedges | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentInterestRate', window );">Interest rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">245.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Effective from March 15, 2017 and September 15, 2017 | Currency risk | Fair value hedges | Weighted average</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentInterestRate', window );">Interest rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">222.58%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Effective from March 15, 2017 | Currency risk | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">300.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Effective from September 15, 2017 | Currency risk | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Effective from March 15, 2018 | Currency risk | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TotalHedgedAmount', window );">Total Hedged amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfTranches', window );">Number of Tranches | tranche</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Receivables recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnLoansAndReceivables', window );">Gains recognized from receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLoansAndReceivables', window );">Receivables recognized, Current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLoansAndReceivables', window );">Receivables recognized, Non-current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Maturing between February and April 2018 | Currency risk | Exchange rate hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AveragePriceOfHedgingInstrument', window );">Average exchange rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18.30<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF | Maturing between March and August 2018 | Currency risk | Exchange rate hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6.3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AveragePriceOfHedgingInstrument', window );">Average exchange rate | $ / item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18.94<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GainLossOnFinancialInstruments', window );">Net gain/loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 22,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NdfBondsWith2.1325PercentMember', window );">2.1325% NDF | Effective from March 15, 2018 | Currency risk | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentInterestRate', window );">Interest rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">213.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NdfBondsWith2.085PercentMember', window );">2.085% NDF | Effective from March 15, 2018 | Currency risk | Fair value hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfHedgeAccountingLineItems', window );"><strong>Hedge accounting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentInterestRate', window );">Interest rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">208.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AveragePriceOfHedgingInstrument">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average price of a hedging instrument. [Refer: Hedging instruments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 23B<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_23B_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AveragePriceOfHedgingInstrument</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current loans and receivables. [Refer: Loans and receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfHedgeAccountingLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfHedgeAccountingLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnLoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on loans and receivables. [Refer: Loans and receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_20_a_iv&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnLoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a hedging instrument, recognised as a liability. [Refer: Hedging instruments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 24A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_24A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than: (a) those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity, upon initial recognition, designates as at fair value through profit or loss; (b) those that the entity, upon initial recognition, designates as available for sale; or (c) those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale. An interest acquired in a pool of assets that are not loans or receivables (for example, an interest in a mutual fund or a similar fund) is not a loan or receivable. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current loans and receivables. [Refer: Loans and receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to cash flow hedges. [Refer: Cash flow hedges [member]; Other comprehensive income, before tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate for investments that have an interest rate. For fixed rate investments, this indicates the fixed interest rate. If the investment has a variable interest rate, the rate stated here may be the rate that is currently relevant. In this case the "Investment, Interest Rate is Current Rate for Variable Rate Investment Flag", "Investment, Interest Rate is Discount Rate at Purchase Flag", "Investment, Interest Rate Reflects Current Yield Flag" should be used. If one of these flags are not appropriate to explain the interest rate that is indicated, then a new flag should be added or an explanation should be included in "Investment, Additional Information".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 12<br> -Section 12<br> -Sentence Column A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>invest_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_GainLossOnFinancialInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_GainLossOnFinancialInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfTranches">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of tranches in which the shares were converted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfTranches</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TotalHedgedAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount hedged as per agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TotalHedgedAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TotalNdfAgreementAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of NDF agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TotalNdfAgreementAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=ifrs-full_FairValueHedgesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=ifrs-full_FairValueHedgesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=teo_ForeignCurrencyExchangeRateGainsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=teo_ForeignCurrencyExchangeRateGainsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=teo_DerivativeInstrumentEffective2017Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=teo_DerivativeInstrumentEffective2017Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=teo_DerivativeInstrumentEffectiveMarch2017Member">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6732520640">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS - Offsetting of financial assets and financial liabilities (Details)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember', window );">Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems', window );"><strong>Offsetting of financial assets and financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Current and noncurrent liabilities - Gross value</a></td>
<td class="num">$ (24,665)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Offsetting</a></td>
<td class="nump">1,251<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition', window );">Current and noncurrent liabilities - Booked value</a></td>
<td class="num">(23,414)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember', window );">Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems', window );"><strong>Offsetting of financial assets and financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Current and noncurrent liabilities - Gross value</a></td>
<td class="num">(379)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Offsetting</a></td>
<td class="nump">31<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition', window );">Current and noncurrent liabilities - Booked value</a></td>
<td class="num">(348)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems', window );"><strong>Offsetting of financial assets and financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Current and noncurrent assets - Gross value</a></td>
<td class="nump">18,729<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Offsetting</a></td>
<td class="num">(1,251)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition', window );">Current and noncurrent assets - Booked value</a></td>
<td class="nump">17,478<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems', window );"><strong>Offsetting of financial assets and financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Current and noncurrent assets - Gross value</a></td>
<td class="nump">2,128<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Offsetting</a></td>
<td class="num">(31)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition', window );">Current and noncurrent assets - Booked value</a></td>
<td class="nump">$ 2,097<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOffsettingOfFinancialAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets set off against financial liabilities when an entity: (a) currently has a legally enforceable right to set off the recognised amounts; and (b) intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. [Refer: Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross amount of recognised financial assets that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities set off against financial assets when an entity: (a) currently has a legally enforceable right to set off the recognised amounts; and (b) intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. [Refer: Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross amount of recognised financial liabilities that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of financial assets that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement, presented in the statement of financial position. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of financial liabilities that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement, presented in the statement of financial position. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>165
<FILENAME>R143.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp7015461824">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REVENUES (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAbstract', window );"><strong>REVENUES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfMobileTelephoneServices', window );">Revenue from Mobile services</a></td>
<td class="nump">$ 57,776<span></span>
</td>
<td class="nump">$ 4,274<span></span>
</td>
<td class="nump">$ 7,736<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfInternetServices', window );">Revenue from internet service</a></td>
<td class="nump">37,742<span></span>
</td>
<td class="nump">19,354<span></span>
</td>
<td class="nump">13,789<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromRenderingOfCableTelevisionServices', window );">Cable Television Services</a></td>
<td class="nump">36,067<span></span>
</td>
<td class="nump">39,914<span></span>
</td>
<td class="nump">36,929<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfDataServices', window );">Fixed and Data Services</a></td>
<td class="nump">23,149<span></span>
</td>
<td class="nump">1,897<span></span>
</td>
<td class="nump">996<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices', window );">Other services revenues</a></td>
<td class="nump">478<span></span>
</td>
<td class="nump">835<span></span>
</td>
<td class="nump">712<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices', window );">Total Services revenues</a></td>
<td class="nump">155,212<span></span>
</td>
<td class="nump">66,274<span></span>
</td>
<td class="nump">60,162<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment', window );">Equipment revenues</a></td>
<td class="nump">12,834<span></span>
</td>
<td class="nump">375<span></span>
</td>
<td class="nump">243<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices', window );">Revenue from sale of equipment and rendering of services</a></td>
<td class="nump">$ 168,046<span></span>
</td>
<td class="nump">$ 66,649<span></span>
</td>
<td class="nump">$ 60,405<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfDataServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of data services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfDataServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfInternetServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of internet services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfInternetServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfMobileTelephoneServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of mobile telephone services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfMobileTelephoneServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of telecommunication services that the entity does not separately disclose in the same statement or note. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfOtherTelecommunicationServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfTelecommunicationServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of telecommunication services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfTelecommunicationServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfTelecommunicationEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of telecommunication equipment. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfTelecommunicationEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromRenderingOfCableTelevisionServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of cable television services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromRenderingOfCableTelevisionServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from sale of equipment and rendering of telecommunication services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RevenueFromSaleOfEquipmentAndRenderingOfTelecommunicationServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>166
<FILENAME>R144.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967988272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING EXPENSES (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>OPERATING EXPENSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OperatingExpense', window );">Operating expenses</a></td>
<td class="nump">$ 146,789<span></span>
</td>
<td class="nump">$ 52,340<span></span>
</td>
<td class="nump">$ 48,089<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract', window );"><strong>Employee benefit expenses and severance payments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SalariesSocialSecurityContribution', window );">Salaries, Social security expenses and benefits</a></td>
<td class="num">(27,026)<span></span>
</td>
<td class="num">(10,817)<span></span>
</td>
<td class="num">(10,007)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_SeveranceIndemnitiesAndTerminationBenefitsExpense', window );">Severance indemnities and termination benefits</a></td>
<td class="num">(2,273)<span></span>
</td>
<td class="num">(362)<span></span>
</td>
<td class="num">(186)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherEmployeeExpense', window );">Other employee benefits</a></td>
<td class="num">(749)<span></span>
</td>
<td class="num">(486)<span></span>
</td>
<td class="num">(410)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="num">$ (30,048)<span></span>
</td>
<td class="num">$ (11,665)<span></span>
</td>
<td class="num">$ (10,603)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of all operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherEmployeeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of employee expenses that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 5<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_5&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherEmployeeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermEmployeeBenefitsExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SalariesSocialSecurityContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of of employee benefits expense that represents salaries, social security contribution.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SalariesSocialSecurityContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_SeveranceIndemnitiesAndTerminationBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A class of employee benefits expense that represents severance indemnities and termination benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_SeveranceIndemnitiesAndTerminationBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>167
<FILENAME>R145.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6990140400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING EXPENSES - Fees for services, maintenance, materials and supplies (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>OPERATING EXPENSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MaintenanceAndMaterials', window );">Maintenance and materials</a></td>
<td class="num">$ (8,533)<span></span>
</td>
<td class="num">$ (4,300)<span></span>
</td>
<td class="num">$ (5,271)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServices', window );">Fees for services</a></td>
<td class="num">(7,629)<span></span>
</td>
<td class="num">(2,930)<span></span>
</td>
<td class="num">(2,619)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DirectorsAndSupervisoryCommitteesFees', window );">Directors and Supervisory Committee's fees</a></td>
<td class="num">(99)<span></span>
</td>
<td class="num">(24)<span></span>
</td>
<td class="num">(22)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Total fees for services, maintenance, materials and supplies</a></td>
<td class="num">$ (16,261)<span></span>
</td>
<td class="num">$ (7,254)<span></span>
</td>
<td class="num">$ (7,912)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DirectorsAndSupervisoryCommitteesFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from directors and supervisory committee's fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DirectorsAndSupervisoryCommitteesFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FeesForServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to fees for services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FeesForServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses for fees for services, maintenance, materials and supplies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MaintenanceAndMaterials">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from maintenance and materials.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MaintenanceAndMaterials</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>168
<FILENAME>R146.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp7017036944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING EXPENSES - Taxes and fees with the Regulatory Authority (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>OPERATING EXPENSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TurnoverTax', window );">Turnover tax</a></td>
<td class="num">$ (7,361)<span></span>
</td>
<td class="num">$ (2,157)<span></span>
</td>
<td class="num">$ (1,218)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MunicipalTaxes', window );">Municipal taxes</a></td>
<td class="num">(1,811)<span></span>
</td>
<td class="num">(1,026)<span></span>
</td>
<td class="num">(838)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherTaxesAndFees', window );">Other taxes and fees</a></td>
<td class="num">(4,437)<span></span>
</td>
<td class="num">(1,676)<span></span>
</td>
<td class="num">(2,285)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Total taxes and fees with the regulatory authority</a></td>
<td class="num">$ (13,609)<span></span>
</td>
<td class="num">$ (4,859)<span></span>
</td>
<td class="num">$ (4,341)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense exclusive of income tax expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseOtherThanIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MunicipalTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of municipal taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MunicipalTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherTaxesAndFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other taxes and fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherTaxesAndFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TurnoverTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax on turnover.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TurnoverTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>169
<FILENAME>R147.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967989760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING EXPENSES - Cost of equipment and handsets (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ChangesInCostOfEquipmentAndHandsetsAbstract', window );"><strong>Cost of equipment and handsets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InventoriesTotal', window );">Inventories at the beginning of the year</a></td>
<td class="num">$ (189)<span></span>
</td>
<td class="num">$ (515)<span></span>
</td>
<td class="num">$ (9)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InventoriesAdditionsAbstract', window );"><strong>Plus:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfEquipmentAndHandsetIncorporationInMerger', window );">Incorporation by merger</a></td>
<td class="num">(2,739)<span></span>
</td>
<td class="num">(232)<span></span>
</td>
<td class="num">(47)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfEquipmentAndHandsetPurchases', window );">Purchases</a></td>
<td class="num">(9,608)<span></span>
</td>
<td class="num">(285)<span></span>
</td>
<td class="num">(1,341)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CostOfEquipmentAndHandsetsProfitLossOther', window );">Other</a></td>
<td class="num">(20)<span></span>
</td>
<td class="nump">350<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InventoriesDeductionsAbstract', window );"><strong>Less:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InventoriesTotal', window );">Inventories at the end of the year</a></td>
<td class="nump">2,889<span></span>
</td>
<td class="nump">189<span></span>
</td>
<td class="nump">515<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipment and handsets</a></td>
<td class="num">$ (9,667)<span></span>
</td>
<td class="num">$ (493)<span></span>
</td>
<td class="num">$ (882)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfMerchandiseSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of merchandise that was sold during the period and recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfMerchandiseSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InventoriesTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets: (a) held for sale in the ordinary course of business; (b) in the process of production for such sale; or (c) in the form of materials or supplies to be consumed in the production process or in the rendering of services. Inventories encompass goods purchased and held for resale including, for example, merchandise purchased by a retailer and held for resale, or land and other property held for resale. Inventories also encompass finished goods produced, or work in progress being produced, by the entity and include materials and supplies awaiting use in the production process. [Refer: Current finished goods; Current merchandise; Current work in progress; Land]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InventoriesTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ChangesInCostOfEquipmentAndHandsetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ChangesInCostOfEquipmentAndHandsetsAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostOfEquipmentAndHandsetIncorporationInMerger">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cost of purchase of equipments and headsets in merger.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostOfEquipmentAndHandsetIncorporationInMerger</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostOfEquipmentAndHandsetPurchases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cost of purchase of equipments and handsets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostOfEquipmentAndHandsetPurchases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CostOfEquipmentAndHandsetsProfitLossOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cost of equipment and handsets profit (loss), reclassified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CostOfEquipmentAndHandsetsProfitLossOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InventoriesAdditionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the information pertaining to all the additions made to the inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InventoriesAdditionsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InventoriesDeductionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the information pertaining to the deductions in inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InventoriesDeductionsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969112432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING EXPENSES - Other operating income and expenses (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>OPERATING EXPENSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInOtherProvisions', window );">Provisions</a></td>
<td class="num">$ (1,254)<span></span>
</td>
<td class="num">$ (359)<span></span>
</td>
<td class="num">$ (348)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RentalAndInternetCapacityExpenses', window );">Rentals and internet capacity</a></td>
<td class="num">(3,321)<span></span>
</td>
<td class="num">(1,121)<span></span>
</td>
<td class="num">(862)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MiscellaneousOtherOperatingIncomeExpense', window );">Other</a></td>
<td class="num">(5,100)<span></span>
</td>
<td class="num">(1,766)<span></span>
</td>
<td class="num">(1,915)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating income and expenses</a></td>
<td class="num">$ (9,675)<span></span>
</td>
<td class="num">$ (3,246)<span></span>
</td>
<td class="num">$ (3,125)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ChangesInOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2018-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2018-03-01&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ChangesInOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_MiscellaneousOtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating income (expense). [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_MiscellaneousOtherOperatingIncomeExpense</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of rental and internet capacity expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td>duration</td>
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<DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp7017009168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING EXPENSES - Depreciation &amp; Amortization (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfOperatingExpensesAbstract', window );"><strong>OPERATING EXPENSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation of PP&amp;E</a></td>
<td class="num">$ (27,643)<span></span>
</td>
<td class="num">$ (9,698)<span></span>
</td>
<td class="num">$ (7,719)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_AmortizationOnIntangibleAssets', window );">Amortization of intangible assets</a></td>
<td class="num">(5,378)<span></span>
</td>
<td class="num">(106)<span></span>
</td>
<td class="num">(164)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment of PP&amp;E</a></td>
<td class="num">(467)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill', window );">Impairment of Intangible assets</a></td>
<td class="num">(1,623)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">$ (35,111)<span></span>
</td>
<td class="num">$ (9,804)<span></span>
</td>
<td class="num">$ (7,883)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) on property, plant and equipment recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense, amortisation expense and impairment loss (reversal of impairment loss) recognised in profit or loss. [Refer: Depreciation and amortisation expense; Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for intangible assets other than goodwill. [Refer: Impairment loss recognised in profit or loss; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118_e_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from amortization of intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfOperatingExpensesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>172
<FILENAME>R150.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6994319200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING EXPENSES - Expenses disclosed per function (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="num">$ (30,048)<span></span>
</td>
<td class="num">$ (11,665)<span></span>
</td>
<td class="num">$ (10,603)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection and transmission costs</a></td>
<td class="num">(5,525)<span></span>
</td>
<td class="num">(1,311)<span></span>
</td>
<td class="num">(1,360)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="num">(16,261)<span></span>
</td>
<td class="num">(7,254)<span></span>
</td>
<td class="num">(7,912)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Taxes and fees with the Regulatory Authority</a></td>
<td class="num">(13,609)<span></span>
</td>
<td class="num">(4,859)<span></span>
</td>
<td class="num">(4,341)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommissionsAndAdvertisingExpenses', window );">Commissions and advertising</a></td>
<td class="num">(11,210)<span></span>
</td>
<td class="num">(3,691)<span></span>
</td>
<td class="num">(3,464)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipment and handsets</a></td>
<td class="num">(9,667)<span></span>
</td>
<td class="num">(493)<span></span>
</td>
<td class="num">(882)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProgrammingAndContentCosts', window );">Programming and content costs</a></td>
<td class="num">(12,156)<span></span>
</td>
<td class="num">(9,116)<span></span>
</td>
<td class="num">(7,778)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="num">(3,527)<span></span>
</td>
<td class="num">(901)<span></span>
</td>
<td class="num">(741)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating income and expenses</a></td>
<td class="num">(9,675)<span></span>
</td>
<td class="num">(3,246)<span></span>
</td>
<td class="num">(3,125)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(35,111)<span></span>
</td>
<td class="num">(9,804)<span></span>
</td>
<td class="num">(7,883)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OperatingExpense', window );">Total operating expense</a></td>
<td class="num">(146,789)<span></span>
</td>
<td class="num">(52,340)<span></span>
</td>
<td class="num">(48,089)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncomeStatementLocationAxis=teo_OperatingCostsMember', window );">Operating costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="num">(16,724)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection and transmission costs</a></td>
<td class="num">(5,478)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="num">(8,548)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Taxes and fees with the Regulatory Authority</a></td>
<td class="num">(13,420)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommissionsAndAdvertisingExpenses', window );">Commissions and advertising</a></td>
<td class="num">(229)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfMerchandiseSold', window );">Cost of equipment and handsets</a></td>
<td class="num">(9,667)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProgrammingAndContentCosts', window );">Programming and content costs</a></td>
<td class="num">(12,149)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="num">(2)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating income and expenses</a></td>
<td class="num">(6,668)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(27,306)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OperatingExpense', window );">Total operating expense</a></td>
<td class="num">(100,191)<span></span>
</td>
<td class="num">(34,316)<span></span>
</td>
<td class="num">(31,584)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncomeStatementLocationAxis=teo_CommercializationCostMember', window );">Commercialization costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="num">(4,241)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection and transmission costs</a></td>
<td class="num">(11)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="num">(2,796)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Taxes and fees with the Regulatory Authority</a></td>
<td class="num">(23)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommissionsAndAdvertisingExpenses', window );">Commissions and advertising</a></td>
<td class="num">(1,451)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating income and expenses</a></td>
<td class="num">(1,141)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(2,545)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OperatingExpense', window );">Total operating expense</a></td>
<td class="num">(12,208)<span></span>
</td>
<td class="num">(7,953)<span></span>
</td>
<td class="num">(8,089)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncomeStatementLocationAxis=teo_AdministrationCostsMember', window );">Administration costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Employee benefit expenses and severance payments</a></td>
<td class="num">(9,083)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommunicationExpense', window );">Interconnection and transmission costs</a></td>
<td class="num">(36)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense', window );">Fees for services, maintenance, materials and supplies</a></td>
<td class="num">(4,917)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense', window );">Taxes and fees with the Regulatory Authority</a></td>
<td class="num">(166)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CommissionsAndAdvertisingExpenses', window );">Commissions and advertising</a></td>
<td class="num">(9,530)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProgrammingAndContentCosts', window );">Programming and content costs</a></td>
<td class="num">(7)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Bad debt expenses</a></td>
<td class="num">(3,525)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating income and expenses</a></td>
<td class="num">(1,866)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Depreciation, amortization and impairment of PP&amp;E and Intangible assets</a></td>
<td class="num">(5,260)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OperatingExpense', window );">Total operating expense</a></td>
<td class="num">$ (34,390)<span></span>
</td>
<td class="num">$ (10,071)<span></span>
</td>
<td class="num">$ (8,416)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CommunicationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from communication.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CommunicationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfMerchandiseSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of merchandise that was sold during the period and recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfMerchandiseSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense, amortisation expense and impairment loss (reversal of impairment loss) recognised in profit or loss. [Refer: Depreciation and amortisation expense; Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of all operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense exclusive of income tax expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseOtherThanIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CommissionsAndAdvertisingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses relating to commissions and advertising.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CommissionsAndAdvertisingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses for fees for services, maintenance, materials and supplies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FeesForServicesMaintenanceMaterialsAndSuppliesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProgrammingAndContentCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses relating to programming and content telecasting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProgrammingAndContentCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncomeStatementLocationAxis=teo_OperatingCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncomeStatementLocationAxis=teo_OperatingCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncomeStatementLocationAxis=teo_CommercializationCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncomeStatementLocationAxis=teo_CommercializationCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncomeStatementLocationAxis=teo_AdministrationCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncomeStatementLocationAxis=teo_AdministrationCostsMember</td>
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<tr>
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<DOCUMENT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967022896">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>OPERATING EXPENSES - Future minimum lease payments (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems', window );"><strong>Operating leases</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Future minimum lease payments</a></td>
<td class="nump">$ 4,519<span></span>
</td>
<td class="nump">$ 883<span></span>
</td>
<td class="nump">$ 911<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">First year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems', window );"><strong>Operating leases</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Future minimum lease payments</a></td>
<td class="nump">1,754<span></span>
</td>
<td class="nump">467<span></span>
</td>
<td class="nump">430<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember', window );">1-5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems', window );"><strong>Operating leases</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Future minimum lease payments</a></td>
<td class="nump">2,286<span></span>
</td>
<td class="nump">391<span></span>
</td>
<td class="nump">455<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">More than 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems', window );"><strong>Operating leases</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Future minimum lease payments</a></td>
<td class="nump">$ 479<span></span>
</td>
<td class="nump">$ 25<span></span>
</td>
<td class="nump">$ 26<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLesseeLineItems</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=para_35_a&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>174
<FILENAME>R152.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967247152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL RESULTS, NET (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_StatementOfFinanceIncomeAndExpensesLineItems', window );"><strong>Finance income and expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestsOnDebts', window );">Interests on debts (*)</a></td>
<td class="num">$ (4,542)<span></span>
</td>
<td class="num">$ (1,138)<span></span>
</td>
<td class="num">$ (1,736)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ForeignExchangeGainOnDebts', window );">Foreign currency exchange losses on debts (**)</a></td>
<td class="num">(29,620)<span></span>
</td>
<td class="nump">780<span></span>
</td>
<td class="nump">1,086<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherFinancialExpensesOnDebts', window );">Other Foreign currency exchange gains (losses) (***)</a></td>
<td class="nump">190<span></span>
</td>
<td class="nump">141<span></span>
</td>
<td class="nump">55<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Total Debt financial expenses</a></td>
<td class="num">(33,972)<span></span>
</td>
<td class="num">(217)<span></span>
</td>
<td class="num">(595)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestsAndGainsOnInvestments', window );">Interests and gains on investments</a></td>
<td class="nump">1,898<span></span>
</td>
<td class="nump">353<span></span>
</td>
<td class="nump">409<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TaxesAndBankExpenses', window );">Taxes and bank expenses</a></td>
<td class="num">(1,646)<span></span>
</td>
<td class="num">(745)<span></span>
</td>
<td class="num">(733)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNetForeignExchangeGain', window );">Other Foreign currency exchange gains (losses) (***)</a></td>
<td class="nump">1,402<span></span>
</td>
<td class="num">(476)<span></span>
</td>
<td class="num">(665)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialDiscountsOnAssetsDebtsAndOther', window );">Financial discounts on assets, debts and other</a></td>
<td class="nump">7<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="nump">55<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_GainsLossesOnOperationsWithNotesAndBonds', window );">Gains (losses) on Operations with Notes and Bonds</a></td>
<td class="nump">780<span></span>
</td>
<td class="num">(43)<span></span>
</td>
<td class="num">(11)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestsOnProvisions', window );">Interests on Provisions</a></td>
<td class="num">(604)<span></span>
</td>
<td class="num">(78)<span></span>
</td>
<td class="num">(77)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialExpensesOnPensionBenefits', window );">Financial expenses on pension benefits</a></td>
<td class="num">(72)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherFinancialCostRelatedToRecpam', window );">RECPAM</a></td>
<td class="nump">13,403<span></span>
</td>
<td class="nump">1,907<span></span>
</td>
<td class="nump">5,547<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherFinanceCost', window );">Other</a></td>
<td class="nump">9<span></span>
</td>
<td class="num">(4)<span></span>
</td>
<td class="nump">94<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherFinanceIncomeCostNet', window );">Total other financial results, net</a></td>
<td class="nump">15,177<span></span>
</td>
<td class="nump">930<span></span>
</td>
<td class="nump">4,619<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Financial results, net</a></td>
<td class="num">(18,795)<span></span>
</td>
<td class="nump">$ 713<span></span>
</td>
<td class="nump">$ 4,024<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember', window );">NDF</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_StatementOfFinanceIncomeAndExpensesLineItems', window );"><strong>Finance income and expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_InterestsOnDebts', window );">Interests on debts (*)</a></td>
<td class="nump">7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ForeignExchangeGainOnDebts', window );">Foreign currency exchange losses on debts (**)</a></td>
<td class="nump">1,116<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherNetForeignExchangeGain', window );">Other Foreign currency exchange gains (losses) (***)</a></td>
<td class="num">$ (130)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of finance costs that the entity does not separately disclose in the same statement or note. [Refer: Finance costs]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinancialDiscountsOnAssetsDebtsAndOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of financial discounts on assets, debts and other of financial cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinancialDiscountsOnAssetsDebtsAndOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinancialExpensesOnPensionBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of financial expenses on pension benefits for financial cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinancialExpensesOnPensionBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ForeignExchangeGainOnDebts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net gain (loss) arising from foreign exchange on debt differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ForeignExchangeGainOnDebts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_GainsLossesOnOperationsWithNotesAndBonds">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of Gains (losses) on operations with notes and bonds of financial cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_GainsLossesOnOperationsWithNotesAndBonds</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestsAndGainsOnInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of Interests and gains on investments from financial results.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestsAndGainsOnInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestsOnDebts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interests on debts from financial results.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestsOnDebts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_InterestsOnProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of Interests on provisions for financial cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_InterestsOnProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherFinanceIncomeCostNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income (cost), net that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherFinanceIncomeCostNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherFinancialCostRelatedToRecpam">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other financial cost related to RECPAM.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherFinancialCostRelatedToRecpam</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherFinancialExpensesOnDebts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of Other financial expenses on debts that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherFinancialExpensesOnDebts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherNetForeignExchangeGain">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The other net gain arising from foreign exchange differences.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherNetForeignExchangeGain</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_StatementOfFinanceIncomeAndExpensesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_StatementOfFinanceIncomeAndExpensesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TaxesAndBankExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of taxes and bank expenses of financial results.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TaxesAndBankExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=teo_NonDeliverableForwardContractsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<DOCUMENT>
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<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967021168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE (Details)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>shares</div>
</th>
</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareLineItems', window );"><strong>Earnings per share [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares', window );">Dilutive potential common stock outstanding (in shares)</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">Dilutive earnings per share (In pesos per share) | $ / shares</a></td>
<td class="nump">$ 0.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Weighted average number of shares outstanding</a></td>
<td class="nump">2,153,688,011<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted average number of shares outstanding (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,184,528,406<span></span>
</td>
<td class="nump">1,184,528,406<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareLineItems', window );"><strong>Earnings per share [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Ordinary shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">120,000<span></span>
</td>
<td class="nump">120,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ShareExchangeRatioInBusinessCombination', window );">Share exchange ratio</a></td>
<td class="nump">9,871.07005<span></span>
</td>
<td class="nump">9,871.07005<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of dilutive potential ordinary shares that relate to the assumed exercise of the entity's share options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ShareExchangeRatioInBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total conversion of shares in business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ShareExchangeRatioInBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=teo_CablevisionHoldingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6992722560">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL RISK MANAGEMENT - Market risk (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 79,312<span></span>
</td>
<td class="nump">$ 16,009<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">371,738<span></span>
</td>
<td class="nump">94,070<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(142,825)<span></span>
</td>
<td class="num">(39,042)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonDeliverableForwardContractsAmount', window );">NDF</a></td>
<td class="nump">$ 166<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts', window );">Net liability position in foreign currency not covered by NDF contracts</a></td>
<td class="nump">1,773<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember', window );">Currency risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,111<span></span>
</td>
<td class="nump">3,058<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(90,217)<span></span>
</td>
<td class="num">(11,131)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetAssetsLiabilities', window );">Assets (Liabilities) Net</a></td>
<td class="num">(1,939)<span></span>
</td>
<td class="num">(73,106)<span></span>
</td>
<td class="num">$ (8,073)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs', window );">Net liability position in foreign currency not covered by NDF</a></td>
<td class="nump">$ 1,773<span></span>
</td>
<td class="nump">$ 66,848<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets less the amount of liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph IG63<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_IG63&amp;doctype=Implementation%20Guidance<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of net liability exposure to currency risk after deducting dollar linked investments, other short term investments and NDFs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of net liability position to foreign currency not covered by the Non deliverable forward contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetLiabilityPositionNotCoveredByNonDeliverableForwardContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonDeliverableForwardContractsAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of non deliverable forward (NDF) contracts entered by the group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonDeliverableForwardContractsAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6967311216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL RISK MANAGEMENT - Sensitivity analysis of exchange and interest rate risk (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>$ / $</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonDeliverableForwardContractsAmount', window );">NDF</a></td>
<td class="nump">$ 166<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 79,312<span></span>
</td>
<td class="nump">$ 16,009<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember', window );">Currency risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetAssetsLiabilities', window );">Net liability position in foreign currency</a></td>
<td class="nump">$ 1,939<span></span>
</td>
<td class="nump">73,106<span></span>
</td>
<td class="nump">$ 8,073<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EstimatedVariationInExchangeRate', window );">Estimated variation in exchange rate | $ / $</a></td>
<td class="nump">1.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EstimatedVariationInConsolidatedFinancialPosition', window );">Estimated variation in consolidated amounts of foreign currency position</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,939<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs', window );">Net liability position in foreign currency not covered by NDF</a></td>
<td class="nump">$ 1,773<span></span>
</td>
<td class="nump">66,848<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets', window );">Estimated variation in consolidated amounts of foreign currency position on the portion not covered by derivative financial instruments and other assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,773<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember', window );">Interest rate risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Financial risk management</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialDebtConversionOfVariableRateIntoFixedRate', window );">NDF at variable rate</a></td>
<td class="nump">$ 440<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">52,767<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialDebtNotHedged', window );">Net financial debt not hedged</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">36,179<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption', window );">Variation in agreed interest rates (as a percent)</a></td>
<td class="nump">0.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent', window );">Effect</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 36<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets less the amount of liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph IG63<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_IG63&amp;doctype=Implementation%20Guidance<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EstimatedVariationInConsolidatedFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated amount of variation in consolidated financial position corresponding to the variation in exchange rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EstimatedVariationInConsolidatedFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated amount of variation in consolidated financial position corresponding to the variation in exchange rate on the portion of not covered by derivative financial instruments and other assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EstimatedVariationInConsolidatedFinancialPositionPortionNotCoveredByDerivativeFinancialInstrumentsAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_EstimatedVariationInExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimated variation in exchange rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_EstimatedVariationInExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinancialDebtConversionOfVariableRateIntoFixedRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial debt which has been converted from variable rate to fixed rate in order to reduce interest rte risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinancialDebtConversionOfVariableRateIntoFixedRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinancialDebtNotHedged">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial debt which is not hedged.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinancialDebtNotHedged</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a financial instrument as a result of an increase (decrease) in a designated risk component that was reasonably possible at the end of the reporting period. Excludes defined benefit plan obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseInFinancialInstrumentDueToReasonablyPossibleIncreaseDecreaseInDesignatedRiskComponent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of net liability exposure to currency risk after deducting dollar linked investments, other short term investments and NDFs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetLiabilityPositionExcludingDollarLinkedInvestmentsOtherShortTermInvestmentsAndNdfs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonDeliverableForwardContractsAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of non deliverable forward (NDF) contracts entered by the group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonDeliverableForwardContractsAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reasonably possible percentage of the increase (decrease) in the designated risk component used to determine the value of the financial instrument. Excludes defined benefit plan obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfReasonablyPossibleIncreaseDecreaseInRiskAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_InterestRateRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>178
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6975204336">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL RISK MANAGEMENT - Credit risk (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember', window );">Credit risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">$ 33,353<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember', window );">Credit risk | Due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">7,287<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember', window );">Credit risk | Not due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">26,066<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember', window );">Cash and cash equivalents | Credit risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">6,891<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember', window );">Cash and cash equivalents | Credit risk | Not due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">6,891<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember', window );">Investments | Credit risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">5,998<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember', window );">Investments | Credit risk | Not due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">5,998<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts', window );">Overdue balances not covered by the allowance for doubtful accounts</a></td>
<td class="nump">7,278<span></span>
</td>
<td class="nump">$ 1,521<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables | Credit risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">17,476<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables | Credit risk | Due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">7,287<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables | Credit risk | Not due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">10,189<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables | Credit risk</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">2,988<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember', window );">Other receivables | Credit risk | Not due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Credit risk exposure</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRisk', window );">Total financial assets</a></td>
<td class="nump">$ 2,988<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCreditRiskExposureLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaximumExposureToCreditRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that best represents the maximum exposure to credit risk without taking into account any collateral held or other credit enhancements (for example, netting agreements that do not qualify for offset in accordance with IAS 32). [Refer: Credit risk [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35K<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35K_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_36_a&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaximumExposureToCreditRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of overdue balances not covered by the allowance for doubtful accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OverdueBalancesNotCoveredByAllowanceForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CreditRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=teo_PastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=teo_PastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsCashAndCashEquivalentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_IfrsInvestmentsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_TradeReceivablesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=teo_OtherReceivablesMember</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>179
<FILENAME>R157.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6975438656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL RISK MANAGEMENT - Liquidity risk (Details)<br> $ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>ARS ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperativeWorkingCapitalAbstract', window );"><strong>Operative working capital - negative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 17,415<span></span>
</td>
<td class="nump">$ 2,588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward', window );">Other receivables (not considering financial NDF)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,323<span></span>
</td>
<td class="nump">1,223<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,737<span></span>
</td>
<td class="nump">136<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesExcludingCurrentFinancialDebt', window );">Current liabilities (not considering financial debt)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(33,401)<span></span>
</td>
<td class="num">(17,238)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperativeWorkingCapital', window );">Operative working capital - negative</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(8,926)<span></span>
</td>
<td class="num">(13,291)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfOperativeWorkingCapital', window );">Over revenues</a></td>
<td class="nump">5.30%<span></span>
</td>
<td class="nump">19.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Variations in operative working capital - negative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInTradeReceivables', window );">Variation in trade receivables</a></td>
<td class="nump">$ 14,827<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInOtherReceivables', window );">Variation in other receivables</a></td>
<td class="nump">3,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInInventories', window );">Variation in inventories</a></td>
<td class="nump">2,601<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt', window );">Variation in current liabilities (not considering financial debt)</a></td>
<td class="num">(16,163)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInOperatingCapital', window );">Variation in operative working capital</a></td>
<td class="nump">4,365<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NetCurrentFinancialAssetDebtAbstract', window );"><strong>Net current financial asset (debt)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 236<span></span>
</td>
<td class="nump">$ 183<span></span>
</td>
<td class="nump">6,891<span></span>
</td>
<td class="nump">6,517<span></span>
</td>
<td class="nump">$ 4,840<span></span>
</td>
<td class="nump">$ 4,065<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NonDeliverableForwardCurrent', window );">Financial NDF</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,371<span></span>
</td>
<td class="nump">162<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Current financial debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20,044)<span></span>
</td>
<td class="num">(1,383)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialAssetsLiabilitiesNetCurrent', window );">Net Current financial (liability) asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(11,032)<span></span>
</td>
<td class="nump">5,296<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_VariationsInNetCurrentFinancialAssetDebt', window );"><strong>Variations in net current financial asset (debt)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInCashAndCashEquivalents', window );">Variation in cash and cash equivalents</a></td>
<td class="nump">374<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInInvestments', window );">Variation in investments</a></td>
<td class="nump">1,209<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInNonDeliverableForwardCurrent', window );">Variation in Financial NDF</a></td>
<td class="nump">750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInCurrentFinancialDebt', window );">Variation in current financial debt</a></td>
<td class="num">(18,661)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent', window );">Variation in net Current financial (liability) asset</a></td>
<td class="num">(16,328)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsLiabilities', window );">Negative operating working capital (current assets - current liabilities)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (19,958)<span></span>
</td>
<td class="num">$ (7,995)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsIncreaseDecreaseInWorkingCapital', window );">Variation in working capital</a></td>
<td class="num">$ (11,963)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_LiquidityRate', window );">Liquidity rate</a></td>
<td class="nump">0.63<span></span>
</td>
<td class="nump">0.57<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseInLiquidityRate', window );">Variation in liquidity rate</a></td>
<td class="nump">0.06<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets less the amount of current liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentLiabilitiesExcludingCurrentFinancialDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities excluding current financial debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentLiabilitiesExcludingCurrentFinancialDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinancialAssetsLiabilitiesNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial assets less current financial liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinancialAssetsLiabilitiesNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in cash and cash equivalents during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInCurrentFinancialDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in current financial debt during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInCurrentFinancialDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of (increase) decrease in current financial asset liabilities, net during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInFinancialAssetsLiabilitiesNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in inventories during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in investments during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInOperatingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period of all assets and liabilities used in operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInOperatingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in other receivables during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsIncreaseDecreaseInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in working capital during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsIncreaseDecreaseInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in current liabilities excluding current financial debt during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseInCurrentLiabilitiesExcludingCurrentFinancialDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseInLiquidityRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liquidity rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseInLiquidityRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseInNonDeliverableForwardCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in non deliverable forwards, current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseInNonDeliverableForwardCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseInTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in trade receivables during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseInTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_LiquidityRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio of current assets to current liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_LiquidityRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NetCurrentFinancialAssetDebtAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NetCurrentFinancialAssetDebtAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NonDeliverableForwardCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NonDeliverableForwardCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperativeWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets less the amount of current liabilities excluding current financial debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperativeWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperativeWorkingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperativeWorkingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables excluding financial non-deliverable forward. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherCurrentReceivablesExcludingFinancialNonDeliverableForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_PercentageOfOperativeWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of operative working capital on revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfOperativeWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_VariationsInNetCurrentFinancialAssetDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_VariationsInNetCurrentFinancialAssetDebt</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<td>duration</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6995554720">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL RISK MANAGEMENT - Maturity analysis of financial liabilities and Capital management (Details)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>ARS ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IncreaseDecreaseThroughMergerEquity', window );">Increase in capital in relation to size of merger</a></td>
<td class="nump">$ 2,169<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">122,535<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">23,559<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | Financial Debt</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">92,285<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">6,343<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">348<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | Due</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">2,149<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | Due | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">2,149<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | First year</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">48,920<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | First year | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">20,709<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | First year | Financial Debt</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">21,917<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | First year | Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">5,953<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | First year | Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">341<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | Second year</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">17,803<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | Second year | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">278<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | Second year | Financial Debt</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">17,336<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | Second year | Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">182<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | Second year | Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">7<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | January 2021 thru December 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">34,575<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | January 2021 thru December 2021 | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">170<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | January 2021 thru December 2021 | Financial Debt</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">34,289<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | January 2021 thru December 2021 | Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">116<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | January 2022 and thereafter</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">19,088<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | January 2022 and thereafter | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">253<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | January 2022 and thereafter | Financial Debt</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">18,743<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk | January 2022 and thereafter | Salaries and social security payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems', window );"><strong>Schedule of maturity of financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows', window );">Financial liabilities</a></td>
<td class="nump">$ 92<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of contractual undiscounted cash flows in relation to non-derivative financial liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 39<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_39_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonderivativeFinancialLiabilitiesUndiscountedCashFlows</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DisclosureOfMaturityAnalysisForFinancialLiabilitiesHeldForManagingLiquidityRiskLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IncreaseDecreaseThroughMergerEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of increase (decrease) in equity in relation to merger.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IncreaseDecreaseThroughMergerEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_TradePayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsLoansPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_SalariesAndSocialSecurityPayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_SalariesAndSocialSecurityPayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=teo_IfrsOtherLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=teo_PastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=teo_PastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>181
<FILENAME>R159.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6971754528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES - Controlling Company (Details)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 30, 2017</div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>Vote </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value (in argentine peso per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value (in argentine peso per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfVotesPerShare', window );">Number of votes per share | Vote</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">38.81%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Nortel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="nump">54.74%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition', window );">Ownership percentage after treasury shares acquisition</a></td>
<td class="nump">55.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Nortel | Class A Preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member', window );">Telecom Argentina | Nortel | Class B Preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="nump">3.74%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ProportionOfEquityInterestInPreferredShares', window );">Equity interest in preferred shares (as a percent)</a></td>
<td class="nump">7.64%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NortelInversoraS.a.Member', window );">Nortel | Sofora</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="nump">78.38%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora | Fintech Telecom | Class A Preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31.53%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_SoforaTelecomunicacionesS.a.Member', window );">Sofora | Fintech Telecom | Class B Preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Related party balances and transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership percentage by parent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.62%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_NumberOfSharesHeldInInvestmentCompany', window );">Number of shares held in investment company | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">186,999,612<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfSharesHeldInInvestmentCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares held in investment company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfSharesHeldInInvestmentCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_NumberOfVotesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of votes per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_NumberOfVotesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProportionOfEquityInterestInPreferredShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of equity interest in preferred shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProportionOfEquityInterestInPreferredShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in subsidiary after treasury shares acquisition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_ProportionOfOwnershipInterestInSubsidiaryAfterTreasurySharesAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_SoforaTelecomunicacionesS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_SoforaTelecomunicacionesS.a.Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_TelecomArgentinaS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionHoldingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_NortelInversoraS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_NortelInversoraS.a.Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=teo_ClassaPreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=teo_ClassaPreferredSharesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=teo_ClassBPreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=teo_ClassBPreferredSharesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_NortelInversoraS.a.Member</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=teo_SoforaTelecomunicacionesS.a.Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_FintechTelecomLLCMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6975834288">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES - Public Tender Offer due to change of control (Details)<br></strong></div></th>
<th class="th">
<div>Jun. 21, 2018 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PricePerShareOfferedUnderPublicTenderOffer', window );">Price per share | $ / shares</a></td>
<td class="nump">110.85<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionSaMember', window );">Cablevision S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_PercentageOfSharesAcquiredInPublicTenderOffer', window );">Percentage of shares acquired under PTO</a></td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=teo_ClassBOrdinarySharesMember', window );">Class "B" | Cablevision S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RightToAcquireUnderPublicTenderOfferNumberOfShares', window );">Number of shares acquired under PTO | shares</a></td>
<td class="nump">43,073,760<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of shares acquired in public tender offer</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PercentageOfSharesAcquiredInPublicTenderOffer</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The price per share offered under public tender offer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_PricePerShareOfferedUnderPublicTenderOffer</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that the entity has right to acquire under public tender offer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_RightToAcquireUnderPublicTenderOfferNumberOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=teo_ClassBOrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=teo_ClassBOrdinarySharesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>183
<FILENAME>R161.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6976245632">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES - Balances with related parties (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendReceivableRelatedPartyTransactions', window );">Dividends receivable</a></td>
<td class="nump">$ 65<span></span>
</td>
<td class="nump">$ 134<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_ControllingCompanyMember', window );">Controlling Company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPayableRelatedPartyTransaction', window );">Dividends Payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,021<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPayableRelatedPartyTransaction', window );">Dividends Payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,067<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_VlgArgentinaLlcMember', window );">VLG Argentina LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPayableRelatedPartyTransaction', window );">Dividends Payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,090<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_FintechTelecomLLCMember', window );">Fintech Telecom</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_DividendsPayableRelatedPartyTransaction', window );">Dividends Payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">864<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember', window );">Associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherReceivablesRelatedPartyTransaction', window );">Other receivables</a></td>
<td class="nump">144<span></span>
</td>
<td class="nump">174<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradePayablesRelatedPartyTransactions', window );">Trade payables</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialDebtRelatedPartyTransactions', window );">Financial Debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaCapitalCableS.aMember', window );">La Capital Cable S.A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherReceivablesRelatedPartyTransaction', window );">Other receivables</a></td>
<td class="nump">78<span></span>
</td>
<td class="nump">34<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinancialDebtRelatedPartyTransactions', window );">Financial Debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_TeledifusoraSanMiguelArcngelS.a.Member', window );">Teledifusora San Miguel Arcngel S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherReceivablesRelatedPartyTransaction', window );">Other receivables</a></td>
<td class="nump">19<span></span>
</td>
<td class="nump">40<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_VerT.v.S.a.Member', window );">Ver T.V. S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OtherReceivablesRelatedPartyTransaction', window );">Other receivables</a></td>
<td class="nump">47<span></span>
</td>
<td class="nump">100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_TelevisoraPrivadaDelOesteS.a.Member', window );">Televisora Privada del Oeste S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradePayablesRelatedPartyTransactions', window );">Trade payables</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember', window );">Related party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradeReceivablesRelatedPartyTransactions', window );">Trade receivables</a></td>
<td class="nump">92<span></span>
</td>
<td class="nump">59<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradePayablesRelatedPartyTransactions', window );">Trade payables</a></td>
<td class="nump">565<span></span>
</td>
<td class="nump">438<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradeReceivablesRelatedPartyTransactions', window );">Trade receivables</a></td>
<td class="nump">92<span></span>
</td>
<td class="nump">59<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_TradePayablesRelatedPartyTransactions', window );">Trade payables</a></td>
<td class="nump">$ 565<span></span>
</td>
<td class="nump">$ 438<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentAssetsRelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentAssetsRelatedPartyTransactionsAbstract</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_CurrentLiabilitiesRelatedPartyTransactionsAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividend receivables in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_DividendsPayableRelatedPartyTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends payable in related party transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_DividendsPayableRelatedPartyTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinancialDebtRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial debt in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinancialDebtRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OtherReceivablesRelatedPartyTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other receivables in related party transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OtherReceivablesRelatedPartyTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TradePayablesRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade payables in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TradePayablesRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_TradeReceivablesRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade receivables in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_TradeReceivablesRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_ControllingCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_ControllingCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionHoldingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_VlgArgentinaLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_VlgArgentinaLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_FintechTelecomLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_FintechTelecomLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaCapitalCableS.aMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaCapitalCableS.aMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_TeledifusoraSanMiguelArcngelS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_TeledifusoraSanMiguelArcngelS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_VerT.v.S.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_VerT.v.S.a.Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_TelevisoraPrivadaDelOesteS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_TelevisoraPrivadaDelOesteS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6969164448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES - Transactions with companies (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsRelatedPartyTransactionAxis=teo_ProgrammingCostsMember', window );">Programming costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsRelatedPartyTransaction', window );">Operating costs</a></td>
<td class="num">$ (1,611)<span></span>
</td>
<td class="num">$ (1,614)<span></span>
</td>
<td class="num">(1,480)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsRelatedPartyTransactionAxis=teo_EditingAndDistributionOfMagazinesMember', window );">Editing and distribution of magazines</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsRelatedPartyTransaction', window );">Operating costs</a></td>
<td class="num">(558)<span></span>
</td>
<td class="num">(363)<span></span>
</td>
<td class="num">(407)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsRelatedPartyTransactionAxis=teo_AdvisoryServicesMember', window );">Advisory services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsRelatedPartyTransaction', window );">Operating costs</a></td>
<td class="num">(235)<span></span>
</td>
<td class="num">(356)<span></span>
</td>
<td class="num">(236)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsRelatedPartyTransactionAxis=teo_AdvertisingPurchasesMember', window );">Advertising Purchases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsRelatedPartyTransaction', window );">Operating costs</a></td>
<td class="num">(400)<span></span>
</td>
<td class="num">(166)<span></span>
</td>
<td class="num">(131)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_IfrsRelatedPartyTransactionAxis=teo_OtherPurchasesMember', window );">Other purchases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsRelatedPartyTransaction', window );">Operating costs</a></td>
<td class="num">(109)<span></span>
</td>
<td class="num">(23)<span></span>
</td>
<td class="num">(37)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_ControllingCompanyMember', window );">Controlling Company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsRelatedPartyTransaction', window );">Operating costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(99)<span></span>
</td>
<td class="num">(95)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinanceResultsRelatedPartyTransaction', window );">Finance results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20<span></span>
</td>
<td class="nump">713<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_GrupoClarnS.a.Member', window );">Grupo Clarn S.A. | Services revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_GrupoClarnS.a.Member', window );">Grupo Clarn S.A. | Interests on debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinanceResultsRelatedPartyTransaction', window );">Finance results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">713<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_GrupoClarnS.a.Member', window );">Grupo Clarn S.A. | Advisory services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsRelatedPartyTransaction', window );">Operating costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(95)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Interests on debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinanceResultsRelatedPartyTransaction', window );">Finance results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionHoldingMember', window );">Cablevision Holding S.A. | Advisory services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsRelatedPartyTransaction', window );">Operating costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(99)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember', window );">Associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenues</a></td>
<td class="nump">48<span></span>
</td>
<td class="nump">41<span></span>
</td>
<td class="nump">53<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsRelatedPartyTransaction', window );">Operating costs</a></td>
<td class="num">(24)<span></span>
</td>
<td class="num">(19)<span></span>
</td>
<td class="num">(12)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinanceResultsRelatedPartyTransaction', window );">Finance results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaCapitalCableS.aMember', window );">La Capital Cable S.A | Services revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenues</a></td>
<td class="nump">11<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="nump">12<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaCapitalCableS.aMember', window );">La Capital Cable S.A | Other revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenues</a></td>
<td class="nump">37<span></span>
</td>
<td class="nump">29<span></span>
</td>
<td class="nump">41<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaCapitalCableS.aMember', window );">La Capital Cable S.A | Fees for services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsRelatedPartyTransaction', window );">Operating costs</a></td>
<td class="num">(24)<span></span>
</td>
<td class="num">(19)<span></span>
</td>
<td class="num">(12)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaCapitalCableS.aMember', window );">La Capital Cable S.A | Interests on debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_FinanceResultsRelatedPartyTransaction', window );">Finance results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember', window );">Related party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenues</a></td>
<td class="nump">124<span></span>
</td>
<td class="nump">109<span></span>
</td>
<td class="nump">42<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_OperatingCostsRelatedPartyTransaction', window );">Operating costs</a></td>
<td class="num">(2,913)<span></span>
</td>
<td class="num">(2,522)<span></span>
</td>
<td class="num">(2,291)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related parties | Services revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenues</a></td>
<td class="nump">88<span></span>
</td>
<td class="nump">59<span></span>
</td>
<td class="nump">39<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related parties | Advertising sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Revenues</a></td>
<td class="nump">$ 36<span></span>
</td>
<td class="nump">$ 50<span></span>
</td>
<td class="nump">$ 3<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services in related party transactions. [Refer: Revenue; Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2018-01-01<br> -Paragraph 21<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2018-03-01&amp;anchor=para_21_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_FinanceResultsRelatedPartyTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of finance results in related party transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_FinanceResultsRelatedPartyTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_OperatingCostsRelatedPartyTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating costs in related party transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_OperatingCostsRelatedPartyTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>teo_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsRelatedPartyTransactionAxis=teo_ProgrammingCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsRelatedPartyTransactionAxis=teo_ProgrammingCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsRelatedPartyTransactionAxis=teo_EditingAndDistributionOfMagazinesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsRelatedPartyTransactionAxis=teo_EditingAndDistributionOfMagazinesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsRelatedPartyTransactionAxis=teo_AdvisoryServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsRelatedPartyTransactionAxis=teo_AdvisoryServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsRelatedPartyTransactionAxis=teo_AdvertisingPurchasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsRelatedPartyTransactionAxis=teo_AdvertisingPurchasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsRelatedPartyTransactionAxis=teo_OtherPurchasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsRelatedPartyTransactionAxis=teo_OtherPurchasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_ControllingCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_ControllingCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_GrupoClarnS.a.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_GrupoClarnS.a.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsRelatedPartyTransactionAxis=teo_ServicesRevenuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsRelatedPartyTransactionAxis=teo_ServicesRevenuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsRelatedPartyTransactionAxis=teo_InterestsOnDebtMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsRelatedPartyTransactionAxis=teo_InterestsOnDebtMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionHoldingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_CablevisionHoldingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaCapitalCableS.aMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=teo_LaCapitalCableS.aMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_teo_IfrsRelatedPartyTransactionAxis=teo_OtherRevenuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsRelatedPartyTransactionAxis=teo_OtherRevenuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsRelatedPartyTransactionAxis=teo_FeesForServicesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_RelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">teo_IfrsRelatedPartyTransactionAxis=teo_AdvertisingSalesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<DOCUMENT>
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<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6991468352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES - Key Managers (Details) - ARS ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION 33 - LAW No. 19,550 AND RELATED PARTIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="nump">$ 324.0<span></span>
</td>
<td class="nump">$ 77.0<span></span>
</td>
<td class="nump">$ 65.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_KeyManagementPersonnelCompensationOutstandingAmountPayable', window );">Amount payable under compensation for Key Managers</a></td>
<td class="nump">157.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_BoardOfDirectorsCompensationEstimatedCompensation', window );">Estimated compensation</a></td>
<td class="nump">$ 83.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DirectorsRemunerationExpense', window );">Compensation for members of Board of Directors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13.0<span></span>
</td>
<td class="nump">$ 10.0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of remuneration paid or payable to the entity's directors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DirectorsRemunerationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of estimated compensation for board of directors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of unpaid compensation for key management personnel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of social security contributions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>186
<FILENAME>R164.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6968803792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RESTRICTIONS ON DISTRIBUTION OF PROFITS (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_RestrictionsOnDistributionOfProfitsAndDividendsAbstract', window );"><strong>RESTRICTIONS ON DISTRIBUTION OF PROFITS</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_MinimumPercentageOfNetIncomeToBeAllocatedToStatutoryReserve', window );">Minimum percentage of net income to be appropriated</a></td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_teo_ThresholdPercentageOfStatutoryReserveNeedToBeMadeOverEntitiesOutstandingCapital', window );">Threshold percentage of statutory reserves of the outstanding capital, used as criteria of allocation requirement</a></td>
<td class="nump">20.00%<span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum percentage of net income for the year in accordance with the statutory books, plus/less previous years adjustments and accumulated losses must be appropriated to statutory reserve by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The threshold percentage criteria expressed as a percentage of outstanding capital for the transfer of net income by the entity to statutory reserves. If the statutory reserves exceed the specified threshold of the outstanding capital, further appropriation is not required.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</table></div>
</div></td></tr>
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</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
